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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As filed with the Securities and Exchange Commission on
    April&#160;1, 2010.</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><!-- /XBRL,dc -->Registration
    No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</B>
</DIV>

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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-1</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">QLIK TECHNOLOGIES
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact Name of Registrant as
    Specified in its Charter)</FONT></I>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TD nowrap align="center" valign="top">
    <B>Delaware</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>7372</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>20-1643718</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(State or Other Jurisdiction of
    <BR>
    Incorporation or Organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(Primary Standard Industrial <BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(I.R.S. Employer <BR>
    Identification Number)</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">150 Radnor Chester
    Road</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Suite&#160;E220</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Radnor, Pennsylvania
    19087</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">(888)&#160;828-9768</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code and
    telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Lars Bj&#246;rk</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">President and Chief Executive
    Officer</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">150 Radnor Chester
    Road</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Suite E220</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Radnor, Pennsylvania
    19087</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">(888) 828-9768</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copies to:</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TD align="center" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Jay K. Hachigian,&#160;Esq.<BR>
    Richard R. Hesp,&#160;Esq.<BR>
    Gunderson Dettmer Stough<BR>
    Villeneuve Franklin&#160;&#038; Hachigian, LLP<BR>
    850 Winter Street<BR>
    Waltham, Massachusetts 02451<BR>
    Telephone:
    <FONT style="white-space: nowrap">(781)&#160;890-8800</FONT><BR>
    Telecopy:
    <FONT style="white-space: nowrap">(781)&#160;622-1622</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Richard D. Truesdell, Jr.,&#160;Esq.<BR>
    Davis Polk &#038; Wardwell LLP<BR>
    450 Lexington Avenue<BR>
    New York, NY 10017<BR>
    Telephone: (212) 450-4000<BR>
    Telecopy: (212) 701-5800</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:&#160;&#160;</B>As soon as practicable after the
    effective date of this Registration Statement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933 check the
    following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
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<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Large&#160;accelerated&#160;filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Accelerated&#160;filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Non-accelerated&#160;filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Smaller&#160;reporting&#160;company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    (Do&#160;not&#160;check&#160;if&#160;a&#160;smaller&#160;reporting&#160;company)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering
    Price<SUP style="font-size: 85%; vertical-align: top">(1)(2)</SUP></B>

</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Stock, $0.0001&#160;par value per share
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $100,000,000.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $7,130.00
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Estimated solely for the purpose of
    calculating the registration fee pursuant to Rule 457(o) under
    the Securities Act.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Includes the offering price of
    shares of common stock that the underwriters have the option to
    purchase, if any.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment that
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933, as amended, or until the
    Registration Statement shall become effective on such date as
    the Securities and Exchange Commission, acting pursuant to such
    Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<B><FONT style="font-size: 9pt; font-family: Arial, Helvetica; color: #F93F26">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and we are not soliciting offers to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT></B>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times; color: #F93F26">PROSPECTUS
    (Subject to Completion)</FONT></I>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 11pt; color: #F93F26">Issued&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010</FONT></I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b80142b8014201.gif" alt="(COMPANY LOGO)"><FONT style="font-size: 18pt">
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 12pt">COMMON STOCK</FONT></I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Qlik Technologies Inc. is
    offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of its common stock and the selling stockholders are
    offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares.
    We will not receive any proceeds from the sale of shares by the
    selling stockholders. This is our initial public offering and no
    public market exists for our shares. We anticipate that the
    initial public offering price will be between
    $&#160;&#160;&#160;&#160;&#160; and
    $&#160;&#160;&#160;&#160;&#160; per share.</I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We intend to apply to have our common stock listed on the
    Nasdaq Global Market under the symbol &#147;QLIK&#148;.</I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Investing in our common stock involves risks. See
    &#147;Risk Factors&#148; beginning on page&#160;9.</I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">PRICE
    <FONT style="font-size: 12pt">$</FONT></FONT><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;
    A SHARE</FONT></I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><I>Underwriting<BR>
    </I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><I>Proceeds to<BR>
    </I></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><I>Price to<BR>
    </I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><I>Discounts and<BR>
    </I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><I>Proceeds to<BR>
    </I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><I>Selling<BR>
    </I></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><I>Public</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><I>Commissions</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><I>QlikTech</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><I>Stockholders</I></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted the underwriters the right to purchase an
    additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock to cover over-allotments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Securities and Exchange Commission and state securities
    regulators have not approved or disapproved these securities, or
    determined if this prospectus is truthful or complete. Any
    representation to the contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters expect to deliver the shares of common stock to
    purchasers
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <I><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">MORGAN
    STANLEY</FONT></I></TD>
    <TD nowrap align="center">    <I><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">&#160;CITI</FONT></I></TD>
    <TD nowrap align="right">    <I><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">
    J.P. MORGAN</FONT></I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <I><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">JEFFERIES&#160;&#038;
    COMPANY</FONT></I></TD>
    <TD nowrap align="right">    <I><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">
    THOMAS WEISEL PARTNERS LLC</FONT></I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;&#160;, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="87%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Special Note Regarding Forward-Looking Statements
    and Industry Data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Dividend Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Dilution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Selected Consolidated Financial Data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Business</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Management</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Certain Relationships and Related Persons
    Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Principal and Selling Stockholders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Shares&#160;Eligible for Future Sale</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Certain Material U.S. Federal Income Tax
    Considerations to
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>Underwriters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>Index to Consolidated Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv3w1.htm">EX-3.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv3w2.htm">EX-3.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv3w3.htm">EX-3.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv3w4.htm">EX-3.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv4w3.htm">EX-4.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv4w4.htm">EX-4.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv4w5.htm">EX-4.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv4w6.htm">EX-4.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w16.htm">EX-10.16</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w17.htm">EX-10.17</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w18.htm">EX-10.18</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w19.htm">EX-10.19</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w20.htm">EX-10.20</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w21.htm">EX-10.21</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w22.htm">EX-10.22</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w23.htm">EX-10.23</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w24.htm">EX-10.24</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w25.htm">EX-10.25</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w26.htm">EX-10.26</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w27.htm">EX-10.27</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w28.htm">EX-10.28</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w29.htm">EX-10.29</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w30.htm">EX-10.30</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w32.htm">EX-10.32</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w33.htm">EX-10.33</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w34.htm">EX-10.34</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w35.htm">EX-10.35</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w36.htm">EX-10.36</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv10w37.htm">EX-10.37</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv21w1.htm">EX-21.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b80142exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained in this
    prospectus or in any free writing prospectus we may authorize to
    be delivered or made available to you. We, the underwriters and
    the selling stockholders have not authorized anyone to provide
    you with additional or different information. We, the
    underwriters and the selling stockholders are offering to sell,
    and seeking offers to buy, shares of our common stock only in
    jurisdictions where offers and sales are permitted. The
    information in this prospectus is accurate only as of the date
    of this prospectus, regardless of the time of delivery of this
    prospectus or any sale of shares of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Until&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (25&#160;days after commencement of this offering), all
    dealers that buy, sell or trade shares of our common stock,
    whether or not participating in this offering, may be required
    to deliver a prospectus. This delivery requirement is in
    addition to the obligation of dealers to deliver a prospectus
    when acting as underwriters and with respect to their unsold
    allotments or subscriptions.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For investors outside of the United States: Neither we, the
    selling stockholders nor any of the underwriters have done
    anything that would permit this offering or possession or
    distribution of this prospectus in any jurisdiction where action
    for that purpose is required, other than in the United States.
    Persons outside the United States who come into possession of
    this prospectus must inform themselves about, and observe any
    restrictions relating to, the offering of the shares of common
    stock and the distribution of this prospectus outside of the
    United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless the context indicates otherwise, as used in this
    prospectus, the terms &#147;Qlik Technologies&#148; and
    &#147;QlikTech&#148; refer to Qlik Technologies Inc. The terms
    &#147;Powered by QlikView,&#148; &#147;Qlik,&#148;
    &#147;QlikView,&#148; &#147;QlikView Local Client,&#148;
    &#147;QlikView Server,&#148; &#147;QlikView Publisher,&#148;
    &#147;QlikCommunity&#148; and &#147;QlikAcademy&#148; are our
    trademarks. All other trademarks, trade names and service marks
    appearing in this prospectus are the property of their
    respective owners.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights the most important features of this
    offering and the information contained elsewhere in this
    prospectus. This summary is not complete and does not contain
    all of the information that you should consider before investing
    in our common stock. You should read the entire prospectus
    carefully, especially the risks of investing in our common stock
    discussed under the heading &#147;Risk Factors&#148; and our
    consolidated financial statements and related notes included in
    this prospectus.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have pioneered a powerful, easy-to-use business intelligence
    solution that enables our customers to make better and faster
    business decisions. Our software platform, QlikView, combines
    enterprise-class analytics and search functionality with the
    simplicity and
    <FONT style="white-space: nowrap">ease-of-use</FONT>
    found in office productivity software tools for a broad set of
    business users. We have grown our customer base from over 1,500
    customers in 2005 to over 13,000 in 2009 and increased our
    revenue at a 59% compound annual growth rate during the same
    period. Our solution addresses the needs of a diverse range of
    customers, from middle market customers to large enterprises
    such as BP, Campbell Soup Company, Colonial Life, The Dannon
    Company, Inc., Heidelberger Druckmaschinen AG, Kraft Foods,
    Lifetime Brands, National Health Service (NHS), Qualcomm,
    Symantec and Volvo Car UK Limited. We have customers in over 100
    countries and approximately 77% of our revenue in 2009 was
    derived internationally.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to a 2009 International Data Corporation
    (IDC)&#160;report, the business intelligence market is projected
    to grow to $8.6&#160;billion in 2010. We believe QlikView
    addresses a broader market opportunity than solely traditional
    users of business intelligence tools. According to a 2009
    Gartner, Inc. report, 28% of total potential users within
    organizations use business intelligence software. Small
    businesses and medium-sized enterprises have had limited
    adoption of traditional business intelligence solutions due to
    their high cost and complexity. QlikView addresses the needs of
    all business users in companies of all sizes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView empowers business users to navigate data in a manner
    consistent with the fluid, associative nature of human thought.
    QlikView is powered by our in-memory associative search
    technology which has utilized rapid advances in computing power
    to yield significant improvement in flexibility and performance
    at a lower cost than traditional business intelligence
    solutions. Our technology platform enables users to consolidate
    large, disparate data sets and discover relationships within
    data in real time when requested by the user. QlikView also
    visualizes this data in a simple, intuitive user interface that
    enables users to interactively explore and analyze information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a differentiated business model designed to accelerate
    the adoption of our product by reducing the time and cost to
    purchase and implement our software. Our low risk approach to
    product sales provides a needed alternative to costly,
    <FONT style="white-space: nowrap">all-or-nothing,</FONT>
    traditional business intelligence sales models by offering free
    product downloads to individuals and a
    <FONT style="white-space: nowrap">30-day</FONT> money
    back guarantee upon purchase. We initially focus on specific
    business users or departments within a prospective
    customer&#146;s organization and seek to solve a targeted
    business need. After demonstrating QlikView&#146;s benefits to
    initial adopters within an organization, we work to expand sales
    of our product to other business units, geographies and use
    cases with a long-term goal of broad organizational deployment.
    According to a 2009 IDC survey, 44% of our customers deploy
    QlikView in less than one month and 77% of our customers deploy
    QlikView in less than three months. In comparison, our customers
    have indicated to us that their prior implementations of
    traditional business intelligence tools often take up to
    18&#160;months. We have a diversified distribution model that
    consists of a direct sales force and a partner network that
    includes resellers, original equipment manufacturers (known as
    OEMs) and systems integrators. Additionally, our online user
    community, QlikCommunity, provides us with a loyal and growing
    network of users who promote our software, provide support for
    other users and contribute valuable insights and feedback for
    our product development efforts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the years ended December&#160;31, 2009, 2008 and 2007, our
    revenue was $157.4&#160;million, $118.3&#160;million and
    $80.6&#160;million, representing
    <FONT style="white-space: nowrap">year-over-year</FONT>
    growth of 33% in 2009 and 47% in 2008. For the three months
    ended December&#160;31, 2009, our revenue was
    $61.7&#160;million, representing 74% growth over the same period
    the prior year. In
</DIV>
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    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    addition, we generated operating income of $13.2&#160;million,
    $1.6&#160;million and $0.1&#160;million in 2009, 2008 and 2007.
    For the year ended December&#160;31, 2009, software license and
    maintenance revenue comprised 90% and professional services and
    training comprised 10% of our total revenue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Industry</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that to succeed in today&#146;s increasingly
    competitive markets, businesses must accelerate the rate at
    which they identify and respond to changing business conditions.
    An organization&#146;s market agility and ultimate success are
    dependent upon its ability to harness the power of increasing
    volumes of information to make effective business decisions
    which can be achieved by business intelligence and data
    analytics software. The use and importance of this software
    within organizations of all sizes has significantly increased
    for several reasons, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Exponential Growth in Data Available for
    Analysis.</I></B>&#160;&#160;Over the last two decades,
    organizations have made significant investments in software
    applications that produce substantial amounts of data that is
    often stored in different formats, making it challenging to
    efficiently analyze the data and gain insight from it without
    using powerful data analytics solutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Disparate Data Sources.</I></B>&#160;&#160;In today&#146;s
    highly competitive marketplace, companies are expanding
    operations through geographic diversification, acquisitions and
    partnerships, while more closely integrating their systems with
    those of their customers, partners and suppliers. As a result,
    organizations often deploy a number of tools, including data
    integration software, data warehouses and business intelligence
    tools, to gain insight from this disparate business data.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Decentralized Decision-Making.</I></B>&#160;&#160;We
    believe that many organizations are shifting towards
    decentralized decision-making in order to more efficiently
    respond to changing industry trends and competitive threats.
    This shift has created the need for intuitive data analysis
    tools that support employees at all levels of the organization
    as they assume more responsibility for making critical business
    decisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although these trends have led to increased adoption of business
    intelligence and data analytics tools, we believe that most
    traditional tools are inadequate to meet the needs of users and
    face the following limitations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Analysis Tools Not Designed for Business
    Users.</I></B>&#160;&#160;Most traditional business intelligence
    tools were developed specifically for data analysts and other
    quantitative professionals and require sophisticated programming
    in order to build pre-defined data sets and conduct analysis. A
    typical business user does not possess the skills or authority
    needed to modify the underlying data set and therefore receives
    static reports. As a result, these users lack access to critical
    data in a timely manner and may miss important insights needed
    to make business decisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Highly Inflexible Solutions are Difficult to Implement and
    Maintain.</I></B>&#160;&#160;Traditional business intelligence
    solutions require the integration and summarization of large
    volumes of data stored across an organization, which can be a
    time-consuming process that requires significant professional
    services support. In addition, a substantial investment of time
    and money can be required to refresh the data summarization as
    the underlying data sources evolve and change.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Substantial
    Total-Cost-of-Ownership.</I></B>&#160;&#160;Organizations incur
    significant hardware, software and professional services costs
    to deploy and maintain traditional business intelligence
    solutions. According to a 2009 report, Gartner estimates that
    the cost of development for business intelligence and data
    warehouse applications is about three to five times the cost of
    the software.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Spreadsheets Not Suited for Data Analysis and Lack
    Reliability.</I></B>&#160;&#160;Spreadsheets have been widely
    adopted by business users for data analysis because they are
    readily available. However, spreadsheets are general purpose
    business productivity tools designed for data input and
    calculation that do not scale to support large data sets and
    lack auditing capabilities, sophisticated data security features
    and multi-user collaboration tools.
</DIV>
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    <BR>
    2
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<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Market Opportunity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView addresses a broader market opportunity than just
    traditional users of business intelligence tools. According to a
    2009 IDC report, the business intelligence market is projected
    to grow to $8.6&#160;billion in 2010. We believe that published
    market size estimates exclude the vast majority of business
    users, as most of these individuals do not use traditional
    business intelligence solutions due to their cost and complexity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market for our software platform extends beyond large
    enterprises which have historically been the most frequent
    adopters of traditional business intelligence tools. The
    substantial cost and complexity of these traditional tools have
    limited adoption by small businesses and medium-sized
    enterprises. These potential users and customer segments
    represent a large, underpenetrated market opportunity that we
    believe will increasingly deploy powerful, enterprise-class
    software platforms if they are lower cost and easy to use. In
    addition to the business intelligence market, we also believe
    QlikView can be used to satisfy business users&#146; needs in
    adjacent markets, such as search and discovery software which
    according to a 2009 IDC report is projected to grow to
    $2.4&#160;billion in 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Solution</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView is an innovative business intelligence solution that
    combines
    <FONT style="white-space: nowrap">enterprise-class</FONT>
    analytics with the simplicity and
    <FONT style="white-space: nowrap">ease-of-use</FONT>
    found in office productivity software tools. We designed
    QlikView to enable business users in organizations of all sizes
    to make faster and better decisions. The key differentiators of
    our solution include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Intuitive Experience Drives Broad
    Adoption.</I></B>&#160;&#160;Unlike traditional business
    intelligence tools, QlikView empowers business users with
    sophisticated analytic capabilities delivered through an
    easy-to-use, intuitive user interface. QlikView extends the
    power of data analytics to the business users by allowing them
    to search associatively and define visual charts through simple
    <FONT style="white-space: nowrap">point-and-click</FONT>
    technology without the help of information technology (or IT)
    staff.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Faster Decision Cycles Increase Business
    Agility.</I></B>&#160;&#160;QlikView can be installed and
    implemented throughout an organization in less than three
    months, compared to traditional business intelligence tools
    which we believe on average can take up to 18&#160;months to
    implement. In addition, a customer&#146;s analysis can be
    rapidly updated as underlying data evolves and analytic
    requirements change which enables business users to intuitively
    interrogate and analyze data in real time and reduce decision
    cycles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Lower Total Cost-of-Ownership Yields Higher
    ROI.</I></B>&#160;&#160;QlikView can be implemented in a
    self-service manner and requires less expenditures on hardware,
    software, services and ongoing IT support as compared to
    traditional business intelligence solutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Highly Scalable In-Memory Architecture Leverages Hardware
    Advances.</I></B>&#160;&#160;QlikView benefits from two
    important computer hardware trends: 64-bit computing, which
    increases the amount of memory available on computers, and
    multi-core central processing units, or CPUs, which allow for
    parallel processing of complex calculations. The expected
    improvements in memory capacity and CPU performance will drive
    QlikView&#146;s future performance with minimal incremental
    investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Open Platform Focus.</I></B>&#160;&#160;QlikView is
    designed to be the easiest and fastest business intelligence
    platform on which business users can develop analytic
    applications. We license our platform to partners, such as
    independent software vendors and systems integrators, to create
    a wide variety of purpose-specific analytic applications.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Business Model</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To complement QlikView, we have developed a differentiated
    business model that has the following attributes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Broad User Focus.</I></B>&#160;&#160;We seek to market and
    sell directly to the business user by providing an intuitive
    software platform that can be installed and used with minimal
    training. Unlike most existing business intelligence tools,
    QlikView is designed for business users and does not require
    substantial IT support to install, integrate and maintain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Low Risk Rapid Product Adoption.</I></B>&#160;&#160;To
    facilitate rapid adoption of our platform, we allow our
    customers to purchase licenses in the way that best meets their
    needs, including on an individual, workgroup, departmental or
</DIV>
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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    enterprise-wide basis. In addition, we offer free product
    downloads to individual users and a
    <FONT style="white-space: nowrap">30-day</FONT> money
    back guarantee upon purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>&#147;Land and Expand&#148; Customer
    Penetration.</I></B>&#160;&#160;We seek to initially
    &#147;land&#148; within the organization of a new customer by
    solving a business need of specific business users or
    departments. We then work to &#147;expand&#148; the use of our
    solution across the organization by targeting other business
    units, geographies and use cases. Our customer penetration
    strategy is focused on creating a loyal user base that promotes
    adoption through tangible results and powerful,
    <FONT style="white-space: nowrap">word-of-mouth</FONT>
    marketing, which facilitate incremental sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Globally Diversified Distribution
    Model.</I></B>&#160;&#160;We seek to maximize the reach of the
    QlikView platform by employing a multi-pronged sales approach
    that leverages a direct sales force and partner network which
    includes resellers, OEM relationships and systems integrators.
    We typically enter new markets through partnerships and reseller
    agreements to minimize cost and risk while assessing demand in
    the new market. We currently have distribution capabilities in
    over 100&#160;countries and a network of over 1,100 channel
    partners worldwide to help generate demand for QlikView.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Community-Based Marketing and
    Support.</I></B>&#160;&#160;We have established QlikCommunity,
    our user community, to augment our development, marketing and
    support efforts. This community of over 21,000 registered users
    as of December&#160;31, 2009 promotes the use of our software
    within their organizations as well as to other organizations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Growth Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to make QlikView the primary platform on which
    business users, in companies of all sizes, make critical
    business decisions. The key elements of our growth strategy
    include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Increase Our Global Market
    Penetration.</I></B>&#160;&#160;We intend to expand our presence
    in targeted geographies by growing our direct sales force and
    global partner network. We began our operations in Sweden, have
    established a substantial foothold in Western Europe and will
    continue to seek to expand globally, particularly in the United
    States, Japan, Australia, China, Russia and Brazil.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Further Penetrate Our Existing Customer
    Base.</I></B>&#160;&#160;We intend to increase penetration of
    existing customers by capitalizing on current users&#146;
    satisfaction to promote QlikView to other users and departments
    within their organizations. Historically, we have effectively
    migrated new customers from single project and departmental
    deployments to multi-department deployments over time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Extend Our Software Platform to Provide New Business
    Solutions.</I></B>&#160;&#160;We plan to enhance our current
    platform by adding new functionality that extends our analytics,
    visualization and search capabilities to broader use cases. We
    believe that QlikView&#146;s capabilities can be extended to
    adjacent areas where data-driven decisions are critical
    including website navigation, content search and information
    management, external data communication, product configuration
    and
    <FONT style="white-space: nowrap">e-commerce</FONT>
    applications.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Expand Our OEM Alliances and Strategic
    Relationships.</I></B>&#160;&#160;We have an ongoing effort to
    increase our number of OEM alliances with other independent
    software vendors that license our technology to embed within and
    enhance their solutions. We believe we have a significant
    opportunity to expand the use of QlikView through our OEM
    relationships, which accounted for approximately 6% of our sales
    in 2009, as well as through other distribution relationships. In
    addition, we seek to expand our strategic reseller agreements
    and relationships with systems integrators and consultants and
    to use this channel to generate additional inbound customer
    prospects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Enhance Adoption of QlikView by Offering a Robust Mobile
    Solution.</I></B>&#160;&#160;We intend to offer a variety of
    delivery options that enable our customers to use our software
    from any location over any device. QlikView is available for
    many popular mobile platforms, including Apple iPhone, Android,
    BlackBerry and Symbian-based smart phones.
</DIV>
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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Associated with Our Business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our business is subject to numerous risks described in the
    section entitled &#147;Risk Factors&#148; and elsewhere in this
    prospectus. You should carefully consider these risks before
    making an investment. Some of these risks include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have limited experience in targeting a global marketplace
    which impedes our ability to forecast quarterly and annual
    revenues accurately
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our quarterly operating results are subject to fluctuations
    which could cause our stock price to decline
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we are dependent on a single product platform, QlikView
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the market for business intelligence software is still evolving
    and if this market or our market share fail to grow, our
    business would be harmed
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our success is dependent on maintaining successful relationships
    with strategic channel partners and expanding our direct sales
    capabilities
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    management of our international operations is complex
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    demand for our software platform may be adversely affected by
    changing industry standards
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we are dependent on our customers&#146; renewal of their
    maintenance contracts
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we face intense competition, and most of our competitors have
    longer operating histories, greater name recognition, larger
    customer bases and significantly greater financial, technical,
    sales, marketing and other resources than we have
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Corporate Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We were founded in Sweden in 1993. From 1993 until 1999, our
    activities were focused on software research and development
    that resulted in QlikView&#146;s core technology, and from 1999
    until 2004 we focused on the commercialization of our technology
    primarily in the Nordic market and limited regions of Europe. In
    2004, we reincorporated in Delaware and began to broaden our
    marketing and sales activities in the United States and
    continued our expansion globally. Our principal executive
    offices are located at 150 Radnor Chester Road, Suite&#160;E220,
    Radnor, Pennsylvania 19087 and our telephone number is
    <FONT style="white-space: nowrap">(888)&#160;828-9768.</FONT>
    Our website address is www.qlikview.com. The information on, or
    that can be accessed through, our website is not part of this
    prospectus.
</DIV>
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    <BR>
    5
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<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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    <B><FONT style="font-family: 'Times New Roman', Times">THE
    OFFERING</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Common stock offered by QlikTech</TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    Common stock offered by the selling stockholders</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>&#160;&#160;shares<BR></TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#160;&#160;Total</TD>
    <TD></TD>
    <TD valign="bottom">
    <DIV style="position:relative; display:inline; border-bottom:3px double #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</DIV>&#160;&#160;shares</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    Over-allotment option to be offered by QlikTech</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    Common stock to be outstanding after this offering</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We expect our net proceeds from this offering will be
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    assuming the sale
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock in this offering at an assumed initial public
    offering price of $&#160;&#160;&#160;&#160;&#160; per share, the
    mid-point of the range reflected on the cover page of the
    prospectus. We intend to use approximately $6.9&#160;million of
    the net proceeds of this offering to repay in full the principal
    and accrued interest and to pay any applicable prepayment fee on
    our outstanding debt facility from Stiftelsen Industrifonden. We
    expect to use the remaining net proceeds of this offering for
    general corporate purposes, including working capital and
    potential capital expenditures and acquisitions. We will not
    receive any of the proceeds from the sale of the shares of
    common stock by the selling stockholders. See &#147;Use of
    Proceeds.&#148;</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    Proposed Nasdaq Global Market symbol</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;QLIK&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of shares of our common stock to be outstanding after
    the offering is based on 63,350,570&#160;shares of common stock
    outstanding as of December&#160;31, 2009, which assumes:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the reclassification of our Series&#160;A common stock into
    common stock;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the conversion of 19,846,279&#160;shares of Series&#160;A
    preferred stock into 19,846,279&#160;shares of common
    stock;&#160;and
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the conversion of 26,875,145&#160;shares of Series&#160;AA
    preferred stock into 26,875,145&#160;shares of common stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except where stated otherwise herein, the number of shares of
    our common stock to be outstanding after this offering does not
    take into account:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    12,341,473&#160;shares issuable upon exercise of options
    outstanding as of December&#160;31, 2009 at a weighted average
    exercise price of approximately $1.51 per share;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    1,548,497&#160;shares reserved as of December&#160;31, 2009 for
    future issuance under our stock-based compensation
    plans;&#160;and
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    568,263&#160;shares issuable upon the exercise of warrants
    outstanding as of December&#160;31, 2009 at a weighted average
    exercise price of approximately $1.43 per share.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated, the information we present in this
    prospectus assumes and reflects the following:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the reclassification of our Series&#160;A common stock into
    common stock prior to the closing of this offering;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the conversion of all outstanding shares of our Series&#160;A
    preferred stock and Series&#160;AA preferred stock into shares
    of our common stock and all outstanding warrants to purchase
    preferred stock into warrants to purchase common stock upon the
    closing of this offering;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the filing of our restated certificate of incorporation and the
    adoption of our amended and restated bylaws to be effective upon
    the closing of this offering;&#160;and
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no exercise by the underwriters of their option to purchase
    additional shares.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    CONSOLIDATED FINANCIAL DATA</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tables below summarize our consolidated financial data. The
    following summary financial data should be read together with
    our consolidated financial statements and related notes,
    &#147;Selected Consolidated Financial Data&#148; and
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; included elsewhere in
    this prospectus. The data for each of the three years ended
    December&#160;31, 2007, 2008 and 2009 have been derived from our
    audited consolidated financial statements appearing elsewhere in
    this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Consolidated Statement of
    Operations Data:</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>(In thousands, except for share and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>per share amounts)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total cost of
    revenue<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,706
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sales and
    marketing<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and
    development<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and
    administrative<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other income (expense)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (463
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,304
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,529
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income (loss) before benefit for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (405
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Benefit (provision) for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,860
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,776
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss) per common
    share<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>:

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average number of shares outstanding:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,552,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,267,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,523,443
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,778,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pro forma net income per common share
    (unaudited)<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>:

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average number of shares used in pro forma computation
    (unaudited)<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>:

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,988,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,606,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 18%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)&#160;&#160;Includes stock-based compensation expense as
    follows:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    Cost of revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    Sales and marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    733
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    We applied the two-class method to compute net income (loss) per
    common share which requires that earnings attributable to common
    stockholders for the period be allocated between common and
    participating securities based upon their respective rights to
    receive distributed and undistributed earnings. See Note&#160;2
    of the notes to consolidated financial statements.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The pro forma basic and diluted net income (loss) per share have
    been calculated assuming the reclassification of our
    Series&#160;A common stock into common stock prior to the
    closing of this offering and the conversion of all outstanding
    shares of our Series&#160;A preferred stock and Series&#160;AA
    preferred stock into an aggregate 46,721,424&#160;shares of our
    common stock upon the closing of this offering. In addition, pro
    forma net income per share assumes that the preferred stock
    warrants have been automatically converted to common stock
    warrants at the beginning of the period.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents our summary consolidated balance
    sheet data as of December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on an actual basis;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a pro forma basis to give effect to (i)&#160;the
    reclassification of our Series&#160;A common stock as common
    stock; (ii)&#160;the conversion of all outstanding shares of our
    Series&#160;A preferred stock and Series&#160;AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock;
    and (iii)&#160;the reclassification of our outstanding preferred
    stock warrants from long-term liabilities to additional paid-in
    capital;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a pro forma as adjusted basis to give effect to (i)&#160;the
    reclassification of our Series&#160;A common stock as common
    stock; (ii)&#160;the conversion of all outstanding shares of our
    Series&#160;A preferred stock and Series&#160;AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock;
    (iii)&#160;the reclassification of our outstanding preferred
    stock warrants from long-term liabilities to additional paid-in
    capital; (iv)&#160;the sale by us of the shares of common stock
    offered by this prospectus at an initial public offering price
    of $&#160;&#160;&#160;&#160;&#160; per share, the mid-point of
    the range reflected on the cover of this prospectus, and after
    deducting the underwriting discounts and commissions and
    estimated offering expenses; and (v)&#160;the use of
    approximately $6.9&#160;million of the net proceeds of this
    offering to repay in full the principal and accrued interest and
    to pay any applicable prepayment fee on our outstanding debt
    facility from Stiftelsen Industrifonden.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma As<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Consolidated Balance Sheet
    Data:</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Actual</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Pro Forma</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Adjusted</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Working capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,829
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,737
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term obligations, including current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,436
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Convertible preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9,103
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,918
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Investing in our common stock involves a high degree of risk.
    The risks described below are not the only ones facing us.
    Additional risks that we do not yet know of or that we currently
    think are immaterial may also impair our business operations. If
    any of the following risks actually occur, our business,
    operating results or financial condition could be materially
    harmed. In such cases, the trading price of our common stock
    could decline and you may lose all or part of your investment.
    Before investing in our common stock, you should carefully
    consider each of the following risk factors and all of the other
    information set forth in this prospectus, including the
    financial statements and the notes thereto.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Business and Industry</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We have limited experience in targeting a global
    marketplace and compete in a rapidly evolving industry which
    makes our future operating results difficult to predict.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have limited experience in targeting the global business
    intelligence marketplace. In addition, we have a limited
    operating history in an industry characterized by rapid
    technological innovation, changing customer needs, evolving
    industry standards and frequent introductions of new products,
    enhancements and services. Any of these factors can render our
    existing software platform and services obsolete or
    unmarketable. We believe that our future success will depend in
    large part on our ability:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to support current and future releases of popular hardware,
    operating systems, computer programming languages, databases and
    software applications
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to develop new products that achieve market acceptance in a
    timely manner
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to meet an expanding range of customer requirements
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As we encounter increasing competitive pressures, we will likely
    be required to modify, enhance, reposition or introduce new
    products and service offerings. We may not be successful in
    doing so in a timely, cost-effective and appropriately
    responsive manner, or at all. All of these factors make it
    difficult to predict our future operating results which may
    impair our ability to manage our business and your ability to
    assess our prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We may experience quarterly fluctuations in our operating
    results due to a number of factors which make our future results
    difficult to predict and could cause our operating results to
    fall below expectations or our guidance.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operating results may fluctuate due to a variety of factors,
    many of which are outside of our control. As a result, comparing
    our operating results on a
    <FONT style="white-space: nowrap">period-to-period</FONT>
    basis may not be meaningful. You should not rely on our past
    results as an indication of our future performance. If our
    revenue or operating results fall below the expectations of
    investors or securities analysts or below any guidance we may
    provide to the market, the price of our common stock could
    decline substantially.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operating results have varied in the past. In addition to
    other risk factors listed in this &#147;Risk Factors&#148;
    section, factors that may affect our quarterly operating
    results, business and financial condition include the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    demand for our software platform and services and the size and
    timing of orders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    market acceptance of our current and future products
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a slowdown in spending on information technology and software by
    our current
    <FONT style="white-space: nowrap">and/or</FONT>
    prospective customers
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sales cycles and performance of our indirect channel partners
    and original equipment manufacturers (known as OEMs)
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    budgeting cycles of our customers
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the management, performance and expansion of our international
    operations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate of renewals of our maintenance agreements
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the competitive dynamics of our markets
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to control costs, including our operating expenses
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    customers delaying purchasing decisions in anticipation of new
    products or product enhancements by us or our competitors
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the outcome or publicity surrounding any pending or threatened
    lawsuits
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing of recognizing revenue in any given quarter as a
    result of revenue recognition rules
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an increase in the rate of product returns
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    foreign currency exchange rate fluctuations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to successfully manage any acquisitions
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic and political conditions in our domestic and
    international markets
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may in the future experience fluctuations in our
    gross and operating margins due to changes in the mix of our
    direct and indirect sales, domestic and international revenues,
    and license and service revenues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may implement changes to our license pricing structure for
    all of our products including increased prices and modified
    licensing parameters. If these changes are not accepted by our
    current or future customers, our business, operating results and
    financial condition could be harmed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon all of the factors described above, we have a limited
    ability to forecast the amount and mix of future revenues and
    expenses, and it is likely that at some time our operating
    results will fall below our estimates or the expectations of
    public market analysts and investors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We depend on revenue from a single product
    platform.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are dependent on a single product platform, QlikView. Our
    business would be harmed by a decline in demand for, or in the
    price of, our software platform as a result of, among other
    factors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any change in our pricing model
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased competition
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    support, research and development or other expenditures
    undertaken in attempts, whether or not successful, to develop
    new products
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a maturation in the markets for our products
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our financial results would suffer if the market for
    business intelligence software does not continue to grow or if
    we are unable to further penetrate this market.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nearly all of our revenues to date have come from sales of
    business intelligence software and related maintenance services.
    We expect these sales to account for substantially all of our
    revenues for the foreseeable future. Although demand for
    business intelligence software has grown in recent years, the
    market for business intelligence software applications is still
    evolving. We cannot be sure that this market will continue to
    grow or, even if it does grow, that customers will purchase our
    software platform or services. We have spent, and intend to keep
    spending, considerable resources to educate potential customers
    about business intelligence software in general and our software
    platform in particular. However, we cannot be sure that these
    expenditures will help our software platform achieve any
    additional market acceptance or enable us to attract new
    customers or new users at existing customers. A reduction in the
    demand for our services and software platform could be caused
    by, among other things, lack of customer acceptance, weakening
    economic conditions, competing technologies and services or
    decreases in software spending. If the market and our market
    share fail to grow or grow more slowly than we currently expect,
    our business, operating results and financial condition would be
    harmed.
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We use indirect channel partners and if we are unable to
    maintain successful relationships with them, our business,
    operating results and financial condition could be
    harmed.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to our direct sales force, we use strategic indirect
    channel partners such as distribution partners, value-added
    resellers, system integrators and OEMs to license and support
    our software platform. For the year ended December&#160;31,
    2009, transactions by indirect channel partners accounted for
    50% of our total product licenses revenues and first years&#146;
    maintenance billings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our channel partners may offer customers the products of several
    different companies, including products that compete with ours.
    Our channel partners generally do not have an exclusive
    relationship with us; thus, we cannot be certain that they will
    prioritize or provide adequate resources for selling our
    products. Divergence in strategy or contract defaults by any of
    these channel partners may harm our ability to develop, market,
    sell or support our software platform. In addition, establishing
    and retaining qualified indirect sales channel partners and
    training them in our software platform and services require
    significant time and resources. In order to develop and expand
    our distribution channel, we must continue to scale and improve
    our processes and procedures that support our channel, including
    investment in systems and training. These processes and
    procedures may become increasingly complex and difficult to
    manage as we grow our organization.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ability to achieve revenue growth in the future will depend
    in part on our success in maintaining successful relationships
    with our channel partners. There can be no assurance that our
    channel partners will continue to cooperate with us when our
    distribution agreements expire or are up for renewal. If we are
    unable to maintain our relationships with these channel
    partners, our business, operating results and financial
    condition could be harmed. In addition, there can be no
    assurance that actions taken or not taken by such parties will
    not harm us. Also, in a number of regions we rely on a limited
    number of resellers, and our business may be harmed if any of
    these resellers were to fail to effectively address their
    specified geographic territories.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we rely on our channel partners to operate in
    accordance with the terms of their contractual agreements with
    us. For example, our agreements with our channel partners limit
    the terms and conditions pursuant to which they are authorized
    to resell or distribute our software and offer technical support
    and related services. We also typically require our channel
    partners to provide us with the dates and details of product
    license transactions sold to end user customers. If our channel
    partners do not comply with their contractual obligations to us,
    our business, results of operations and financial condition may
    be harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If we are unable to expand our direct sales capabilities,
    we may not be able to generate increased revenues.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to succeed, we must expand our direct sales force to
    generate increased revenue from new customers. As of
    December&#160;31, 2009, we had a team of 124 dedicated direct
    sales professionals, and we intend to increase our number of
    direct sales professionals. New hires will require training and
    will take time to achieve full productivity. We cannot be
    certain that new hires will become as productive as necessary or
    that we will be able to hire enough qualified individuals in the
    future. Failure to hire qualified direct sales personnel will
    preclude us from expanding our business and growing our revenue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>As we pursue new enterprise customers, additional OEM
    opportunities or more complicated deployments, our sales cycle
    and deployment processes may become more unpredictable and
    require greater time and expense.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate that our sales cycle may lengthen as we pursue new
    enterprise customers. Enterprise customers may undertake a
    significant evaluation process in regard to enterprise software
    which can last from several months to a year or longer. If our
    sales cycle were to lengthen in this manner, events may occur
    during this period that affect the size or timing of a purchase
    or even cause cancellations, and this may lead to more
    unpredictability in our business and operating results.
    Additionally, sales cycles for sales of our software platform to
    OEMs tend to be longer, ranging from three to 12&#160;months or
    more, and may involve convincing a partner&#146;s entire
    organization that our software platform is the appropriate
    software for its applications. We may spend substantial time,
    effort and money on our sales efforts without any assurance that
    our efforts will produce any sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may face unexpected deployment challenges with
    enterprise customers or more complicated installations of our
    software platform. It may be difficult to deploy our software
    platform if the customer has
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    unexpected database, hardware or software technology issues.
    Additional deployment complexities may occur if a customer hires
    a third party to deploy our software platform or if one of our
    indirect channel partners leads the implementation of our
    solution. Any difficulties or delays in the initial
    implementation could cause customers to reject our software or
    lead to the delay or non-receipt of future orders, in which case
    our business, operating results and financial condition would be
    harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Managing our international operations is complex and our
    failure to do so successfully could harm our business, operating
    results and financial condition.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We receive a significant portion of our total revenues from
    international sales from foreign direct and indirect operations.
    International revenues accounted for approximately 77% of our
    total revenues for each of the years ended December&#160;31,
    2007, 2008 and 2009. We have facilities located in Australia,
    Austria, Belgium, Denmark, Finland, France, Germany, India,
    Italy, Japan, the Netherlands, Portugal, Singapore, Spain,
    Sweden, Switzerland and the United Kingdom. We expect to
    continue to add personnel in additional countries. Our
    international operations require significant management
    attention and financial resources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are certain risks inherent in our international business
    activities including, but not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    managing and staffing international offices and the increased
    costs associated with multiple international locations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    maintaining relationships with indirect channel partners outside
    the United States, whose sales and lead generation activities
    are very important to our international operations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    multiple legal systems and unexpected changes in legal
    requirements
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tariffs, export restrictions, trade barriers and other
    regulatory or contractual limitations on our ability to sell or
    develop our products in certain foreign markets
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    trade laws and business practices favoring local competition
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    costs of localizing products and potential lack of acceptance of
    localized versions
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential tax issues, including restrictions on repatriating
    earnings and multiple and conflicting tax laws and regulations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    weaker intellectual property protection in some countries
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    difficulties in enforcing contracts and collecting accounts
    receivable, longer sales cycles and longer payment cycles,
    especially in emerging markets
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the significant presence of some of our competitors in certain
    international markets
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to adapt to sales practices and customer
    requirements in different cultures
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    political and economic instability, including war and terrorism
    or the threat of war and terrorism
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that, over time, a significant portion of our
    revenues and costs will continue to be denominated in foreign
    currencies. To the extent such denomination in foreign
    currencies does occur, gains and losses on the conversion to
    United States dollars of accounts receivable, accounts payable
    and other monetary assets and liabilities arising from
    international operations may contribute to fluctuations in our
    results of operations. Although we may in the future decide to
    undertake foreign exchange hedging transactions to cover a
    portion of our foreign currency transaction exposure, we
    currently do not hedge any foreign currency exposure. If we are
    not effective in any future foreign exchange hedging
    transactions in which we engage, our business, operating results
    and financial condition could be harmed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, compliance with foreign and United States laws and
    regulations that are applicable to our international operations
    is complex and may increase our cost of doing business in
    international jurisdictions, and our international operations
    could expose us to fines and penalties if we fail to comply with
    these regulations. These laws and regulations include import and
    export requirements, United States laws such as the Foreign
    Corrupt Practices Act, and local laws prohibiting corrupt
    payments to governmental officials. Although we have
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    implemented policies and procedures designed to help ensure
    compliance with these laws, there can be no assurance that our
    employees, partners and other persons with whom we do business
    will not take actions in violation of our policies or these
    laws. Any violations of these laws could subject us to civil or
    criminal penalties, including substantial fines or prohibitions
    on our ability to offer our products and services to one or more
    countries, and could also materially damage our reputation, our
    brand and our international expansion efforts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our failure to manage any of these risks successfully could harm
    our international operations and reduce our international sales.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If new industry standards emerge or if we are unable to
    respond to rapid technological changes, demand for our software
    platform may be adversely affected.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that our future success will depend in large part on
    our ability:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to support current and future industry standards, including
    databases and operating systems
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to maintain technological competiveness and meet an expanding
    range of customer requirements
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to introduce new products and features for our customers
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The emergence of new industry standards in related fields may
    adversely affect the demand for our existing software platform.
    This could happen, for example, if new technologies emerged that
    were incompatible with customer deployments of our software
    platform. We currently support Open Database Connectivity, or
    ODBC, and Object Linking and Embedding Database, or OLEDB,
    standards in database access technology. If we are unable to
    adapt our software platform on a timely basis to new standards
    in database access technology, the ability of our software
    platform to access customer databases could be impaired. In
    addition, the emergence of new server operating systems
    standards could adversely affect the demand for our existing
    software platform. Our platform currently requires the Windows
    Server operating system when deployed on a server, as used in
    most multi-user deployments. If customers are unwilling to use
    Windows Server, we may not be able to achieve compatibility on a
    timely basis or without substantial research and development and
    support expense. We currently support all generally available
    client operating systems that run industry standard web
    browsers, but we cannot assure you that we will be able to
    support future client operating systems and web browsers in a
    timely and cost-effective manner, if at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The markets for our software platform and services are also
    characterized by rapid technological and customer requirement
    changes. In particular, our technology is optimized for servers
    utilizing the x86 and x64 families of microprocessors. If the
    speed and performance of these microprocessor families do not
    continue to increase at the rates we anticipate, our software
    may not attain the performance speed and capabilities that we
    expect. Also if a different microprocessor architecture were to
    gain widespread acceptance in server applications, we may not be
    able to achieve compatibility on a timely basis or without
    substantial research and development and support expense.
    Difficulty by us in achieving compatibility with a different
    microprocessor architecture or other technological change or in
    satisfying changing customer requirements could render our
    existing and future products obsolete and unmarketable. As a
    result, we may not be able to accurately predict the lifecycle
    of our software platform and services, and they may become
    obsolete before we receive the amount of revenues that we
    anticipate from them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Business intelligence software is inherently complex. The
    development and testing of new products and product enhancements
    can require significant research and development expenditures.
    As a result, substantial delays in the general availability of
    such new releases or significant problems in the installation or
    implementation of such new releases could harm our business,
    operating results and financial condition. We may not
    successfully develop and market product enhancements or new
    products that respond to technological change or new customer
    requirements. Even if we introduce a new product, we may
    experience a decline in revenues of our existing products that
    is not fully matched by the new product&#146;s revenue. For
    example, customers may delay making purchases of a new product
    to make a more thorough evaluation of the product, or until
    industry and marketplace reviews become widely available. In
    addition, we may lose existing customers who choose a
    competitor&#146;s product rather than migrate to our new
    product. This could result in a temporary or permanent revenue
    shortfall and harm our business.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our business depends on customers renewing their annual
    maintenance contracts and our ability to collect renewal
    fees.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any decline in maintenance renewals could harm our future
    operating results. We sell our software platform pursuant to a
    perpetual license with a fixed upfront fee which ordinarily
    includes one year of maintenance as part of the initial price.
    Our customers have no obligation to renew their maintenance
    agreements after the expiration of this initial period, and they
    may not renew these agreements. We may be unable to predict
    future customer renewal rates accurately. Our customers&#146;
    renewal rates may decline or fluctuate as a result of a number
    of factors, including their level of satisfaction with our
    software platform, the prices of our software platform, the
    prices of products and services offered by our competitors or
    reductions in our customers&#146; spending levels. If our
    customers do not renew their maintenance and support
    arrangements or if they renew them on less favorable terms, our
    revenue may decline and our business will suffer. A substantial
    portion of our quarterly maintenance revenue is attributable to
    maintenance and support agreements entered into during previous
    quarters. As a result, if there is a decline in renewed
    maintenance agreements in any one quarter, only a small portion
    of the decline will be reflected in our maintenance revenue
    recognized in that quarter and the rest will be reflected in our
    maintenance revenue recognized in the following four quarters or
    more. In addition, we may have difficulties collecting renewal
    fees from our customers, especially in regards to customers
    located in emerging international markets. If we are unable to
    collect renewal fees from customers, our business will be harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our software platform could contain undetected errors, or
    bugs, which could cause problems with product performance and
    which could in turn reduce demand for our software platform,
    reduce our revenue and lead to product liability claims against
    us.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Software products like ours, which consist of hundreds of
    thousands of lines of code and incorporate licensed software
    from third parties, may contain errors
    <FONT style="white-space: nowrap">and/or</FONT>
    defects. Although we test our software extensively, we have in
    the past discovered software errors in our products after their
    introduction. Despite testing by us and by our current and
    potential customers, errors may be found in new products or
    releases after commercial shipment or deployment begins. This
    could result in lost revenue, damage to our reputation or delays
    in market acceptance which could harm our business, operating
    results and financial condition. We may also have to expend
    resources to correct these defects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our license agreements with customers typically contain
    provisions designed to limit our exposure to product liability,
    warranty and other claims. It is possible, however, that these
    provisions may not be effective as a result of existing or
    future laws of certain domestic or international jurisdictions
    or unfavorable judicial decisions in such jurisdictions, and we
    may be exposed to product liability, warranty and other claims.
    If these claims are made, our potential exposure may be
    substantial given the use of our products in business-critical
    applications. A successful product liability claim against us
    could harm our business, operating results and financial
    condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We face intense competition which may lead to reduced
    revenue and loss of market share.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The markets for business intelligence software, analytical
    applications and information management are intensely
    competitive and subject to rapidly changing technology and
    evolving standards. In addition, many companies in these markets
    are offering, or may soon offer, products and services that may
    compete with our software platform.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We face competitors in several broad categories, including
    business intelligence software, analytical processes, query,
    search and reporting tools. We compete with large software
    corporations, including suppliers of enterprise resource
    planning software that provide one or more capabilities that are
    competitive with our products, such as IBM (which acquired
    Cognos in 2008), Microsoft, Oracle (which acquired Hyperion
    Solutions in 2007)&#160;and SAP AG (which acquired Business
    Objects in 2008), and with open source business intelligence
    vendors, including Pentaho and JasperSoft. Open source software
    is software that is made widely available by its authors and is
    licensed &#147;as is&#148; for a nominal fee or, in some cases,
    at no charge. As the use of open source software becomes more
    widespread, certain open source technology could become
    competitive with our proprietary technology, which could cause
    sales of our products to decline or force us to reduce the fees
    we charge for our products. We also compete, or may increasingly
    in the future compete, with various independent competitors that
    are primarily
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    focused on business intelligence products, such as Actuate,
    Information Builders, MicroStrategy, the SAS Institute and
    TIBCO. We expect additional competition as other established and
    emerging companies or open source vendors enter the business
    intelligence software market and new products and technologies
    are introduced.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Many of our competitors have longer operating histories,
    significantly greater financial, technical, marketing or other
    resources and greater name recognition than we do. In addition,
    many of our competitors have strong relationships with current
    and potential customers and extensive knowledge of the business
    intelligence industry. As a result, they may be able to respond
    more quickly to new or emerging technologies and changes in
    customer requirements or devote greater resources to the
    development, promotion and sale of their products than us.
    Increased competition may lead to price cuts, fewer customer
    orders, reduced gross margins, longer sales cycles and loss of
    market share. We may not be able to compete successfully against
    current and future competitors, and our business, operating
    results and financial condition will be harmed if we fail to
    meet these competitive pressures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Current and future competitors may also make strategic
    acquisitions or establish cooperative relationships among
    themselves or with others. By doing so, these competitors may
    increase their ability to meet the needs of our potential
    customers. Our current or prospective indirect channel partners
    may establish cooperative relationships with our current or
    future competitors. These relationships may limit our ability to
    sell our software platform through specific distribution
    channels. Accordingly, new competitors or alliances among
    current and future competitors may emerge and rapidly gain
    significant market share. These developments could limit our
    ability to obtain revenues from new customers and to maintain
    technical support revenues from our installed customer base. If
    we are unable to compete successfully against current and future
    competitors, our business, operating results and financial
    condition would be harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If customers demand business intelligence software to be
    provided via a &#147;software as a service&#148; business model,
    our business could be harmed.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Software as a service, or SaaS, is a model of software
    deployment where a software provider typically licenses an
    application to customers for use as a service on demand through
    web browser technologies. A SaaS business model can require a
    vendor to undertake substantial capital investments and related
    sales and support resources and personnel. If customers were to
    require business intelligence software like QlikView to be
    provided via a SaaS deployment, we would need to undertake these
    investments in order to implement this alternative business
    model. In addition, we would be obligated to apply new revenue
    recognition policies. Even if we undertook these investments, we
    may be unsuccessful in implementing a SaaS business model. These
    factors could harm our business, operating results and financial
    condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If we fail to develop our brand cost-effectively, our
    business may be harmed.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that developing and maintaining awareness and
    integrity of our brand in a cost effective manner are important
    to achieving widespread acceptance of our existing and future
    products and are important elements in attracting new customers.
    We believe that the importance of brand recognition will
    increase as competition in our market further intensifies.
    Successful promotion of our brand will depend on the
    effectiveness of our marketing efforts and on our ability to
    provide reliable and useful products at competitive prices.
    Brand promotion activities may not yield increased revenue, and
    even if they do, the increased revenue may not offset the
    expenses we incur in building our brand. We also rely on our
    customer base and community of end-users in a variety of ways,
    including to give us feedback on our products and to provide
    user-based support to our other customers. If we fail to promote
    and maintain our brand successfully or to maintain loyalty among
    our customers and QlikCommunity, our user community, or if we
    incur substantial expenses in an unsuccessful attempt to promote
    and maintain our brand, we may fail to attract new customers or
    to retain our existing customers and our business may be harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If we are unable to manage our growth effectively, our
    revenues and profits could be adversely affected.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have recently expanded our operations and employee headcount
    significantly, and we anticipate that further significant
    expansion will be required. Our future operating results depend
    to a large extent on our ability to manage this expansion and
    growth successfully. Sustaining our growth will place
    significant demands on our management as well as on our
    administrative, operational and financial resources. To manage
    our growth, we must
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    continue to improve our operational, financial and management
    information systems and expand, motivate and manage our
    workforce. If we are unable to manage our growth successfully
    without compromising our quality of service and our profit
    margins, or if new systems that we implement to assist in
    managing our growth do not produce the expected benefits, our
    revenues and profits could be harmed. Risks that we face in
    undertaking future expansion include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    training new personnel to become productive and generate revenue
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    controlling expenses and investments in anticipation of expanded
    operations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    implementing and enhancing our administrative infrastructure,
    systems and processes
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    addressing new markets
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expanding operations in the United States and new international
    regions
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A failure to manage our growth effectively could harm our
    ability to market and sell our software platform and maintenance
    services.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If we are unable to recruit or retain skilled personnel,
    or if we lose the services of any of our key personnel, our
    business, operating results and financial condition could be
    harmed.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our future success depends on our continuing ability to attract,
    train and retain highly skilled personnel, and we face intense
    competition for these employees. We may not be able to retain
    our current key employees or attract, train or retain other
    highly skilled personnel in the future. If we lose the services
    of one or all of these individuals, or if we are unable to
    attract, train and retain the highly skilled personnel we need,
    our business, operating results and financial condition could be
    harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Future product development is dependent on adequate
    research and development resources.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to remain competitive, we must continue to develop new
    products, applications and enhancements to our existing software
    platform. This is particularly true as we further expand our
    product capabilities. Maintaining adequate research and
    development resources, such as the appropriate personnel, talent
    and development technology, to meet the demands of the market is
    essential. Our research and development organization is located
    in Lund, Sweden, and we may have difficulty hiring suitably
    skilled personnel in this region or expanding our research and
    development organization to facilities located in other
    geographic locations. In addition, many of our competitors
    expend a considerably greater amount on their respective
    research and development programs. Our failure to maintain
    adequate research and development resources or to compete
    effectively with the research and development programs of our
    competitors would present an advantage to such competitors.
    Further, if we are unable to develop products internally due to
    certain constraints, such as high employee turnover, lack of
    management ability or a lack of other development resources,
    this may force us to expand into a certain market or strategy
    via an acquisition for which we could potentially pay too much
    or unsuccessfully integrate into our operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If we fail to offer high quality customer support, our
    business would suffer.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once our software platform and solutions are deployed to our
    customers, our customers rely on our support services to resolve
    any related issues. High quality customer support is important
    for the successful marketing and sale of our software platform
    and services and for the renewal of existing customers. The
    importance of high quality customer support will increase as we
    expand our business and pursue new enterprise customers. If we
    do not help our customers quickly resolve post-deployment issues
    and provide effective ongoing support, our ability to sell our
    software platform and services to existing customers would
    suffer and our reputation with existing or potential customers
    would be harmed. Also, our maintenance agreements contain
    service level agreements under which we guarantee specified
    response times. If we fail to meet our service level obligations
    under these agreements, we may be subject to penalties which
    could result in higher than expected costs, decreased revenue
    and decreased operating margins.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We currently utilize a combination of internal support personnel
    and third party support organizations, and we cannot assure you
    that actions taken or not taken by our third party support
    organization will not harm our reputation
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or business. As we expand our sales, we will be required to
    engage and train additional support personnel and resources.
    Further, our support organization will face additional
    challenges as we enter new international markets, including
    challenges associated with delivering support, training and
    documentation in languages required by new customers. If we fail
    to maintain high quality customer support or to grow our
    internal and external support organization to match any future
    sales growth, our business will suffer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If we overestimate revenue, we may be unable to reduce our
    expenses to avoid or minimize harm to our results of
    operations</I></B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revenues are difficult to forecast and are likely to
    fluctuate significantly from period to period. We base our
    operating expense budgets on expected revenue trends, and many
    of our expenses, such as office and equipment leases and
    personnel costs, will be relatively fixed in the short term and
    will increase over time as we make investments in our business.
    Our estimates of sales trends may not correlate with actual
    revenues in a particular quarter or over a longer period of
    time. Variations in the rate and timing of conversion of our
    sales prospects into actual licensing revenues could cause us to
    plan or budget inaccurately and those variations could adversely
    affect our financial results. In particular, delays, reductions
    in amount or cancellation of customers&#146; purchases or an
    increase in the number of customers exercising our
    <FONT style="white-space: nowrap">30-day</FONT> money
    back guarantee on our software platform would adversely affect
    the overall level and timing of our revenues, and our business,
    results of operations and financial condition could be harmed.
    Due to the relatively fixed nature of many of our expenses, we
    may be unable to adjust spending quickly enough to offset any
    unexpected revenue shortfall.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the course of our sales to customers, we may encounter
    difficulty collecting accounts receivable and could be exposed
    to risks associated with uncollectible accounts receivable. In
    the event we are unable to collect on our accounts receivable,
    it could negatively affect our cash flows, operating results and
    business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our methodologies and software solutions may infringe the
    intellectual property rights of third parties or be found to
    contain unexpected open source software, and this may create
    liability for us or otherwise harm our business.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Third parties may claim that our current or future products
    infringe their intellectual property rights, and such claims may
    result in legal claims against our customers and us. These
    claims may damage our reputation, harm our customer
    relationships and create liability for us. We expect the number
    of such claims will increase as the number of products and the
    level of competition in our industry segments grow, the
    functionality of products overlap and the volume of issued
    software patents and patent applications continues to increase.
    We generally agree in our customer contracts to indemnify
    customers for expenses or liabilities they incur as a result of
    third party intellectual property infringement claims associated
    with our products or services. To the extent that any claim
    arises as a result of third party technology we have licensed
    for use in our product, we may be unable to recover from the
    appropriate third party any expenses or other liabilities that
    we incur.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, software products like ours that contain thousands
    of lines of software code at times incorporate open source
    software code. The use of open source software code is typically
    subject to varying forms of software licenses, called copyleft
    or open source licenses. These types of licenses may require
    that any person who creates a software product that
    redistributes or modifies open source software that was subject
    to an open source license must also make their own software
    product subject to the same open source license. This can lead
    to a requirement that the newly created software product be
    provided free of charge or be made available or distributed in
    source code form. Although we do not believe our software
    includes any open source software that would result in the
    imposition of any such requirement on portions of our software
    product, our software could be found to contain this type of
    open source software.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Responding to any infringement claim, regardless of its
    validity, or discovering open source software in our product
    could harm our business, operating results and financial
    condition, by, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    resulting in time-consuming and costly litigation
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    diverting management&#146;s time and attention from developing
    our business
</TD>
</TR>

</TABLE>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requiring us to pay monetary damages or enter into royalty and
    licensing agreements that we would not normally find acceptable
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    causing product shipment or deployment delays
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requiring us to stop selling certain of our products
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requiring us to redesign certain of our products using
    alternative non-infringing or non-open source technology or
    practices, which could require significant effort and expense
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requiring us to disclose our software source code, the detailed
    program commands for our software program
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requiring us to satisfy indemnification obligations to our
    customers
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our intellectual property rights are valuable, and any
    inability to protect them could reduce the value of our software
    platform, services and brand.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We currently have three issued United States patents and one
    pending United States patent expiring at various times ranging
    from 2015 to 2029 and 17 issued and eight pending foreign
    patents expiring at various times ranging from 2015 to 2029. We
    rely on a combination of copyright, trademark, patent, trade
    secrets, confidentiality procedures and contractual commitments
    to protect our proprietary information. For example, we license
    our software pursuant to click-wrap or signed license agreements
    that impose certain restrictions on a licensee&#146;s ability to
    utilize the software. We also seek to avoid disclosure of our
    intellectual property, including by requiring those persons with
    access to our proprietary information to execute confidentiality
    agreements with us and by restricting access to our source code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Despite our efforts, these measures can only provide limited
    protection. Unauthorized third parties may try to copy or
    reverse engineer portions of our software platform or may
    otherwise obtain and use our intellectual property. Any patents
    owned by us may be invalidated, circumvented or challenged. Any
    of our pending or future patent applications, whether or not
    being currently challenged, may not be issued with the scope of
    the claims we seek, if at all. Legal standards relating to the
    validity, enforceability and scope of protection of intellectual
    property rights in other countries are uncertain and may afford
    little or no effective protection for our services, software,
    methodology and other proprietary rights. Consequently, we may
    be unable to prevent our intellectual property rights from being
    exploited abroad, which could require costly efforts to protect
    them. Policing the unauthorized use of our proprietary rights is
    expensive, difficult and, in some cases, impossible. Litigation
    may be necessary in the future to enforce or defend our
    intellectual property rights, to protect our trade secrets or to
    determine the validity and scope of the proprietary rights of
    others. Such litigation could result in substantial costs and
    diversion of management resources, either of which could harm
    our business. Accordingly, despite our efforts, we may not be
    able to prevent third parties from infringing upon or
    misappropriating our intellectual property. If we cannot protect
    our proprietary technology against unauthorized copying or use,
    we may not remain competitive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, many of our current and potential competitors have
    the ability to dedicate substantially greater resources to
    developing and protecting their technology or intellectual
    property rights than we do. In addition, our attempts to protect
    our proprietary technology and intellectual property rights may
    be further limited as our employees may be recruited by our
    current or future competitors and may take with them significant
    knowledge of our proprietary information. Consequently, others
    may develop services and methodologies that are similar or
    superior to our services and methodologies or may design around
    our intellectual property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Computer &#147;hackers&#148; may damage our systems,
    services and products, and breaches of data protection could
    impact our business.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Computer programmers and hackers may be able to penetrate our
    network security and misappropriate our confidential information
    or that of third parties, create system disruptions or cause
    interruptions or shutdowns of our internal systems and services.
    If successful, any of these events could damage our computer
    systems or those of our customers and could disrupt or prevent
    us from providing timely maintenance and support for our
    software platform. Computer programmers and hackers also may be
    able to develop and deploy viruses, worms and other malicious
    software programs that attack our products or otherwise exploit
    any security vulnerabilities of our
</DIV>
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    18
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    products. The costs to us to eliminate or alleviate security
    problems, bugs, viruses, worms, malicious software programs and
    security vulnerabilities could be significant, and the efforts
    to address these problems could result in interruptions, delays,
    cessation of service and loss of existing or potential customers
    and may impede our sales, manufacturing, distribution and other
    critical functions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the course of our regular business operations and providing
    maintenance and support services to our customers, we process
    and transmit proprietary information and sensitive or
    confidential data, including personal information of employees,
    customers and others. Breaches in security could expose us, our
    customers or the individuals affected to a risk of loss or
    misuse of this information, which could result in potential
    regulatory actions, litigation and potential liability for us,
    as well as the loss of existing or potential customers and
    damage to our brand and reputation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our business could be harmed as a result of the risks
    associated with our acquisitions.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of our business strategy, we may from time to time seek
    to acquire businesses that provide us with additional
    intellectual property, customer relationships and geographic
    coverage. We can provide no assurances that we will be able to
    find and identify desirable acquisition targets or that we will
    be successful in entering into a definitive agreement with any
    one target. In addition, even if we reach a definitive agreement
    with a target, there is no assurance that we will complete any
    future acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any acquisitions we undertake will likely be accompanied by
    business risks which may include, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the effect of the acquisition on our financial and strategic
    position and reputation
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the failure of an acquisition to result in expected benefits,
    which may include benefits relating to enhanced revenues,
    technology, human resources, costs savings, operating
    efficiencies, goodwill and other synergies
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the difficulty, cost and management effort required to integrate
    the acquired businesses, including costs and delays in
    implementing common systems and procedures and costs and delays
    caused by communication difficulties
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the assumption of certain known or unknown liabilities of the
    acquired business, including litigation-related liabilities
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the reduction of our cash available for operations and other
    uses, the increase in amortization expense related to
    identifiable assets acquired, potentially dilutive issuances of
    equity securities or the incurrence of debt
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a lack of experience in new markets, new business culture,
    products or technologies or an initial dependence on unfamiliar
    distribution partners
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility that we will pay more than the value we derive
    from the acquisition
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impairment of relationships with customers, partners or
    suppliers of the acquired business or our customers
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the potential loss of key employees of the acquired company
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These factors could harm our business, results of operations or
    financial condition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the risks commonly encountered in the acquisition
    of a business as described above, we may also experience risks
    relating to the challenges and costs of closing a transaction.
    The risks described above may be exacerbated as a result of
    managing multiple acquisitions at once.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Business disruptions could affect our operating
    results.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A significant portion of our research and development activities
    and certain other critical business operations are concentrated
    at a single facility in Sweden. We are also a highly automated
    business and a disruption or failure of our systems could cause
    delays in completing sales and providing services. A major
    natural disaster, fire, act of terrorism or other catastrophic
    event that results in the destruction or disruption of any of
    our critical business
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    operations or information technology systems could severely
    affect our ability to conduct normal business operations and, as
    a result, our future operating results could be harmed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Future litigation could harm our results of operation and
    financial condition.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to intellectual property litigation, from time to
    time, we may be subject to other litigation. We record a related
    liability when we can make a reasonable estimate of the
    liability relating to pending litigation and determine that it
    is probable. As additional information becomes available, we
    assess the potential liability and revise estimates as
    appropriate. However, because of uncertainties relating to
    litigation, the amount of our estimates could be wrong. In
    addition to the related cost and use of cash, pending or future
    litigation could cause the diversion of management&#146;s
    attention and resources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We will incur significant increased costs as a result of
    operating as a public company.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have never operated as a public company. As a public company,
    we will incur significant legal, accounting and other expenses
    that we did not incur as a private company. In addition, the
    Sarbanes-Oxley Act of 2002, as well as rules subsequently
    implemented by the Securities and Exchange Commission (SEC) and
    the Nasdaq Global Market impose various requirements on public
    companies, including requirements with respect to corporate
    governance practices. Our management and other personnel will
    need to devote a substantial amount of time to these compliance
    initiatives. Moreover, these rules and regulations will increase
    our legal and financial compliance costs and will make some
    activities more time-consuming and costly. For example, we
    expect these rules and regulations to make it more difficult and
    more expensive for us to obtain director and officer liability
    insurance, and we may be required to accept reduced policy
    limits and coverage or incur substantial costs to maintain the
    same or similar coverage. These rules and regulations could also
    make it more difficult for us to attract and retain qualified
    persons to serve on our board of directors, our board committees
    or as executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We may need additional capital in the future and it may
    not be available on acceptable terms, if at all.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have historically relied on outside financing and cash flow
    from operations to fund our operations, capital expenditures and
    expansion. However, we may require additional capital in the
    future to fund our operations and acquisitions, finance
    investments in equipment or personnel or respond to competitive
    pressures. We cannot assure you that additional financing will
    be available on terms acceptable to us. In addition, the terms
    of available financing may place limits on our financial and
    operational flexibility. If we are unable to obtain sufficient
    capital in the future, we may not be able to continue to meet
    customer demand for service quality, availability and
    competitive pricing. We also may be forced to reduce our
    operations or may not be able to expand or acquire complementary
    businesses, develop new services or otherwise respond to
    changing business conditions or competitive pressures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Prolonged economic uncertainties or downturns could
    materially harm our business.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Current or future economic downturns could harm our business and
    results of operations. Negative trends in the general economy
    both in the United States and abroad, including trends resulting
    from actual or threatened military action by the United States,
    terrorist attacks on the United States, Europe or elsewhere, and
    financial and credit market fluctuations, could cause a decrease
    in corporate spending on business intelligence software in
    general and negatively affect the rate of growth of our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    General worldwide economic conditions have experienced a
    significant downturn. These conditions make it extremely
    difficult for our customers and us to accurately forecast and
    plan future business activities, and they could cause our
    customers to slow spending on our products and services, which
    would delay and lengthen sales cycles. Furthermore, during
    challenging economic times our customers may face issues in
    gaining timely access to sufficient credit, which could result
    in an impairment of their ability to make timely payments to us.
    If that were to occur, we may be required to increase our
    allowance for doubtful accounts and our results would be harmed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We maintain operating bank accounts at financial institutions in
    the United States, Sweden and other regions. In particular, a
    significant amount of our cash balances in the United States and
    Sweden are in excess of the insurance limits of the United
    States government&#146;s Federal Deposit Insurance Corporation
    (FDIC) and Swedish government&#146;s Swedish Deposit Insurance
    Scheme (Ins&#228;ttningsgarantin). The FDIC insures deposits in
    most banks and savings associations located in the United States
    and protects depositors against the loss of their deposits if an
    FDIC-insured bank or savings association fails, subject to
    specified monetary ceilings. Similarly, the Swedish
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deposit Insurance Scheme is a state-provided guarantee of
    deposits in accounts at Swedish banks, subject to specified
    monetary ceilings. We could incur substantial losses if the
    underlying financial institutions in these or other regions fail
    or are otherwise unable to return our deposits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a significant number of customers in the consumer
    products and services, manufacturing and financial services
    industries. A substantial downturn in these industries may cause
    firms to react to worsening conditions by reducing their capital
    expenditures in general or by specifically reducing their
    spending on information technology. Customers in these
    industries may delay or cancel information technology projects
    or seek to lower their costs by renegotiating vendor contracts.
    Also, customers with excess information technology resources may
    choose to develop in-house software solutions rather than obtain
    those solutions from us. Moreover, competitors may respond to
    market conditions by lowering prices and attempting to lure away
    our customers. In addition, the increased pace of consolidation
    in certain industries may result in reduced overall spending on
    our products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot predict the timing, strength or duration of any
    economic slowdown or recovery, generally or in the consumer
    products and services, manufacturing and financial services
    industries. If the economic condition of the general economy or
    markets in which we operate worsen from present levels, our
    business, financial condition and results of operations could be
    harmed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If we fail to establish and maintain proper and effective
    internal control over financial reporting, our operating results
    and our ability to operate our business could be harmed.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sarbanes-Oxley Act requires, among other things, that we
    establish and maintain effective internal control over financial
    reporting and disclosure controls and procedures. If this
    offering were to become effective in 2010, under the SEC&#146;s
    current rules, beginning with the year ending December&#160;31,
    2011, we would be required to perform system and process
    evaluation and testing of our internal control over financial
    reporting to allow management to report on the effectiveness of
    our internal control over financial reporting, as required by
    Section&#160;404 of the Sarbanes-Oxley Act. Our independent
    registered public accounting firm will also be required to
    report on our internal control over financial reporting. Our
    testing and our auditor&#146;s testing may reveal deficiencies
    in our internal control over financial reporting that are deemed
    to be material weaknesses and render our internal control over
    financial reporting ineffective. Due to the extent of our
    international operations, our financial reporting requires
    substantial international activities, resources and reporting
    consolidation. We expect to incur substantial accounting and
    auditing expense and to expend significant management time in
    complying with the requirements of Section&#160;404. If we are
    not able to comply with the requirements of Section&#160;404 in
    a timely manner, or if we or our independent registered public
    accounting firm identify deficiencies in our internal control
    over financial reporting that are deemed to be material
    weaknesses, the market price of our stock could decline and we
    could be subject to investigations or sanctions by the SEC,
    FINRA or other regulatory authorities. In addition, we could be
    required to expend significant management time and financial
    resources to correct any material weaknesses that may be
    identified or to respond to any regulatory investigations or
    proceedings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have previously identified material weaknesses in our internal
    control over financial reporting, and if we are unable to
    achieve and maintain effective internal control over financial
    reporting, this could have a material adverse effect on our
    business and common stock price.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We produce our consolidated financial statements in accordance
    with the requirements of United States generally accepted
    accounting principles, or GAAP, but our internal accounting
    controls may not currently meet all standards applicable to
    companies with publicly traded securities. Effective internal
    controls are necessary for us to provide reliable financial
    reports to help mitigate the risk of fraud and to operate
    successfully as a publicly traded company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the preparation of our consolidated financial
    statements for the year ended December&#160;31, 2009, we
    identified a material weakness in the design and operation of
    our internal controls over financial reporting relating to the
    accounting for expenses in one of our European operating
    subsidiaries. A material weakness is defined as a deficiency, or
    a combination of deficiencies, in internal control over
    financial reporting, such that there is a reasonable possibility
    that a material misstatement of a company&#146;s annual or
    interim financial statements will not be prevented or detected
    on a timely basis by the company&#146;s internal controls.
    Specifically, we determined that
</DIV>
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    21
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    we had insufficient reconciliation and oversight of our
    accounting for accrued and prepaid expenses in one of our
    European operating subsidiaries during our financial statement
    close process which would have resulted in the overstatement of
    our assets and liabilities in the consolidated balance sheet and
    an overstatement of operating expenses and understatement of net
    income. During 2010 we have implemented procedures and controls
    designed to improve communication and overview of financial
    reporting by our geographic territories, including the affected
    operating subsidiary noted above, during our reporting
    consolidation processes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the preparation of our consolidated financial
    statements for the year ended December&#160;31, 2008, we
    identified a material weakness in our formal financial statement
    closing process. We remediated this material weakness during
    2009 by implementing additional controls, including increasing
    our corporate accounting staff, implementing additional system
    controls and establishing a formalized closing calendar.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we believe we have addressed the internal control
    deficiencies that led to the material weaknesses, the measures
    we have taken may not be effective given our global operations
    and distribution capabilities in over 100 countries, and we may
    not be able to implement and maintain effective internal control
    over financial reporting in the future. If we have material
    weaknesses in the future, it could affect the financial results
    that we report or create a perception that those financial
    results do not fairly state our financial condition or results
    of operations. Either of those events could have an adverse
    effect on the value of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our results of operations may be adversely affected by
    changes in or interpretations of accounting standards.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We prepare our consolidated financial statements in conformity
    with accounting principles generally accepted in the United
    States. These principles are subject to interpretation by the
    SEC and various bodies formed to interpret and create
    appropriate accounting standards. Our accounting policies that
    recently have been or may be affected by changes in the
    accounting rules are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    software revenue recognition
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accounting for income taxes
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accounting for business combinations and related goodwill
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accounting for stock issued to employees
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    assessing fair value of financial and non-financial assets
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    application, if any, of international financial reporting
    standards (IFRS)
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We continuously review our compliance with all new and existing
    revenue recognition accounting pronouncements. Depending upon
    the outcome of these ongoing reviews and the potential issuance
    of further accounting pronouncements, implementation guidelines
    and interpretations, we may be required to modify our reported
    results, revenue recognition policies or business practices
    which could harm our results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our results of operations could be harmed by changes in
    tax rates or negative tax rulings.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to taxes in the United States and a variety of
    foreign jurisdictions. All of these jurisdictions have in the
    past and may in the future make changes to their corporate
    income tax rates and other income tax laws which could increase
    our future income tax provision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our future income tax obligations could be affected by earnings
    that are lower than anticipated in jurisdictions where we have
    lower statutory rates and by earnings that are higher than
    anticipated in jurisdictions where we have higher statutory
    rates, by changes in the valuation of our deferred tax assets
    and liabilities, changes in the amount of unrecognized tax
    benefits under FASB ASC Topic No.&#160;740, <I>Income Taxes</I>,
    or by changes in tax laws, regulations, accounting principles or
    interpretations thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our determination of our tax liability is subject to review by
    applicable United States and foreign tax authorities. Any
    adverse outcome of such a review could harm our operating
    results and financial condition. The determination of our
    worldwide provision for income taxes and other tax liabilities
    requires significant judgment and, in the ordinary course of
    business, there are many transactions and calculations where the
    ultimate tax
</DIV>
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    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    determination is uncertain. Moreover, as a multinational
    business, we have subsidiaries that engage in many intercompany
    transactions in a variety of tax jurisdictions where the
    ultimate tax determination is uncertain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of these and other factors, the ultimate amount of
    tax obligations owed may differ from the amounts recorded in our
    financial statements and any such difference may harm our
    financial results in future periods in which we change our
    estimates of our tax obligations or in which the ultimate tax
    outcome is determined.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to this Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>An active trading market for our common stock may not
    develop.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, there has been no public market for our
    common stock. Although we anticipate that our common stock will
    be approved for listing on the Nasdaq Global Market, an active
    trading market for our shares may never develop or be sustained
    following this offering. The initial public offering price for
    our common stock will be determined by negotiation between the
    representatives of the underwriters and us. This initial public
    offering price may vary from the market price of our common
    stock after the offering. Investors may not be able to sell
    their common stock at or above the initial public offering
    price. In addition, an inactive market may impair our ability to
    raise capital by selling shares and may impair our ability to
    acquire other companies or technologies by using our shares as
    consideration, which, in turn, could harm our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>If securities or industry analysts do not publish research
    or reports or publish unfavorable research or reports about our
    business, our stock price and trading volume could
    decline.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading market for our common stock will depend in part on
    the research and reports that securities or industry analysts
    publish about us, our business, our market or our competitors.
    We do not currently have and may never obtain research coverage
    by securities and industry analysts. If no securities or
    industry analysts commence coverage of our company, the trading
    price for our stock could be negatively impacted. In the event
    we obtain securities or industry analyst coverage, if one or
    more of the analysts who covers us downgrades our stock, our
    stock price would likely decline. If one or more of these
    analysts ceases to cover us or fails to regularly publish
    reports on us, interest in our stock could decrease which could
    cause our stock price or trading volume to decline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>The price of our common stock may be volatile and
    fluctuate substantially which could result in substantial losses
    for investors purchasing shares in this offering.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The initial public offering price for the shares of our common
    stock sold in this offering will be determined by negotiation
    between the representatives of the underwriters and us. This
    price may not reflect the market price of our common stock
    following this offering. In addition, the market price of our
    common stock is likely to be highly volatile and may fluctuate
    substantially due to the following factors (in addition to the
    other risk factors described in this section):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    quarterly variations in our results of operations or those of
    our competitors
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    announcements by us or our competitors of acquisitions, new
    products, significant contracts or commercial relationships
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to respond to changing industry standards,
    technological developments or customer requirements on a timely
    basis
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    commencement of, or our involvement in, litigation
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any major change in our board of directors or management
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    recommendations by securities analysts or changes in earnings
    estimates
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    announcements about our earnings that are not in line with
    analyst expectations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    announcements by our competitors of their earnings that are not
    in line with analyst expectations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the volume of shares of our common stock available for public
    sale
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sales of stock by us or by our stockholders
</TD>
</TR>

</TABLE>
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    <BR>
    23
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    short sales, hedging and other derivative transactions involving
    shares of our common stock
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adoption of new accounting standards affecting the software
    industry
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic conditions in the United States and abroad and
    slow or negative growth of related markets
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general political conditions in the United States and abroad,
    including terrorist attacks, war or threat of terrorist attacks
    or war
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the stock market in general, and the Nasdaq Global
    Market and the market for technology companies in particular,
    have experienced extreme price and volume fluctuations that have
    often been unrelated or disproportionate to the operating
    performance of the particular companies affected. These broad
    market and industry factors may materially harm the market price
    irrespective of our operating performance. As a result of these
    factors, you might be unable to resell your shares at or above
    the initial public offering price after this offering. In
    addition, in the past, following periods of volatility in the
    overall market and the market price of a company&#146;s
    securities, securities class action litigation has often been
    instituted against the affected company. This type of
    litigation, if instituted against us, could result in
    substantial costs and a diversion of our management&#146;s
    attention and resources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>We currently do not intend to pay dividends on our common
    stock, and consequently, your only opportunity to achieve a
    return on your investment is if the price of our common stock
    appreciates and you sell your shares at a price above your
    cost.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We currently do not intend to declare or pay dividends on shares
    of our common stock in the foreseeable future. See
    &#147;Dividend Policy&#148; for more information. Consequently,
    your only opportunity to achieve a return on your investment in
    our company will be if the market price of our common stock
    appreciates and you sell your shares at a price above your cost.
    There is no guarantee that the price of our common stock will
    ever exceed the price that you pay.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>A substantial number of shares of our common stock could
    be sold into the public market shortly after this offering,
    which could depress our stock price.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market price of our common stock could decline as a result
    of sales by our existing stockholders of shares of common stock
    in the market after this offering or the perception that these
    sales could occur. Once a trading market develops for our common
    stock, many of our stockholders will have an opportunity to sell
    their stock for the first time. These factors could also make it
    difficult for us to raise additional capital by selling stock.
    Please see the section entitled &#147;Shares&#160;Eligible for
    Future Sale&#148; for more information regarding these factors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">As a
    new investor, you will incur immediate and substantial dilution
    as a result of this offering.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The initial public offering price of our common stock will be
    substantially higher than the pro forma as adjusted net tangible
    book value per share of our outstanding common stock.
    Accordingly, if you purchase shares of our common stock at the
    assumed initial public offering price (the midpoint of the range
    set forth on the cover page of this prospectus), you will incur
    immediate and substantial dilution of
    $&#160;&#160;&#160;&#160;&#160; per share. If the holders of
    outstanding options or warrants exercise those options or
    warrants, you will suffer further dilution. See
    &#147;Dilution&#148; for more information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Our management will have broad discretion over the use of
    the proceeds we receive in this offering and might not apply the
    proceeds in ways that increase the value of your
    investment.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our management will have broad discretion to use the net
    proceeds from this offering and you will be relying on the
    judgment of our management regarding the application of these
    proceeds. They might not apply the net proceeds of this offering
    in ways that increase the value of your investment. We expect to
    use the net proceeds from this offering for repayment of
    outstanding debt and general corporate purposes, including
    working capital, capital expenditures, acquisitions and further
    development of our services and solutions. We have not allocated
    these net proceeds for any specific purposes. Our management
    might not be able to yield any return on the investment and use
    of these net proceeds. You will not have the opportunity to
    influence our decisions on how to use the proceeds.
</DIV>
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    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Existing stockholders significantly influence us and could
    delay or prevent an acquisition by a third party.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon completion of this offering, executive officers, key
    employees and directors and their affiliates will beneficially
    own, in the aggregate,
    approximately&#160;&#160;&#160;&#160;&#160;% of our outstanding
    common stock. As a result, these stockholders will be able to
    exercise significant influence over all matters requiring
    stockholder approval, including the election of directors and
    approval of significant corporate transactions which could have
    the effect of delaying or preventing a third party from
    acquiring control over us. For information regarding the
    ownership of our outstanding stock by our executive officers and
    directors and their affiliates, please see &#147;Principal and
    Selling Stockholders.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Anti-takeover provisions in our certificate of
    incorporation and bylaws and in Delaware law could prevent or
    delay a change in control of our company.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a Delaware corporation, and the anti-takeover provisions
    of the Delaware General Corporation Law may discourage, delay or
    prevent a change in control by prohibiting us from engaging in a
    business combination with an interested stockholder for a period
    of three years after the person becomes an interested
    stockholder even if a change of control would be beneficial to
    our existing stockholders. For more information, see
    &#147;Description of Capital Stock&#160;&#151; Anti-Takeover
    Effects of Our Certificate of Incorporation, Bylaws and Delaware
    Law.&#148; In addition, our restated certificate of
    incorporation and amended and restated bylaws may discourage,
    delay or prevent a change in our management or control over us
    that stockholders may consider favorable. Our restated
    certificate of incorporation and amended and restated bylaws
    which will be in effect as of the closing of this offering:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize the issuance of &#147;blank check&#148; preferred
    stock that could be issued by our board of directors to thwart a
    takeover attempt
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    do not provide for cumulative voting in the election of
    directors which would allow holders of less than a majority of
    the stock to elect some directors
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    establish a classified board of directors, as a result of which
    the successors to the directors whose terms have expired will be
    elected to serve from the time of election and qualification
    until the third annual meeting following their election
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    require that directors only be removed from office for cause
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provide that vacancies on the board of directors, including
    newly-created directorships, may be filled only by a majority
    vote of directors then in office
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit who may call special meetings of stockholders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prohibit stockholder action by written consent, requiring all
    actions to be taken at a meeting of the stockholders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    establish advance notice requirements for nominating candidates
    for election to the board of directors or for proposing matters
    that can be acted upon by stockholders at stockholder meetings
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For information regarding these and other provisions, please see
    &#147;Description of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    ability to utilize our net operating losses may be limited if
    cumulative changes in ownership of our capital stock exceed 50%
    during certain periods.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If over a rolling three-year period, the cumulative change in
    our ownership exceeds 50%, our ability to utilize our net
    operating losses to offset future taxable income may be limited.
    We have exceeded this 50% cumulative change threshold during
    2000 and 2004. We have not yet determined the amount of the
    cumulative change in our ownership resulting from this offering.
    The effect of this offering on our cumulative change in
    ownership may limit or otherwise negatively affect the benefits
    of engaging in financing and other transactions in the future.
    Furthermore, it is possible that transactions in our stock that
    may not be within our control may cause us to exceed the 50%
    cumulative change threshold and may impose a limitation on the
    utilization of our net operating losses in the future. In the
    event the usage of these net operating losses is subject to
    limitation and we are profitable, our future cash flows could be
    adversely impacted due to our increased tax liability.
</DIV>
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    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY
    DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus contains forward-looking statements. All
    statements other than statements of historical fact contained in
    this prospectus, including statements regarding our future
    results of operations and financial position, business strategy
    and plans and objectives of management for future operations,
    are forward-looking statements. These statements involve known
    and unknown risks, uncertainties and other important factors
    that may cause our actual results, performance or achievements
    to be materially different from any future results, performance
    or achievements expressed or implied by the forward-looking
    statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In some cases, we identify forward-looking statements by terms
    such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148;
    &#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148;
    &#147;could,&#148; &#147;intends,&#148; &#147;target,&#148;
    &#147;projects,&#148; &#147;contemplates,&#148;
    &#147;believes,&#148; &#147;estimates,&#148;
    &#147;predicts,&#148; &#147;potential&#148; or
    &#147;continue&#148; or the negative of these terms or other
    similar expressions. The forward-looking statements in this
    prospectus are only predictions. We have based these
    forward-looking statements largely on our current expectations
    and projections about future events and financial trends that we
    believe may affect our business, financial condition and results
    of operations. These forward-looking statements speak only as of
    the date of this prospectus and are subject to a number of
    risks, uncertainties and assumptions described in the &#147;Risk
    Factors&#148; section and elsewhere in this prospectus. Because
    forward-looking statements are inherently subject to risks and
    uncertainties, some of which cannot be predicted or quantified,
    you should not rely on these forward-looking statements as
    predictions of future events. The events and circumstances
    reflected in our forward-looking statements may not occur and
    actual results could differ materially from those projected in
    our forward-looking statements. We undertake no obligation, and
    specifically decline any obligation, to publicly update or
    revise any forward-looking statements, whether as a result of
    new information, future events or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus also contains statistical data that we obtained
    from industry publications and reports. These industry
    publications generally indicate that they have obtained their
    information from sources believed to be reliable, but do not
    guarantee the accuracy and completeness of their information.
    Although we have not independently verified the data contained
    in these industry publications and reports, based on our
    industry experience we believe that the publications are
    reliable and the conclusions contained in the publications and
    reports are reasonable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Gartner report described herein represents data, research
    opinion or viewpoints published, as part of a syndicated
    subscription service, by Gartner, Inc. (&#147;Gartner&#148;) and
    are not representations of fact. The Gartner report speaks as of
    its original publication date (and not as of the date of this
    prospectus) and the opinions expressed in the Gartner report are
    subject to change without notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following notes set forth the source for the Gartner report
    and a description of the term &#147;generic&#148; business
    intelligence project as used in a 2009&#160;IDC&#160;report
    referenced in the section of this prospectus entitled
    &#147;Business&#148;:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    Gartner, Inc. Business Intelligence Purchase Drivers and
    Adoption Rates, 2009&#160;Survey Results, Bill Hostmann,
    September&#160;4, 2009.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    A &#147;generic&#148; business intelligence project uses
    IDC&#146;s standard proportions for the elements of software,
    services and hardware. This calculation combines these
    proportions with the savings QlikView customers made on each
    element.
</TD>
</TR>

</TABLE>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate that we will receive net proceeds from the sale of
    the common stock that we are offering of approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million, or approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million if the underwriters
    exercise their right to purchase additional shares of common
    stock to cover over-allotments in full, based upon an assumed
    initial public offering price of $&#160;&#160;&#160;&#160;&#160;
    per share, which is the midpoint of the range listed on the
    cover page of this prospectus, and after deducting estimated
    underwriting discounts and commissions and estimated offering
    expenses that we must pay. A $1.00 increase (decrease) in the
    assumed initial public offering price of
    $&#160;&#160;&#160;&#160;&#160; per share would increase
    (decrease) the net proceeds to us from this offering by
    approximately $&#160;&#160;&#160;&#160;&#160;&#160;million
    (assuming the number of shares offered by us as set forth on the
    cover page of the prospectus remains the same). We may also
    increase or decrease the number of shares we are offering. Each
    increase (decrease) of 1,000,000 in the number of shares offered
    by us would increase (decrease) the net proceeds to us from this
    offering by approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million, assuming that the
    assumed initial public offering price remains the same, and
    after deducting the estimated underwriting discounts and
    commissions and estimated offering expenses payable by us. We do
    not expect that a change in the offering price or the number of
    shares by these amounts would have a material effect on our uses
    of the net proceeds from this offering, although it may impact
    the amount of time prior to which we may need to seek additional
    capital. We will not receive any proceeds from the sale of
    shares of common stock by the selling stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to use approximately $6.9&#160;million of the net
    proceeds of this offering to repay in full the principal and
    accrued interest and to pay any applicable prepayment fee on our
    outstanding loan from Stiftelsen Industrifonden, based on
    amounts accrued as of December&#160;31, 2009. The loan has an
    interest rate of 10% per annum and has a maturity date of March
    2012. The loan is subject to a prepayment fee of an amount equal
    to interest on the amount prepaid from the date of prepayment
    through March&#160;31, 2012 at a rate equal to one-half the
    Swedish Reference Rate (0.25% as of December&#160;31, 2009)
    applicable on the date of prepayment. We used the net proceeds
    of this loan for working capital and general corporate purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to use the remaining net proceeds of this offering for
    general corporate purposes, including working capital needs.
    While we have not allocated the remaining net proceeds of this
    offering to specified general corporate purposes, we may utilize
    such proceeds by allocating them amongst the following
    categories: expansion of our domestic and international sales
    and marketing activities; technology infrastructure to help
    increase transaction volume and further enhance our software
    products and develop new software solutions; increase awareness
    of our solutions and expand our customer base; and development
    of marketing, sales and other promotional programs to sell
    products to our existing and future customers. We believe
    opportunities may exist to expand our current business through
    strategic acquisitions and investments in technology, and we may
    use a portion of the proceeds for these purposes. We are not
    currently a party to any contracts or letters of intent, nor do
    we have any arrangements or understandings, with respect to any
    strategic acquisitions or investments. The amount of net
    proceeds to be utilized for strategic acquisitions has not been
    determined.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The expected use of net proceeds of this offering represents our
    current intentions based upon our present plans and business
    conditions. The amounts we actually expend in these areas may
    vary significantly from our current intentions and will depend
    upon a number of factors, including future sales growth, success
    of our engineering efforts, cash generated from future
    operations, if any, and actual expenses to operate our business.
    As of the date of this prospectus, we cannot specify with
    certainty all of the particular uses for the net proceeds to be
    received upon the closing of this offering. Accordingly, our
    management will have broad discretion in the application of the
    net proceeds, and investors will be relying on the judgment of
    our management regarding the application of the net proceeds of
    this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pending the uses described above, we intend to invest the net
    proceeds in a variety of capital preservation instruments,
    including short-term, interest-bearing, investment grade
    instruments, certificates of deposit or direct or guaranteed
    obligations of the United States government.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDEND
    POLICY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have never declared or paid any cash dividends on our capital
    stock, and we do not currently intend to pay any cash dividends
    on our common stock for the foreseeable future. We expect to
    retain future earnings, if any, to fund the development and
    growth of our business. Any future determination to pay
    dividends on our common stock will be at the discretion of our
    board of directors and will depend upon, among other factors,
    our financial condition; operating results; current and
    anticipated cash needs; plans for expansion; applicable Delaware
    law, which provides that dividends are only payable out of
    surplus or current net profits; and other factors that our board
    of directors may deem relevant.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our cash, cash equivalents and
    capitalization as of December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on an actual basis;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a pro forma basis to give effect to (i)&#160;the
    reclassification of our Series&#160;A common stock as common
    stock; and (ii)&#160;the conversion of all outstanding shares of
    our Series&#160;A preferred stock and Series&#160;AA preferred
    stock into shares of our common stock and all outstanding
    warrants to purchase preferred stock into warrants to purchase
    common stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a pro forma as adjusted basis to reflect: (i)&#160;the
    reclassification of our Series A common stock as common stock;
    (ii)&#160;the conversion of all outstanding shares of our
    Series&#160;A preferred stock and Series&#160;AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock;
    (iii)&#160;the sale
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock in this offering at an assumed initial public
    offering price of $&#160;&#160;&#160;&#160;&#160; per share, the
    mid-point of the range reflected on the cover page of this
    prospectus, after deducting estimated underwriting discounts and
    commissions and estimated offering expenses payable by us; and
    (iv)&#160;the filing of our restated certificate of
    incorporation, which will occur immediately upon the closing of
    this offering.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should read the information in this table together with our
    financial statements and accompanying notes and
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; appearing elsewhere in
    this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma As<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Actual</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Pro Forma</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Adjusted<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>(in thousands, except share and <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term obligations, including current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,436
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Convertible preferred stock, par value $0.0001 per share;
    47,195,706&#160;shares authorized; 46,721,424&#160;shares issued
    and outstanding, actual; 47,195,706&#160;shares authorized; no
    shares issued and outstanding, pro forma and pro forma as
    adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity (deficit):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Preferred stock, par value $0.0001 per share; none authorized,
    issued or outstanding,
    actual;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    authorized, none issued or outstanding, pro forma and pro forma
    as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common stock, par value $0.0001 per share;
    78,068,237&#160;shares authorized; 16,629,146&#160;shares issued
    and outstanding, actual; 78,068,237&#160;shares authorized;
    63,350,570&#160;shares issued and outstanding, pro
    forma;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    authorized;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    issued and outstanding, pro forma as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,743
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,383
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,383
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,465
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,465
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9,103
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,918
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,234
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Each $1.00 increase or decrease in
    the assumed initial public offering price of
    $&#160;&#160;&#160;&#160;&#160; per share would increase or
    decrease, respectively, the amount of pro forma as adjusted
    additional paid-in capital, total stockholders&#146; equity
    (deficit) and total capitalization by approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million, assuming the
    number of shares offered by us, as set forth on the cover page
    of this prospectus, remains the same and after deducting the
    estimated underwriting discounts and commissions. If the
    underwriters&#146; option to purchase additional shares of our
    common stock in this offering is exercised in full, the amount
    of pro forma as adjusted additional paid-in capital, total
    stockholders&#146; equity (deficit) and total capitalization
    would increase by approximately $&#160;&#160;&#160;&#160;&#160;
    , and we would
    have&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common stock issued and outstanding.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the table above, the number of shares outstanding as of
    December&#160;31, 2009 does not include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    12,341,473&#160;shares of common stock issuable upon exercise of
    stock options outstanding at a weighted average exercise price
    of approximately $1.51 per share;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    1,548,497&#160;shares of common stock available for future
    issuance under our stock-based compensation plans;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    568,263&#160;shares of common stock issuable upon the exercise
    of outstanding warrants at a weighted average exercise price of
    approximately $1.43 per share.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Management&#160;&#151; Employee Benefit Plans&#148;
    and Note&#160;13 of the notes to consolidated financial
    statements for a description of our equity plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales by the selling stockholders in this offering will cause
    the number of shares held by existing stockholders to be reduced
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    or&#160;&#160;&#160;&#160;&#160;% of the total number of shares
    of our common stock outstanding after this offering. If the
    underwriters&#146; overallotment option is exercised in full,
    the number of shares held by the existing stockholders after
    this offering would be reduced to&#160;&#160;&#160;&#160;&#160;%
    of the total number of shares of our common stock outstanding
    after this offering and the number of newly issued shares held
    by new investors would increase
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    or&#160;&#160;&#160;&#160;&#160;% of the total number of shares
    of our common stock outstanding after this offering.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DILUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our pro forma net tangible book value as of December&#160;31,
    2009 was approximately $10.2&#160;million, or approximately
    $0.16 per share. Pro forma net tangible book value per share
    represents the amount of total tangible assets minus our total
    liabilities, divided by 63,350,570&#160;shares of common stock
    outstanding after giving effect to (i)&#160;the reclassification
    of our Series&#160;A common stock as common stock and
    (ii)&#160;the conversion of all outstanding shares of our
    Series&#160;A preferred stock and Series&#160;AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net tangible book value dilution per share to new investors
    represents the difference between the amount per share paid by
    purchasers of shares of common stock in this offering and the
    net tangible book value per share of common stock immediately
    after completion of this offering. After giving effect to our
    sale
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock in this offering at an assumed initial public
    offering price of $&#160;&#160;&#160;&#160;&#160; per share, and
    after deducting the underwriting discounts and commissions and
    estimated offering expenses, the pro forma net tangible book
    value as of December&#160;31, 2009 would have been approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million or approximately
    $&#160;&#160;&#160;&#160;&#160; per share. This represents an
    immediate increase in net tangible book value of
    $&#160;&#160;&#160;&#160;&#160; per share to existing
    stockholders and an immediate dilution in net tangible book
    value of $&#160;&#160;&#160;&#160;&#160; per share to purchasers
    of common stock in the offering, as illustrated in the following
    table:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Assumed initial public offering price per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Pro forma net tangible book value per share before this offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Increase in pro forma net tangible book value per share
    attributable to new investors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Pro forma net tangible book value per share after this offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Dilution per share to new investors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each $1.00 increase (decrease) in the assumed initial public
    offering price of $&#160;&#160;&#160;&#160;&#160; per share
    would increase (decrease) our pro forma as adjusted net tangible
    book value by $&#160;&#160;&#160;&#160;&#160;&#160;million, or
    $&#160;&#160;&#160;&#160;&#160; per share, and the pro forma
    dilution per share to investors in this offering by
    $&#160;&#160;&#160;&#160;&#160; per share, assuming that the
    number of shares offered by us, as set forth on the cover page
    of this prospectus, remains the same, and after deducting
    estimated underwriting discounts and commissions and estimated
    offering expenses payable by us. We may also increase or
    decrease the number of shares we are offering. An increase of
    1,000,000 in the number of shares offered by us would increase
    our pro forma as adjusted net tangible book value by
    approximately $&#160;&#160;&#160;&#160;&#160;&#160;million, or
    $&#160;&#160;&#160;&#160;&#160; per share, and the pro forma
    dilution per share to investors in this offering would be
    $&#160;&#160;&#160;&#160;&#160; per share, assuming that the
    assumed initial public offering price remains the same, and
    after deducting the estimated underwriting discounts and
    commissions and estimated offering expenses payable by us.
    Similarly, a decrease of 1,000,000 in the number of shares
    offered by us would decrease our pro forma as adjusted net
    tangible book value by approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million, or
    $&#160;&#160;&#160;&#160;&#160; per share, and the pro forma
    dilution per share to investors in this offering would be
    $&#160;&#160;&#160;&#160;&#160;&#160;per share, assuming that
    the assumed initial public offering price remains the same, and
    after deducting the estimated underwriting discounts and
    commissions and estimated offering expenses payable by us. The
    pro forma information discussed above is illustrative only and
    will adjust based on the actual initial public offering price
    and other terms of this offering determined at pricing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the underwriters exercise their option to purchase additional
    shares of our common stock in full in this offering, the pro
    forma net tangible book value per share after the offering would
    be approximately $&#160;&#160;&#160;&#160;&#160; per share, the
    increase in pro forma net tangible book value per share to
    existing stockholders would be approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;per share and the dilution
    to new investors purchasing shares in this offering would be
    approximately $&#160;&#160;&#160;&#160;&#160; per share.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below presents on a pro forma basis as of
    December&#160;31, 2009, after giving effect to the
    reclassification of our Series&#160;A common stock as common
    stock and the conversion of all outstanding shares of our
    Series&#160;A preferred stock and Series&#160;AA preferred stock
    into shares of our common stock and assuming there are no
    exercises of stock options or warrants outstanding on
    December&#160;31, 2009 (as further described below), the
    differences between the existing stockholders and the purchasers
    of shares in the offering with respect to the number of shares
    purchased from us, the total consideration paid and the average
    price paid per share:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares Purchased</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Consideration</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Number</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Percent</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Percent</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">per Share</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Existing stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investors in the offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, there were options outstanding to
    purchase a total of 12,341,473&#160;shares of common stock at a
    weighted average exercise price of approximately $1.51 per
    share. In addition, as of December&#160;31, 2009, there were
    warrants outstanding to purchase 93,981&#160;shares of common
    stock at a weighted average exercise price of $1.65 per share
    and 474,282&#160;shares of Series&#160;A preferred stock at a
    weighted average exercise price of approximately $1.39 per
    share, which in the aggregate will be exercisable for
    568,263&#160;shares of common stock upon the completion of the
    offering. Effective immediately upon the signing of the
    underwriting agreement for this offering, an aggregate
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common stock will be reserved for issuance under our 2010
    Equity Incentive Plan (which includes 1,548,497&#160;shares of
    common stock reserved for future issuance under our 2007 Omnibus
    Stock Option and Award Plan that will be allocated to our 2010
    Equity Incentive Plan), and this share reserve will also be
    subject to automatic annual increases in accordance with the
    terms of the plan. Furthermore, we may choose to raise
    additional capital through the sale of equity or convertible
    debt securities due to market conditions or strategic
    considerations even if we believe we have sufficient funds for
    our current or future operating plans. To the extent that any of
    these options or warrants are exercised, new options are issued
    under our equity incentive plans or we issue additional shares
    of common stock or other equity securities in the future, there
    will be further dilution to investors participating in this
    offering. For a description of our equity plans, please see
    &#147;Management&#160;&#151; Equity Benefit Plans&#148; and
    Note&#160;13 of the notes to consolidated financial statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELECTED
    CONSOLIDATED FINANCIAL DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following selected consolidated financial data should be
    read together with our financial statements and accompanying
    notes and &#147;Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations&#148; appearing
    elsewhere in this prospectus. The selected financial data in
    this section is not intended to replace our financial statements
    and the related notes. Our historical results are not
    necessarily indicative of our future results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We derived the consolidated statements of operations data for
    the years ended December&#160;31, 2007, 2008 and 2009 and the
    consolidated balance sheet data as of December&#160;31, 2008 and
    2009 from our audited financial statements appearing elsewhere
    in this prospectus. The consolidated statements of operations
    data for the years ended December&#160;31, 2005 and 2006, and
    the consolidated balance sheet data as of December&#160;31,
    2005, 2006 and 2007 are derived from our audited financial
    statements which are not included in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Consolidated Statement of
    Operations Data:</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2005</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(in thousands, except share and per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,915
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,797
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,113
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44,270
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    289
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    352
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,520
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,582
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total cost of
    revenue<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,389
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,074
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,706
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,103
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sales and
    marketing<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and
    development<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and
    administrative<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,244
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,699
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,815
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,973
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income (loss) from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,712
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,777
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other income (expense)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    173
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (748
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (463
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,304
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,529
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income (loss) before benefit for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,539
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,525
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (405
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Benefit (provision) for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,860
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,776
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (6,539
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,525
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss) per common
    share<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>:

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.53
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.53
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Consolidated Statement of
    Operations Data:</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2005</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(in thousands, except share and per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average number of common shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,394,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,515,571
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,552,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,267,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,394,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,515,571
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,523,443
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,778,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pro forma net income per common share (unaudited)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average number of shares used in pro forma computation
    (unaudited)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,988,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,606,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 38%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="21" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)&#160;Includes stock-based compensation expense as follows:
</DIV>
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sales and marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    733
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    We applied the two-class method to compute net income (loss) per
    common share which requires that earnings attributable to common
    stockholders for the period be allocated between common and
    participating securities based upon their respective rights to
    receive distributed and undistributed earnings. See Note&#160;2
    of the notes to consolidated financial statements.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2005</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated balance sheet data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,407
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,214
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Working capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,958
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,411
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,155
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,829
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,297
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,143
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,827
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term obligations, including current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,965
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,436
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Convertible preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (19,770
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21,190
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,877
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,368
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9,103
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS OF<BR>
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following discussion and analysis of our financial
    condition and results of operations should be read in
    conjunction with &#147;Selected Consolidated Financial
    Data&#148; and our consolidated financial statements and related
    notes appearing elsewhere in this prospectus. In addition to
    historical information, this discussion and analysis contains
    forward-looking statements that involve risks, uncertainties and
    assumptions. Our actual results may differ materially from those
    anticipated in these forward-looking statements as a result of
    certain factors. We discuss factors that we believe could cause
    or contribute to these differences below and elsewhere in this
    prospectus, including those set forth under &#147;Risk
    Factors&#148; and &#147;Special Note Regarding Forward-Looking
    Statements and Industry Data.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have pioneered a powerful, easy-to-use business intelligence
    solution that enables our customers to make better and faster
    business decisions. Our software platform, QlikView, combines
    enterprise-class analytics and search functionality with the
    simplicity and
    <FONT style="white-space: nowrap">ease-of-use</FONT>
    found in office productivity software tools for a broad set of
    business users. QlikView is powered by our in-memory associative
    search technology, which has utilized rapid advances in
    computing power to yield significant improvement in flexibility
    and performance at a lower cost than traditional business
    intelligence solutions. We have grown our customer base from
    over 1,500 customers in 2005 to over 13,000 in 2009 and
    increased our revenue at a 59% compound annual growth rate
    during the same period. We added an average of 404 new customers
    per month during fiscal year 2009. Our solution addresses the
    needs of a diverse range of customers from middle market
    customers to large enterprises such as BP, Campbell Soup
    Company, Colonial Life, The Dannon Company, Inc., Heidelberger
    Druckmaschinen AG, Kraft Foods, Lifetime Brands, National Health
    Service (NHS), Qualcomm, Symantec and Volvo Car UK Limited. We
    have customers in over 100 countries and approximately 77% of
    our revenue in 2009 was derived internationally.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a differentiated business model designed to accelerate
    the adoption of our product by reducing the time and cost to
    purchase and implement our software. Our low risk approach to
    product sales, which offers free product downloads to
    individuals and a
    <FONT style="white-space: nowrap">30-day</FONT> money
    back guarantee upon purchase, provides a needed alternative to
    costly,
    <FONT style="white-space: nowrap">all-or-nothing,</FONT>
    traditional business intelligence models. We initially focus on
    specific business users or departments within a prospective
    customer&#146;s organization and seek to solve a targeted
    business need. After demonstrating QlikView&#146;s benefits to
    initial adopters within an organization, we work to expand sales
    of our product to other business units, geographies and use
    cases with the long-term goal of broad organizational
    deployment. According to a 2009 IDC survey, 44% of our customers
    deploy QlikView in less than one month and 77% of our customers
    deploy QlikView in less than three months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We license QlikView under perpetual licenses which include one
    year of maintenance as part of the initial purchase price of the
    product. Our customers can renew, and generally have renewed,
    their maintenance agreements for a fee that is based upon a
    percentage of the initial license fee paid. For the fiscal year
    ended December&#160;31, 2009, our total revenue was comprised of
    64% license revenue, 26% maintenance revenue and 10%
    professional services revenue. We have a diversified
    distribution model that consists of a direct sales force and a
    partner network of resellers, OEM relationships and systems
    integrators which accounted for 50% of our total license revenue
    and first years&#146; maintenance billings during fiscal year
    2009. Additionally, our online QlikCommunity provides us with a
    loyal and growing network of users who promote our software,
    provide support for other users and contribute valuable insights
    and feedback for our product development efforts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To complement QlikView, we have developed a differentiated
    business model that has the following attributes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Broad User Focus&#160;&#151; </I>marketing and selling
    QlikView directly to the business user by providing an
    easy-to-use platform that can be used with minimal training
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Low Risk Rapid Product Adoption&#160;&#151; </I>providing a
    low risk alternative to costly,
    <FONT style="white-space: nowrap">all-or-nothing,</FONT>
    enterprise-wide deployment requirements
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>&#147;Land and Expand&#148; Customer Penetration&#160;&#151;
    </I>initially targeting business users in an organization to
    create a loyal user base that promotes broad adoption of our
    software platform across an organization
</TD>
</TR>

</TABLE>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Globally Diversified Distribution Model&#160;&#151;
    </I>employing a multi-pronged international sales approach that
    leverages a direct sales force and partner network
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Community-Based Marketing and Support&#160;&#151;
    </I>augmenting our development, marketing and support efforts
    through our online QlikCommunity
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We were founded in Sweden in 1993. From 1993 until 1999, our
    activities were focused on software research and development
    that resulted in QlikView&#146;s core technology, and from 1999
    until 2004 we focused on the commercialization of our technology
    primarily in the Nordic market and limited regions of Europe. In
    late 2004, we reincorporated in Delaware and began to broaden
    our marketing and sales activities in the United States and
    continued our expansion globally.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Financial
    Operations Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revenues</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revenue is comprised of license, maintenance and
    professional services revenue. We license our software under
    perpetual licenses which include one year of maintenance as part
    of the initial purchase price of the product. License revenue
    reflects the revenue recognized from sales of licenses to new
    customers and additional licenses to existing customers.
    Historically, the majority of our license revenues have come
    from new customers. However, going forward we seek to increase
    the contribution from existing customers based upon our
    &#147;land and expand&#148; sales strategy. Customers can renew,
    and generally have renewed, their maintenance agreements for a
    fee that is based upon a percentage of the initial license fee
    paid. Current customers with maintenance agreements are entitled
    to receive unspecified upgrades and enhancements when and if
    they become available. We have experienced growth in maintenance
    revenue primarily due to increased license sales and growth in
    our customer base and high retention of those customers. In
    2009, our annual maintenance renewal rate was greater than 85%.
    Professional services revenue is comprised of training,
    installation and other consulting revenues. Given the ease of
    implementation of our product, professional service revenues
    have averaged 12% of total revenues during the last three fiscal
    years. We do not expect that proportion to change significantly
    during the near term. Of our total revenues, we have
    historically generated the majority of sales through our direct
    sales channel rather than through our partner network. However,
    the contribution from our partner network continues to grow, and
    we anticipate that over time revenues from partners will be more
    than 50% of total revenues. Given the size of the United States
    market and our limited penetration there, we expect that the
    United States will represent our largest market during the near
    term and will likely be an important contributor to future
    revenue growth. Due to the global diversity of our customer
    base, our results are impacted by movements in the currencies of
    the major territories in which we operate. The primary
    currencies impacting results are the United States dollar, our
    functional currency; the Swedish kronor; the euro; and the
    British pound. Inflation and changing prices had no material
    effect on our sales, revenue or operating income from continuing
    operations during 2007, 2008 and 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cost
    of Revenue</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cost of revenue primarily consists of personnel costs, fees paid
    to subcontractors providing technical support services, referral
    fees paid to third parties in connection with software license
    sales and other discrete professional services. Personnel costs
    include salaries, employee benefit and social costs, bonuses,
    stock-based compensation and direct overhead.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Operating
    Expenses</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We classify our operating expenses into three categories: sales
    and marketing, research and development and general and
    administrative. Our operating expenses primarily consist of
    personnel costs, sales commissions, marketing program costs,
    legal, accounting, consulting and other professional service
    costs and depreciation and amortization. Personnel costs include
    salaries, employee benefit and social costs, bonuses,
    stock-based compensation and direct overhead. Historically, we
    have focused on the continued growth of our license revenues,
    and as a result, sales and marketing has represented the largest
    amount of total expenses both in absolute dollar terms and as a
    percentage of total revenues. Going forward, we expect to drive
    greater efficiencies from this cost base and consequently expect
    that sales and marketing as a percentage of revenues will
    decline in the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    long term. Conversely, we project that research and development
    expenses will remain constant or grow as a percentage of total
    revenues as we continue to invest in future product enhancements
    and new products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sales and Marketing.</I>&#160;&#160;Sales and marketing
    expenses primarily consist of personnel costs for our sales,
    marketing and business development employees and executives;
    commissions earned by our sales personnel; facilities costs
    attributable to our sales and marketing personnel; the cost of
    marketing programs; and the cost of business development
    programs. We expect to continue to hire additional sales
    personnel in the United States and in our international
    locations in 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Research and Development.</I>&#160;&#160;Research and
    development expenses primarily consist of personnel and facility
    costs for our research and development and product marketing
    employees. We have devoted our development efforts primarily to
    enhancing the functionality and expanding the capabilities of
    our software platform, including, for example, the development
    of our QlikView mobile client (released in 2009). We expect that
    our research and development expenses will continue to increase
    in absolute dollars and as a percentage of revenue in the long
    term as we increase our research and development and product
    marketing headcount to further strengthen and enhance our
    software platform. The vast majority of our research and
    development staff is based in Lund, Sweden.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General and Administrative.</I>&#160;&#160;General and
    administrative expenses primarily consist of personnel costs for
    our executive, finance, legal, human resources and
    administrative personnel, as well as the cost of facilities
    attributable to general and administrative operations,
    depreciation and amortization, legal, accounting and other
    professional service fees and other corporate expenses. We
    incurred additional costs in 2009, and expect to continue to
    incur higher costs, associated with being a public company,
    including higher legal, corporate insurance and accounting
    expenses and the additional costs of achieving and maintaining
    compliance with Section&#160;404 of the Sarbanes-Oxley Act and
    related regulations. We also expect that general and
    administrative expenses will continue to increase in absolute
    dollars because of our efforts to expand our international
    operations, but we believe over time general and administrative
    costs will decline as a percentage of revenues as we expect to
    derive greater efficiencies from our corporate infrastructure.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Income (Expense)</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other income (expense) primarily consists of net interest,
    change in the fair value of warrants, foreign exchange gains
    (losses) and other income. Net interest represents interest
    income received on our cash and cash equivalents and interest
    expense associated with our outstanding debt. We expect interest
    expense to decrease in periods subsequent to the completion of
    this offering as we anticipate paying down all of our
    outstanding long-term debt balance with proceeds from this
    offering. Change in the fair value of warrants consists of
    charges recorded to mark our company&#146;s outstanding
    preferred and common stock warrants to fair value at each
    reporting date. Upon completion of this offering our preferred
    stock warrants will be reclassified to additional paid-in
    capital, and they will no longer be required to be adjusted
    based on their fair market carrying value each period. Foreign
    exchange gains (losses) relate to the remeasurement of certain
    transactions, primarily our outstanding note payable with a
    Swedish financial institution, denominated in currencies other
    than our functional currency, the United States dollar. As a
    result of our business activities in foreign countries, we
    expect that foreign exchange gains (losses) will continue to
    occur due to fluctuations in exchange rates in the countries
    where we do business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Income
    Tax Expense</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income tax expense primarily consists of corporate income taxes
    related to profits resulting from the sale of our software
    platform by our United States and international subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Impact
    of Foreign Currency Translation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approximately 73% of our operating revenues are earned in
    foreign denominated currencies, including the Swedish kronor,
    euro and British pound. We expect that our exposure to foreign
    currency exchange risk will increase to the extent we are able
    to continue to expand our business internationally. For purposes
    of our consolidated financial statements, local currency assets
    and liabilities are translated at the rate of exchange to the
    United States dollar on the balance sheet date and local
    currency revenues and expenses are translated at average rates
    of exchange to the United States dollar during the reporting
    period. Foreign currency transaction gains (losses)
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    have been reflected as a component of our results from
    operations and foreign currency translation gains (losses) have
    been included as a component of accumulated other comprehensive
    income (loss).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our 2009 operating results were favorably impacted by the
    general weakening of the United States dollar relative to the
    Swedish kronor offset in part by the general strengthening of
    the United States dollar relative to the euro and British pound,
    and our 2008 results were negatively impacted by the general
    strengthening of the United States dollar relative to the
    Swedish kronor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Critical
    Accounting Policies and Estimates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We prepare our consolidated financial statements in accordance
    with generally accepted accounting principles in the United
    States, or GAAP. The preparation of consolidated financial
    statements also requires us to make estimates and assumptions
    that affect the reported amounts of assets, liabilities,
    revenue, costs and expenses and related disclosures. We base our
    estimates on historical experience and on various other
    assumptions that we believe to be reasonable under the
    circumstances. Actual results could differ significantly from
    the estimates made by our management. To the extent that there
    are differences between our estimates and actual results, our
    future financial statement presentation, financial condition,
    results of operations and cash flows will be affected. We
    believe that the accounting policies discussed below are
    critical to understanding our historical and future performance,
    as these policies relate to the more significant areas involving
    management&#146;s judgments and estimates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revenue
    Recognition</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We derive substantially all of our revenue from the licensing of
    our software products, from the sale of maintenance agreements
    and from the sale of training and other consulting services. We
    require one year of maintenance as part of the initial purchase
    price of each software offering and then sell annual renewals of
    this maintenance agreement. We recognize revenue for software,
    maintenance and other services when persuasive evidence of an
    arrangement exists, delivery has occurred, the sales price is
    fixed or determinable and collectability is reasonably assured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As substantially all of our software licenses are sold in
    multiple-element arrangements that include either maintenance or
    both maintenance and professional services, we use the residual
    method to determine the amount of license revenue to be
    recognized. Under the residual method, consideration is
    allocated to undelivered elements based upon vendor-specific
    objective evidence (or VSOE) of the fair value of those
    elements, with the residual of the arrangement fee allocated to
    and recognized as license revenue. We have established VSOE of
    the fair value of maintenance through independent maintenance
    renewals which demonstrate a consistent relationship of
    maintenance pricing as a percentage of the contractual license
    fee. Maintenance revenues are deferred and recognized ratably
    over the contractual period of the maintenance arrangement which
    is generally 12&#160;months. Arrangements that include other
    professional services are evaluated to determine whether those
    services are essential to the functionality of other elements of
    the arrangement. We have determined that these services are not
    considered essential and the amounts allocated to the services
    are recognized as revenue when the services are performed. The
    VSOE of fair value of our professional services is based on the
    price for these same services when they are sold separately.
    Revenue for services that are sold either on a stand-alone basis
    or included in multiple-element arrangements is recognized as
    the services are performed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For sales through resellers, we recognize revenue upon the
    shipment of the product only if those resellers provide us, at
    the time of placing their order, with the identity of the
    end-user customer to whom the product has been sold. Our
    resellers do not carry inventory of our software. Sales through
    resellers are evidenced by a reseller agreement, together with
    purchase orders on a
    <FONT style="white-space: nowrap">transaction-by-transaction</FONT>
    basis. We do not currently offer any rights to return products
    sold to resellers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also sell software licenses to OEMs who integrate our product
    for distribution with their applications. The OEM&#146;s
    end-user customer is licensed to use our products solely in
    conjunction with the OEM&#146;s application. In OEM
    arrangements, key delivery is required as the basis for revenue
    recognition. However, depending upon the OEM partner&#146;s
    business model we recognize revenue either up-front or over time
    in subscription or royalty based models.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not offer specified upgrades or incrementally significant
    discounts. We record advance payments as deferred revenues until
    the product is shipped, services are delivered or obligations
    are met and the revenue can be recognized. Deferred revenues
    represent the excess of amounts invoiced or paid over amounts
    recognized as revenues. Any contingencies, such as rights of
    return, conditions of acceptance, and warranties are accounted
    for as a separate element. The effect of accounting for these
    contingencies included in revenue arrangements has not been
    material.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Stock-Based
    Compensation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our stock-based compensation is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales and marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    733
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to January&#160;1, 2006, we applied the intrinsic-value
    method of accounting prescribed in previous FASB accounting
    guidance, which was later superseded, for our stock options
    issued to employees and directors. Under this method,
    compensation expense was recognized on the date of grant only if
    the current fair value of the underlying stock exceeded the
    exercise price. On January&#160;1, 2006, we adopted the revised
    accounting guidance for stock-based compensation which was
    adopted prospectively to new awards and to awards modified,
    repurchased or cancelled after December&#160;31, 2005. This
    current guidance requires companies to measure and recognize
    compensation expense for all employee stock-based payments at
    fair value, net of estimated forfeitures, over the vesting
    period of the underlying stock-based awards. In addition, we
    account for stock-based compensation to non-employees in
    accordance with the FASB accounting guidance for equity
    instruments that are issued to other than employees. Stock-based
    compensation issued to non-employees has not been material for
    any period presented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the years ended December&#160;31, 2007, 2008 and 2009, we
    calculated the fair value of options granted using the
    Black-Scholes pricing model with the following assumptions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.5%-21.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.0%-88.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.7%-62.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected term, in years (Swedish grants)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected term, in years (all other grants)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend yield
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk-free interest rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.7%-4.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.2%-3.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.5%-2.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We use the Black-Scholes option-pricing model to value our stock
    option awards. The Black-Scholes option-pricing model requires
    the input of subjective assumptions, including the expected life
    of the stock-based payment awards and stock price volatility. In
    addition, as a private company, one of the most subjective
    inputs into the Black-Scholes option pricing model is the
    estimated fair value of common stock which is discussed below.
    Since we have been operating as a private company, we do not
    have sufficient historical volatility for the expected term of
    the options. Prior to 2008, we established the expected
    volatility assumption by determining an appropriate industry
    sector that was representative of the nature of our operations
    as well as our market capitalization size (mid-cap software
    industry). As of January&#160;1, 2008 and forward, we use
    comparable public companies as a basis for our expected
    volatility to calculate the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    fair value of option grants. We intend to continue to
    consistently apply this process using comparable companies until
    a sufficient amount of historical information regarding the
    volatility of our own share price becomes available. The
    expected term for option grants to employees based in Sweden is
    four years based on the contractual expiration date required
    under local rules. The expected term for all other grants is
    based on the simplified method provided by SEC guidance. The
    risk-free interest rate is based on United States Treasury yield
    curve with a remaining term equal to the expected life assumed
    at grant. The assumptions used in calculating the fair value of
    stock-based payment awards represent management&#146;s best
    estimate and involve inherent uncertainties and the application
    of management&#146;s judgment. As a result, if factors change
    and management uses different assumptions, share-based
    compensation expense could be materially different in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For all employee stock options, we recognize expense over the
    requisite service period using the straight-line method. In
    addition to the assumptions used to calculate the fair value of
    the options, we are required to estimate the expected forfeiture
    rate of all stock-based awards and only recognize expense for
    those awards expected to vest. The estimation of the number of
    stock awards that will ultimately vest requires judgment, and to
    the extent actual results or updated estimates differ from our
    current estimates, such amounts will be recorded as a cumulative
    adjustment in the period in which estimates are revised. We
    consider many factors when estimating expected forfeitures,
    including types of awards, employee class and an analysis of our
    historical and known forfeitures on existing awards. During the
    period in which the options vest, we will record additional
    expense if the actual forfeiture rate is lower than estimated
    and a recovery of expense if the actual forfeiture rate is
    higher than estimated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, there was approximately
    $4.3&#160;million of unrecognized stock-based compensation
    expense related to non-vested stock option awards, net of
    estimated forfeitures that we expect to recognize over a
    weighted-average period of 1.54&#160;years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon an assumed initial public offering price of
    $&#160;&#160;&#160;&#160;&#160; per share, which is the
    mid-point of the range listed on the cover page of this
    prospectus, the aggregate intrinsic value of options outstanding
    as of March&#160;31, 2010 was $&#160;&#160;&#160;&#160;&#160; ,
    of which $&#160;&#160;&#160;&#160;&#160; related to vested
    options and $&#160;&#160;&#160;&#160;&#160; related to unvested
    options.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Common
    Stock Valuations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For all option grants during 2007, 2008 and 2009, the fair value
    of the common stock underlying the option grants was determined
    by our board of directors, with the assistance of management,
    which intended all options granted to be exercisable at a price
    per share not less than the per share fair value of our common
    stock underlying those options on the date of grant. We utilized
    the guidance set forth by the American Institute of Certified
    Public Accountants, or the AICPA, in the AICPA Technical
    Practice Aid, &#147;<I>Valuation of Privately-Held-Company
    Equity Securities Issued as Compensation</I>,&#148; referred to
    herein as the AICPA Practice Aid, when establishing the fair
    value of common stock at each grant date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2007
    and 2008 Valuations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2007 and 2008, our board of directors, with the assistance of
    management, used the market approach and the income approach in
    order to estimate the fair value of common stock underlying our
    option grants during those periods. We believe both of these
    approaches are appropriate methodologies given our stage of
    development during 2007 and 2008. For the market approach, we
    utilized the guideline company method by analyzing a population
    of comparable companies and selected those technology companies
    that we considered to be the most comparable to us in terms of
    product offerings, revenues, margins and growth. Under the
    market approach, we then used these guideline companies to
    develop relevant market multiples and ratios, which are then
    applied to our corresponding financial metrics to estimate our
    equity value. For the income approach, we performed discounted
    cash flow analyses which utilize projected cash flows as well as
    a residual value which are then discounted to the present in
    order to arrive at our current equity value. In determining our
    equity value, we applied a greater weighting to the income
    approach than to the market approach during 2007 and 2008, as we
    concluded that the discounted cash flow method utilized under
    the income approach was a more reliable indicator of our equity
    value during that time. In allocating the total equity value
    between preferred and common stock, we considered the
    liquidation preferences of the preferred stockholders.
    Additionally, each valuation during this period utilizes the
    option-pricing method for allocating the total equity value
    between preferred and common stock.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The significant input assumptions used in our valuation models
    during 2007 and 2008 are based on subjective future expectations
    combined with management&#146;s judgment, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income approach assumptions are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our expected revenue, operating performance and cash flows for
    the current and future years, determined as of the valuation
    date based on our estimates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a discount rate, which is applied to discretely forecasted
    future cash flows in order to calculate the present value of
    those cash flows;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a terminal value multiple, which is applied to our last year of
    discretely forecasted cash flows to calculate the residual value
    of our future cash flows.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assumptions utilized in the market approach are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our expected revenue, operating performance and cash flows for
    the current and future years, determined as of the valuation
    date based on our estimates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    multiples of market value to trailing revenues, determined as of
    the valuation date, based on a group of comparable public
    companies we identified;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    multiples of market value to expected future revenues,
    determined as of the valuation date, based on the same group of
    comparable public companies.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2009
    Valuations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, we granted options to purchase shares of common stock
    with exercise prices as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Options<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exercise Price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fair Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Intrinsic<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Grant Date</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Granted</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">per Share</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">per Share</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Value</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1<SUP style="font-size: 85%; vertical-align: top">st</SUP>

    Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    939,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2<SUP style="font-size: 85%; vertical-align: top">nd</SUP>

    Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    666,202
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP>

    Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,104,552
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to determine the fair value of our common stock
    underlying all option grants issued in the first and second
    quarters of 2009, the board of directors, with the assistance of
    management, used the market approach and the income approach
    consistent with the 2008 methodology described above. During
    this time period, our board of directors considered our
    operational metrics relative to the challenging global economic
    conditions and recession and determined that our estimated
    equity value remained consistent with 2008. During the first
    half of 2009, revenue growth slowed due in part to the global
    economic crisis and was well below our expectations for that
    period resulting in operating losses for the period. We also
    considered the decline in valuations of publicly held technology
    companies which we considered to be comparable to us in terms of
    lines of business, revenues, margins, or growth, during this
    period. In the third quarter of 2009, we began to see a
    strengthening in our sales pipeline for both the second half of
    2009 and 2010, and we also began to forecast positive operating
    income for the second half of 2009. In addition, in the third
    quarter of 2009, we began initial discussions with investment
    banks regarding a possible public offering of our common stock.
    In October of 2009, our board of directors approved the
    composition of an investment banking syndicate to lead a
    potential initial public offering of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of having greater visibility into a potential
    liquidity event as well as due to improving operating results in
    the second half of 2009, the board of directors with the
    assistance of management performed a contemporaneous valuation
    as of September&#160;30, 2009, and adopted the
    probability-weighted expected return method (known as PWERM) in
    connection with this valuation, as prescribed by the AICPA
    Practice Aid. The PWERM requires the consideration of various
    liquidity scenarios, including an initial public offering, a
    sale of our company at a range of valuations, or continuing to
    operate as a standalone private company without a liquidity
    event, and takes into account potential timing and the relative
    probability of each possible outcome. This change in valuation
    model was precipitated by changes in our business that allowed
    us to forecast the timing and nature of a
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    liquidity event with a greater degree of certainty. This
    valuation model took into consideration the following scenarios
    and associated probabilities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    two different scenarios for the completion of an initial public
    offering, one occurring in June 2010 and another occurring in
    December 2010, with a combined probability of 35% of occurrence
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    three different scenarios for the sale of our company to a
    strategic acquirer: a high, low and distressed sale scenario
    with a combined probability of 50%
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    remaining a standalone private company without a liquidity
    event, assigned a probability of 15%
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the initial public offering scenarios, we determined our
    equity value by using a multiple of expected 2010 revenue based
    upon an analysis of the revenue multiples of companies that we
    considered to be comparable to us in terms of industry and
    business model. For the scenarios which considered a sale of our
    company, we considered a range of revenue multiples that were
    based on merger and acquisition events for companies we consider
    to be comparable to us in terms of industry and business model,
    applied to expected 2011 revenues. For the scenario which
    considered remaining a standalone private company without a
    liquidity event, we determined the enterprise value by weighing
    both a market based approach which utilizes a multiple of
    expected 2010 revenue based on an analysis of the revenue
    multiples of companies that we considered to be comparative to
    us in terms of industry and business model, and an income based
    approach based on estimated future discounted cash flows. For
    all scenarios, we applied discounts ranging from 19% to 25% for
    lack of marketability, and we utilized an estimated cost of
    capital of 25% based on our stage of development.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of the above analysis, we estimated the fair value
    of our common stock to be $3.81 as of September&#160;30, 2009.
    Accordingly, the common stock options granted in the fourth
    quarter of 2009 were granted with an exercise price of $3.81. We
    believe that the increase from the previous valuation of $1.65
    to $3.81 is primarily attributed to the following factors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    significant progress in discussions with investment banks during
    the third quarter of 2009 regarding a potential initial public
    offering of our common stock
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    greater clarity regarding the timing of a potential liquidity
    event
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    improvement in global economic conditions in the third quarter
    of 2009, specifically in the technology sector
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    improved expectations for our financial performance in the
    fourth quarter of 2009 and in 2010
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The board of directors with the assistance of management
    performed a contemporaneous valuation as of December&#160;31,
    2009 using PWERM. We estimated the fair value of our common
    stock as of December&#160;31, 2009 at $5.18 per share. The
    increase of 36% over the previous valuation of $3.81 was
    primarily due to an increase in the probability of our initial
    public offering. This valuation reflected marketability
    discounts of 11% to 25% for the various scenarios. The
    probability of an initial public offering was weighted at 50%,
    the probability of a sale to a strategic acquirer was 35% and
    the probability of remaining a private company was 15%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The assumptions around fair value that we have made represent
    our management&#146;s best estimate, but they are highly
    subjective and inherently uncertain. If management had made
    different assumptions, our calculation of the options&#146; fair
    value and the resulting stock-based compensation expense could
    differ, perhaps materially, from the amounts recognized in our
    financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Research
    and Development Expense for Software Products</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Software development costs are expensed as incurred until
    technological feasibility has been established, at which time
    such costs are capitalized to the extent that the capitalizable
    costs do not exceed the realizable value of such costs, until
    the product is available for general release to customers. Based
    on our product development process, technological feasibility is
    established upon the completion of a working model of the
    software product that has been tested to be consistent with the
    product design specifications and that is free of any
    uncertainties related to high-risk development issues. Costs
    incurred by us between completion of the working model and the
    point at which the product is ready for general release have
    been insignificant. Accordingly, we have charged all such costs
    to research and development expense.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We use the liability method of accounting for income taxes as
    set forth in the authoritative guidance for income taxes. Under
    this method, we recognize deferred tax liabilities and assets
    for the expected future tax consequences of temporary
    differences between the respective carrying amounts and tax
    bases of our assets and liabilities. For the year ended
    December&#160;31, 2009, our tax provision consists principally
    of foreign tax expense partially offset by United
    States&#160;federal and state benefit. For year ended
    December&#160;31, 2008, our tax provision consists principally
    of foreign and United States&#160;federal income tax expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We continue to assess the realizability of our deferred tax
    assets, which primarily consist of net operating loss, or NOL,
    carry-forwards. In assessing the realizability of these deferred
    tax assets, management considers whether it is more likely than
    not that some portion or all of the deferred tax assets will be
    realized. We establish valuation allowances when necessary to
    reduce deferred tax assets to the amounts expected to be
    realized. The factors used to assess the likelihood of
    realization include our latest forecast of future taxable income
    and available tax planning strategies that could be implemented
    to realize the net deferred tax assets. As of December&#160;31,
    2009 and 2008, our deferred tax assets had a valuation allowance
    of $1.7&#160;million and $3.0&#160;million. The decrease in 2009
    was due to reversal of valuation allowances in certain
    jurisdictions in 2009 due to improved current and projected
    taxable income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If our recent trend of profitability continues, we may determine
    that there is sufficient positive evidence to support a reversal
    of, or decrease in, the valuation allowance. If we were to
    reverse all or some part of our valuation allowance our
    financial statements in the period of reversal would likely
    reflect an increase in assets on our balance sheet and a
    corresponding tax benefit to our statement of operations in the
    amount of the reversal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because of certain prior period ownership changes, the
    utilization of a portion of our United States&#160;federal and
    state NOL carry forward may be limited. We have not finalized
    our analysis to determine the annual 382 limitation, but we
    estimate that approximately $2.0&#160;million of our United
    States&#160;federal and state net operating losses may be
    limited which has been reflected in our valuation allowance at
    December&#160;31, 2009. If we were to determine that certain
    amounts of the $2.0&#160;million were not limited, a portion of
    our valuation allowance could be reversed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective January&#160;1, 2007, we adopted the guidance on
    accounting for uncertainty in income taxes as set forth under
    Financial Interpretation No.&#160;48, <I>Accounting for
    Uncertainty in Income Taxes</I> (codified in ASC 740 <I>Income
    Taxes</I>). This guidance clarified the accounting for
    uncertainty in income taxes recognized in an entity&#146;s
    financial statements and prescribes a recognition threshold and
    measurement attribute for financial statement disclosure of tax
    positions taken or expected to be taken on a tax return. There
    was no impact upon adoption as our liability recognized under
    previous accounting guidance was consistent with that required
    under the new guidance. At December&#160;31, 2009, our reserve
    for uncertain tax positions was $3.3&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The adoption of this guidance required us to identify, evaluate
    and measure all uncertain tax positions taken or to be taken on
    tax returns and to record liabilities for the amount of these
    positions that may not be sustained, or may only partially be
    sustained, upon examination by the relevant taxing authorities.
    Although we believe that our estimates and judgments were
    reasonable, actual results may differ from these estimates. Some
    or all of these judgments are subject to review by the taxing
    authorities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our annual provision for income taxes and the determination of
    the resulting deferred tax assets and liabilities involve a
    significant amount of management judgment. Management&#146;s
    judgments, assumptions and estimates relative to the current
    provision for income tax take into account current tax laws, our
    interpretation of current tax laws and possible outcomes of
    current and future audits conducted by foreign and domestic tax
    authorities. We operate within federal, state and international
    taxing jurisdictions and are subject to audit in these
    jurisdictions. These audits can involve complex issues which may
    require an extended period of time to resolve.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We accrue interest and penalties related to unrecognized tax
    benefits as a component of income tax expense. As of the
    adoption date of this guidance and as of December&#160;31, 2008
    and December&#160;31, 2009, there was no accrued interest or
    penalties.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    43
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend either to invest our
    <FONT style="white-space: nowrap">non-United</FONT>
    States earnings permanently in foreign operations or to remit
    these earnings to our United States entities in a tax-free
    manner. For this reason, we do not record federal income taxes
    on the undistributed earnings of our foreign subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Results
    of Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth a summary of our consolidated
    statement of operations and the related changes for the periods
    indicated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">Consolidated Statement of
    Operations Data:</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total cost of
    revenue<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,706
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sales and
    marketing<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and
    development<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and
    administrative<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other income (expense)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (463
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,304
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,529
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income (loss) before benefit for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (405
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Benefit (provision) for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,860
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,776
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 22%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (1)&#160;Included stock-based compensation expense as follows:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    Cost of revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    Sales and marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    733
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 27pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    44
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Comparison
    of the Years Ended December&#160;31, 2008 and 2009</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revenue</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period to Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Change</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,418
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,989
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,688
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    118,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    157,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39,095
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Revenue was $157.4&#160;million in 2009 compared to
    $118.3&#160;million in 2008, an increase of $39.1&#160;million,
    or 33.1%. This increase was driven by a $25.4&#160;million, or
    34%, increase in license revenue. All territories showed strong
    revenue growth, particularly Spain and France in their second
    full year of operations as a direct sales office. We also
    achieved a 28% growth in our largest market, North America, and
    growing contributions from relatively new markets in Eastern
    Europe and a brand new market, Japan. From a performance
    perspective, we experienced an increasing contribution from
    existing customers, approximately 58% of license revenues, which
    resulted from our &#147;land and expand&#148; sales strategy and
    greater productivity from our sales representatives with revenue
    per representative growing 38%. Maintenance revenues grew by
    approximately 41% driven by annual maintenance renewal rates of
    greater than 85%. As a percentage of total revenues, maintenance
    grew to 26% in 2009 from 25% in 2008, reflecting the impact of
    the growing installed customer base and renewal rates.
    Professional service revenue grew by 12% and was approximately
    10% of our total revenues.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cost
    of Revenue and Gross Profit</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Related<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Related<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period to Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Change</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of license revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    592
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    270
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,240
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total cost of revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross Profit:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    71,375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    96,201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,826
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,755
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,303
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (552
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.4
</TD>
<TD nowrap align="left" valign="bottom">
    %)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Gross Profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    104,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    88.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    140,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,993
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cost of revenue was $17.1&#160;million in 2009 compared to
    $14.0&#160;million in 2008, an increase of $3.1&#160;million, or
    22.2%. Overall cost of revenue declined as a percent of revenue
    from 11.8% in 2008 to 10.9% in 2009, despite a decrease in our
    margin related to professional services. In anticipation of
    continued growth in our installed customer base, we increased
    headcount in our professional services organization which
    increased costs by $1.5&#160;million in 2009, but we did not
    achieve a corresponding increase in related revenues, reducing
    our gross margin in the category to 26.7% from 33.7%. In
    addition, fees paid to subcontractors increased by
    $0.9&#160;million. Fees paid to referral partners for license
    revenues increased by $0.6&#160;million in 2009 due to a
    significant transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Operating
    Expenses</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">of Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">of Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Change</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating Expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sales and marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    93,349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    127,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sales and Marketing.</I>&#160;&#160;Sales and marketing
    expenses increased $19.1&#160;million, or 25.7%, but declined as
    a percentage of revenues, reflecting an increase in revenue
    achieved per sales representative and an increased percentage of
    sales from existing customers and through partners. The increase
    was primarily attributable to an increase in personnel and
    commission costs of $12.9&#160;million (including a
    $0.5&#160;million increase in stock-based compensation), an
    increase in costs related to marketing programs of
    $2.4&#160;million, an increase in facility and other
    infrastructure costs of $2.6&#160;million and an increase in
    travel expenses of $0.9&#160;million. Also in 2009, we
    implemented an online customer relationship management tool to
    facilitate sales force growth. We expect sales and marketing
    expenses to continue to increase in absolute dollars but to
    decrease as a percentage of revenues over time as we continue to
    expand our sales force and marketing activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Research and Development.</I>&#160;&#160;Although total
    research and development headcount increased during this period,
    total research and development expenses grew by only
    $0.5&#160;million or 5.8%. With the vast majority of our related
    staff based in Lund, Sweden, changes in the value of the Swedish
    kronor reduced the impact of the staff increase by approximately
    $0.8&#160;million. To accommodate the increase in our research
    and development staff, we made further investment in our
    facility in Sweden of approximately $0.2&#160;million. We expect
    our research and development expenses will continue to increase
    in absolute dollars and as a percentage of revenue in the long
    term as we increase our research and development headcount to
    further strengthen and enhance our software platform.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General and Administrative.</I>&#160;&#160;General and
    administrative expenses were $25.0&#160;million in 2009 compared
    to $20.2&#160;million in 2008, an increase of $4.8&#160;million,
    or 23.9%. This increase was due primarily to a $2.3&#160;million
    increase in personnel costs to build out our corporate level
    functions to support anticipated global growth and prepare for
    being a publicly traded company. This increase was also due to a
    $1.2&#160;million increase in travel expenses, a
    $0.2&#160;million increase in stock-based compensation expense,
    a $0.5&#160;million increase in facility and infrastructure
    costs to support international expansion, and an increase in
    depreciation and amortization of $0.3&#160;million related in
    part to additional investment in property and equipment due to
    our increased headcount. We expect that general and
    administrative expenses will continue to increase in absolute
    dollars because of our efforts to expand our international
    operations and due to costs to be incurred in connection with
    this offering and ongoing public company related costs. However,
    we believe over time general and administrative costs will
    decline as a percentage of revenues as we will derive greater
    efficiencies from our corporate infrastructure.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    46
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Other
    Income (Expense)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other income (expense) was an expense of $4.5&#160;million in
    2009 compared to income of $3.3&#160;million in 2008. The change
    consisted of increased interest expense, charges for our common
    and preferred stock warrants and foreign exchange. Interest
    expense increased due to a full year of interest expense on our
    term loan. The change in the fair value of the stock warrants
    increased by $1.5&#160;million in 2009 in a manner consistent
    with the increased value in our common stock. We had a
    $1.6&#160;million foreign exchange loss in 2009 compared to a
    gain of $4.2&#160;million in 2008. The change is principally due
    to the foreign currency impact of our outstanding debt as a
    result of the United States dollar generally weakening relative
    to the Swedish kronor in 2009 compared to generally
    strengthening in 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Income
    Tax Expense</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our income tax expense in 2009 was consistent with income tax
    expense in 2008. The increase in our income before income taxes
    of $3.8&#160;million from 2008 to 2009 was offset by a decrease
    in our effective tax rate from 38% in 2008 to 21% in 2009 as a
    result of current year reversal of valuation allowance in
    certain jurisdictions and a more significant impact of earnings
    from foreign operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Comparison
    of the Years Ended December&#160;31, 2007 and 2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revenue</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Change</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,964
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,060
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    118,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,678
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Revenue was $118.3&#160;million in 2008 compared to
    $80.6&#160;million in 2007, an increase of $37.7&#160;million,
    or 46.8%, driven by 72% growth in our North American operations,
    which includes Latin America, and a 37% growth in the Nordic
    countries, primarily in Sweden, and contributions from new
    markets including our direct sales operations in France and
    Spain. License revenue grew 45% and maintenance revenue grew
    66%. Maintenance revenue grew in both absolute dollars and as a
    percentage of total revenues due to the continued growth in our
    installed customer base and strong renewal rates. Professional
    service revenue also increased reflecting growth in both
    consulting and training services.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cost
    of Revenue and Gross Profit</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of Related<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of Related<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Change</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of license revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    122
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,385
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total cost of revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,706
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,292
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross Profit:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    48,533
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    71,375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,869
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Gross Profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    68,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    104,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    88.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cost of revenue was $14.0&#160;million in 2008 compared to
    $11.7&#160;million in 2007, an increase of $2.3&#160;million, or
    19.6%. This increase was primarily due to the increase in
    revenues and an increase in personnel and facility costs of
    $0.8&#160;million related to expanded headcount in our support
    organization in order to support the increasing number of new
    customers we added during 2007 and 2008. In addition, fees paid
    to subcontractors in connection with the sale of professional
    services to our customers increased $1.3&#160;million. Our gross
    profit as a percentage of revenue increased slightly in 2008 as
    compared to 2007 due to a higher percentage of our revenue being
    derived from license and maintenance sales.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Operating
    Expenses</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">of Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">of Revenue</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Change</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" nowrap align="center" valign="bottom">
    <B>(dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating Expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sales and marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    48,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,839
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    68,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33,893
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sales and Marketing.</I>&#160;&#160;Sales and marketing
    expenses were $74.3&#160;million in 2008 compared to
    $48.2&#160;million in 2007, an increase of $26.0&#160;million,
    or 53.9%. The increase was primarily attributable to an increase
    in personnel and commission costs of $17.9&#160;million, an
    increase in costs related to marketing programs of
    $3.4&#160;million, an increase in facility and other
    infrastructure costs of $2.7&#160;million and an increase in
    travel expenses of $2.1&#160;million. Our establishment of
    direct sales offices in France and Spain along with the further
    growth of our sales force in the United Stated contributed to
    the increase in sales and marketing expenses in 2008 as compared
    to 2007.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    48
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Research and Development.</I>&#160;&#160;Research and
    development expenses were $8.3&#160;million in 2008 compared to
    $5.4&#160;million in 2007, an increase of $2.8&#160;million, or
    52.4%. The increase was due to an increase in personnel costs of
    $2.3&#160;million due to an expansion of our product marketing
    organization and increased travel expenses of $0.5&#160;million
    in 2008. With the vast majority of our research and development
    staff based in Lund, Sweden, changes in the value of the Swedish
    kronor adversely impacted these costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General and Administrative.</I>&#160;&#160;General and
    administrative expenses were $20.2&#160;million in 2008 compared
    to $15.2&#160;million in 2007, an increase of $5.0&#160;million,
    or 33.2%. This increase was due primarily to a $1.8&#160;million
    increase in personnel costs, a $0.3&#160;million increase in
    stock-based compensation expense, a $0.9&#160;million increase
    in facility and infrastructure costs to support our growth and
    international expansion and an increase in travel expenses of
    $0.7&#160;million. In addition, professional fees, principally
    from accounting, audit and tax fees, increased by
    $0.5&#160;million and depreciation and amortization expense
    increased by $0.3&#160;million as compared to 2007. These costs
    were incurred in order to provide the needed corporate
    infrastructure necessary to support further revenue growth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Other
    Income (Expense)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other income (expense) was income of $3.3&#160;million in 2008
    compared to expense of $0.5&#160;million in 2007. The change was
    principally due to a $4.2&#160;million foreign exchange gain in
    2008. This change was primarily due to the foreign currency
    impact of our outstanding debt, which is denominated in Swedish
    kronor, as a result of the United States dollar generally
    strengthening relative to the Swedish kronor in 2008 compared to
    a general weakening in 2007. This change was offset by increased
    interest expense and charges for our common and preferred stock
    warrants. Interest expense increased due to higher average
    outstanding debt balances in 2008 as compared to 2007. The
    change in fair value of stock warrants in 2008 was consistent
    with the change in fair value of stock warrants in 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Income
    Tax Expense</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our income tax expense in 2008 increased by $1.9&#160;million
    from 2007. This increase resulted from an increase in our income
    before income taxes of $5.3&#160;million from 2007 to 2008 and
    an increase in our effective tax rate from 9.9% in 2007 to 38.3%
    in 2008 as a result of more significant earnings in foreign
    operations in 2008 as compared to 2007 and the impact of
    nondeductible expenses in 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Seasonality</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our quarterly results reflect seasonality in the sale of our
    products and services. Historically, a pattern of increased
    license sales in the fourth quarter has positively impacted
    sales activity in that period which can make it difficult to
    achieve sequential revenue growth in the first quarter.
    Similarly, our gross margins and operating income have been
    affected by these historical trends because the majority of our
    expenses are relatively fixed in the near-term. The timing of
    revenues in relation to our expenses, much of which does not
    vary directly with revenue, has an impact on the cost of
    revenue, sales and marketing expense, research and development
    expense and general and administrative expense as a percentage
    of revenue in each calendar quarter during the year. The
    majority of our expenses are personnel-related and include
    salaries, stock-based compensation, benefits and incentive-based
    compensation plan expenses. As a result, we have not experienced
    significant seasonal fluctuations in the timing of our expenses
    from period to period, other than an increase in general and
    administrative expenses during the first quarter of each year as
    a result of our annual employee summit. On a quarterly basis, we
    have usually generated the majority of our revenues in the final
    month of each quarter and a significant amount in the last two
    weeks of a quarter. We believe this is due to customer buying
    patterns typical in this industry. Although these seasonal
    factors are common in the technology sector, historical patterns
    should not be considered a reliable indicator of our future
    sales activity or performance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Acquisitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2008, in order to achieve a direct sales presence in
    Spain, we acquired the operations and tangible assets of P.C.
    Compatible Business Intelligence, S.L., or PCB, a Spanish
    reseller of our product, for $1.9&#160;million, including cash
    of $0.4&#160;million and a warrant to purchase an aggregate of
    93,981&#160;shares of our common stock at an
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    49
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    exercise price of $1.65 per share. PCB has the right to exercise
    such warrant until December&#160;31, 2010 and to require us to
    purchase the acquired shares for an aggregate of
    &#128;1.8&#160;million (approximately $2.4&#160;million based on
    an assumed exchange rate of approximately $1.43 as of
    December&#160;31, 2009). In the event the holder does not
    exercise this right to cause us to repurchase these shares, the
    warrant would remain outstanding and be exercisable until its
    expiration on December&#160;31, 2014.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2010, in order to achieve a direct sales presence in
    Japan, we acquired all of the issued and outstanding shares of
    Syllogic Corporation, or Syllogic, a Japanese reseller of our
    product, for 120,000&#160;shares of our common stock plus
    contingent cash consideration not to exceed $0.8&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We account for acquisitions using the purchase method of
    accounting. In each case, we allocated the purchase price to the
    assets acquired, including intangible assets and liabilities
    assumed, based on estimated fair values at the date of the
    acquisition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidity
    and Capital Resources</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since our inception, we have financed our operations through the
    sale of preferred stock and common stock, cash flows generated
    by operations and borrowings under debt instruments. As of
    December&#160;31, 2009, we had cash and cash equivalents
    totaling $24.9&#160;million, net accounts receivable of
    $63.7&#160;million and $14.8&#160;million of working capital. As
    of December&#160;31, 2009, we owed a balance of
    49.7&#160;million Swedish kronor (approximately
    $6.9&#160;million based on an assumed exchange rate of
    approximately 0.14 as of December&#160;31, 2009)&#160;under a
    promissory note held by a financial institution which is one of
    our stockholders. We currently intend to prepay the outstanding
    principal of this promissory note and any applicable prepayment
    fees with the proceeds of this offering. In addition, we have an
    asset based line of credit facility with a Swedish bank under
    which we may borrow up to 60&#160;million Swedish kronor
    (approximately $8.4&#160;million as of December&#160;31, 2009
    based on an assumed exchange rate of approximately 0.14) which
    had an outstanding balance of $0.2&#160;million as of
    December&#160;31, 2009. The line of credit matures on
    June&#160;30, 2010, and we have begun discussions with the
    lender regarding a possible extension of the facility beyond
    that date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate our capital expenditures for 2010 to be
    approximately $2.0&#160;million, comprised primarily of
    additional leasehold improvements, furniture and fixtures and
    computer equipment. We believe that our existing cash and cash
    equivalents and our cash flow from operations will be sufficient
    to fund our operations and our capital expenditures and to pay
    our debt service for at least the next 12&#160;months. Our
    future capital requirements will depend on many factors,
    including our rate of revenue growth, the expansion of our sales
    and marketing activities, the timing and extent of spending to
    support product development efforts and expansion into new
    territories, the timing of introductions of new software
    products and enhancements to existing software products and the
    continuing market acceptance of our software offerings. Although
    we are not currently a party to any agreement or letter of
    intent regarding potential investments in, or acquisitions of,
    complementary businesses, applications or technologies, we may
    enter into these types of arrangements, which could require us
    to seek additional equity or debt financing. Additional funds
    may not be available on terms favorable to us or at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will also incur costs as a public company that we have not
    previously incurred, including, but not limited to, costs and
    expenses for directors fees, increased directors and officers
    insurance, investor relations fees, expenses for compliance with
    the Sarbanes-Oxley Act of 2002 and rules implemented by the SEC
    and Nasdaq, on which our common stock will be listed, and
    various other costs. The Sarbanes-Oxley Act of 2002 requires
    that we maintain effective disclosure controls and procedures
    and internal controls.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows selected balance sheet data as well as
    our cash flows from operating activities, investing activities
    and financing activities for the stated periods:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of and for the Year Ended</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,214
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounts receivable, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,859
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash provided by operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,856
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash used in investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,022
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,158
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,128
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash provided by (used in) financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,791
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    and Cash Equivalents</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our cash and cash equivalents at December&#160;31, 2009 were
    held for working capital purposes and were invested primarily in
    cash and money market accounts. We do not enter into investments
    for trading or speculative purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Accounts
    Receivable, Net</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our accounts receivable balance fluctuates from period to period
    which affects our cash flow from operating activities. The
    fluctuations vary depending on the timing of our service
    delivery and billing activity, cash collections and changes to
    our allowance for doubtful accounts. Our allowance for doubtful
    accounts represents our best estimate of the amount of probable
    credit losses. To date, we have not incurred any write-offs of
    accounts receivable significantly different than accounts
    reserved.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash
    Provided by Operating Activities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net cash provided by operating activities was $2.9&#160;million,
    $2.6&#160;million and $13.0&#160;million and net income (loss)
    was ($0.4&#160;million), $3.0&#160;million and $6.9&#160;million
    for the years ended December&#160;31, 2007, 2008 and 2009. The
    primary reason for the increase in net cash provided by
    operating activities in 2009 relates to the increase in net
    income during 2009. We (generated) incurred non-cash (income)
    expenses totaling $1.0&#160;million, $1.9&#160;million and
    $3.2&#160;million for the years ended December&#160;31, 2007,
    2008 and 2009. Non-cash expenses primarily consisted of
    stock-based compensation expense, bad debt expense, change in
    deferred tax assets and liabilities, unrealized foreign currency
    gains and losses, and depreciation and amortization expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The change in certain assets and liabilities resulted in a net
    source (use) of cash of $2.2&#160;million, ($2.2&#160;million)
    and $3.0&#160;million for the years ended December&#160;31,
    2007, 2008 and 2009. Cash provided by operating activities is
    driven by sales of our software offerings. Collection of
    accounts receivable from the sales of our software offerings is
    a significant component of our cash flows from operating
    activities, as is the change in deferred revenue related to
    these sales.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash Used
    in Investing Activities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net cash used in investing activities was $1.0&#160;million,
    $2.2&#160;million and $2.1&#160;million for the years ended
    December&#160;31, 2007, 2008 and 2009. Cash used in investing
    activities for the year ended December&#160;31, 2007 was
    primarily for the purchase of property. During the year ended
    December&#160;31, 2008, we acquired PCB for an aggregate of
    $0.4&#160;million in cash. In addition, we made capital
    expenditures for property and equipment. Cash used in investing
    activities for the year ended December&#160;31, 2009 was
    primarily for capital expenditures related to property and
    equipment as we continued to expand our infrastructure and
    workforce.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash
    Provided by (Used in) Financing Activities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net cash provided by financing activities was $2.5&#160;million
    and $6.9&#160;million for the years ended December&#160;31, 2007
    and 2008. Net cash used in financing activities was
    $1.8&#160;million for the year ended December&#160;31, 2009. Net
    cash provided by financing activities for the year ended
    December&#160;31, 2007 was primarily related to borrowings under
    our line of credit facility as well as proceeds from the
    exercise of stock options partially offset by payments made
    under our long-term debt arrangement. Net cash provided by
    financing activities for the year ended December&#160;31, 2008
    resulted from borrowings under a new long-term note payable
    arrangement and proceeds from the exercise of stock options
    partially offset by payments made under our line of credit
    facility and the previous long-term note payable. Net cash used
    in financing activities for the year ended December&#160;31,
    2009 was due to payments under our long-term note payable
    arrangement partially offset by payments received for the
    exercise and purchase of stock options.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Contractual
    Obligations and Commitments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We generally do not enter into long-term minimum purchase
    commitments. Our principal commitments, in addition to those
    related to our long-term debt discussed below, consist of
    obligations under facility leases for office space.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes our outstanding contractual
    obligations as of December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Payments Due by Period</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Less Than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>More Than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Total</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">1&#160;Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">1-3&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">3 to 5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating lease obligations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Note payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,921
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,845
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest on note payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    577
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have obligations related to unrecognized tax benefit
    liabilities totaling $3.3&#160;million, which have been excluded
    from the table above as we do not think it is practicable to
    make reliable estimates of the periods in which payments for
    these obligations will be made. See Note&#160;9 of the notes to
    consolidated financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Off-Balance
    Sheet Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the years ended December&#160;31, 2007, 2008 and 2009, we
    did not have any relationships with unconsolidated organizations
    or financial partnerships, such as structured finance or special
    purpose entities, that would have been established for the
    purpose of facilitating off-balance sheet arrangements or other
    contractually narrow or limited purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recently
    Adopted Accounting Principles</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2009, the Financial Accounting Standards Board, or FASB,
    issued The FASB Accounting Standards Codification, or the
    Codification, authorizing the Codification as the sole source
    for authoritative guidance in accordance with GAAP. The
    Codification is effective for financial statements issued for
    reporting periods that end after September&#160;15, 2009. The
    Codification supersedes all accounting standards in GAAP, aside
    from those issued by the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2009, the FASB issued a standard that sets forth the
    period after the balance sheet date during which management of a
    reporting entity should evaluate events or transactions that may
    occur for potential recognition or disclosure in the financial
    statements; the circumstances under which an entity should
    recognize events or transactions occurring after the balance
    sheet date in its financial statements; and the disclosures that
    an entity should make about events or transactions that occurred
    after the balance sheet date. This standard is effective for
</DIV>
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    <BR>
    52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    interim and annual periods ending after June&#160;15, 2009. We
    adopted this standard in the year ended December&#160;31, 2009,
    and it did not impact our consolidated financial results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We adopted new accounting guidance on business combinations
    effective January&#160;1, 2009. While retaining the fundamental
    requirements of previous GAAP, this new statement makes various
    modifications to the accounting for contingent consideration,
    preacquisition contingencies, purchased in-process research and
    development, acquisition-related transaction costs,
    acquisition-related restructuring costs, and changes in tax
    valuation allowances and tax uncertainty accruals. The impact of
    adopting the guidance will depend on the nature and terms of
    business combinations, if any, that we consummate on or after
    January&#160;1, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We adopted new accounting guidance on fair value measurements
    effective January&#160;1, 2008, for financial assets and
    liabilities. In addition, effective January&#160;1, 2009, we
    adopted this guidance as it relates to nonfinancial assets and
    liabilities that are not recognized or disclosed at fair value
    in the financial statements on at least an annual basis. This
    guidance defines fair value as the price that would be received
    to sell an asset or paid to transfer a liability, referred to as
    the exit price, in an orderly transaction between market
    participants at the measurement date. The standard outlines a
    valuation framework and creates a fair value hierarchy in order
    to increase the consistency and comparability of fair value
    measurements and the related disclosures. See additional
    disclosures in Note&#160;5 of the notes to consolidated
    financial statements related to the adoption of this fair value
    guidance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, the FASB issued new guidance related to assessing
    whether an equity-linked financial instrument (or embedded
    feature) is indexed to an entity&#146;s own stock for the
    purposes of determining whether such equity-linked financial
    instrument (or embedded feature) is subject to derivative
    accounting. We adopted the new guidance effective
    January&#160;1, 2009. The adoption of this guidance did not have
    a material impact on our consolidated financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Accounting Pronouncements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In October 2009, the FASB clarified the accounting guidance for
    sales of tangible products containing both software and hardware
    elements and issued new guidance that amends the criteria for
    evaluating the individual items in a multiple deliverable
    revenue arrangement and how to allocate the consideration
    received to the individual items. The guidance is effective for
    revenue arrangements entered into or materially modified in
    fiscal years beginning on or after June&#160;15, 2010, with
    early adoption permitted. We have evaluated the potential impact
    of the revised guidance on our financial position and results of
    operations and have concluded that they will not have a material
    impact on our consolidated financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In August 2009, the FASB issued guidance on measuring
    liabilities at fair value, which provides clarification that in
    circumstances where a quoted market price in an active market
    for an identical liability is not available, a reporting entity
    must measure fair value of the liability using one of the
    following techniques: the quoted price of the identical
    liability when traded as an asset; quoted prices for similar
    liabilities or similar liabilities when traded as assets; or
    another valuation technique, such as a present value technique
    or the amount that the reporting entity would pay to transfer
    the identical liability or would receive to enter into the
    identical liability that is consistent with the provisions of
    authoritative guidance. This statement becomes effective for the
    first reporting period, including interim periods, beginning
    after issuance. We adopted this statement effective as of
    January&#160;1, 2010. We have evaluated the potential impact of
    these consensuses on our financial position and results of
    operations, and we have concluded that they will not have a
    material impact on our consolidated financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Quantitative
    and Qualitative Disclosures about Market Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest
    Rate Sensitivity</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We had cash and cash equivalents of $9.2&#160;million at
    December&#160;31, 2007, $14.8&#160;million at December&#160;31,
    2008 and $24.9&#160;million at December&#160;31, 2009. We held
    these amounts primarily in cash or money market funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hold cash and cash equivalents for working capital purposes.
    We do not have material exposure to market risk with respect to
    investments, as our investments consist primarily of highly
    liquid investments purchased with original maturities of three
    months or less. We do not use derivative financial instruments
    for speculative or trading
</DIV>
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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    purposes; however, we may adopt specific hedging strategies in
    the future. Any declines in interest rates, however, will reduce
    future interest income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We had total outstanding debt of $5.1&#160;million at
    December&#160;31, 2007, $8.1&#160;million at December&#160;31,
    2008 and $7.0&#160;million at December&#160;31, 2009. The
    interest rate on our outstanding debt at December&#160;31, 2009
    is fixed at 10%.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Foreign
    Currency Risk</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We market our products in North America, Europe, the
    Asia-Pacific Regions, South America and Africa and develop our
    products in Europe. As a result of our business activities in
    foreign countries, our financial results could be affected by
    factors such as changes in foreign currency exchange rates or
    economic conditions in foreign markets, and there is no
    assurance that exchange rate fluctuations will not harm our
    business in the future. We sell our products in certain
    countries in the local currency for the respective country. In
    addition, our product development activities are principally
    based at our facility in Lund, Sweden. This provides some
    natural hedging because most of our subsidiaries&#146; operating
    expenses are denominated in their local currencies. Regardless
    of this natural hedging, our results of operations may be
    adversely impacted by the exchange rate fluctuation. Although we
    will continue to monitor our exposure to currency fluctuations
    and, where appropriate, may use financial hedging techniques in
    the future to minimize the effect of these fluctuations, we are
    not currently engaged in any financial hedging transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Foreign currency risk exposures arise from transactions
    denominated in a currency other than our functional currency and
    from foreign denominated revenue and profit translated into
    United States dollars. Approximately 73% of our operating
    revenues were denominated in currencies other than the United
    States dollar for the year ended December&#160;31, 2009. The
    principal foreign currencies in which we conduct business are
    the Swedish kronor, the British pound and the euro. The
    translation of currencies in which we operate into the United
    States dollar may affect consolidated revenues and gross profit
    margins as expressed in United States dollars. A weakening of
    the United States dollar versus other currencies in which we
    operate may increase our consolidated revenues and gross profit
    margins while the strengthening of the United States dollars
    versus these currencies may have an opposite effect on our
    consolidated results expressed in United States dollars.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2008 and 2009, we have a note payable that
    is denominated in Swedish kronor that is remeasured at each
    reporting date with foreign currency gains (losses) recognized
    in other income (expense). We recognized a gain in 2008 as a
    result of the general strengthening of the United States dollar
    relative to the Swedish kronor and a loss in 2009 due to the
    general weakening of the United States dollar relative to the
    Swedish kronor. A hypothetical 10% change in the foreign
    exchange rate at December&#160;31, 2009 would have resulted in a
    $0.7&#160;million impact on net income.
</DIV>
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<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BUSINESS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have pioneered a powerful, easy-to-use business intelligence
    solution that enables our customers to make better and faster
    business decisions. Our software platform, QlikView, combines
    enterprise-class analytics and search functionality with the
    simplicity and
    <FONT style="white-space: nowrap">ease-of-use</FONT>
    found in office productivity software tools for a broad set of
    business users. QlikView is powered by our in-memory associative
    search technology, which has utilized rapid advances in
    computing power to yield significant improvement in flexibility
    and performance at a lower cost than traditional business
    intelligence solutions. We have grown our customer base from
    over 1,500 customers in 2005 to over 13,000 in 2009 and
    increased our revenue at a 59% compound annual growth rate
    during the same period. We added an average of 404 new customers
    per month during fiscal year 2009. Our solution addresses a
    diverse range of customer needs from middle market customers to
    large enterprises such as BP, Campbell Soup Company, Colonial
    Life, The Dannon Company, Inc., Heidelberger Druckmaschiner AG,
    Kraft Foods, Lifetime Brands, National Health Services (NHS),
    Qualcomm, Symantec and Volvo Car UK Limited. We have customers
    in over 100&#160;countries and approximately 77% of our revenue
    in 2009 was derived internationally.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView empowers business users to navigate data in a manner
    consistent with the fluid, associative nature of human thought.
    Our technology platform enables users to consolidate large,
    disparate data sets and discover relationships within data in
    real time when requested by the user. QlikView visualizes data
    in a simple, intuitive user interface that enables users to
    interactively explore and analyze information. The
    <FONT style="white-space: nowrap">ease-of-use</FONT>
    and flexibility of QlikView enables a broad set of business
    users, such as sales, marketing, human resources and finance
    professionals; executive management and other managers;
    operations, support and IT staff; data analysts and
    statisticians. Examples of QlikView users include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Operations Planner&#160;&#151; </I>uses QlikView to prepare
    inventory forecasts for a global food manufacturer resulting in
    significant improvement in forecast accuracy and reduced
    transportation and workforce costs
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Pharmaceutical Sales Representative&#160;&#151; </I>uses
    QlikView to access current industry sales trends and doctor
    prescription history while on a sales call with a busy physician
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Chief Information Officer&#160;&#151; </I>uses QlikView to
    analyze IT spending and budget information to identify
    opportunities for cost savings and service level improvement
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Police Sergeant&#160;&#151; </I>uses QlikView to maintain a
    consolidated view of crime levels and optimize staffing
    allocations to dispatch police into high crime areas
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a differentiated business model designed to accelerate
    the adoption of our product by reducing the time and cost to
    purchase and implement our software. Our low risk approach to
    product sales, which offers free product downloads to
    individuals and a
    <FONT style="white-space: nowrap">30-day</FONT> money
    back guarantee upon purchase, provides a needed alternative to
    costly,
    <FONT style="white-space: nowrap">all-or-nothing,</FONT>
    traditional business intelligence sales model. We initially
    focus on specific business users or departments within a
    prospective customer&#146;s organization and seek to solve a
    targeted business need. After demonstrating QlikView&#146;s
    benefits to initial adopters within an organization, we work to
    expand sales of our product to other business units, geographies
    and use cases with the long-term goal of broad organizational
    deployment. According to a 2009 IDC survey, 44% of our customers
    deploy QlikView in less than one month and 77% of our customers
    deploy QlikView in less than three months. In comparison, our
    customers have indicated to us that their prior implementations
    of traditional business intelligence tools often take up to
    18&#160;months. We have a diversified distribution model that
    consists of a direct sales force and a partner network that
    includes resellers, OEMs and systems integrators. Additionally,
    our online QlikCommunity provides us with a loyal and growing
    network of users who promote our software, provide support for
    other users and contribute valuable insights and feedback for
    our product development efforts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the years ended December&#160;31, 2009, 2008 and 2007, our
    revenue was $157.4&#160;million, $118.3&#160;million and
    $80.6&#160;million, representing
    <FONT style="white-space: nowrap">year-over-year</FONT>
    growth of 33% in 2009 and 47% in 2008. For the three months
    ended December&#160;31, 2009, our revenue was
    $61.7&#160;million, representing 74% growth over the same period
    the prior year. In addition, we generated operating income of
    $13.2&#160;million, $1.6&#160;million and $0.1&#160;million for
    the years ended
</DIV>
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    December&#160;31, 2009, 2008 and 2007. For the year ended
    December&#160;31, 2009, software license and maintenance revenue
    comprised 90% and professional services and training comprised
    10% of our total revenue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Industry</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Use
    of Business Intelligence and Data Analytics Tools</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that to succeed in today&#146;s increasingly
    competitive markets, businesses must accelerate the rate at
    which they identify and respond to changing business conditions.
    An organization&#146;s market agility and ultimate success in
    the global marketplace are dependent upon its ability to harness
    the power of increasing volumes of information to make effective
    business decisions. In seeking to gain an information advantage,
    many organizations have implemented a range of solutions,
    including business intelligence and data analytics tools.
    According to a 2009 IDC report, the business intelligence market
    is projected to grow to $8.6&#160;billion in 2010; however, we
    believe most traditional business intelligence tools were
    developed for data analysts and other quantitative
    professionals, not business users. We believe that these
    traditional business intelligence tools often fail to provide
    timely and critical insights to business professionals due to
    inflexible data architecture, lack of broad usability and
    substantial implementation time. As a result of the limitations
    of traditional business intelligence tools, many business users
    have turned to spreadsheets to help them perform data analysis.
    Business users have adopted spreadsheets for many applications
    due to their wide availability; however, these general
    productivity tools were not specifically designed to facilitate
    interactivity, aggregation or analysis of data for decision
    making.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Trends
    Driving Adoption of Business Intelligence and Data Analytics
    Solutions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The use and importance of business intelligence and data
    analytics software within organizations of all sizes has
    increased significantly for several reasons, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Exponential Growth in Data Available for
    Analysis.</I></B>&#160;&#160;Over the last two decades,
    organizations have made significant investments in automating
    business processes with software applications that generate
    substantial amounts of data which must be manipulated, analyzed
    and made accessible to be useful to decision makers. However,
    this data is often stored in different formats making it
    challenging to efficiently analyze the data and gain insight
    from it without using powerful data analytics solutions. A 2009
    report by IDC indicated that enterprise data volume has grown at
    a 52% compounded annual growth rate since 2005.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Disparate Data Sources.</I></B>&#160;&#160;In today&#146;s
    highly competitive marketplace, companies are expanding
    operations through geographic diversification, acquisitions and
    partnerships. The frequency of these strategic activities can
    result in a complex web of infrastructure and software systems
    within an organization. In addition, companies are more closely
    integrating their systems with those of their customers,
    partners and suppliers and adopting new software applications to
    improve business efficiency. As a result, large amounts of data
    are stored in various repositories across an extended network
    creating significant data aggregation challenges. Organizations
    often deploy a number of tools, including sophisticated data
    integration software, purpose-built data warehouses and business
    intelligence systems, to efficiently and reliably aggregate,
    synchronize and analyze this disparate business data.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Decentralized Decision-Making.</I></B>&#160;&#160;We
    believe that many organizations are shifting towards
    decentralized decision-making in order to more efficiently
    respond to changing industry trends and competitive threats.
    This shift has created the need for data analysis tools that
    support employees at all levels of the organization as they
    assume more responsibility for making critical business
    decisions. Additionally, we believe that increases in the power
    and performance of mobile networks and devices will drive demand
    for mobile access to business data. The widespread use of simple
    yet robust personal software applications has driven demand from
    business users for intuitive analytical tools to make faster and
    better decisions.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Traditional
    Software Tools are Inadequate</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although there has been increasing adoption of business
    intelligence and data analytics tools, we believe that most of
    these traditional tools are inadequate to meet the needs of
    users and face the following limitations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Analysis Tools Not Designed for Business
    Users.</I></B>&#160;&#160;Most traditional business intelligence
    tools were developed specifically for data analysts and other
    quantitative professionals. These systems require sophisticated
    programming skills to construct or modify predefined, inflexible
    data sets, known as &#147;data cubes.&#148; These tools are used
    to produce static reports which the business user cannot easily
    modify or explore in an interactive manner. A typical business
    user does not possess the skills or authority needed to modify
    the underlying data cube and therefore must engage their IT
    departments to reconfigure the analysis to produce the requested
    information between each decision cycle. As a result, business
    users often do not have access to critical data in a timely
    manner and may miss important insights and opportunities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Highly Inflexible Solutions are Difficult to Implement and
    Maintain.</I></B>&#160;&#160;Traditional business intelligence
    solutions require the integration of large volumes of data
    stored across an organization and its partners and the
    development of a pre-defined summarization of the data (or data
    warehouse) to support static query and reporting tools. These
    tasks can be time-consuming and complex and often require
    significant professional services support to complete. In
    addition, traditional business intelligence solutions can be
    difficult to update and require substantial investments to
    refresh the underlying data.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Substantial
    Total-Cost-of-Ownership.</I></B>&#160;&#160;Organizations incur
    significant hardware, software and professional services costs
    to deploy and maintain traditional business intelligence
    solutions. We believe the average business intelligence platform
    implementation takes approximately 18&#160;months from the time
    of initial purchase. According to a 2009 report, Gartner
    estimates that the cost of development for business intelligence
    and data warehouse applications is about three to five times the
    cost of the
    software.<SUP style="font-size: 85%; vertical-align: top">1</SUP>

    These initial and ongoing costs result in a substantial
    total-cost-of-ownership for many traditional business
    intelligence applications. Most providers of traditional
    business intelligence tools rely upon professional services
    revenue for a large portion of their total revenue, and thus
    have little incentive to migrate to a more customer friendly
    license-based model or to solutions that are simple to install
    and easy-to-use.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Spreadsheets Not Suited for Data Analysis and Lack
    Reliability.</I></B>&#160;&#160;Spreadsheets have been widely
    adopted by business users for data analysis because they are
    readily available. However, spreadsheets are general purpose
    business productivity tools designed for data input and
    calculation. The performance of spreadsheets declines when
    analyzing large data sets or performing real-time, dynamic
    calculations. Spreadsheets are often shared and edited by
    numerous parties, resulting in multiple versions of similar
    material. This lack of version control causes inconsistencies in
    analysis, an inability to audit workflows and significant data
    reliability challenges. Furthermore, spreadsheets lack
    sophisticated data security features and can cause a number of
    data security challenges given they can be easily shared via
    email or detachable storage drives.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Opportunity for the QlikView Solution</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView addresses a broader market opportunity than solely
    traditional users of business intelligence. According to a 2009
    IDC report, the business intelligence market is projected to
    grow to $8.6&#160;billion in 2010. We believe that published
    market size estimates exclude the vast majority of business
    users, as most of these professionals do not use traditional
    business intelligence solutions due to their cost and
    complexity. According to a 2009 Gartner report, 28% of total
    potential users within organizations use business intelligence
    software.<SUP style="font-size: 85%; vertical-align: top">1</SUP>

    We believe that these potential users instead have adopted
    common office productivity software tools for data analysis
    tasks and that these users could benefit from a business
    intelligence tool with QlikView&#146;s capabilities and
    accessibility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market for our software platform extends beyond large
    enterprises which have historically been the most frequent
    adopters of traditional business intelligence tools. The
    substantial cost and complexity of these traditional tools have
    limited adoption by small businesses and medium-sized
    enterprises. These potential users and customer segments
    represent a large, underpenetrated market opportunity that we
    believe will increasingly deploy powerful, enterprise-class
    software platforms if they are lower cost and easy to use. Based
    on our analysis of 2006 United
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    States Census Bureau data, there are approximately 18,000 large
    and medium-sized enterprises (organizations with over
    500&#160;employees) and approximately 7.2&#160;million small
    businesses (organizations with ten to 500&#160;employees) in the
    United States. We believe that a significant number of these
    organizations are potential users of QlikView. In addition to
    the business intelligence market, we also believe QlikView can
    be used to satisfy business users&#146; needs in adjacent
    markets, such as search and discovery software, which according
    to a 2009 IDC report is projected to grow to $2.4&#160;billion
    in 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Solution</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView is an innovative business intelligence solution that
    combines enterprise-class analytics with the simplicity and
    ease-of-use found in office productivity software tools. We
    designed QlikView to enable business users in organizations of
    all sizes to make faster and better decisions. A 2009 IDC study
    found that QlikView users achieved an average of 186% return on
    investment, or ROI, on their QlikView projects as well as a 23%
    increase in cash flow, 20% decrease in operating costs and 34%
    increase in productivity. The key differentiators of our
    solution include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <B><I>Intuitive Experience Drives Broad
    Adoption.</I></B>&#160;&#160;QlikView empowers business users
    with sophisticated analytic capabilities delivered through an
    easy-to-use, intuitive user interface. Unlike traditional
    business intelligence tools, which typically require advanced
    programming by IT professionals to create static data reports,
    QlikView allows the business user to search associatively and
    define visual charts through simple
    <FONT style="white-space: nowrap">point-and-click</FONT>
    technology. Our user interface extends the power of data
    analytics to the business user and drives QlikView usage and
    adoption.
</DIV>

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    <B><I>Faster Decision Cycles Increase Business
    Agility.</I></B>&#160;&#160;QlikView provides customers with the
    tools to make faster, better decisions that help improve
    business performance. According to a 2009 IDC survey, 44% of our
    customers deploy QlikView in less than one month and 77% of our
    customers deploy QlikView in less than three months. Our
    customers have indicated to us that their prior implementation
    of traditional business intelligence tools often take up to
    18&#160;months. Our deployment time significantly shortens
    <FONT style="white-space: nowrap">time-to-value</FONT>
    for our customers. In addition, after the initial installation
    the customer&#146;s analysis can be rapidly updated as
    underlying data evolves and analytic requirements change.
    Furthermore, QlikView&#146;s in-memory associative search
    technology makes calculations in real time enabling business
    users to intuitively interrogate and analyze data, which reduces
    decision cycles.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Lower Total-Cost-of-Ownership Yields Higher
    ROI.</I></B>&#160;&#160;QlikView has approximately 47% of the
    total cost of ownership of a &#147;generic&#148; business
    intelligence project, according to a 2009 IDC
    report.<SUP style="font-size: 85%; vertical-align: top">2</SUP>

    These savings are driven by reduced expenditures across
    hardware, software and services from implementation through
    ongoing maintenance and support. Traditional business
    intelligence tools are typically comprised of a number of
    disparate software components. QlikView is a single, cohesive
    product that facilitates many types of analysis, whether
    dashboards, analytic applications or reports, in a single user
    interface with a common look and feel. QlikView can be
    implemented in a self-service manner and runs independently with
    limited IT support and without extensive infrastructure. As a
    result, QlikView customers have reported, according to a 2009
    IDC report, spending 39% of the professional services costs
    required for traditional business intelligence solutions.
</DIV>

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    <B><I>Highly Scalable In-Memory Architecture Leverages Hardware
    Advances.</I></B>&#160;&#160;QlikView&#146;s in-memory
    associative technology benefits from two important computer
    hardware trends: 64-bit computing, which increases the amount of
    memory available on computers, and multi-core central processing
    units, or CPUs, which allow for parallel processing of complex
    calculations. Because of these capabilities, QlikView is able to
    store data in memory and perform real-time calculations on a
    massive volume of data from disparate sources. It is our
    expectation that the amount of available memory and number of
    CPU cores and processing speed will continue to increase in the
    future. These expected improvements will drive QlikView&#146;s
    future performance with minimal incremental investment because
    we perform calculations in memory and on multiple cores in
    parallel. Our platform integrates with nearly all data sources
    and can scale from a single user to enterprise deployments
    without requiring significant additional infrastructure.
</DIV>

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    <B><I>Open Platform Focus.</I></B>&#160;&#160;QlikView is
    designed to be the easiest and fastest business intelligence
    platform on which business users can develop analytic
    applications. We provide a powerful, easy-to-use business
    intelligence
</DIV>
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    platform that does not include any purpose-specific applications
    when installed
    <FONT style="white-space: nowrap">out-of-the-box.</FONT>
    We believe that each of our customers&#146; business challenges
    are highly unique and change rapidly. Therefore, our customers
    are best positioned to create analytical applications that meet
    their individual needs, and they require a flexible platform
    that empowers them to address their challenges. Additionally, we
    license our platform to partners, such as independent software
    vendors and systems integrators, to create a wide variety of
    applications. We have aligned with partners who have domain
    specific knowledge and who will use such knowledge to build and
    support purpose-specific analytic applications that they can
    license directly to a user.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Business Model</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To complement QlikView, we have developed a differentiated
    business model that has the following attributes:
</DIV>

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    <B><I>Broad User Focus.</I></B>&#160;&#160;We seek to market and
    sell directly to the business user by providing an intuitive
    software platform that can be installed and used with minimal
    training. We believe that the ease by which business users can
    evaluate and benefit from our platform substantially expands our
    addressable market by allowing us to target a wide range of
    users, generate incremental business from existing customers and
    expand our footprint within their organizations. Unlike most
    existing business intelligence tools, QlikView is purpose-built
    for business users and does not require substantial IT support
    to install, integrate and maintain.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Low Risk Rapid Product Adoption.</I></B>&#160;&#160;To
    facilitate adoption of our platform, we offer a downloadable,
    <FONT style="white-space: nowrap">easy-to-install,</FONT>
    full-featured version of QlikView for individual use
    <FONT style="white-space: nowrap">free-of-charge.</FONT>
    We allow our customers to purchase licenses in the way that best
    meets their needs, including on an individual, workgroup,
    departmental or enterprise wide basis. This provides the
    flexibility organizations desire when evaluating software
    purchases. When a customer decides to make a purchase, we offer
    a <FONT style="white-space: nowrap">30-day,</FONT>
    money-back guarantee to further encourage rapid adoption of
    QlikView. These measures significantly reduce customer trial
    risk and provide a needed alternative to costly,
    <FONT style="white-space: nowrap">all-or-nothing,</FONT>
    enterprise-wide deployment requirements.
</DIV>

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    <B><I>&#147;Land and Expand&#148; Customer
    Penetration.</I></B>&#160;&#160;We seek to initially
    &#147;land&#148; within the organization of a new customer by
    solving a business need of specific business users or
    departments. After demonstrating the value of our solution to
    those initial adopters, we work to &#147;expand&#148; the use of
    our solution across the organization by targeting other business
    units, geographies and use cases. Our customer penetration
    strategy is focused on creating a loyal user base that promotes
    adoption through tangible results and powerful,
    <FONT style="white-space: nowrap">word-of-mouth</FONT>
    marketing which facilitate incremental sales.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Globally Diversified Distribution
    Model.</I></B>&#160;&#160;We seek to maximize the reach of the
    QlikView platform by employing a multi-pronged sales approach
    that leverages a direct sales force and partner network which
    includes resellers, OEM relationships and systems integrators.
    We typically enter new markets through partnerships and reseller
    agreements to minimize cost and risk while we assess demand in
    the new market. For example, we successfully grew our initial
    sales in France and the United Kingdom without maintaining a
    local direct sales office and plan to use this strategy to
    target additional international regions. We currently have
    distribution capabilities in over 100 countries and a network of
    over 1,100 channel partners worldwide to help generate demand
    for QlikView.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Community-Based Marketing and
    Support.</I></B>&#160;&#160;We have established QlikCommunity,
    our user community, to augment our development, marketing and
    support efforts. This community of over 21,000 registered users
    as of December&#160;31, 2009 promotes the use of our software
    within their organizations as well as to other organizations. We
    utilize the QlikCommunity extensively to provide low-cost user
    and developer support and valuable insights used by our research
    and development team for product development. This passionate,
    user-driven culture and collaboration begins within our company
    and extends out to broader communities within our
    customers&#146; organizations, further driving the QlikView
    brand and quality.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Growth
    Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to make QlikView the primary platform on which
    business users, in companies of all sizes, make critical
    business decisions. The key elements of our growth strategy
    include:
</DIV>

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    <B><I>Increase Our Global Market
    Penetration.</I></B>&#160;&#160;We intend to expand our presence
    in targeted geographies by growing our direct sales force and
    global partner network. We began our operations in Sweden, have
    established a
</DIV>
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    substantial foothold in Western Europe and continue to expand
    globally. We intend to increase our presence in North America by
    expanding our direct sales force and growing our indirect
    channel in the region. We also seek to enter new international
    markets by establishing distribution partnerships to drive
    sales. We are leveraging our prior experience in Europe with
    distribution partners and master resellers to further penetrate
    international regions, such as United States, Japan, Australia,
    China, Russia and Brazil.
</DIV>

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    <B><I>Further Penetrate Our Existing Customer
    Base.</I></B>&#160;&#160;We intend to increase penetration of
    existing customers by capitalizing on current users&#146;
    satisfaction to promote QlikView to other users and departments
    within their organizations. Of our 13,000 customers as of
    December&#160;31, 2009, approximately 37% have been working with
    the QlikView platform for less than 12&#160;months. We believe a
    substantial opportunity exists to increase our sales to these
    customers. Historically, we have migrated new customers from
    single project and departmental deployments to multi-department
    deployments by building on the satisfaction and benefits that
    our customers experience using our platform.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Extend Our Software Platform to Provide New Business
    Solutions.</I></B>&#160;&#160;We plan to enhance our current
    platform by adding new functionality that extends our analytics,
    visualization and search capabilities to broader use cases.
    Today, business intelligence is primarily used to solve
    internally focused decision-making by data analysts and other
    quantitative professionals. We believe that due to our unique
    capabilities, QlikView can be extended to adjacent areas where
    data-driven decisions are critical, including website
    navigation, content search and information management, external
    data communication, product configuration and
    <FONT style="white-space: nowrap">e-commerce</FONT>
    applications. Over time, we believe a variety of data-intensive
    functions within organizations could be enhanced and made more
    efficient by utilizing QlikView.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Expand Our OEM Alliances and Strategic
    Relationships.</I></B>&#160;&#160;We believe we have a
    significant opportunity to expand the use of QlikView through
    our OEM relationships, which accounted for approximately 7% of
    our sales in 2009, as well as through other distribution
    relationships. We have an ongoing effort to increase our number
    of OEM alliances with other independent software vendors that
    license our technology to embed within and enhance their
    solutions. In addition, we seek to expand our strategic reseller
    agreements and relationships with systems integrators and
    consultants and to use this channel to generate additional
    inbound customer prospects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Enhance Adoption of QlikView by Offering a Robust Mobile
    Solution.</I></B>&#160;&#160;We intend to offer a variety of
    delivery options that enable our customers to use our software
    from any location over any device. In May 2009, we began
    offering QlikView for the Apple iPhone, and we now also offer a
    mobile client on the Android, BlackBerry and Symbian-based smart
    phones. QlikView is one of the first business intelligence
    platforms to make use of the mobile devices&#146; native touch
    interface and GPS features to deliver an interactive business
    intelligence experience on a mobile device. We believe the
    interactive capabilities of QlikView mobile client will help
    establish us as a market leader in the emerging mobile business
    intelligence space and enhance adoption of QlikView on the
    desktop as additional users experience the capabilities and
    benefits of our solution.
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    <B><FONT style="font-family: 'Times New Roman', Times">Products</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our QlikView product is designed to allow deployments to scale
    from the single user to thousands of users. The following
    diagram shows the deployment progression for QlikView:
</DIV>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b80142b8014202.gif" alt="(DIAGRAM)">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Single
    User Deployment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView Local Client is designed to provide business users with
    a simple and efficient way to build analytic applications to
    solve critical business challenges. QlikView Local Client is a
    Windows application that is installed on the user&#146;s
    computer. QlikView Local Client allows the user to load
    disparate data sources such as databases, flat files or web
    services into memory. Users can create a full array of user
    interface objects such as charts, graphs, tables and listboxes
    and analyze and visualize the data that is stored in memory. In
    addition, any user interface elements can be grouped together
    into a static report suitable for printing or emailing. These
    analytic applications are valuable on a standalone basis but
    gain their real value when shared with others in the
    organization.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We offer QlikView Local Client as a free download with full
    capabilities to develop analyses, but with the restriction that
    users can only use analyses they have built themselves. This is
    referred to as a Personal Use License and allows users to
    connect to any underlying data source, load data, build user
    interfaces and conduct interactive analyses of their data. The
    Personal Use License limits the use of the QlikView files to the
    person who created it. To share the analysis with another user,
    each user must have a QlikView license, rather than a Personal
    Use License. The Personal Use License provides a way for
    individuals to learn and gain value from QlikView and also
    generates leads for our sales organization.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Small
    Workgroup Deployment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A small workgroup deployment involves the use of multiple
    QlikView Local Clients on standalone client machines without a
    central server. In order to share QlikView data and analysis
    created by others in the workgroup, each user must have an
    individual license. Because all data and analysis is contained
    within a QlikView file, each licensed user may share, whether by
    email, on a portal or on a shared drive, the QlikView file. This
    deployment approach is typically favored by organizations with
    small user populations
    <FONT style="white-space: nowrap">and/or</FONT> poor
    network connectivity.
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Departmental
    and Enterprise Deployments</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Departmental and enterprise deployments utilize a server to
    provide a central repository for all QlikView analysis. The
    QlikView Server component supports authentication and security
    models to ensure appropriate user access and simultaneous access
    to analyses by large user groups. We designed QlikView Server to
    maximize the use of the processing power of standard multi-core
    servers by spreading calculations over all available CPU cores.
    The QlikView Server can be grouped across more than one physical
    server into clusters to provide fault tolerance and additional
    scale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Server based deployments scale from small user groups (less than
    25)&#160;to enterprise-wide use (tens of thousands of users). We
    offer the QlikView Server at two license levels: Small Business
    Edition and Enterprise Edition. Small Business Edition is
    limited to 25 users and is suitable only for small and midsize
    deployments. The Enterprise Edition has no user limits and
    includes capabilities designed for larger and more technically
    complex implementations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To manage large deployments of QlikView, we offer our QlikView
    Publisher component which is an administrative interface for
    maintaining QlikView analyses. QlikView Publisher allows users
    to reload data in a QlikView analysis on a periodic basis to
    ensure that the most current data is available. QlikView
    Publisher also connects to directory servers within
    organizations and applies user security rules to a QlikView
    analysis to ensure appropriate user access. Finally, QlikView
    Publisher can alert end users to changes to a QlikView file and
    facilitate distribution via email or a web based interface
    called AccessPoint. The QlikView Publisher can be deployed
    across one or more physical servers to provide the scale needed
    for large QlikView deployments. QlikView Publisher is licensed
    on a per server basis and includes a separately licensable
    option for PDF report distribution capabilities. For large
    enterprise deployments, multiple QlikView Servers and QlikView
    Publishers can be clustered to provide load balancing and fail
    over capabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Access to the QlikView Server is governed by a Client Access
    License (or CAL) licensing model. The most common QlikView
    Server license type is a Named User CAL. In addition to access
    to the QlikView Server there are separately licensable options
    for real-time data streaming capabilities and test and
    development servers. QlikView also offers separately licensable
    options for a connector to SAP and Salesforce.com.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Technology</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView&#146;s primary architectural principles are to provide
    end user simplicity and rapid deployment. In developing our
    solution, we endeavor to obscure the underlying technical
    complexity from the user while providing powerful easy-to-use
    functionality.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Superior
    End User Experience</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView is designed to mirror the fluid, associative nature of
    human thought. We believe people process information in
    non-hierarchical ways when making decisions. Faced with a
    decision, each person uses a different path to reach a
    conclusion. We designed QlikView to support this type of
    decision-making by allowing users to explore data according to
    their own thought processes, seeing updated calculations and
    relationships with each QlikView interaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We call this flexible model of interaction &#147;associative
    search.&#148; Associative search is a non-hierarchical model of
    interacting with interrelated data elements. It allows users to
    select arbitrary groups of data elements and see how these
    selections affect the remaining data elements. In QlikView, the
    user&#146;s selections are shown in green, data elements related
    to these selections are shown in white, and data elements not
    related to these selections are shown in gray. The user&#146;s
    current selections apply to all the data in QlikView and affect
    every calculated value. Thus, with every interaction users see
    the relationship between data and also the effect their
    selection has on calculations that they are tracking.
    Importantly, information is never hidden from the user. All data
    is always shown to the user, including information not related
    to the user selection. This can lead a user to see unexpected
    insights from otherwise excluded data. Finally, all user
    interactions and data calculations are performed in real time.
    Because of the rapid response time and ease of use, users can
    click frequently through data and analysis. Users take advantage
    of this speed to &#147;surf&#148; the data and identify
    relationships that they may otherwise miss in competing products.
</DIV>
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    Traditional business intelligence query tools filter data that
    is not part of the current query, hiding data from the user and
    potentially omitting valuable information which did not meet the
    initial parameters of the question. Typically the queries that
    underlie these tools take many minutes or even hours to run.
    This creates a high cost of investigation and may cause users to
    avoid running multiple queries. In addition, to improve
    performance traditional tools often require reports to be run in
    batches and thus be pre-defined ahead of time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fast
    Deployment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView&#146;s architecture reduces the cycle time between data
    collection and deployment of analysis to the end user to a few
    weeks and sometimes to as little as a few days. By moving all
    data in-memory, QlikView does not require the use of data
    warehouses for high performance analyses which shortens the time
    to access data. QlikView does not require disk-based cubes since
    it performs all calculations in real time as the user explores a
    data set. This approach allows the user to interactively analyze
    a data set and easily modify the scope of an analysis. In
    addition, in many cases, end users can build the required
    analyses themselves. The QlikView architecture facilitates the
    development of all types of analysis, including dashboards,
    analytic applications or reports, on a single platform with a
    common user interface. QlikView is often deployed with limited
    IT intervention enabling IT staff to focus on data integration
    and data quality challenges which is where they can be most
    valuable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Traditional business intelligence tools typically require long
    and complicated deployments for several reasons. In traditional
    deployments, large volumes of data used for decision-making must
    be moved into query-only data repositories such as data
    warehouses to accommodate the heavy query loads that traditional
    tools make on operational systems. Traditional tools store
    analyses on disk in pre-calculated cubes to improve perceived
    metric calculation performance. These disk-based cubes are
    difficult and time-consuming to build and maintain and require
    the scope of analysis to be decided ahead of time. Thus, typical
    deployments of traditional business intelligence tools require
    an extended requirements gathering phase during which IT staff
    work with business users in an attempt to document and lock-down
    the scope of analysis in advance. Traditional business
    intelligence tools have many end user tools for viewing
    analyses. Once the data is organized, there is a long process of
    selecting and deploying the appropriate end user tool. Finally,
    due to product complexity, traditional tools must be managed and
    governed by resource constrained IT departments, rather than by
    business users. Most traditional deployments require over a year
    to implement fully, with changes to the scope of a project
    extending the time to value.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Technology
    Foundations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Associative search has two key technological foundations: all
    data is held in computer memory (RAM), and all calculations are
    performed in real time. Two important computing trends have
    supported these architectural decisions. The first trend is the
    shift from 32-bit computing to 64-bit computing, which has
    exponentially raised the amount of available RAM per computer.
    It is currently possible to purchase servers with as much as 512
    gigabytes of RAM, whereas as recently as 2005, most servers had
    four gigabytes of RAM. This increase in available memory has
    made it practical to move data storage from disk directly into
    RAM. The second trend is the increasing pervasiveness of
    multi-core CPUs. In 2005, most servers had single-core CPUs.
    Today, commonly available servers can have as many as 48 cores
    across eight CPUs. For applications that have been designed to
    run calculations in parallel, this shift has provided a large
    increase in processing power. These high capacity servers are
    readily available for purchase, even online via credit card, for
    less than $50,000. Even quite recently this level of computing
    power would require a custom built machine costing hundreds of
    thousands or even millions of dollars.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView&#146;s in-memory architecture allows it to manipulate
    large amounts of data, while giving users a high level of
    interactivity. QlikView compresses data as it is brought into
    memory, and this enables it to store data in-memory more
    efficiently than it would be stored on disk in a traditional
    relational database. As data is brought into memory, QlikView
    also maps the linkages between data elements to help facilitate
    visualization of data element associations. In more recent
    versions of QlikView, data can be streamed directly into memory
    from source applications, providing a mechanism for updating the
    data in-memory without reloading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikView&#146;s ability to perform real-time calculations allows
    it to handle the calculation of complex measures and metrics
    quickly. QlikView is designed to spread the calculation load
    across all available CPU cores and to
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    63
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    manage this workload across many concurrent users. In addition,
    our platform can cache results across users so that the most
    commonly used calculations are performed the least number of
    times.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QlikCommunity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a loyal base of users on our online community website,
    QlikCommunity which is comprised of over 21,000 registered users
    as of December&#160;31, 2009. Our QlikCommunity website was
    relaunched in May 2009, and during the fourth quarter of 2009 we
    averaged approximately 100 new user registrations each day.
    QlikCommunity provides our registered users with a low-cost,
    user-friendly product support resource, which includes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    discussion forums to share their QlikView experiences and to
    find answers to questions about the product and its features
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    user groups based on location, industry and job function
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    blogs written by our employees
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    user-generated content, including best practices, how-to&#146;s,
    documentation and other material
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, QlikCommunity provides us with a loyal network of
    practitioners who promote the usage of our software and provide
    support to users trying to solve technical problems.
    QlikCommunity also serves as a valuable feedback loop through
    which our product development team gains insights about new
    features and functionalities that help guide our future product
    development. QlikCommunity users also provide us with their
    contact information when they register as a member, and we
    effectively target these users as a pool of self-selecting,
    low-cost, qualified sales leads.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Research
    and Development</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our research and development (or R&#038;D) organization is
    responsible for the design, development, testing and support of
    our software. Our current research and development efforts are
    focused on new releases of existing products as well as new
    products and modules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we had 54&#160;people in our
    R&#038;D organization. Our entire R&#038;D organization is
    located in Lund, Sweden on two connected floors in the Ideon
    Science Park. The core members of our R&#038;D team have been
    with our company since as early as 1996. We believe that the
    close physical proximity and the tenure of our core development
    organization provide us with a competitive advantage. We use an
    agile philosophy in our development process which encourages
    broad participation in design and testing and rapid prototyping.
    Our development, testing and quality assurance processes use
    automated testing extensively and are designed in alignment with
    Capability Maturity Model Integration (CMMI), an industry
    R&#038;D process improvement approach.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We aim to release major feature releases of QlikView every 12 to
    18&#160;months, with service releases every two to four months
    between major releases. Some new product capabilities such as
    mobile technologies and data connectors that can be developed
    independently are released more frequently.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We work closely with our customers in developing our products
    and have designed a flexible product development process that is
    responsive to customer feedback that we receive throughout the
    process. Planning for each major release begins with a
    requirements gathering meeting called a Reference Group which
    gathers input from our customer-facing implementation
    consultants in each of our markets. As the product is developed,
    specific customers and partners are identified to provide
    detailed feedback on product design. Then, a broad set of
    customers and partners are involved in beta testing major
    releases of QlikView, which typically occurs for several months
    prior to general availability. In addition to local
    requirements, we gather all direct customer input from
    QlikCommunity, our community website. From the Reference Group
    we consolidate and prioritize all customer requirements. These
    requirements form the input for the Design Group which comprises
    core members from R&#038;D and our Product Marketing team. The
    Design Group segments requirements into the product release
    cycle and assesses the technical feasibility of all requests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within our operations, we are extensive users of our own
    product. We install, upgrade and use our product internally in a
    pre-release and beta state before allowing it to be made
    generally available. Consequently, this
</DIV>
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    process allows us to identify and resolve many deployment issues
    prior to making the product available to customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Innovation is a critical factor in the success of QlikView, and
    identifying and incubating innovation is built into our R&#038;D
    process. We have recently added a QlikView Labs department to
    consolidate and manage innovative uses of QlikView and new core
    technologies. We invest time and money in identifying and
    nurturing new product concepts with the intention of
    incorporating successful ideas into the product as new product
    modules or as entirely new products.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Marketing
    and Sales</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We market and sell our products and services through our direct
    sales force and an indirect sales channel comprised of a global
    partner network. Our direct sales force consists of professional
    sales people who typically have several years of experience
    selling enterprise software. Our global partner network brings
    key technological and industry expertise that we utilize to help
    us reach customer organizations around the world. These indirect
    sales channels often aid us in shortening the sales cycles we
    typically face with prospective customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our global partner network includes master resellers, elite
    resellers and resellers. These partners are authorized to sell
    licenses and to implement and provide first line support for our
    products. A master reseller is generally appointed to extend
    geographic sales into a territory where we have no direct sales
    presence. Designation of elite reseller versus reseller is
    driven by the amount of sales volume that they derive from the
    sale of our product. Additionally we work with system
    integrators and other technological consulting firms who provide
    complementary skills and expertise in a certain industry or
    region.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our global partner network also includes OEM partners who use
    QlikView technology as a bundled or add-on feature in their
    products and services. Typically OEM partners include software
    companies, SaaS vendors and information providers. More broadly,
    this category applies to any organization seeking to leverage
    QlikView to power the analytics in an existing or new product or
    in a service offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We support our global partner network through a program that
    provides a structured framework to effectively recruit, enable
    and support partners who sell and deliver complementary QlikView
    solutions. Our team provides a complete lifecycle of support to
    partners, based on three fundamental principles:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enable partners through technical support, education, training
    and certification
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    market with and for partners through branding, awareness,
    customer marketing and lead generation programs
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sell QlikView and &#147;Powered by QlikView&#148; products with
    effective sales tools and sales support
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, our global partner network was
    comprised of more than 1,100 partners in over 100 countries. No
    individual partner represented more than 3% of our revenues in
    the fiscal years ended December&#160;31, 2007, 2008 or 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We focus our marketing efforts on increasing brand awareness,
    communicating product advantages and generating qualified leads
    for our sales force and channel partners. We rely on a variety
    of marketing vehicles, including trade shows, advertising,
    public relations, industry research, our website and
    collaborative relationships with technology vendors. In
    addition, we work closely with a number of our global partners
    on co-marketing and lead-generation activities in an effort to
    broaden our marketing reach.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Maintenance
    and Services</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Maintenance and Support.</I></B>&#160;&#160;Our customers
    generally receive one year of software maintenance and support
    as part of their initial purchase of our products and have the
    option annually to renew their maintenance agreements. These
    annual maintenance agreements provide customers the right to
    receive unspecified software updates, maintenance releases and
    patches, and unlimited access to our support services. We engage
    third parties to provide first-line support for our product. We
    work closely with these third parties to help ensure that they
    have the necessary skills and product knowledge to assist our
    customers with installation, maintenance and other
</DIV>
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    requirements. Our internal support personnel are based in our
    offices in Lund, Sweden; Raleigh, North Carolina; Dusseldorf,
    Germany; and Sydney, Australia; and they work with our third
    party partners to handle support issues that may arise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Services.</I></B>&#160;&#160;Our revenue model is license
    driven with minimal professional services required to install
    and configure our software. We believe that this enables our
    customers to achieve rapid
    <FONT style="white-space: nowrap">time-to-value.</FONT>
    While the vast majority of implementation projects are conducted
    by our partners, we have also established an expert services
    department to support customers and partners with more in-depth
    technical know-how and best practices about our product
    including implementation, scripting, user interface design,
    application development and security management. Training is
    given either in-person or online. Typically, in-person training
    courses are billed on a per person, per class basis. We have
    both standard packages as well as customized trainings. We also
    utilize and promote QlikCommunity as a supplement support
    resource for our customers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Customers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we had approximately 13,000
    customers in over 100&#160;countries. We provide products and
    services to midmarket organizations, as well as large corporate,
    government, healthcare and education accounts. We do not believe
    our business is substantially dependent on any particular
    customer as no customer represented more than 2% of our revenue
    in 2007, 2008 or 2009. Our target markets are not confined to
    certain industries and geographies as we are focused on
    providing a solution that meets the needs of end users
    generally. Our customers represent numerous industry verticals,
    including consumer packaged goods, financial services,
    pharmaceuticals, retail, manufacturing, technology and
    healthcare.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Case
    Studies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Customer Case Studies.</I>&#160;&#160;The following case
    studies illustrate how our customers use and benefit from our
    products, and reflect certain characteristics of our solution,
    business model and growth strategy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Enterprise
    Case
    Studies</FONT></I><FONT style="font-family: 'Times New Roman', Times">:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Heidelberger</I></B>, a European industrial manufacturer,
    lacked the flexibility for new reporting demands and ad hoc
    analysis and needed a platform to leverage SAP Business
    Information Warehouse data. Following an initial deployment,
    they now use QlikView for more than 75 applications across
    sales, finance and IT. By using QlikView they were able to
    reduce development cycles for new business intelligence
    applications by 80% and achieved full return on investment in
    just four months with the rate of return calculated at 263%.
    QlikView has enabled Heidelberger to improve monitoring of IT
    reporting of server and hardware infrastructure equipment with
    activity, costs, utilization and versioning and the management
    of internal support to meet service levels to each business
    unit. Key to their overall strategy, QlikView delivered
    integration across multiple data sources allowing for a more
    decentralized business intelligence approach.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>ING Lease UK</I></B>, a division of the ING Group, is an
    intermediary-led asset finance business. After acquiring three
    businesses ING Lease sought to get a consolidated view of its
    business by assembling information from the disparate underlying
    data sources. Deploying QlikView across the enterprise, they
    were able to provide transparency and understand profit and loss
    drivers across more than 100 dimensions, including customer,
    product, channel, asset, deal size and risk profile. ING saw a
    rapid return on its investment and empowered personnel to manage
    the business with immediate access to answers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>National Health Service (NHS), </I></B>England&#146;s
    public-funded healthcare system, needed to compile financial
    data from a range of applications throughout the various Trust
    sponsor bodies of the North West NHS Collaborative Procurement
    Hub (or NWCPH). This would be used to identify areas across the
    NHS network to reduce contract spend as part of a supply chain
    excellence program. They deployed QlikView to hundreds of users
    with a focus on benefits reporting, cost analysis, supplier and
    purchaser analysis, benchmarking analysis and category
    management analysis. The rapid deployment was complete in less
    than 12&#160;weeks, ahead of schedule and on budget. QlikView
    improved performance by delivering insights into data and by
    saving hours of management time in reporting and analysis. The
    NWCPH, which manages $2.4&#160;billion in spend, garnered
    $66&#160;million in procurement cost savings over two years.
</DIV>
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Mid-Market
    Case
    Studies</FONT></I><FONT style="font-family: 'Times New Roman', Times">:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Colonial Life</I></B>, a leading provider of voluntary
    worksite benefits in the United States, needed to improve the
    understanding of sales and customer data from enrollment systems
    and to provide timely and accurate departmental expense
    information and variance analysis. The organization also wanted
    to deliver a differentiated toolset of sales performance metrics
    in support of top-line growth targets. Colonial Life has
    provided online access to sales and customer data to more than
    7,800 sales agents, creating greater efficiency in the
    enrollment and renewal process. Its nearly 100 QlikView
    company-wide applications have been widely adopted by business
    users with minimal IT support.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Lifetime Brands</I></B>, a leading marketer of branded
    kitchenware in North America, needed to unlock data stored in
    legacy systems that they could not access with SAP. QlikView
    made it easy to access data sources from three years prior to
    their SAP implementation so they could have a full view to
    analyze trends over time for patterns and history. Reports that
    had been in progress for years were delivered within the first
    two months of the QlikView implementation. Lifetime Brands
    consolidated 100 individual reports from disparate systems into
    a single QlikView application of all sales and supply chain
    activity. Employees can now monitor and analyze inventory turns,
    purchase orders, material requirements and vendor performance
    across all divisions. Management uses QlikView to identify and
    solve problems proactively in the supply chain, from supplier
    deliveries and production schedules to warehousing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>OEM Case Studies.</I>&#160;&#160;The following case studies
    illustrate how our OEMs use and benefit from our products and
    reflect certain characteristics of our solution, business model
    and growth strategy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Kingdee Software</I></B>, a leading enterprise resource
    planning (or ERP) software company headquartered in China,
    selected QlikView to be integrated into the business
    intelligence module of its K/3 ERP standard edition system. As
    one of the ERP software companies with the largest number of
    users in China, Kingdee will extend its offering to include
    analysis powered by QlikView and will act as another partner in
    our diversified indirect distribution channel. As one of the
    largest suppliers of ERP to small to medium enterprises Kingdee
    represents a network of 600,000 customers and 1,100 partners.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Surgical Information Systems, LLC (SIS) </I></B>provides
    specialized software solutions for the surgical process from
    pre-surgery testing through the procedure to post-surgery care
    to over 270 facilities throughout North America. SIS has been
    innovative with its
    <FONT style="white-space: nowrap">on-site</FONT> and
    mobile QlikView applications which include analysis of surgical
    scheduling, anesthesia, tissue tracking and post surgery
    antibiotic consumption outcomes. To track hospital surgical
    patient flow, they use on-time ratios and retro analysis to
    predict outcomes. Calculations by surgeon, anesthesiologist,
    patient profile and procedure can be performed to analyze how
    long each process should take based on past similar cases. In a
    simple dashboard of six easy to read gauges, clinicians tracking
    tissues and implants can see the state of the inventory at a
    single visual glance with attributed monetary implications of
    expiration in this highly regulated function. With the QlikView
    iPhone application anesthesiologists, for example, take their
    dashboard view to a patient&#146;s bedside in the palm of their
    hands.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Intellectual
    Property</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our intellectual property is an essential element of our
    business. We rely on a combination of copyright, trademark,
    trade dress and trade secret laws, as well as confidentiality
    procedures and contractual restrictions, to establish and
    protect our proprietary rights both domestically and abroad.
    These laws, procedures and restrictions provide only limited
    protection. We currently have five patents and have a pending
    application for a sixth patent. Any future patents issued to us
    may be challenged, invalidated or circumvented. Any patents that
    may issue in the future with respect to pending or future patent
    applications may not provide sufficiently broad protection or
    may not prove to be enforceable in actions against alleged
    infringers. We endeavor to enter into agreements with our
    employees and contractors and with parties with whom we do
    business in order to limit access to and disclosure of our
    proprietary information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot be certain that the steps we have taken will prevent
    unauthorized use or reverse engineering of our technology.
    Moreover, others may independently develop technologies that are
    competitive with ours or that infringe our intellectual
    property. The enforcement of our intellectual property rights
    also depends on any legal
</DIV>
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    actions against these infringers being successful, but these
    actions may not be successful, even when our rights have been
    infringed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, effective patent, trademark, trade dress, copyright
    and trade secret protection may not be available in every
    country in which our products are offered. In addition, the
    legal standards relating to the validity, enforceability and
    scope of protection of intellectual property rights are
    uncertain and still evolving.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time, we may encounter disputes over rights and
    obligations concerning intellectual property. Although we
    believe that our product offerings do not infringe the
    intellectual property rights of any third party, we cannot be
    certain that we will prevail in any intellectual property
    dispute. If we do not prevail in these disputes, we may lose
    some or all of our intellectual property protection, be enjoined
    from further sales of products determined to infringe the rights
    of others
    <FONT style="white-space: nowrap">and/or</FONT> be
    forced to pay substantial royalties to a third party, any of
    which could harm our business, financial condition and results
    of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Competition</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our technology platform and differentiated business model help
    us to compete in the highly competitive business intelligence
    market. We face competition from many companies that are
    offering, or may soon offer, products that compete with our
    products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To date, we have primarily faced competitors in several broad
    categories, including business intelligence software, analytical
    processes, query tools, web-based reporting tools and report
    delivery technology. Independent competitors that are primarily
    focused on business intelligence products include, among others,
    MicroStrategy and the SAS Institute. We also compete with large
    software corporations, including suppliers of enterprise
    resource planning software, that provide one or more
    capabilities competitive with our products, such as IBM,
    Microsoft, Oracle and SAP AG. We believe we generally compete
    favorably with respect to these competitors; however, some of
    our competitors and potential competitors have advantages over
    us, such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    longer operating historicals
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    significantly greater financial, technical, marketing or other
    resources
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stronger brand and business user recognition
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    broader global distribution and presence
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Current and future competitors may also have greater resources
    to make strategic acquisitions. For example, Oracle acquired
    Hyperion Solutions in April 2007, IBM acquired Cognos in January
    2008 and SAP acquired Business Objects in January 2008. By doing
    so, these competitors may increase their ability to meet the
    needs of our potential customers. Our current or prospective
    indirect channel partners may establish cooperative
    relationships with our current or future competitors. These
    relationships may limit our ability to sell our products through
    specific distribution channels. Accordingly, new competitors or
    alliances among current and future competitors may emerge and
    rapidly gain significant market share. These developments could
    limit our ability to obtain revenues from new customers and to
    maintain technical support revenues from our installed customer
    base.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See the section of this prospectus entitled &#147;Risk
    Factors&#148; for further discussion regarding our competition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Culture
    and Employees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a global company with 574&#160;employees as of
    December&#160;31, 2009, of which 148 were employed in the United
    States and 426 were employed outside the United States, having a
    strong company culture and set of values is critical to our
    success. Our corporate culture provides us with a competitive
    advantage by supporting our ability to keep our market offering
    consistent despite a globally diverse employee base.  To
    communicate and reinforce our culture, we have a set of
    corporate values which provide a framework for guiding employees
    in implementation of our business model without direct
    managerial control. Our values are:
</DIV>

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    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
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<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    challenge the conventional
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be thorough but keep it simple
</TD>
</TR>

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    open and straightforward communication
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    take responsibility
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    teamwork yields the best results
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our values are taught and reinforced from the moment new
    employees join our company. Shortly after being hired, all
    employees attend QlikAcademy, a week-long training session in
    Lund, Sweden, to learn about our product, our sales model and
    our cultural values. Our values form the fabric of our work
    ethic, and we believe that they enable us to quickly recruit and
    properly manage our highly talented employees. Our culture
    encourages the iteration of ideas to address complex technical
    challenges. In addition, we embrace individual thinking and
    creativity.  Despite our growth, we constantly seek to maintain
    a small-company feel that promotes interaction and the exchange
    of ideas among employees. We try to minimize company hierarchy
    to facilitate meaningful communication among employees at all
    levels and across all departments. This openness extends to our
    partners and customers as well allowing us to establish strong
    relationships that contribute to our growth.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Every year since 2000 we have hosted an annual QlikTech summit
    where we bring together all our employees in one location to
    build cross-border relationships and to facilitate
    communications. During the summit we update employees on our
    progress, provide training around new initiatives, host
    presentations by industry speakers and key customers and allow
    open interaction between employees from around the world. Our
    summit is a critical mechanism for promoting consistent and
    efficient execution of the year&#146;s strategic plan. Having
    the summit at a single time and in a single location provides
    our globally distributed organization with an opportunity to
    share ideas and best practices. We believe that the summit is
    one of the key elements in maintaining a strong company culture
    among our employees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We consider our current relationship with our employees to be
    good. We are not a party to a collective bargaining agreement
    with any of our employees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Facilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We currently lease approximately 17,330&#160;square feet of
    space for our corporate headquarters in Radnor, Pennsylvania
    under a lease agreement that expires on September&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with our sales efforts, we also lease office space
    in California, Illinois, Massachusetts, North Carolina and
    Texas. In addition, we lease space for our foreign subsidiaries
    in Australia, Austria, Belgium, Denmark, Finland, France,
    Germany, India, Italy, Japan, the Netherlands, Portugal,
    Singapore, Spain, Sweden, Switzerland and the United Kingdom for
    their operations, including local administrative, sales, support
    and development personnel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe our current facilities and planned expansion
    facilities will be adequate for the foreseeable future; however,
    we will continue to seek additional space as needed to satisfy
    our growth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Proceedings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time, we may become involved in legal proceedings
    in the ordinary course of our business. We are not presently a
    party to any legal proceedings that, if determined adversely to
    us, would individually or in the aggregate have a material
    adverse effect on our business, operating results, financial
    condition or cash flows.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    69
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Executive
    Officers and Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information concerning our
    executive officers and directors as of December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Age</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Position</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Lars Bj&#246;rk
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    47
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President, Chief Executive Officer and Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    William G. Sorenson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer and Secretary
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Leslie Bonney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    51
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President of Global Field Operations
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Anthony Deighton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    36
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice President, Products
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Douglas Laird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    48
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Vice President, Marketing
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Jonas Nachmanson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    46
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chief Technology Officer
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    John Gavin,
    Jr.<SUP style="font-size: 85%; vertical-align: top">(1)(4)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Bruce
    Golden<SUP style="font-size: 85%; vertical-align: top">(2)(3)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    50
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Director and Chairman
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Erel N.
    Margalit<SUP style="font-size: 85%; vertical-align: top">(2)(3)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    48
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Alexander
    Ott<SUP style="font-size: 85%; vertical-align: top">(1)(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    44
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Paul
    Wahl<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    57
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Member of audit committee.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Member of compensation committee.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Member of nominating/corporate
    governance committee.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Appointed to the board of directors
    and audit committee effective February&#160;11, 2010.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Executive
    Officers and Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Lars
    Bj&#246;rk, President, Chief Executive Officer and
    Director</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lars Bj&#246;rk has served as our President and Chief Executive
    Officer since October 2007 and as a member of our board of
    directors since October 2004. From August 2006 to October 2007,
    he served as our Chief Financial Officer and Chief Operating
    Officer. From August 2000 to August 2006, Mr.&#160;Bj&#246;rk
    served as Chief Financial Officer of QlikTech International AB.
    From January 1999 to August 2000, he served as Chief Information
    Officer of Resurs Finance. From May 1994 to January 1999,
    Mr.&#160;Bj&#246;rk served Chief Financial Officer of
    ScandStick, a manufacturer of adhesive material.
    Mr.&#160;Bj&#246;rk received an MBA from the University of Lund,
    Sweden and a Degree in Engineering from the Technical College in
    Helsingborg, Sweden.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;William
    G. Sorenson, Chief Financial Officer, Treasurer and
    Secretary</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    William G. Sorenson has served as our Chief Financial Officer,
    Treasurer and Secretary since August 2008. From January 2007 to
    April 2008, Mr.&#160;Sorenson served as Chief Operating Officer
    of Firebrand TV. From November 2005 to November 2006,
    Mr.&#160;Sorenson served as Chief Financial Officer of Savaje
    Technologies, Inc. From January 2002 to March 2005,
    Mr.&#160;Sorenson served as Chief Financial Officer of EMI Music
    Publishing. Prior to that Mr.&#160;Sorenson held executive level
    positions at Bertlesmann AG and the News Corporation Ltd.
    Mr.&#160;Sorenson received an M.A. in International Relations
    from The American University, Washington,&#160;D.C. and a B.A.
    in Foreign Languages from LeMoyne College, Syracuse, New York.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Leslie
    Bonney, Executive Vice President of Global Field
    Operations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Leslie Bonney serves as our Executive Vice President of Global
    Field Operations. From October 2007 to March 2010, Mr. Bonney
    served as our Senior Vice President Worldwide Sales. From June
    2005 to October 2007, Mr. Bonney served as our Vice President
    International Markets. From January 2004 to June 2005,
    Mr.&#160;Bonney served as Senior Vice President and General
    Manager Europe, Middle East and Africa markets of StreamServe, a
    document management company. Mr.&#160;Bonney received a B.Sc. in
    Marine Biology from James Cook University.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    70
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Anthony
    Deighton, Senior Vice President, Products</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Anthony Deighton has served as our Senior Vice President,
    Products since January 2005. He previously served as the General
    Manager of Siebel System&#146;s Employee Relationship Management
    (ERM) business unit, among a variety of other product marketing
    roles at Siebel Systems from October 1999 to January 2005. Prior
    to joining Siebel, Mr.&#160;Deighton worked as a business
    analyst at A.T. Kearney in Chicago, Illinois. Mr.&#160;Deighton
    received a B.A. in Economics from Northwestern University and an
    M.B.A. with high distinction from Harvard Business School.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Douglas
    Laird, Vice President, Marketing</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Douglas Laird has served as our Vice President, Marketing since
    November 2008. From November 2007 to November 2008,
    Mr.&#160;Laird served as Vice President of Marketing at
    SpikeSource, Inc. From August 2006 to November 2007,
    Mr.&#160;Laird served as Vice President of Marketing at
    Trapelenetworks, Inc. From April 2005 to July 2006,
    Mr.&#160;Laird served as Senior Vice President of Marketing at
    SAP America, Inc. From October 1998 to April 2005,
    Mr.&#160;Laird served as Vice President of Marketing at Siebel
    Systems, Inc. Mr.&#160;Laird received a B.S. in Business
    Administration and Marketing from the University of the Pacific.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Jonas
    Nachmanson, Chief Technology Officer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jonas Nachmanson has served as our Chief Technology Officer
    since October 2007. From September 1996 to October 2007, he
    served in various positions at our company, including Vice
    President of Research and Development, Director of Research and
    Development and Manager of Research and Development. From
    September 1988 to August 1996, Mr.&#160;Nachmanson served in
    various positions at Tetra Pak, a liquid food packager.
    Mr.&#160;Nachmanson received a Masters of Science in Electrical
    Engineering and Computer Science from the Lund Institute of
    Technology and a B.Sc. in Business Administration from Lund
    University, Sweden.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Management
    Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;<I>John
    Gavin,&#160;Jr., Director</I></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    John Gavin,&#160;Jr. has served as a member of our board of
    directors since February 2010. Mr.&#160;Gavin served as Chief
    Financial Officer of BladeLogic, Inc. from January 2007 until
    April 2008, when it was acquired by BMC Software. From April
    2004 through December 2006, Mr.&#160;Gavin was Chief Financial
    Officer of Navisite, Inc. From 2001 to 2005, Mr.&#160;Gavin was
    a member of the board of directors of Ascential Software which
    was acquired by IBM in April 2005. From February 2000 through
    December 2001, Mr.&#160;Gavin served as the Senior Vice
    President and Chief Financial Officer of Cambridge Technology
    Partners, which was acquired by Novell, Inc. Prior to 2000,
    Mr.&#160;Gavin spent twelve years at Data General Corporation
    rising to the post of Chief Financial Officer. Mr.&#160;Gavin
    also spent ten years at Price Waterhouse LLP and is a certified
    public accountant. Mr.&#160;Gavin currently serves on the board
    of directors as the chair of the audit committee of Vistaprint,
    N.V. Mr.&#160;Gavin was previously a member of the board of
    directors and the audit chairman for Ascential Software.
    Mr.&#160;Gavin also serves as a member of the board of directors
    of Consona Corporation and BroadSoft, Inc. Mr.&#160;Gavin holds
    a B.S. in accounting from Providence College.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;<I>Bruce
    Golden, Director</I></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bruce Golden has served as a member of our board of directors
    since November 2004. He is a partner at Accel Partners which he
    joined in 1997. Mr.&#160;Golden has led a number of investments
    in enterprise software and Internet-related companies while at
    Accel and currently serves as a member of the board of directors
    of Comscore, Inc. and several private companies. Mr.&#160;Golden
    holds an M.B.A. from Stanford University and a B.A. in political
    science from Columbia University.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;<I>Erel
    N. Margalit, Director</I></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Erel N. Margalit has served as a member of our board of
    directors since September 2009. Mr.&#160;Margalit has been
    Managing Partner of Jerusalem Venture Partners since August
    1997. He was a general partner of Jerusalem Pacific
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ventures from December 1993 to August 1997. From 1990 to 1993,
    Mr.&#160;Margalit was Director of Business Development of the
    City of Jerusalem. Mr.&#160;Margalit serves on the board of
    directors, which also serves as the compensation committee in
    each case, of Cogent Communications Group, Inc., Sepaton, Inc.,
    Animation Lab Ltd., Cyber-Ark Software, Inc., Double Fusion
    Inc., Magink Display Technologies Inc., CyOptics, Inc., JVP
    Media Studio, L.P., Mega Learning Ltd., PopTok Ltd. and Siano
    Mobile Silicon, Inc. Mr.&#160;Margalit holds a Ph.D in
    Philosophy from Columbia University, a Masters in Philosophy
    from Columbia University and a B.A. in Philosophy from Hebrew
    University. Mr.&#160;Margalit, in his prior capacity as a
    non-executive director of a company in Israel, is the subject,
    together with two other
    <FONT style="white-space: nowrap">non-executive</FONT>
    directors, of a proceeding in which the Israeli tax authorities
    have alleged that the company, which is unrelated to us, failed
    to pay withholding taxes, which triggers director&#146;s
    liability under the income tax law in Israel. Mr.&#160;Margalit
    and the other
    <FONT style="white-space: nowrap">non-executive</FONT>
    directors were acquitted of all liability in July 2008. The
    verdict for the
    <FONT style="white-space: nowrap">non-executive</FONT>
    directors is under an appeal by the Israeli government. The
    proceedings are classified as criminal under the income tax law
    of Israel. Mr.&#160;Margalit resigned from the board of this
    Israeli company during 1999.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;<I>Alexander
    Ott, Director</I></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Alexander Ott has served as a member of our board of directors
    since November 2004. Mr.&#160;Ott is the founder and owner of
    Cross Continental Ventures, a global advisory firm. From 1999 to
    2002, Mr.&#160;Ott was a member of the executive committee of
    Siebel Systems where he ran the Europe, the Middle East and
    Africa division and subsequently the Americas division. From
    1990 to 1999, Mr.&#160;Ott had several executive positions at
    SAP AG and SAP America, Inc., including Chief Executive Officer
    of International Markets, Senior Vice President of Latin America
    and Senior Vice President of Marketing and Global Alliances.
    Mr.&#160;Ott currently serves on the board of directors of
    various private companies. Mr.&#160;Ott has a degree in Business
    Management from University (BA) Mannheim, Germany.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;<I>Paul
    Wahl, Director</I></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Paul Wahl has served as a member of our board of directors since
    October 2004. From April 1999 until his retirement in March
    2003, Mr.&#160;Wahl served as president and chief operating
    officer of Siebel Systems, Inc. From October 1998 until March
    1999, he served as the chief executive officer of TriStrata.
    From January 1996 until September 1998, Mr.&#160;Wahl served as
    chief executive officer of SAP America, Inc. and as an executive
    board member of SAP AG. From April 1991 until December 1995, he
    was an executive vice president of SAP AG. In the past five
    years Mr.&#160;Wahl has served on the board of directors of
    Lawson Software, Inc., ICWAG and Causata, Inc. Mr.&#160;Wahl
    holds a degree in business administration from Business School
    ULM in Germany.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Election
    of Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our officers are currently elected by our board of directors on
    an annual basis and serve until their successors are duly
    elected and qualified, or until their earlier resignation or
    removal. There are no family relationships among any of our
    officers or directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Corporate
    Governance and Board Composition</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Selection
    Arrangements</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our current directors were elected pursuant to a stockholder
    voting agreement among certain holders of our preferred and
    common stock. This agreement will terminate upon the closing of
    this offering, and there will be no further contractual
    obligations regarding the election of our directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Classified
    Board</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation that will become
    effective as of the closing of this offering provides for a
    classified board of directors consisting of three classes of
    directors, each serving a staggered three-year term. As a
    result, a portion of our board of directors will be elected each
    year from and after the closing of this offering. To implement
    the classified structure upon the consummation of this offering,
    two of the nominees to the board of
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    directors will be elected to one-year terms, two of the nominees
    will be elected to two-year terms and two of the nominees will
    be elected to three-year terms. Thereafter, directors will be
    elected for three-year terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lars Bj&#246;rk and Bruce Golden have been designated as
    Class&#160;I directors whose term will expire at the 2011 annual
    meeting of stockholders, assuming the completion of this
    proposed offering. Erel Margalit and Paul Wahl have been
    designated as Class&#160;II directors whose term will expire at
    the 2012 annual meeting of stockholders, assuming completion of
    this proposed offering. John Gavin, Jr. and Alexander Ott have
    been designated as Class&#160;III directors whose term will
    expire at the 2013 annual meeting of stockholders, assuming
    completion of this proposed offering. Our amended and restated
    bylaws that will become effective as of the closing of this
    offering provide that the number of authorized directors may be
    changed only by a majority of directors then authorized
    (including any vacancies). Any additional directorships
    resulting from an increase in the number of authorized directors
    will be distributed among the three classes so that, as nearly
    as reasonably possible, each class will consist of one-third of
    the directors. The classification of the board of directors may
    have the effect of delaying or preventing changes in control of
    our company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Independent
    Directors</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of our directors, other than Lars Bj&#246;rk, qualifies as
    an independent director in accordance with the published listing
    requirements of the Nasdaq Global Market, or Nasdaq. However,
    Mr.&#160;Ott may not satisfy the independence criteria
    applicable to members of an audit committee under the Nasdaq
    listing requirements and SEC rules and regulations. As such,
    Mr.&#160;Ott will be replaced as a member of our audit committee
    within 12&#160;months following this offering. The Nasdaq
    independence definition includes a series of objective tests,
    such as that the director is not also one of our employees and
    has not engaged in various types of business dealings with us.
    In addition, as further required by the Nasdaq rules, our board
    of directors has made a subjective determination as to each
    independent director that no relationships exist which, in the
    opinion of our board of directors, would interfere with the
    exercise of independent judgment in carrying out the
    responsibilities of a director. In making these determinations,
    our directors reviewed and discussed information provided by the
    directors and us with regard to each director&#146;s business
    and personal activities as they may relate to us and our
    management.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors separates the positions of chairman of
    the board and chief executive officer. Separating these
    positions allows our chief executive officer to focus on our
    <FONT style="white-space: nowrap">day-to-day</FONT>
    business, while further enabling the chairman of the board to
    lead the board of directors in its fundamental role of providing
    advice to and independent oversight of management. The board of
    directors recognizes the time, effort and energy that our chief
    executive officer is required to devote to his position in the
    current business environment, as well as the commitment required
    to serve as our chairman, particularly as the board of
    directors&#146; oversight responsibilities continue to grow. We
    believe that having separate positions and having an independent
    outside director serve as chairman is the appropriate leadership
    structure for our company at this time and demonstrates our
    commitment to good corporate governance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Board
    Committees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has established an audit committee, a
    compensation committee and a nominating/corporate governance
    committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors and its committees set schedules to meet
    throughout the year, and also can hold special meetings and act
    by written consent from time to time as appropriate. Our board
    of directors has delegated various responsibilities and
    authority to its committees as generally described below. The
    committees will regularly report on their activities and actions
    to the full board of directors. Each member of the compensation
    committee and
    <FONT style="white-space: nowrap">nominating/corporate</FONT>
    governance committee of our board of directors qualifies as an
    independent director in accordance with the Nasdaq standards
    described above and SEC rules and regulations. Each member of
    the audit committee, other than Alexander Ott, satisfies the
    independence criteria applicable to members of an audit
    committee under the Nasdaq listing requirements and SEC rules
    and regulations. Each committee of our board of directors has a
    written charter approved by our board of directors. Upon the
    effectiveness of the registration statement of which this
    prospectus forms a part, copies of each charter will be posted
    on our website at
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    www.qlikview.com under the Investor Relations section. The
    inclusion of our website address in this prospectus does not
    include or incorporate by reference the information on our
    website into this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Audit
    Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our audit committee currently consists of John Gavin,&#160;Jr.,
    Alexander Ott and Paul Wahl. Mr.&#160;Ott will be replaced as a
    member of our audit committee within 12&#160;months following
    this offering. Each member of our audit committee can read and
    has an understanding of fundamental financial statements.
    Mr.&#160;Gavin serves as chairman of the audit committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Gavin qualifies as an &#147;audit committee financial
    expert&#148; as that term is defined in the rules and
    regulations of the SEC. The designation of Mr.&#160;Gavin as an
    &#147;audit committee financial expert&#148; does not impose on
    him any duties, obligations or liability that are greater than
    those that are generally imposed on him as a member of our audit
    committee and our board of directors, and his designation as an
    &#147;audit committee financial expert&#148; pursuant to this
    SEC requirement does not affect the duties, obligations or
    liability of any other member of our audit committee or board of
    directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The audit committee monitors our corporate financial statements
    and reporting and our external audits, including, among other
    things, our internal controls and audit functions, the results
    and scope of the annual audit and other services provided by our
    independent registered public accounting firm and our compliance
    with legal matters that have a significant impact on our
    financial statements. Our audit committee also consults with our
    management and our independent registered public accounting firm
    prior to the presentation of financial statements to
    stockholders and, as appropriate, initiates inquiries into
    aspects of our financial affairs. Our audit committee is
    responsible for establishing procedures for the receipt,
    retention and treatment of complaints regarding accounting,
    internal accounting controls or auditing matters, and for the
    confidential, anonymous submission by our employees of concerns
    regarding questionable accounting or auditing matters, and has
    established such procedures to become effective upon the
    effectiveness of the registration statement of which this
    prospectus forms a part. In addition, our audit committee is
    directly responsible for the appointment, retention,
    compensation and oversight of the work of our independent
    auditors, including approving services and fee arrangements. All
    related party transactions will be approved by our audit
    committee before we enter into them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both our independent registered public accounting firm and
    internal financial personnel regularly meet with, and have
    unrestricted access to, the audit committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compensation
    Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our compensation committee currently consists of Bruce Golden,
    Erel Margalit and Alexander Ott. Each member of this committee
    is a non-employee director, as defined pursuant to
    <FONT style="white-space: nowrap">Rule&#160;16b-3</FONT>
    promulgated under the Securities Exchange Act of 1934, as
    amended, and an outside director, as defined pursuant to
    Section&#160;162(m) of the Internal Revenue Code of 1984, as
    amended. Alexander Ott serves as chairman of the compensation
    committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The compensation committee reviews, makes recommendations to the
    board of directors and approves our compensation policies and
    all forms of compensation to be provided to our executive
    officers and directors, including, among other things, annual
    salaries, bonuses, stock option and other incentive compensation
    arrangements. In addition, our compensation committee will
    administer our stock option plans, including reviewing and
    granting stock options with respect to our executive officers
    and directors and may, from time to time, assist our board of
    directors in administering our stock option plans with respect
    to all of our other employees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While the compensation committee is authorized to engage the
    services of outside consultants and advisors, neither the
    compensation committee nor our management has to date retained a
    compensation consultant to review or provide advice with respect
    to our policies and procedures with respect to executive
    compensation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nominating/Corporate
    Governance Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our nominating/corporate governance committee currently consists
    of Bruce Golden and Erel Margalit. Our nominating/corporate
    governance committee identifies, evaluates and recommends
    nominees to our board of
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    directors and committees of our board of directors, conducts
    searches for appropriate directors and evaluates the performance
    of our board of directors and of individual directors. In
    evaluating potential nominees to the board, the
    nominating/corporate governance committee considers a wide
    variety of qualifications, attributes and other factors and
    recognizes that a diversity of viewpoints and practical
    experience can enhance the effectiveness of our board of
    directors. Accordingly, as part of its evaluation of each
    candidate, the nominating/corporate governance committee takes
    into account that candidate&#146;s background, experience,
    qualifications, attributes and skills that may complement,
    supplement or duplicate those of other prospective candidates
    and current directors. The nominating/corporate governance
    committee is also responsible for reviewing developments in
    corporate governance practices, evaluating the adequacy of our
    corporate governance practices and reporting and making
    recommendations to the board of directors concerning corporate
    governance matters. Mr.&#160;Golden serves as chairman of the
    nominating/corporate governance committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Factors
    for Nomination of Candidates for Director</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described above, the nominating/corporate governance
    committee has recommended the members of our board of directors
    for their directorships. In evaluating such directors, our
    nominating/corporate governance committee has reviewed the
    experience, qualifications, attributes and skills identified in
    the biographical information contained under
    &#147;Management&#160;&#151; Executive Officers and Directors
    and Non-Management Directors&#148;. In particular, the
    nominating/corporate governance committee has considered the
    following factors for each of our directors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our directors have extensive experience guiding large, complex
    organizations as executive leaders or board members (Lars
    Bj&#246;rk, John Gavin,&#160;Jr., Bruce Golden, Erel Margalit,
    Alexander Ott and Paul Wahl).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our directors&#146; experiences relate to and derive from a
    broad, international range of areas within the technology
    industry and community, which provides both differing viewpoints
    among our directors and familiarity with many diverse markets
    targeted by our business and environment that can affect the
    implementation and execution of our business plan (Lars
    Bj&#246;rk, John Gavin,&#160;Jr., Bruce Golden, Erel Margalit,
    Alexander Ott and Paul Wahl).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our directors&#146; experience derives from their long
    involvement with our company, products and business strategies
    (Lars Bj&#246;rk, Bruce Golden, Alexander Ott and Paul Wahl).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our directors&#146; experiences include addressing several
    business sectors and operational challenges applicable to our
    businesses. These areas include consumer services (Paul Wahl),
    business services (John Gavin,&#160;Jr., Erel Margalit and Paul
    Wahl) and international operations (Bruce Golden, Erel Margalit
    and Alexander Ott).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our director members of the committees have significant
    substantive experience in several areas applicable to service on
    our board of directors and its committees, including financial
    reporting (John Gavin,&#160;Jr., Alexander Ott and Paul Wahl),
    operations management (Alexander Ott and Paul Wahl), corporate
    governance (Lars Bj&#246;rk, John Gavin,&#160;Jr., Bruce Golden,
    Erel Margalit, Alexander Ott and Paul Wahl) and risk management
    (John Gavin,&#160;Jr. and Paul Wahl).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Oversight</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors oversees the management of risks inherent
    in the operation of our business and the implementation of our
    business strategies. Our board of directors performs this
    oversight role by using several different levels of review. In
    connection with its reviews of the operations and corporate
    functions of our company and our various operational
    subsidiaries, our board of directors and the board of directors
    of our subsidiaries address the primary risks associated with
    those operations and corporate functions. In addition, our board
    of directors reviews the risks associated with our
    company&#146;s business strategies periodically throughout the
    year as part of its consideration of undertaking any such
    business strategies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of our board committees also oversees the management of our
    company&#146;s risk that falls within the committee&#146;s areas
    of responsibility. In performing this function, each committee
    has full access to management, as well as the ability to engage
    advisors. Our Chief Financial Officer reports to the audit
    committee and is responsible for identifying, evaluating and
    implementing risk management controls and methodologies to
    address any
</DIV>
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    <BR>
    75
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    identified risks. In connection with its risk management role,
    our audit committee meets privately with representatives from
    our independent registered public accounting firm and our Chief
    Financial Officer. The audit committee oversees the operation of
    our risk management program, including the identification of the
    primary risks associated with our business and periodic updates
    to such risks, and reports to our board of directors regarding
    these activities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Code of
    Business Conduct</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has adopted a code of business conduct
    that will become effective upon the effectiveness of the
    registration statement of which this prospectus forms a part.
    This code of business conduct will apply to all of our
    employees, officers (including our principal executive officer,
    principal financial officer, principal accounting officer or
    controller, or persons performing similar functions) and
    directors. Upon the effectiveness of the registration statement
    of which this prospectus forms a part, the full text of our code
    of business conduct will be posted on our website at
    www.qlikview.com under the Investor Relations section. We intend
    to disclose future amendments to certain provisions of our code
    of business conduct, or waivers of such provisions, applicable
    to our directors and executive officers (including our principal
    executive officer, principal financial officer, principal
    accounting officer or controller, or persons performing similar
    functions) at the same location on our website identified above
    and also in a Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    within four business days following the date of such amendment
    or waiver. The inclusion of our website address in this
    prospectus does not include or incorporate by reference the
    information on our website into this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Committee Interlocks and Insider Participation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As noted above, the compensation committee of our board of
    directors currently consists of Bruce Golden, Erel Margalit and
    Alexander Ott. None of our executive officers has ever served as
    a member of the board of directors or compensation committee of
    any other entity that has or has had one or more executive
    officers serving as a member of our board of directors or our
    compensation committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Director
    Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, there was no policy in place to provide
    our directors with any cash compensation for their services as
    members of our board of directors or any committee of our board
    of directors. Mr.&#160;Gavin was appointed to our board of
    directors in February 2010. In connection with
    Mr.&#160;Gavin&#146;s appointment, we agreed to grant him
    options to purchase 20,000&#160;shares of our common stock and
    to annually provide him with a restricted stock grant equal to
    $75,000 based on the market value of our common stock on the
    date of grant. In addition, we agreed to pay him an annual
    retainer of $25,000 for his service on the board of directors
    and $10,000 for his service as chairman of the audit committee
    of the board of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, although there was no formal policy in place
    relating to the granting of options to purchase shares of common
    stock to our directors, as of December&#160;31, 2009, we had
    granted an aggregate of 1,593,602 options to purchase shares of
    our common stock to our current non-employee directors with a
    weighted exercise price of $0.66, of which 1,543,602 options had
    been exercised to purchase shares of our common stock at a
    weighted average exercise price of approximately $0.63 per share
    and 50,000 options to purchase shares of our common stock at an
    exercise price of $1.65 per share were outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors intends to adopt prior to the
    consummation of this offering a compensation program for outside
    directors. This program will begin on the effective date of this
    registration statement. Pursuant to this program, each member of
    our board of directors who is not our employee will receive a
    $25,000 annual retainer. The chairman of the audit committee
    will receive an additional annual retainer of $10,000, and the
    chairman of each other committee will receive an additional
    annual retainer of $5,000. All retainer fees will be paid in
    four quarterly payments. Each non-employee director, other than
    Mr.&#160;Gavin whose compensation is discussed above, who served
    as a board member prior to the effective date of this
    registration statement and who continues as a member of the
    board of directors after such date will receive an initial
    equity award with a fair market value of $75,000 upon the
    effective date of this registration statement. Each year
    beginning in 2011, each non-employee director, other than
    Mr.&#160;Gavin whose compensation is discussed above, who will
    continue to be a director after the annual meeting of
</DIV>
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    <BR>
    76
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    our stockholders will be granted an equity award with a fair
    market value of $75,000 at that annual meeting. However, a
    non-employee director who is receiving the initial award will
    not receive the additional annual award in the same calendar
    year. Each annual award will vest over the following year. Each
    award granted under the directors&#146; program that is not
    fully vested on the date of grant will become fully vested upon
    a change in control of our company and will also become fully
    vested if the non-employee director&#146;s service terminates
    due to death. All options granted to the non-employee directors
    will have an exercise price equal to the fair market value of
    our common stock on the date of the grant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We currently have a policy to reimburse our non-employee
    directors for travel, lodging and other reasonable expenses
    incurred in connection with their attendance at board and
    committee meetings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    of Liability and Indemnification</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to the effective date of this offering, we will enter into
    indemnification agreements with each of our directors. The form
    of agreement provides that we will indemnify each of our
    directors against any and all expenses incurred by that director
    because of his or her status as one of our directors, to the
    fullest extent permitted by Delaware law, our restated
    certificate of incorporation and amended and restated bylaws. In
    addition, the form agreement provides that, to the fullest
    extent permitted by Delaware law, but subject to various
    exceptions, we will advance all expenses incurred by our
    directors in connection with a legal proceeding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation and amended and
    restated bylaws contain provisions relating to the limitation of
    liability and indemnification of directors. The restated
    certificate of incorporation provides that our directors will
    not be personally liable to us or our stockholders for monetary
    damages for any breach of fiduciary duty as a director, except
    for liability:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for any breach of the director&#146;s duty of loyalty to us or
    our stockholders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for acts or omissions not in good faith or that involve
    intentional misconduct or a knowing violation of law
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in respect of unlawful payments of dividends or unlawful stock
    repurchases or redemptions as provided in Section&#160;174 of
    the Delaware General Corporation Law
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for any transaction from which the director derives any improper
    personal benefit
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation also provides that if
    Delaware law is amended, after the approval by our stockholders
    of our restated certificate of incorporation, to authorize
    corporate action further eliminating or limiting the personal
    liability of directors, then the liability of our directors will
    be eliminated or limited to the fullest extent permitted by
    Delaware law. The foregoing provisions of the restated
    certificate of incorporation are not intended to limit the
    liability of directors or officers for any violation of
    applicable federal securities laws. As permitted by
    Section&#160;145 of the Delaware General Corporation Law, our
    restated certificate of incorporation provides that we may
    indemnify our directors to the fullest extent permitted by
    Delaware law and the restated certificate of incorporation
    provisions relating to indemnity may not be retroactively
    repealed or modified so as to adversely affect the protection of
    our directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, as permitted by Section&#160;145 of the Delaware
    General Corporation Law, our amended and restated bylaws provide
    that we are authorized to enter into indemnification agreements
    with our directors and officers and we are authorized to
    purchase directors&#146; and officers&#146; liability insurance,
    which we currently maintain to cover our directors and executive
    officers.
</DIV>
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    <BR>
    77
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    DISCUSSION AND ANALYSIS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section discusses the principles underlying our executive
    officer compensation policies, our recent decisions with respect
    the executive officers who are named in the &#147;Summary
    Compensation Table&#148; (on page&#160;84 below) and the most
    important factors relevant to an analysis of these policies and
    decisions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview
    and Responsibilities for Compensation Decisions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The compensation committee of our board of directors has
    responsibility for evaluating the performance and development of
    our executive officers in their respective positions, reviewing
    individual compensation as well as corporate compensation
    principles and programs, establishing corporate and individual
    performance objectives as they affect compensation, making
    determinations as to whether and to what extent such performance
    objectives have been achieved and ensuring that we have
    effective and appropriate compensation programs in place. Our
    chief executive officer (CEO) supports our compensation
    committee by driving our annual business plan process, providing
    information relating to ongoing progress under our annual
    business plan and other business and financial results,
    undertaking performance assessments of other executives and
    presenting other personnel-related data. In addition, as the
    manager of our executive team, our CEO assesses each
    executive&#146;s contribution to corporate goals as well as
    achievement of their individual goals and makes a recommendation
    to our compensation committee with respect to compensation for
    executive officers other than himself. Our compensation
    committee meets, including in executive sessions, to consider
    these recommendations, conducts a similar evaluation of the
    CEO&#146;s contributions to corporate goals and achievement of
    individual goals and makes determinations related to the
    CEO&#146;s and the other executive officers&#146; compensation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our overall compensation philosophy is to provide a competitive
    total compensation package that will:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fairly compensate our executive officers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    attract and retain qualified executive officers who are able to
    contribute to the long-term success of our company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incent future performance toward clearly defined corporate
    goals;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    align our executives&#146; long-term interests with those of our
    stockholders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our compensation committee believes that the quality, skills and
    dedication of our executive officers are critical factors
    affecting our long-term value. Our compensation arrangements
    with executive officers are primarily based upon on the
    consolidated revenue achievements for our company along with
    personal performance objectives agreed at the beginning of the
    fiscal year with the respective executive. We believe in
    compensating progressively for overachievement of objectives and
    applying incentive deductions for underachievement of objectives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In setting compensation levels for individual officers, our
    compensation committee applies its judgment in determining the
    amount and mix of compensation elements for each named executive
    officer, and to date our compensation process has been a largely
    discretionary process based upon the collective experience and
    judgment of the compensation committee members acting as a
    group. Factors affecting its decisions generally include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    overall corporate performance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the individual officer&#146;s performance including against
    corporate-level strategic goals established as part of our
    annual business plan and the officer&#146;s effectiveness in
    managing toward achievement of those goals;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the nature and scope of the officer&#146;s
    responsibilities;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    market compensation information for individual officer
    positions, including information obtained through publicly
    available surveys and as a result of the personal experience of
    members of our board of directors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While our compensation committee is authorized to engage the
    services of outside consultants and advisors, neither the
    compensation committee nor our management has to date retained a
    compensation consultant to review or provide advice with respect
    to our policies and procedures with respect to executive
    compensation. To date, we have not formally benchmarked our
    executive compensation against peer companies, and we have not
    identified a group of peer companies against which we would
    compare our compensation practices. While our compensation
</DIV>
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    <BR>
    78
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    committee considers the overall mix of compensation components
    in its review of compensation matters, it has not adopted any
    formal or informal policies or guidelines for allocating
    compensation between long-term and current compensation, between
    cash and non-cash compensation or among different forms of
    non-cash compensation. The compensation committee intends
    following this offering to continue to manage our executive
    officer compensation programs on a flexible basis that will
    allow it to respond to market and business developments as it
    views appropriate in its judgment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, we have reviewed company compensation
    annually as part of the business plan process undertaken by
    management and the board of directors in the early part of each
    year. During this process, the compensation committee reviews
    overall compensation, evaluates performance, determines
    corporate-level performance goals for that year&#146;s business
    plan and, when appropriate, makes changes to one or more
    components of our executives&#146; compensation. We expect to
    continue this practice after this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, the exercise price of our stock options has been
    at least equal to the fair market value of our common stock on
    the date of grant. Prior to this offering, the fair market value
    of our common stock has been established by our board of
    directors with the assistance of management using factors it
    considered appropriate for a reasonable valuation. Following
    this offering, the fair market value of our common stock will be
    the closing price of our stock on the Nasdaq Global Market on
    the date of the grant. As a privately owned company prior to the
    date of this offering, we have not established a program, plan
    or practice pertaining to the timing of stock option grants to
    executive officers coinciding with the release of material
    non-public information. The compensation committee intends to
    evaluate our grant practices from time to time in the future and
    change them as it deems necessary and appropriate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Principal
    Elements of Executive Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Compensation for our executive officers has been highly
    individualized, at times structured as a result of
    arm&#146;s-length negotiations when an officer is first hired
    and always taking into account our financial condition and
    available resources. The resulting mix of compensation
    components has primarily included:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    base salary;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    annual incentive cash bonus;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    long-term incentive awards in the form of stock options;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain benefits payable upon an executive officer&#146;s
    involuntary termination in certain circumstances;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other benefits plans generally available to all salaried
    employees.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our compensation committee believes this mix is appropriate for
    our executive team because, among other things, it provides a
    fixed component (base salary) designed to offer the executive
    funds from which to manage personal and immediate cash flow
    needs and variable components (annual incentive bonuses and
    stock options) that incentivize our management team to work
    toward achievement of corporate goals and our long-term success,
    as well as offering protection (through termination-related
    benefits) against abrupt changes in the executive&#146;s
    circumstances in the event of involuntary employment termination
    including in the context of a change of control of our company.
    Our compensation committee also takes note of the fact that this
    mix is typical of companies in our industry and at our stage of
    development. It has no current plans to change the mix of
    components or vary the relative portions of fixed and variable
    compensation that comprise our overall compensation packages.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2010, as part of the annual compensation review the
    compensation committee reviewed the compensation of our
    executive team and determined that in light of our continued
    growth from both a revenue and product development perspective
    and in anticipation of our company commencing to undertake a
    public offering that it was in our company&#146;s best interest
    to make certain changes to the compensation packages of our CEO
    and other executive officers as set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Base Salaries.</I>&#160;&#160;Base salary for our CEO and
    other executive officers is established based on the scope of
    their responsibilities, length of service with our company,
    individual performance during the prior year and competitive
    market compensation. Base salaries are reviewed annually and
    adjusted from time to time based on competitive
</DIV>
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    <BR>
    79
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    conditions, individual performance, our overall financial
    results, changes in job duties and responsibilities and our
    company&#146;s overall budget for base salary increases. The
    budget is designed to allow salary increases to retain and
    motivate successful performers while maintaining affordability
    within our company&#146;s business plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2009, as part of the annual compensation review, our
    Executive Vice President of Global Field Operations&#146; base
    salary was increased from &#163;140,000 (approximately $227,097
    based on an assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009) to &#163;145,000 (approximately $235,207
    based on an assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009) due to our increased sales in 2008
    during a difficult economic climate. In addition, our Senior
    Vice President, Products&#146; base salary was increased at that
    time from $180,000 to $200,000 to recognize his individual
    contributions to our software platform and to bring his
    compensation into line with the other members of our executive
    team.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2010, as part of the annual compensation review and as
    part of our planning to undertake this offering, our CEO&#146;s
    base salary was increased from $205,000 to $300,000 in
    recognition of his performance as the chief executive officer
    and overall growth and performance of our company during the
    preceding year. At the same time the compensation committee
    approved the following base salary increases for each of our
    other named executive officers in recognition of their
    individual performances and contributions to the growth and
    performance of our company during the preceding year:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William G. Sorenson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    275,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    280,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leslie Bonney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
    145,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
    170,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony Deighton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    220,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas Laird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    180,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Approximately $235,207 based on an
    assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Approximately $275,760 based on an
    assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Cash Incentive Bonus.</I>&#160;&#160;Since 2005, we have
    operated an annual cash incentive bonus program to motivate our
    executive officers to attain specific short-term performance
    objectives that, in turn, further our long-term objectives. This
    program is managed as part of our annual business plan process
    and involves a high level of discretion on the part of our
    compensation committee. Typically, the board of directors
    approves a business plan for the year that incorporates
    corporate-level objectives, and achievement of those objectives
    becomes an important factor considered by the compensation
    committee when, after year-end, it makes a final determination
    of bonus amounts to be paid. Other factors that are considered
    by the compensation committee in determining amounts to pay
    include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our company&#146;s overall performance and business results;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general market conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    future business prospects;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    funds available from which to pay bonuses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    individual performance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competitive conditions;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other factors it finds relevant.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each executive is measured against the consolidated revenue
    achievement of our company as a whole along with their
    performance against individual objectives established at the
    beginning of the fiscal year with the participation of the
    respective executive as part of their total compensation plan.
    This discretionary approach to the variable component of our
    compensation program allows a fluid approach in how we manage
    short-term corporate strategy and executive incentives, while
    allowing us to achieve more constancy in our focus on
    longer-term corporate objectives. Our compensation committee and
    our board of directors believe that this flexibility is
</DIV>
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    <BR>
    80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    important in managing a growing company, including because it
    allows executive officers to respond nimbly to the often
    changing demands of the business without undue focus on any one
    specific short-term performance objective. Our compensation
    committee does not have plans at this time to change the way it
    manages our annual cash incentive bonus program or to take a
    more formal or objective approach to the way it sets bonus
    payment amounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each executive officer has a target bonus amount, established at
    the time of hire and then reviewed and potentially adjusted
    annually over the course of the officer&#146;s tenure with our
    company. Bonus amounts are based upon company-wide targets for
    revenue along with personal performance objectives established
    for the individual executive depending upon his or her role. The
    revenue portion of the bonus plan is paid on a graduated basis
    dependent upon our company achieving targeted revenue levels,
    with satisfaction of a minimum target required in order to be
    eligible for any bonus. However, because of the emphasis we
    place on annual business plan achievement, actual bonus amounts
    paid may be zero or an amount in excess of the target amount.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For 2009, the target bonuses for executive officers varied from
    approximately 50% to 125% of base salary based on our
    compensation committee&#146;s belief of respective competitive
    levels for each officer&#146;s overall compensation amount of
    fixed and variable compensation. Actual target bonus levels for
    2009 are shown below. For 2009, the corporate-level performance
    objectives specified in our business plan related to
    consolidated revenue and preparation for a potential initial
    public offering of our stock. While our company did not achieve
    its full budget revenue target, it did exceed minimum revenue
    targets despite the on-going economic recession and at the same
    time increased profitability and began preparation for an
    initial public offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of our company&#146;s performance in 2009 and our
    compensation committee&#146;s review of each named executive
    officer&#146;s individual contribution to this performance
    satisfaction of personal performance objectives by our named
    executive officers, the compensation committee awarded the named
    executive officers performance-based cash incentive bonus awards
    equal to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    79% of the target bonus for our CEO;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    93% of the target bonus for our Chief Financial Officer;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    92% of the target bonus for our Executive Vice President of
    Global Field Operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    111% of the target bonus for our Senior Vice President,
    Products;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    98% of the target bonus for our Vice President, Marketing.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The award given to our Senior Vice President, Products exceeded
    his target bonus based on our improving sales results and market
    acceptance of our product during 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2010, as part of the annual compensation review and in
    anticipation of the offering the compensation committee revised
    the target bonuses for the named executive officers for 2010 as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lars Bj&#246;rk
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William G. Sorenson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    137,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    175,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leslie Bonney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
    180,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
    190,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony Deighton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    135,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas Laird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    92,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    110,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">$291,982 based on an assumed
    exchange rate of approximately $1.62 as of December&#160;31,
    2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">$308,203 based on an assumed
    exchange rate of approximately $1.62 as of December&#160;31,
    2009.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The target bonus for our CEO for 2010 was not revised from 2009
    since our compensation committee believed it represented a
    competitive market level for our CEO. The target bonuses for our
    other named executive officers for 2010 were increased from 2009
    to levels that our compensation committee believed were more
    competitive market levels and reflected a perceived improvement
    in general macroeconomic business conditions affecting our
    company.
</DIV>
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    <BR>
    81
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Long-Term Incentive Compensation.</I>&#160;&#160;To date, our
    only long-term incentive awards have primarily been in the form
    of options to purchase our common stock. Our stock options have
    an exercise price at least equal to the fair market value of our
    common stock on the grant date, generally vest over four years,
    with 25% of the option shares vesting after one year of service
    and the remainder vesting in equal installments at the end of
    each quarter thereafter, and have a ten year term. Additional
    vesting acceleration benefits apply in certain circumstances
    discussed below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, a stock option award is made in the year that an
    executive officer commences employment. The size of this award
    is intended to offer the executive a meaningful opportunity for
    stock ownership relative to his or her position and reflects the
    compensation committee&#146;s assessment of market conditions
    affecting the position as well as the individual&#146;s
    potential for future responsibility within our company.
    Thereafter, additional option grants may be made in the
    discretion of our compensation committee or board of directors.
    To date, we have not granted additional options on an annual
    basis to executives or other employees, although we do evaluate
    individual performance annually. Instead, additional options
    have been granted to executives on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis reflecting the compensation committee&#146;s determination
    that such grants are appropriate or necessary to reward
    exceptional performance (including upon promotion) or to retain
    individuals when market conditions change. The size of
    additional option grants are determined in the discretion of the
    compensation committee or our board of directors, and typically
    incorporate our CEO&#146;s recommendations (except with respect
    to his own option grants).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, our compensation committee approved option grants to
    our Executive Vice President of Global Field Operations and
    Senior Vice President, Products based upon their respective
    length of service and achievement in improving sales results and
    market acceptance of our product. In selecting executive
    officers to receive option grants, the compensation committee
    considered performance that merited an additional long-term
    incentive award and circumstances where an additional option
    grant was necessary to achieve a desired total compensation
    package (including total equity interest in our company) for the
    officer involved. The amounts of these grants are presented
    below under &#147;Executive Compensation&#160;&#151; 2009 Grants
    of Plan-Based Awards.&#148; The respective amounts of these
    grants were determined by our compensation committee based on
    the respective officer&#146;s performance ability to impact our
    results that drive stockholder value and potential to take on
    roles of increasing responsibility. Our compensation committee
    made its determination based on quantitative analysis of these
    factors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other than awards of restricted stock to certain of our
    executive officers in 2004, we have not granted restricted stock
    or restricted stock unit awards. After this offering, our
    compensation committee may consider granting these or other
    awards in addition to or in lieu of options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Severance and Change in Control Benefits.</I>&#160;&#160;We
    have entered into employment agreements with each of our named
    executive officers, which provide severance benefits in the
    event the executive officer&#146;s employment is terminated by
    us without cause or the executive officer is terminated without
    cause in connection with a change in control, in consideration
    of a release of potential claims and other customary covenants.
    In accordance with terms that take effect upon the consummation
    of the offering, these benefits range from nine months, in the
    case of our CEO, to six months for our other executive officers,
    of their base salary and benefits. The terms of these agreements
    are described in more detail in the section titled
    &#147;Management&#160;&#151; Estimated Benefits and Payments
    Upon Termination of Employment&#148; below. Our board of
    directors and compensation committee have determined it
    appropriate to have these termination-related benefits in place
    to preserve morale and productivity and encourage retention in
    the face of potentially disruptive circumstances that might
    cause an executive to be concerned that his or her employment is
    in jeopardy or that might involve an actual or rumored change in
    control of our company. No changes were made to our
    company&#146;s severance and change of control-related benefits
    during 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of the annual compensation review in March 2010, the
    compensation committee approved an amendment to all of the stock
    options held by or hereafter granted to our named executive
    officers, to take effect upon the consummation of this offering,
    that provides for full acceleration of all unvested stock
    options if the executive&#146;s employment is terminated, other
    than for cause, within 12&#160;months following a change in
    control of our company, sometimes called a &#147;double
    trigger.&#148; We believe this &#147;double trigger&#148;
    benefit improves stockholder value because it prevents an
    unintended windfall to executives in the event of a friendly
    change of control, while still providing them appropriate
    incentives to cooperate in negotiating any change of control in
    which they believe they may lose their jobs. We believe
    providing these benefits helps us compete for executive talent.
    We believe that our change of control benefits are generally in
    line with packages offered to executives in our industry.
</DIV>
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    <BR>
    82
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Other Benefits.</I>&#160;&#160;We pay Mr.&#160;Bj&#246;rk,
    our CEO, certain living expenses for him and his family not to
    exceed $75,000 per year, adjusted for taxes. Our compensation
    committee believes that this additional benefit contributes to
    an overall compensation package for our CEO that is competitive
    for a global company in our market with substantial operations
    and origins in Sweden. We pay Mr.&#160;Sorenson, our Chief
    Financial Officer, certain living expenses not to exceed $24,000
    per year, adjusted for taxes. Our compensation committee
    believes that this additional benefit contributes to an overall
    compensation package for our Chief Financial Officer that is
    competitive for a global company in our market. In addition, we
    provide a stipend to Mr.&#160;Bonney, our Executive Vice
    President of Global Operations, for car expenses. Our
    compensation committee believes that a car benefit is customary
    for comparable officers at similar companies who are based in
    Europe.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also provide our executive officers with benefits that are
    generally available to our salaried employees. These benefits
    include health and medical benefits, flexible spending plans and
    the opportunity to participate in a 401(k) retirement plan or
    comparable foreign plan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors and compensation committee will consider
    the deductibility of compensation amounts paid to our executive
    officers including the potential future effects of
    Section&#160;162(m) of the Internal Revenue Code on the
    compensation paid to our executive officers in making its
    decisions, although prior to this offering such deductibility is
    not material to our financial position. Section&#160;162(m)
    disallows a tax deduction for any publicly held corporation for
    individual compensation exceeding $1.0&#160;million in any
    taxable year for our CEO and each of the other named executive
    officers (other than our chief financial officer), unless
    compensation is &#147;performance-based&#148; as defined under
    Section&#160;162(m). We expect that our compensation committee
    will adopt a policy that, where reasonably practicable, we will
    seek to qualify the variable compensation paid to our executive
    officers for an exemption from the deductibility limitations of
    Section&#160;162(m) and may structure the amount and form of
    compensation for our executive officers so as to maximize our
    ability to deduct it. Our stock option grants are designed to
    qualify as performance-based compensation for purposes of
    Section&#160;162(m), and we expect compensation amounts related
    to options to be fully deductible. However, our compensation
    committee may, in its judgment, authorize compensation payments
    that are not deductible when it believes that such payments are
    appropriate to attract and retain executive talent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Employee
    Compensation Risks</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of its oversight of our company&#146;s executive
    compensation program, the compensation committee considers the
    impact of the program, and the incentives created by the
    compensation awards that it administers, on our company&#146;s
    risk profile. In addition, the compensation committee reviews
    all of our company&#146;s compensation policies and procedures,
    including the incentives that they create and factors that may
    reduce the likelihood of excessive risk taking, to determine
    whether they present a significant risk to our company. The
    compensation committee has determined that, for all employees,
    our company&#146;s compensation programs do not encourage
    excessive risk and instead encourage behaviors that support
    sustainable value creation.
</DIV>
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    <BR>
    83
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXECUTIVE
    COMPENSATION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the compensation that we paid to
    our chief executive officer, chief financial officer and each of
    our three other most highly compensated executive officers
    during the year ended December&#160;31, 2009. We refer to these
    officers in this prospectus as our named executive officers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    Compensation Table</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>All Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name and Principal
    Position</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Salary</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Bonus<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Awards</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Awards<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Compensation</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Total</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lars Bj&#246;rk
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    205,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    238,068
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    94,982
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    538,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Chief Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William G. Sorenson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    275,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,660
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    436,910
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leslie Bonney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    235,207
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    251,429
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(6)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    196,394
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,918
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    725,948
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(9)</SUP>

</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Executive Vice President of Global Field Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony Deighton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    110,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    196,394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,416
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(10)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    520,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Senior Vice President, Products
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas Laird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    180,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    271,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Vice President, Marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts in this column reflect
    discretionary bonuses approved by our board of directors for
    company and individual performance.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts in this column
    represent the aggregate grant date fair value of the stock
    option, computed in accordance with Accounting Standards
    Codification Topic 718 without consideration of forfeitures. See
    Note&#160;13 of the notes to consolidated financial statements
    for a discussion of our assumptions in determining the values of
    our option awards.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes $94,332 paid by our
    company for Mr.&#160;Bj&#246;rk&#146;s housing, living and other
    related expenses (including for tax adjustments) and $650 paid
    by our company for Group Term Life Insurance.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes $33,418 paid by our
    company for Mr.&#160;Sorenson&#146;s housing, living and other
    related expenses (including for tax adjustments) and $1,242 paid
    by our company for Group Term Life Insurance.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Based on a base salary of
    &#163;145,000 and an assumed exchange rate of approximately
    $1.62 as of December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(6)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Based on a bonus of &#163;155,000
    and an assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(7)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Approximately &#163;121,072 based
    on an assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(8)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes $19,465 (based on payments
    of &#163;12,000 and an assumed exchange rate of approximately
    $1.62 as of December&#160;31, 2009) paid by our company for the
    provision of a car for Mr.&#160;Bonney and $23,453 (based on
    contributions of &#163;14,458 and an assumed exchange rate of
    approximately $1.62 as of December&#160;31, 2009) contributed by
    our company to Mr.&#160;Bonney&#146;s U.K. tax qualified defined
    contribution plan.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(9)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Approximately &#163;447,530 based
    on an assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009.
    </FONT></TD>
</TR>



<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(10)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes $12,288 paid by our
    company to Mr.&#160;Deighton in exchange for accrued vacation,
    $750 contributed by our company to Mr.&#160;Deighton&#146;s
    401(k) plan and $378 paid by our company for Group Term Life
    Insurance.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    84
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">2009
    Grants of Plan-Based Awards</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth each plan-based award granted to
    our named executive officers during the year ended
    December&#160;31, 2009.
</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Option Awards:</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Grant Date<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Price of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fair Value of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Grant Date</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Underlying Options</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Awards<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Awards<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lars Bj&#246;rk
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William G. Sorenson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leslie Bonney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    March 30, 2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    196,394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony Deighton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    March 30, 2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    196,394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas Laird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts in this column
    represent the fair market value of a share of our common stock,
    as determined by our board of directors with the assistance of
    management, on the date of grant. See the section titled
    &#147;Management&#160;&#151; Compensation Discussion and
    Analysis&#148; above for a discussion of how we have valued our
    common stock.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts in this column
    represent the aggregate grant date fair value of the stock
    option, computed in accordance with Accounting Standards
    Codification Topic 718 without consideration of forfeitures. See
    Note&#160;13 of the notes to consolidated financial statements
    for a discussion of our assumptions in determining the values of
    our option awards.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Outstanding
    Equity Awards at 2009 Fiscal Year-End</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information regarding each option
    held by each of our named executive officers as of
    December&#160;31, 2009. The vesting applicable to each
    outstanding option is described in the footnotes to the table
    below. For a description of the acceleration of vesting
    provisions applicable to the options held by our named executive
    officers, please see the section titled
    &#147;Management&#160;&#151; Potential Payments Upon Termination
    or Change in Control&#148; below.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unexercised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unexercised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Options (#)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Options (#)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Exercisable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Unexercisable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Grant Date</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Expiration Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lars Bj&#246;rk
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146,738
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,863
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    September 30, 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    September 30, 2016
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,300
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    November 1, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    October 1, 2017
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    386,203
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    386,202
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    November 15, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    November 14, 2017
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William G. Sorenson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    242,345
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    533,155
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    September 30, 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    September 30, 2018
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leslie Bonney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    614,040
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    June 30, 2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    June 30, 2015
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    126,421
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    126,421
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    October 1, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    October 30, 2017
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    March 30, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    March 30, 2019
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony Deighton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    722,400
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    January 17, 2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    January 16, 2015
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    December 30, 2007
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    December 30, 2017
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    March 30, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    March 30, 2019
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas Laird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,000
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    225,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    December 30, 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    December 30, 2018
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The shares subject to these stock
    options vest over a four year period, with 1/4th of the shares
    subject to such stock options vesting on or around the first
    anniversary of the grant date and 6.25% of the shares subject to
    the stock options vesting on a quarterly basis thereafter.
    Vesting is contingent upon continued service.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The shares subject to these stock
    options vest over a four year period, with 12.5% of the shares
    subject to such stock options vesting on the six-month
    anniversary of the grant date and 6.25% of the shares subject to
    the stock options vesting on a quarterly basis thereafter.
    Vesting is contingent upon continued service.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">25% of the shares subject to such
    stock option vested on June&#160;30, 2006 and 6.25% of the
    shares subject to such stock options vest on a quarterly basis
    thereafter. Vesting is contingent upon continued service.
    </FONT></TD>
</TR>

</TABLE>
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    85
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">2009
    Option Exercises and Stock Vested</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There were no option exercises or share vesting events for
    awards held by our named executive officers in 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Employment
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into employment agreements
    <FONT style="white-space: nowrap">and/or</FONT>
    services agreements with each of our named executive officers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Employment
    Agreement with Lars Bj&#246;rk</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In October 2007, we entered into an employment agreement with
    Mr.&#160;Bj&#246;rk for his position as Chief Executive Officer
    and President. Under this agreement, Mr.&#160;Bj&#246;rk&#146;s
    initial base salary was $205,000 per year, subject to annual
    increases at the sole discretion of our board of directors.
    Mr.&#160;Bj&#246;rk&#146;s current annual base salary is
    $300,000 and Mr.&#160;Bj&#246;rk is eligible currently to
    receive a cash bonus of $300,000 based on performance. Pursuant
    to this agreement, Mr.&#160;Bj&#246;rk received an option to
    purchase up to 953,006&#160;shares of common stock. For a period
    of twelve months after his termination of employment,
    Mr.&#160;Bj&#246;rk will be subject to a noncompetition covenant
    for a period of 12&#160;months, and he is subject to a
    nonsolicitation covenant with respect to customers, clients and
    employees of our company or the group for a period of
    24&#160;months following the termination of his employment.
    Mr.&#160;Bj&#246;rk&#146;s employment agreement also provides
    that we shall pay for certain living expenses for him and his
    family in an amount not to exceed $75,000 per year. If we
    terminate Mr.&#160;Bj&#246;rk&#146;s employment agreement for
    cause (as defined in the agreement) or on account of death or
    disability (as defined in the agreement), or if
    Mr.&#160;Bj&#246;rk terminates his employment with us,
    Mr.&#160;Bj&#246;rk is entitled to no further compensation or
    benefits other than those earned through the date of the
    termination. If we terminate the agreement without cause (as
    defined in the agreement) Mr.&#160;Bj&#246;rk&#146;s agreement
    initially provides that we will continue to pay
    Mr.&#160;Bj&#246;rk&#146;s base salary for a period of three
    months following the termination of his employment, conditioned
    upon the execution by Mr.&#160;Bj&#246;rk of a release of claims.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2010, we amended and restated
    Mr.&#160;Bj&#246;rk&#146;s employment agreement with our company
    to take effect upon the consummation of the offering. Pursuant
    to the amended and restated employment agreement,
    Mr.&#160;Bj&#246;rk&#146;s employment agreement may be
    terminated, with or without cause, by him or by us at any time
    without notice by either party. If Mr.&#160;Bj&#246;rk&#146;s
    employment is terminated by our company other than due to cause,
    death or disability, we will continue to pay
    Mr.&#160;Bj&#246;rk&#146;s base salary for a period of nine
    months following the termination of his employment, conditioned
    upon the execution by Mr.&#160;Bj&#246;rk of a release of
    claims. In addition to this severance amount,
    Mr.&#160;Bj&#246;rk will also receive any earned but unpaid
    bonus, and we will also reimburse Mr.&#160;Bj&#246;rk&#146;s
    COBRA payments during the period of his severance payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Employment
    Agreement with William G. Sorenson</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In August 2008, we entered into an employment agreement with
    Mr.&#160;Sorenson, our Treasurer and Chief Financial Officer.
    The term of his employment agreement is one year and is deemed
    to have been automatically extended for an additional one year
    term (or such other period to have been agreed upon in writing)
    upon each anniversary of the agreement unless any party gives
    written notice of the non-extension of the employment agreement
    to the other party at least 90&#160;days before that anniversary
    (or as provided below). Under this agreement,
    Mr.&#160;Sorenson&#146;s initial base salary was $275,000 per
    year with a bonus potential of $137,500. Our board of directors
    adjusts Mr.&#160;Sorenson&#146;s salary and bonus from time to
    time. Mr.&#160;Sorenson&#146;s current annual base salary is
    $280,000, and Mr.&#160;Sorenson is eligible currently to receive
    a cash bonus of $175,000 based on performance. The agreement
    also provides that the board of directors would grant him an
    option to purchase 778,500&#160;shares of common stock. For a
    period of twelve months after his termination of employment,
    Mr.&#160;Sorenson will be subject to certain restrictions on
    competition with us and on the solicitation of our employees,
    customers and clients. Mr.&#160;Sorenson&#146;s employment
    agreement also provides that Mr.&#160;Sorenson is eligible to
    participate in our general employee benefit plans in accordance
    with the terms and conditions of such plans.
    Mr.&#160;Sorenson&#146;s employment agreement also provided that
    we would pay for certain living expenses for him and his family
    for up to $3,000 per month in connection with accommodations in
    the Radnor, Pennsylvania area for the first six months of
    employment and relocation assistance up to $25,000 in the event
    Mr.&#160;Sorenson relocates to the Radnor, Pennsylvania area. If
    we
</DIV>
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    <BR>
    86
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    terminate the agreement without cause (as defined in the
    agreement), we will continue to provide Mr.&#160;Sorenson&#146;s
    base salary for a period of six months following the termination
    of employment, conditioned upon the execution by
    Mr.&#160;Sorenson of a release of claims. In addition, our
    obligation to provide severance payments is limited if
    Mr.&#160;Sorenson secures compensation through any employment or
    consulting arrangements more than three months following a
    termination without cause, and the obligations completely cease
    if Mr.&#160;Sorenson breaches his Proprietary Information,
    Assignment of Inventions and Non-Competition Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2010, we amended and restated Mr.&#160;Sorenson&#146;s
    employment agreement with our company, to take effect upon the
    consummation of the offering. Pursuant to the amended and
    restated employment agreement, we will pay living expenses for
    Mr.&#160;Sorenson and his family for up to $24,000 per year.
    Mr.&#160;Sorenson&#146;s employment agreement may be terminated,
    with or without cause, by him or by us at any time without
    notice by either party. If we terminate the agreement without
    cause, in addition to the severance payments that
    Mr.&#160;Sorenson will receive as described above,
    Mr.&#160;Sorenson will also receive any earned but unpaid bonus,
    and we will also reimburse Mr.&#160;Sorenson&#146;s COBRA
    payments during the period of his severance payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Employment
    Agreement with Leslie Bonney</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2005, we entered into an employment agreement with
    Mr.&#160;Bonney. Mr.&#160;Bonney currently serves as our Senior
    Vice President of Worldwide Sales. Under this agreement,
    Mr.&#160;Bonney&#146;s initial base salary was &#163;130,000 per
    year (approximately $210,876 based on an assumed exchange rate
    of approximately $1.62 as of December&#160;31, 2009)&#160;and
    the agreement initially provided for a bonus potential of up to
    &#163;110,000 (approximately $178,433 based on an assumed
    exchange rate of approximately $1.62 as of December&#160;31,
    2009). Our board of directors adjusts Mr.&#160;Bonney&#146;s
    salary and bonus potential from time to time.
    Mr.&#160;Bonney&#146;s current annual base salary is
    &#163;170,000 per year (approximately $275,760 based on an
    assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009), and Mr.&#160;Bonney is currently
    eligible to receive a cash bonus of up to &#163;190,000 per year
    (approximately $308,203 based on an assumed exchange rate of
    approximately $1.62 as of December&#160;31, 2009)&#160;based on
    performance. The employment agreement also provides that the
    board of directors would grant Mr.&#160;Bonney an option to
    purchase 614,040&#160;shares of common stock. For a period of
    twelve months after his termination of employment,
    Mr.&#160;Bonney will be subject to certain restrictions on
    competition with us and on the solicitation of our employees,
    customers and clients. Mr.&#160;Bonney&#146;s employment
    agreement also provides that he is entitled to &#163;1,000
    (approximately $1,622 based on an assumed exchange rate of
    approximately $1.62 as of December&#160;31, 2009)&#160;per month
    for car expenses and he is also entitled to related expenses.
    Mr.&#160;Bonney&#146;s employment agreement provides that
    Mr.&#160;Bonney&#146;s employment agreement may be terminated at
    any time upon six months notice, unless the employment contract
    is breached.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Employment
    Agreement with Anthony Deighton</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2005, we entered into an employment agreement with
    Mr.&#160;Deighton. Mr.&#160;Deighton&#146;s employment agreement
    provides that he is an &#147;at-will&#148; employee and his
    employment may be terminated at any time by us or
    Mr.&#160;Deighton. Under this agreement,
    Mr.&#160;Deighton&#146;s initial base salary was $150,000 per
    year, and Mr.&#160;Deighton was initially eligible to receive a
    cash bonus of $75,000 based on performance. Our board of
    directors adjusts Mr.&#160;Deighton&#146;s salary and bonus
    potential from time to time. Mr.&#160;Deighton&#146;s current
    annual base salary is $220,000, and Mr.&#160;Deighton is
    eligible currently to receive a cash bonus of $135,000 based on
    performance. Pursuant to this agreement, Mr.&#160;Deighton
    received an option to purchase up to 722,400&#160;shares of
    common stock. For a period of twelve months after his
    termination of employment, Mr.&#160;Deighton will be subject to
    certain restrictions on competition with us and on the
    solicitation of our employees, customers and clients.
    Mr.&#160;Deighton&#146;s employment agreement also provides that
    Mr.&#160;Deighton is eligible to participate in our general
    employee benefit plans in accordance with the terms and
    conditions of such plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2010, we amended and restated Mr.&#160;Deighton&#146;s
    employment agreement with our company, to take effect upon the
    consummation of the offering. Pursuant to the amended and
    restated employment agreement, Mr.&#160;Deighton&#146;s
    employment agreement may be terminated, with or without cause,
    by him or by us at any time without notice by either party. If
    we terminate the agreement without cause (as defined in the
    agreement), we will continue to provide Mr.&#160;Deighton&#146;s
    base salary for a period of six months following the termination
    of employment, conditioned upon the execution by
    Mr.&#160;Deighton of a release of claims. In addition to this
    severance payment,
</DIV>
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    <BR>
    87
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Deighton will also receive any earned but unpaid bonus,
    and we will also reimburse Mr.&#160;Deighton&#146;s COBRA
    payments during the period of his severance payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Employment
    Agreement with Douglas Laird</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In November 2008, we entered into an employment agreement with
    Mr.&#160;Laird, our Vice President of Marketing. Under this
    agreement, Mr.&#160;Laird&#146;s initial base salary was
    $180,000 per year, and Mr.&#160;Laird was initially eligible to
    receive a cash bonus of up to $90,000 subject to performance.
    Our board of directors adjusts Mr.&#160;Laird&#146;s salary and
    bonus potential from time to time. Mr.&#160;Laird&#146;s current
    annual base salary is $190,000, and Mr.&#160;Laird is eligible
    currently to receive a cash bonus of $110,000 based on
    performance. Pursuant to this agreement, Mr.&#160;Laird received
    an option to purchase up to 300,000&#160;shares of common stock.
    For a period of twelve months after his termination of
    employment, Mr.&#160;Laird will be subject to certain
    restrictions on competition with us and on the solicitation of
    our employees, customers and clients. Mr.&#160;Laird&#146;s
    employment agreement also provides that Mr.&#160;Laird is
    eligible to participate in our general employee benefit plans in
    accordance with the terms and conditions of such plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2010, we amended and restated Mr.&#160;Laird&#146;s
    employment agreement with our company, to take effect upon the
    consummation of the offering. Pursuant to the amended and
    restated employment agreement, Mr.&#160;Laird&#146;s employment
    agreement may be terminated, with or without cause, by him or by
    us at any time without notice by either party. If we terminate
    the agreement without cause, we will continue to provide
    Mr.&#160;Laird&#146;s base salary for a period of six months
    following the termination of employment, conditioned upon the
    execution by Mr.&#160;Laird of a release of claims. In addition
    to this severance payment, Mr.&#160;Laird will also receive any
    earned but unpaid bonus, and we will also reimburse
    Mr.&#160;Laird&#146;s COBRA payments during the period of his
    severance payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Potential
    Payments Upon Termination or Change in Control</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Employment Agreements&#148; and &#147;Compensation
    Discussion and Analysis&#160;&#151; Severance and Change in
    Control Benefits&#148; above for a description of the severance
    and change in control arrangements for our named executive
    officers. The following table describes the potential payments
    and benefits upon termination of our named executive
    officers&#146; employment before or after a change in control of
    our company, as if each officer&#146;s employment terminated as
    of December&#160;31, 2009.
</DIV>
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    <BR>
    88
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Estimated
    Benefits and Payments Upon Termination of Employment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table describes the potential payments and
    benefits upon termination of our named executive officers&#146;
    employment before or after a change in control of our company as
    described above, as if each officer&#146;s employment terminated
    as of December&#160;31, 2009, the last business day of the 2009
    fiscal year, before giving effect to the April 2010 amendments
    to the terms of the employment agreements with our named
    executive officers discussed above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
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    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Termination<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Voluntary<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Other than for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Termination<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Resignation/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cause or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Other than for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Termination<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Disability<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cause or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Resignation for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Prior<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Disability after a<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Good Reason<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cause or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>to Change in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Change in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>after a Change in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 9pt">Benefit</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Disability</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Control</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Control</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Control</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Lars Bj&#246;rk
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Severance
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    75,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    75,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Option Acceleration
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    COBRA Premiums
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Vacation Payout
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Total Value
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    William G. Sorenson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Severance
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    137,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    68,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Option Acceleration
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    COBRA Premiums
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Vacation Payout
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Total Value
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    153,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Leslie Bonney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Severance
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
    72,500
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
    72,500
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Option Acceleration
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    COBRA Premiums
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Vacation Payout
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Total Value
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
    72,500
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#163;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Anthony Deighton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Severance
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Option Acceleration
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    COBRA Premiums
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Vacation Payout
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Total Value
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Douglas Laird
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Severance
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Option Acceleration
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    COBRA Premiums
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Vacation Payout
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Total Value
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Approximately $117,604 based on an
    assumed exchange rate of approximately $1.62 as of
    December&#160;31, 2009.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of valuing the severance and vacation payments in
    the table above, we used each executive officer&#146;s base
    salary in effect at the end of 2009 and the number of accrued
    but unused vacation days at the end of 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The value of option acceleration shown in the tables above was
    calculated based on the assumption that the officer&#146;s
    employment was terminated and the change in control (if
    applicable) occurred on December&#160;31, 2009 and that the fair
    market value of our common stock on that date was
    $&#160;&#160;&#160;&#160;&#160; , which represents the midpoint
    of the range of the initial public offering price set forth on
    the cover page of this prospectus. The value of the vesting
    acceleration was calculated by multiplying the number of
    unvested shares subject to each option by the difference between
    the fair market value of our common stock as of
    December&#160;31, 2009 and the exercise price of the option.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">2009&#160;Director
    Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a policy of reimbursing all of our non-employee
    directors for their reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred in attending board and committee meetings. In
    April of 2009, we granted Mr.&#160;Wahl an option to purchase
    50,000&#160;shares of our common stock at an exercise price of
    $1.65 per share. The option vests in full on April&#160;1, 2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    89
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information regarding
    compensation earned by each of our non-employee directors during
    the fiscal year ended December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Change in Pension<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Nonqualified<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fees Earned<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Non-Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Deferred<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>All Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>or Paid in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Incentive Plan<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Cash&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Awards&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Awards
    ($)<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Compensation&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Earnings&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Claes
    Bj&#246;rk<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Bruce Golden
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    M&#229;ns
    Hultman<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    269,867<SUP style="font-size: 85%; vertical-align: top">(4</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,749<SUP style="font-size: 85%; vertical-align: top">(5</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    309,616
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(6)</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Alexander Ott
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Paul
    Wahl<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#160;&#160;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,099
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#160;&#160;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#160;&#160;&#160;&#160;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,099
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts in this column
    represent the aggregate grant date fair value of the stock
    option, computed in accordance with Accounting Standards
    Codification Topic 718 without consideration of forfeitures. See
    Note&#160;13 of the notes to consolidated financial statements
    for a discussion of our assumptions in determining the values of
    our option awards.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Bj&#246;rk resigned from
    the board of directors effective December&#160;2, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Hultman resigned from the
    board of directors effective March&#160;15, 2010.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes $175,368 (based on
    director compensation of 1,248,000&#160;Swedish kronor and an
    assumed exchange rate of approximately $0.14 as of
    December&#160;31, 2009) and $94,499 (based on a bonus paid of
    672,500 Swedish kronor and an assumed exchange rate of
    approximately $0.14 as of December&#160;31, 2009).
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes $7,799 (based on payments
    of 55,500&#160;Swedish kronor and an assumed exchange rate of
    approximately $0.14 as of December&#160;31, 2009) paid by our
    company for the provision of a car for Mr.&#160;Hultman and
    $31,950 (based on contributions of 227,370&#160;Swedish kronor
    and an assumed exchange rate of approximately $0.14 as of
    December&#160;31, 2009) contributed by our company to
    Mr.&#160;Hultman&#146;s Swedish tax qualified contribution plan.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(6)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Approximately
    2,203,370&#160;Swedish kronor based on an assumed exchange rate
    of approximately $0.14 as of December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(7)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Wahl held options to
    purchase an aggregate of 50,000&#160;shares of common stock as
    of December&#160;31, 2009.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Gavin was appointed to the board of directors of our
    company effective February&#160;11, 2010 and in connection with
    his appointment was granted during March 2010 an option to
    purchase 20,000&#160;shares of our common stock. Following this
    offering, our non-employee directors will be eligible for cash
    compensation and for stock option grants under our 2010 Equity
    Incentive Plan. See &#147;Management&#160;&#151; Director
    Compensation&#148; for additional information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Equity
    Benefit Plans</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2004
    Omnibus Stock Option and Award Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors adopted and our stockholders approved the
    2004 Omnibus Stock Option and Award Plan (the &#147;2004
    Plan&#148;) in November 2004. As of December&#160;31, 2009,
    4,130,882&#160;shares of common stock had been issued upon the
    exercise of options granted under the 2004 Plan, options to
    purchase 5,588,478&#160;shares of common stock were outstanding
    at a weighted-average exercise price of $0.93 per share and no
    shares remained available for future grant. Following our
    adoption of the 2007 Plan on November&#160;1, 2007, no further
    grants of stock options or awards were made under the 2004 Plan.
    The awards outstanding following such time under the 2004 Plan
    continue to be governed by their existing terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Administration.</I>&#160;&#160;The compensation committee of
    our board of directors administers the 2004 Plan. Our
    compensation committee has complete discretion to make all
    decisions relating to the plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Eligibility.</I>&#160;&#160;Employees of our company or its
    subsidiaries and non-employee members of our board of directors,
    as well as any other persons whose participation the
    compensation committee determine is in our best interest,
    subject to certain limitations, are eligible to participate in
    our 2004 Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Types of Award.</I>&#160;&#160;Our 2004 Plan provide for the
    following types of award:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incentive and non-statutory stock options to purchase shares of
    our common stock;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    90
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restricted shares of our common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stock awards;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stock units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Change in Control.</I>&#160;&#160;In the event we experience
    a change in control, all awards granted under the 2004 Plan
    shall be subject to the agreement evidencing such change in
    control, and with respect to a stock option such agreement shall
    provide for one or more of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the continuation or assumption of such outstanding stock options
    by the surviving corporation or its parent;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the substitution by the surviving corporation or its parent of
    new options for such outstanding stock options;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    full acceleration of the vesting of such stock options;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the cancellation of such stock options in exchange for a payment
    equal to the excess of the fair market value of the shares
    subject to such stock options (whether or not such stock options
    are then exercisable or such shares are then vested) over the
    exercise price of such stock options.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the 2004 Plan, a change in control includes a
    merger or consolidation of our company with or into another
    entity where existing stockholders of our company immediately
    prior to the merger or consolidation do not hold a majority of
    the voting power of the capital stock of the surviving entity,
    the sale of all or substantially all of our assets and the
    dissolution, liquidation or winding up of our company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Payment.</I>&#160;&#160;The exercise price for options
    granted under the 2004 Plan may not be less than 100% of the
    fair market value of our common stock on the grant date.
    Optionees may pay the exercise price of options by using:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cash or cash equivalents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of common stock that the optionee already owns;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a full recourse promissory note, under certain
    circumstances;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    following this offering, an immediate sale of the option shares
    through a broker designated by us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares and stock units may be awarded under the 2004 Plan in
    consideration of services rendered to us prior to the grant date
    of the award.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2007
    Omnibus Stock Option and Award Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors adopted and our stockholders approved the
    2007 Omnibus Stock Option and Award Plan (the &#147;2007
    Plan&#148;) in November 2007. As of December&#160;31, 2009,
    103,548&#160;shares of common stock had been issued upon the
    exercise of options granted under the 2007 Plan, options to
    purchase 6,752,996&#160;shares of common stock were outstanding
    at a weighted-average exercise price of $2.00 per share and
    1,548,497&#160;shares remained available for future grant. Upon
    the effective date of this offering, no further option grants
    will be made under the 2007 Plan. The awards outstanding after
    this offering under the 2007 Plan will continue to be governed
    by their existing terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Administration.</I>&#160;&#160;The compensation committee of
    our board of directors administers the 2007 Omnibus Stock Option
    and Award Plan. Our compensation committee has complete
    discretion to make all decisions relating to the plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Eligibility.</I>&#160;&#160;Employees of our company or its
    subsidiaries and non-employee members of our board of directors,
    as well as any other persons whose participation the
    compensation committee determine is in our best interest,
    subject to certain limitations, are eligible to participate in
    our 2007 Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Types of Award.</I>&#160;&#160;Our 2007 Plan provide for the
    following types of award:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incentive and non-statutory stock options to purchase shares of
    our common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restricted shares of our common stock;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    91
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stock awards;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stock units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Change in Control.</I>&#160;&#160;In the event we experience
    a change in control, awards outstanding under the 2007 Plan are
    to be assumed by our acquirer. The compensation committee has
    the authority to determine the effect of any such transaction on
    outstanding options or awards. For purposes of our 2007 Plan, a
    change in control includes a merger involving our company, or
    any other corporate reorganization to which our company is a
    part that involves the exchange, conversion, adjustment or other
    modification of outstanding shares of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Payment.</I>&#160;&#160;The exercise price for options and
    stock appreciation rights granted under the 2007 Plan may not be
    less than 100% of the fair market value of our common stock on
    the grant date. Optionees may pay the exercise price of options
    by using:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cash or cash equivalents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of common stock that the optionee already owns;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a full recourse promissory note, under certain
    circumstances;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    following this offering, an immediate sale of the option shares
    through a broker designated by us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares and stock units may be awarded under the 2007 Plan in
    consideration of services rendered to us prior to the grant date
    of the award.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Special
    considerations for Swedish Employees</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Swedish tax law requires that Swedish plan participants purchase
    their stock options. Because such Swedish plan participants
    purchase their stock options pursuant to Swedish law, these
    participants keep these stock options or awards even if they
    leave our company. Pursuant to our non-qualified stock option
    award agreements with our Swedish employees, stock options and
    awards are subject to our right of repurchase upon a termination
    of service of the participant at a price equal to the fair
    market value on the date of termination of service. We have a
    right of first refusal to purchase any stock option or awards
    proposed to be transferred to any third parties which shall
    terminate upon the earlier to occur of a public offering of our
    shares of common stock at a price per share of not less than
    $3.15 and greater than $30,000,000 in the aggregate or the
    consummation of a liquidation event. Upon a change in control,
    our right to repurchase award shares in the event of a
    termination of service terminates if the participant is still
    actively employed by us on the date of the change of control and
    in such event the stock option and awards shall remain subject
    to our right of first refusal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2010
    Equity Incentive Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors adopted our 2010 Equity Incentive Plan
    (the &#147;2010 Plan&#148;) during March 2010, and our
    stockholders approved it
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010. The 2010 Plan will take effect on the effective date of
    the registration statement of which this prospectus is a part.
    Our 2010 Plan will replace our 2007 Plan, and no further grants
    will be made under such plan after this offering. However, the
    options outstanding after this offering under the 2007 Plan and
    the 2004 Plan will continue to be governed by their existing
    terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Shares&#160;Reserved.</I>&#160;&#160;We have reserved
    3,300,000&#160;shares of our common stock for issuance under the
    2010 Equity Incentive Plan. The number of shares reserved for
    issuance under the plan will be increased automatically on
    January 1 of each year, starting with 2011, by a number equal to
    the smallest of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    3,300,000&#160;shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    3.75% of the shares of common stock outstanding at that
    time;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares determined by our board of directors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, to the extent that awards under the 2010 Plan are
    forfeited or lapse without the issuance of shares, if shares are
    applied to pay the purchase price or withholding amounts due in
    connection with awards or shares are otherwise not issued in
    connection with an award, then in each case the shares
    forfeited, withheld or otherwise not
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    92
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    issued will again become available for awards. All share numbers
    described in this summary of the 2010 Plan are automatically
    adjusted in the event of a stock split, a stock dividend, or a
    reverse stock split.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Administration.</I>&#160;&#160;The compensation committee of
    our board of directors administers the 2010 Plan. The committee
    has the complete discretion to make all decisions relating to
    the plan and outstanding awards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Eligibility.</I>&#160;&#160;Employees, members of our board
    of directors who are not employees, and consultants are eligible
    to participate in our 2010 Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Types of Award.</I>&#160;&#160;Our 2010 Plan provides for the
    following types of award:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incentive and non-statutory stock options to purchase shares of
    our common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stock appreciation rights;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restricted shares of our common stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stock units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Options and Stock Appreciation Rights.</I>&#160;&#160;The
    exercise price for options granted under the 2010 Plan may not
    be less than 100% of the fair market value of our common stock
    on the option grant date. Optionees may pay the exercise price
    by using, with the consent of the compensation committee in all
    cases except with respect to cash:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cash;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of common stock that the optionee already owns;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an immediate sale of the option shares through a broker approved
    by us;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other methods permitted by applicable law and approved by the
    compensation committee.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A participant who exercises a stock appreciation right receives
    the increase in value of our common stock over the base price.
    The base price for stock appreciation rights may not be less
    than 100% of the fair market value of our common stock on the
    grant date. The settlement value of a stock appreciation right
    may be paid in cash or shares of common stock or a combination
    of both. Options and stock appreciation rights vest at the time
    or times determined by the compensation committee. In most
    cases, they will vest over a four-year period following the date
    of grant. Options and stock appreciation rights also expire at
    the time determined by the compensation committee but in no
    event more than 10&#160;years after they are granted. They
    generally expire earlier if the participant&#146;s service
    terminates earlier. No participant may be granted, in aggregate
    during any fiscal year, options or stock appreciation rights
    under the 2010 Plan covering more than 800,000&#160;shares of
    common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Restricted Shares and Stock Units.</I>&#160;&#160;Restricted
    shares and stock units may be awarded under the 2010 Plan in
    return for any lawful consideration, and participants who
    receive restricted shares or stock units generally are not
    required to pay for their awards in cash. In general, these
    awards will be subject to vesting. Vesting may be based on
    length of service, the attainment of performance-based
    milestones, or a combination of both, as determined by the
    compensation committee. No participant may be granted, in
    aggregate during any fiscal year, awards pursuant to the 2010
    Plan for restricted shares or stock units with performance-based
    vesting covering more than 200,000&#160;shares of common stock.
    Settlement of vested stock units may be made in the form of
    cash, shares of common stock, or a combination of both.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Change in Control.</I>&#160;&#160;In the event we experience
    a change in control, outstanding awards granted under the 2010
    Plan will be subject to the terms of the definitive transaction
    agreement, which will provide that the awards will be continued
    (if we survive the transaction), assumed or substituted for
    equivalent awards by our acquirer, or cancelled including with
    respect to vested shares in exchange for a cash payment equal to
    the difference between the fair market value of the underlying
    stock less any applicable exercise or purchase price. The
    compensation committee has the discretion to provide that an
    award granted under the 2010 Plan will vest on an accelerated
    basis if a change in control of our company occurs or if the
    participant is subject to an involuntary termination after the
    change in control, and has already so provided with respect to
    certain of our executive officers as described above in
    &#147;Compensation Discussion and Analysis&#148; and
    &#147;Employment Agreements.&#148;
</DIV>
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    A change in control includes:
</DIV>

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    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
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<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a merger after which our own stockholders own less than 50% of
    the surviving corporation or its parent company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a sale of all or substantially all of our assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a proxy contest that results in the replacement of more than
    one-half of our directors over a
    <FONT style="white-space: nowrap">24-month</FONT>
    period;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an acquisition of 50% or more of our outstanding stock by any
    person or group, other than a person related to our company,
    such as a holding company owned by our stockholders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Amendments or Termination.</I>&#160;&#160;Our board of
    directors may amend or terminate the 2010 Plan at any time. If
    our board of directors amends the plan, it does not need to ask
    for stockholder approval of the amendment unless required by
    applicable law or exchange listing requirements. The 2010 Plan
    will continue in effect for 10&#160;years, unless our board of
    directors decides to terminate the plan earlier or unless our
    board of directors and stockholders later approve an extension
    of this term.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    RELATIONSHIPS AND RELATED PERSONS TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the compensation arrangements with directors and
    executive officers and the registration rights described
    elsewhere in this prospectus, the following is a description of
    each transaction since January&#160;1, 2007 and each currently
    proposed transaction in which:
</DIV>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have been or are to be a participant;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount involved exceeds $120,000;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any of our directors, executive officers or holders of more than
    5% of our capital stock, or any immediate family member of or
    person sharing the household with any of these individuals
    (other than tenants or employees), had or will have a direct or
    indirect material interest.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the transactions set forth below were approved by a
    majority of our board of directors, including a majority of the
    independent and disinterested members of our board of directors.
    We believe that we have executed all of the transactions set
    forth below on terms no less favorable to us than we could have
    obtained from unaffiliated third parties. It is our intention to
    ensure that all future transactions between us and our officers,
    directors and principal stockholders and their affiliates are
    approved by the audit committee and a majority of the members of
    our board of directors, including a majority of the independent
    and disinterested members of our board of directors, and are on
    terms no less favorable to us than those that we could obtain
    from unaffiliated third parties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investors&#146;
    Rights Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into an investors&#146; rights agreement with
    the purchasers of our outstanding preferred stock, including
    entities with which certain of our directors are affiliated. As
    of December&#160;31, 2009, the holders of 32,990,113&#160;shares
    of our common stock, including the shares of common stock
    issuable upon the automatic conversion of our preferred stock,
    are entitled to rights with respect to the registration of their
    shares under the Securities Act of 1933 pursuant to the
    investors&#146; rights agreement. Certain stockholders who are a
    party to this agreement are entitled to certain financial
    information regarding us and to visit and inspect our properties
    and books of account. These information and inspection rights
    will terminate upon the closing of this offering. In addition,
    stockholders who are a party to this agreement are provided
    rights to demand registration of shares of common stock issuable
    upon conversion of their preferred stock and to participate in a
    registration of our common stock that we may decide to do, from
    time to time. These registration rights will survive this
    offering and will terminate as to any holder at such time as
    such holder holds 1% or less of our company&#146;s outstanding
    common stock and all of such holders&#146; securities (together
    with any affiliate of the holder with whom such holder must
    aggregate its sales) could be sold within a three month period
    without compliance with the registration requirements of the
    Securities Act of 1933 pursuant to Rule&#160;144, but in any
    event no later than the five-year anniversary of this offering.
    These demand registration rights, however, may not be exercised
    until six months after this offering. All of the shares subject
    to this agreement are held by affiliates of certain of our
    directors and by holders of 5% of our capital stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with a Loan Facility Agreement between our
    subsidiary, QlikTech International AB, and ETV Capital SA, we
    issued a warrant to purchase 260,082&#160;shares of our
    Series&#160;A preferred stock to ETV Capital. This warrant
    provides that upon its exercise the holder shall have no demand
    registration rights but will have certain rights to participate
    in registrations of our common stock that we may decide to do,
    from time to time. Additionally, the holder of this warrant will
    be subject to the provisions regarding indemnification as set
    forth in the investors&#146; rights agreement upon the exercise
    of this warrant. For more information regarding this agreement,
    please refer to the section titled &#147;Description of Capital
    Stock&#160;&#151; Registration Rights.&#148; This is not a
    complete description of this investors&#146; rights agreement
    and is qualified by the full text of the investors&#146; rights
    agreement which have been filed as exhibits to the registration
    statement of which this prospectus is a part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The election of the members of our board of directors is
    governed by a voting agreement that we entered into with certain
    holders of our common stock and holders of our preferred stock
    and related provisions of our restated certificate of
    incorporation. The directorship of our board of directors
    designated by the holders of a majority of our Series&#160;AA
    preferred stock is filled by John Gavin,&#160;Jr. The holders of
    a majority of our Series&#160;A preferred stock have
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    designated Bruce Golden and Erel N. Margalit for election to our
    board of directors. The holders of a majority of our common
    stock and preferred stock, voting together as a single class,
    have designated Lars Bj&#246;rk, Alexander Ott and Paul Wahl for
    election to our board of directors. Upon the closing of this
    offering, the voting agreement will terminate in its entirety
    and none of our stockholders will have any special rights
    regarding the election or designation of members of our board of
    directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Transactions with our Executive Officers, Directors, Key
    Employees and Significant Stockholders.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Debt Facility with Stiftelsen
    Industrifonden.</I>&#160;&#160;In June 2008 we entered into a
    60&#160;million Swedish kronor (approximately $8.4&#160;million
    as of December&#160;31, 2009 based on an exchange rate of
    approximately 0.14) long-term note payable with Stiftelsen
    Industrifonden, one of our stockholders. This note has an
    interest rate of 10% per annum, and as of December&#160;31,
    2009, we have made $2.3&#160;million in principal payments and
    $400,000 in interest payments under this note. As of
    December&#160;31, 2009, the long-term note payable had a balance
    of 49.7&#160;million Swedish kronor (approximately
    $6.9&#160;million based on an exchange rate of approximately
    0.14 as of December&#160;31, 2009). Under the terms of the
    agreement, quarterly payments of principal and interest are
    required until the agreement matures in March 2012. The note is
    secured by 65% of the outstanding shares of QlikTech
    International, AB, our Swedish subsidiary and operating company.
    We currently intend to prepay all amounts owed under this
    agreement, including applicable prepayment fees, with the
    proceeds of this offering. The note is subject to a prepayment
    fee of an amount equal to interest on the amount prepaid from
    the date of prepayment through March&#160;31, 2012 at a rate
    equal to
    <FONT style="white-space: nowrap">one-half</FONT> the
    Swedish Reference Rate (0.25% as of December&#160;31, 2009)
    applicable on the date of prepayment. In connection with the
    debt facility, we issued a warrant to Stiftelsen Industrifonden
    to purchase 214,200&#160;shares of our Series&#160;A preferred
    stock at an exercise price of $2.31 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Indemnification Agreements.</I>&#160;&#160;Upon the closing
    of this offering, we will enter into indemnification agreements
    with each of our directors and executive officers. The form of
    agreement provides that we will indemnify each of our directors
    and executive officers against any and all expenses incurred by
    that director or executive officer because of his or her status
    as one of our directors or executive officers to the fullest
    extent permitted by Delaware law, our restated certificate of
    incorporation and our amended and restated bylaws (except in a
    proceeding initiated by such person without board approval). In
    addition, the form agreement provides that, to the fullest
    extent permitted by Delaware law, we will advance all expenses
    incurred by our directors and executive officers in connection
    with a legal proceeding in which they may be entitled to
    indemnification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Stock Option Awards.</I>&#160;&#160;For information regarding
    stock options and stock awards granted to our named executive
    officers and directors, see &#147;Management&#160;&#151;
    Director Compensation&#148; and &#147;Management&#160;&#151;
    Executive Compensation.&#148;
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRINCIPAL
    AND SELLING STOCKHOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table provides information concerning beneficial
    ownership of our common stock as of December&#160;31, 2009, and
    as adjusted to reflect the completion of this offering, for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each stockholder, or group of affiliated stockholders, known to
    us to beneficially own more than 5% of our outstanding common
    stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each of the selling stockholders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each of our named executive officers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each of our directors;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all of our current executive officers and directors as a group.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The percentage ownership information shown in the table is based
    upon 63,350,570&#160;shares of common stock outstanding as of
    December&#160;31, 2009, assuming the reclassification of our
    Series&#160;A common stock into common stock, the conversion of
    all outstanding shares of our Series&#160;A preferred stock and
    Series&#160;AA preferred stock into shares of our common stock
    and all outstanding warrants to purchase preferred stock into
    warrants to purchase common stock upon completion of this
    offering, and the issuance
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock in this offering. The percentage ownership
    information assumes no exercise of the underwriters&#146;
    over-allotment option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Information with respect to beneficial ownership has been
    furnished by each director, officer or beneficial owner of more
    than 5% of our common stock. We have determined beneficial
    ownership in accordance with the rules of the SEC. These rules
    generally attribute beneficial ownership of securities to
    persons who possess sole or shared voting power or investment
    power with respect to those securities. In addition, the rules
    include shares of common stock issuable pursuant to the exercise
    of stock options or warrants that are either immediately
    exercisable or exercisable on or before March&#160;1, 2009,
    which is 60&#160;days after December&#160;31, 2009. These shares
    are deemed to be outstanding and beneficially owned by the
    person holding those options or warrants for the purpose of
    computing the percentage ownership of that person, but they are
    not treated as outstanding for the purpose of computing the
    percentage ownership of any other person. Unless otherwise
    indicated, the persons or entities identified in this table have
    sole voting and investment power with respect to all shares
    shown as beneficially owned by them, subject to applicable
    community property laws. Beneficial ownership representing less
    than one percent is denoted with an &#147;*&#148;.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    97
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise noted below, the principal address of each
    of the stockholders below is
    <FONT style="white-space: nowrap">c/o&#160;Qlik</FONT>
    Technologies Inc., 150 Radnor Chester Road, Suite&#160;E220,
    Radnor, Pennsylvania 19087.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Shares Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Shares Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Owned Prior to This<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Owned After to This<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name of Beneficial
    Owner</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Number</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Percentage</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Being Offered</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Number</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Percentage</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>5% Stockholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Accel Europe,
    L.P.<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,887,594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Jerusalem Venture Partners IV,
    L.P.<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,102,519
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Stiftelsen
    Industrifonden<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,400,787
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;M&#229;ns
    Hultman<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,485,989
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Directors and Named Executive Officers:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Erel N.
    Margalit<SUP style="font-size: 85%; vertical-align: top">(2)(5)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,102,519
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Lars
    Bj&#246;rk<SUP style="font-size: 85%; vertical-align: top">(6)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,972,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Alexander Ott
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,083,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Anthony
    Deighton<SUP style="font-size: 85%; vertical-align: top">(7)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    772,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Leslie
    Bonney<SUP style="font-size: 85%; vertical-align: top">(8)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    756,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Paul
    Wahl<SUP style="font-size: 85%; vertical-align: top">(9)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    460,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;William G.
    Sorenson<SUP style="font-size: 85%; vertical-align: top">(10)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    242,344
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Douglas
    Laird<SUP style="font-size: 85%; vertical-align: top">(11)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;John Gavin,
    Jr.<SUP style="font-size: 85%; vertical-align: top">(12)</SUP>&#160;

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;Bruce
    Golden<SUP style="font-size: 85%; vertical-align: top">(13)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;&#160;All current directors and executive officers as a
    group
    (11&#160;persons)<SUP style="font-size: 85%; vertical-align: top">(14)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,279,984
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.79
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 16,492,423&#160;shares
    held by Accel Europe L.P. and 395,171&#160;shares held by Accel
    Europe Investors 2004 L.P. (collectively, the &#147;Accel
    Funds&#148;). Accel Europe Associates L.L.C. is the general
    partner of Accel Europe Associates L.P., which is the general
    partner of Accel Europe L.P. and has the sole voting and
    investment power. Accel Europe Associates L.L.C. is the general
    partner of Accel Europe Investors 2004 L.P. and has the sole
    voting and investing power. Voting and investment power over the
    shares beneficially owned by Accel Europe Associates L.L.C. is
    shared by its managing members, Kevin Comolli and James R.
    Swartz. The general partners and managing members disclaim
    beneficial ownership of the shares owned by the Accel Funds
    except to the extent of their proportionate pecuniary interest
    therein. The address for Accel Europe L.P. and Accel Europe
    Investors 2004 L.P. is 428 University Avenue, Palo Alto,
    California 94301.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 14,827,461&#160;shares
    held by held by Jerusalem Venture Partners IV, L.P.,
    126,561&#160;shares held by Jerusalem Venture Partners IV-A,
    L.P., 132,815&#160;shares held by Jerusalem Venture Partners
    Entrepreneurs Fund&#160;IV, L.P. and 658,936&#160;shares held by
    JVP IV Annex&#160;Fund, L.P. and its affiliates (collectively,
    the &#147;US JVP Funds&#148;) and 356,746&#160;shares held by
    Jerusalem Venture Partners&#160;IV (Israel), L.P. JVP
    Corp&#160;IV is the general partner of JP Media&#160;V, L.P.,
    which is the general partner of JVP IV Annex&#160;Fund&#160;L.P.
    JVP Corp. IV is the general partner of Jerusalem Partners IV,
    L.P., which is the general partner of Jerusalem Venture Partners
    IV, L.P., Jerusalem Venture Partners IV-A, L.P. and Jerusalem
    Venture Partners Entrepreneurs Fund&#160;IV, L.P. JVP Corp. IV
    is the general partner of Jerusalem Partners IV&#160;&#151;
    Venture Capital, L.P., which is the general partner of Jerusalem
    Venture Partners&#160;IV (Israel), L.P. Voting and investment
    power over the shares beneficially owned by JVP Corp. IV. is
    controlled by Erel Margalit, its managing member. The general
    partners and managing members disclaim beneficial ownership of
    the shares owned by the JVP Funds except to the extent of their
    proportionate pecuniary interest therein. The address for
    Jerusalem Venture Partners IV, L.P. is 156&#160;Fifth Avenue,
    Suite&#160;410, New York, NY 10010.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 214,200&#160;shares
    issuable upon exercise of a warrant at an exercise price of
    $2.31 per share that is exercisable within 60&#160;days of
    December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 1,750,000&#160;shares held
    by Sundet Investment AB. Mr.&#160;Hultman is a co-founder and
    co-owner of Sundet Investments. Voting and investment power over
    the shares beneficially owned by Sundet Investments is shared by
    Mr.&#160;Hultman and Mats Nilstoft. Includes options to purchase
    111,589&#160;shares of our company&#146;s common stock that
    expires on June&#160;18, 2010. The address for Sundet
    Investments is Sundet Investment AB, Norra Vallgatan 54, Box
    4107, SE-20312 Malm&#246;, Sweden.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    98
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Margalit is the managing
    member of JVP Corp. IV, and he disclaims beneficial ownership of
    any of the US JVP Funds&#146; shares or Jerusalem Venture
    Partners&#160;IV (Israel), L.P.&#146;s shares except to the
    extent of his proportionate pecuniary interest therein.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(6)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 682,805&#160;shares
    issuable upon exercise of options exercisable within
    60&#160;days of December&#160;31, 2009. Excludes
    450,802&#160;shares subject to options that are not exercisable
    within 60&#160;days of December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(7)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 772,400&#160;shares
    issuable upon exercise of options exercisable within
    60&#160;days of December&#160;31, 2009. Excludes
    250,000&#160;shares subject to options that are not exercisable
    within 60&#160;days of December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(8)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 756,264&#160;shares
    issuable upon exercise of options exercisable within
    60&#160;days of December&#160;31, 2009. Excludes
    310,618&#160;shares subject to options that are not exercisable
    within 60&#160;days of December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(9)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Excludes 50,000&#160;shares subject
    to options that are not exercisable within 60&#160;days of
    December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(10)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 242,344&#160;shares
    issuable upon exercise of options exercisable within
    60&#160;days of December&#160;31, 2009. Excludes
    533,156&#160;shares subject to options that are not exercisable
    within 60&#160;days of December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(11)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 75,000&#160;shares
    issuable upon exercise of options exercisable within
    60&#160;days of December&#160;31, 2009. Excludes
    225,000&#160;shares subject to options that are not exercisable
    within 60&#160;days of December&#160;31, 2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(12)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Excludes 20,000 shares subject to
    options that are not exercisable within 60 days of December 31,
    2009.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(13)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Golden is a partner of
    Accel Partners, and he disclaims beneficial ownership of any of
    the Accel Funds&#146; shares except to the extent of his
    proportionate pecuniary interest therein. See footnote
    (1)&#160;of this table for further details of ownership by Accel
    Funds.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(14)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes 2,585,063&#160;shares
    issuable upon exercise of options exercisable within
    60&#160;days of December&#160;31, 2009. Excludes
    1,883,326&#160;shares subject to options that are not
    exercisable within 60&#160;days of December&#160;31, 2009.
    </FONT></TD>
</TR>

</TABLE>
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<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CAPITAL STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the closing of this offering and the filing of our restated
    certificate of incorporation, our authorized capital stock will
    consist
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock, par value $0.0001 per share,
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of preferred stock, par value $0.0001 per share. The following
    summary of our capital stock and certain provisions of our
    restated certificate of incorporation and bylaws does not
    purport to be complete and is qualified in its entirety by the
    provisions of our restated certificate of incorporation and
    bylaws, copies of which have been filed as exhibits to the
    registration statement of which this prospectus is a part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Outstanding Shares.</I>&#160;&#160;Based on
    63,350,570&#160;shares of common stock outstanding as of
    December&#160;31, 2009, assuming the reclassification of our
    Series&#160;A common stock into common stock, the conversion of
    all outstanding shares of our Series&#160;A preferred stock and
    Series&#160;AA preferred stock into shares of common stock
    immediately prior to the closing of this offering and the
    issuance
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock in this offering, and no exercise of outstanding
    options or warrants, there will
    be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock outstanding upon the closing of this offering.
    As of December&#160;31, 2009, assuming the reclassification of
    our Series&#160;A common stock into common stock and the
    conversion of all outstanding shares of our Series&#160;A
    preferred stock and Series&#160;AA preferred stock into common
    stock upon the closing of this offering, we had approximately
    257 record holders of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, there were 12,341,473&#160;shares
    of common stock subject to outstanding options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Voting Rights.</I>&#160;&#160;Each holder of common stock is
    entitled to one vote for each share of common stock held on all
    matters submitted to a vote of the stockholders, including the
    election of directors. Our restated certificate of incorporation
    and amended and restated bylaws do not provide for cumulative
    voting rights. Because of this, the holders of a majority of the
    shares of common stock entitled to vote in any election of
    directors can elect all of the directors standing for election,
    if they should so choose.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Dividends.</I>&#160;&#160;Subject to preferences that may be
    applicable to any then outstanding preferred stock, the holders
    of our outstanding shares of common stock are entitled to
    receive dividends, if any, as may be declared from time to time
    by our board of directors out of legally available funds. At
    present, we have no plans to issue dividends. See the section
    titled &#147;Dividend Policy&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liquidation.</I>&#160;&#160;In the event of our liquidation,
    dissolution or winding up, holders of common stock will be
    entitled to share ratably in the net assets legally available
    for distribution to stockholders after the payment of all of our
    debts and other liabilities, subject to the satisfaction of any
    liquidation preference granted to the holders of any outstanding
    shares of preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Other Rights and Preferences.</I>&#160;&#160;Holders of our
    common stock have no preemptive, conversion or subscription
    rights, and there are no redemption or sinking fund provisions
    applicable to our common stock. The rights, preferences and
    privileges of the holders of common stock are subject to, and
    may be adversely affected by, the rights of the holders of
    shares of any series of our preferred stock that we may
    designate and issue in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Fully Paid and Nonassessable.</I>&#160;&#160;All of our
    outstanding shares of common stock are, and the shares of common
    stock to be issued in this offering will be, fully paid and
    nonassessable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the closing of this offering, we will have no shares of our
    preferred stock outstanding. Outstanding shares of
    Series&#160;AA preferred stock will be converted into
    26,875,145&#160;shares of common stock and outstanding shares of
    Series&#160;A preferred stock will be converted into
    19,846,279&#160;shares of common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors is authorized to issue preferred stock in
    one or more series, to establish the number of shares to be
    included in each such series and to fix the designation, powers,
    preferences and rights of such shares and any qualifications,
    limitations or restrictions thereof. The issuance of preferred
    stock may have the effect of delaying, deferring or preventing a
    change in control of our company without further action by the
    stockholders and
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    may adversely affect the voting and other rights of the holders
    of common stock. The issuance of preferred stock with voting and
    conversion rights may adversely affect the voting power of the
    holders of common stock, including the loss of voting control to
    others. At present, we have no plans to issue any preferred
    stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, assuming the reclassification of our
    Series&#160;A common stock into common stock and the conversion
    of all preferred stock into common stock upon the closing of
    this offering, we had warrants to purchase an aggregate of
    568,263&#160;shares of our common stock at a weighted exercise
    price of approximately $1.43 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holder of a warrant exercisable to purchase
    93,981&#160;shares of our common stock at an exercise price of
    $1.65 per share has the right to exercise such warrant until
    December&#160;31, 2010 and to require us to purchase the
    acquired shares for an aggregate of &#128;1.8&#160;million less
    the exercise price of the warrant (approximately
    $2.4&#160;million based on an assumed exchange rate of
    approximately $1.43 as of December&#160;31, 2009). In the event
    the holder does not exercise this right to cause us to
    repurchase these shares, the warrant would remain outstanding
    and be exercisable until its expiration on December&#160;31,
    2014.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registration
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After the completion of this offering, holders
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common stock will be entitled to rights with respect to
    the registration of those shares under the Securities Act. Under
    the terms of the investors&#146; rights agreement between us and
    the holders of these registrable securities, if we propose to
    register any of our securities under the Securities Act, either
    for our own account or for the account of other security holders
    exercising registration rights, these holders are entitled to
    notice of registration and are entitled to include their shares
    of common stock in the registration. The holders of these
    registrable securities are also entitled to specified demand
    registration rights under which they may require us to file a
    registration statement under the Securities Act at our expense
    with respect to our shares of common stock, and we are required
    to use our commercially reasonable efforts to effect this
    registration. Further, the holders of these registrable
    securities may require us to file additional registration
    statements on
    <FONT style="white-space: nowrap">Form&#160;S-3.</FONT>
    All of these registration rights are subject to conditions and
    limitations, among them the right of the underwriters of an
    offering to limit the number of shares included in the
    registration and our right not to effect a requested
    registration within six months following the initial offering of
    our securities, including this offering. This is not a complete
    description of this registration rights agreement and is
    qualified by the full text of the investors&#146; rights
    agreement which has been filed as an exhibit to the registration
    statement of which this prospectus is a part.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition in connection with a Loan Facility Agreement between
    our subsidiary, QlikTech International AB, and ETV Capital SA,
    we issued a warrant to purchase 260,082&#160;shares of our
    Series&#160;A preferred stock to ETV Capital. This warrant
    provides that upon its exercise the holder shall have no demand
    registration rights but will have certain rights to participate
    in registrations of our common stock that we may decide to do,
    from time to time. Additionally, the holder of this warrant will
    be subject to the provisions regarding indemnification as set
    forth in the investors&#146; rights agreement upon the exercise
    of this warrant.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Effects of Our Certificate of Incorporation, Bylaws and Delaware
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some provisions of Delaware law and our restated certificate of
    incorporation and amended and restated bylaws could make the
    following transactions more difficult:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisition of our company by means of a tender offer, a proxy
    contest or otherwise;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    removal of our incumbent officers and directors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These provisions of our restated certificate of incorporation
    and amended and restated bylaws, summarized below, are expected
    to discourage and prevent coercive takeover practices and
    inadequate takeover bids. These provisions are designed to
    encourage persons seeking to acquire control of our company to
    negotiate first with our board of directors. They are also
    intended to provide our management with the flexibility to
    enhance the likelihood of continuity and stability if our board
    of directors determines that a takeover is not in the best
    interests of our stockholders. These provisions, however, could
    have the effect of discouraging attempts to acquire us, which
    could
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    deprive our stockholders of opportunities to sell their shares
    of common stock at prices higher than prevailing market prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Election and Removal of Directors.</I>&#160;&#160;Our
    restated certificate of incorporation and our amended and
    restated bylaws contain provisions that establish specific
    procedures for appointing and removing members of the board of
    directors. Under our restated certificate of incorporation and
    amended and restated bylaws, our board of directors will be
    classified into three classes of directors and directors will be
    elected by a plurality of the votes cast in each election. Only
    one class will stand for election at each annual meeting, and
    directors will be elected to serve three-year terms. In
    addition, our restated certificate of incorporation and amended
    and restated bylaws will provide that vacancies and newly
    created directorships on the board of directors may be filled
    only by a majority vote of the directors then serving on the
    board of directors (except as otherwise required by law or by
    resolution of the board). Under our restated certificate of
    incorporation and amended and restated bylaws, directors may be
    removed only for cause.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Special Stockholder Meetings.</I>&#160;&#160;Under our
    restated certificate of incorporation and amended and restated
    bylaws, only the chairman of the board, our chief executive
    officer and our board of directors may call special meetings of
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Requirements for Advance Notification of Stockholder
    Nominations and Proposals.</I>&#160;&#160;Our amended and
    restated bylaws establish advance notice procedures with respect
    to stockholder proposals and the nomination of candidates for
    election as directors, other than nominations made by or at the
    direction of the board of directors or a committee of the board
    of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Delaware Anti-Takeover Law.</I>&#160;&#160;Following this
    offering, we will be subject to Section&#160;203 of the Delaware
    General Corporation Law which is an anti-takeover law. In
    general, Section&#160;203 prohibits a publicly held Delaware
    corporation from engaging in a business combination with an
    interested stockholder for a period of three years following the
    date that the person became an interested stockholder, unless
    the business combination or the transaction in which the person
    became an interested stockholder is approved in a prescribed
    manner. Generally, a business combination includes a merger,
    asset or stock sale, or another transaction resulting in a
    financial benefit to the interested stockholder. Generally, an
    interested stockholder is a person who, together with affiliates
    and associates, owns 15% or more of the corporation&#146;s
    voting stock. The existence of this provision may have an
    anti-takeover effect with respect to transactions that are not
    approved in advance by our board of directors, including
    discouraging attempts that might result in a premium over the
    market price for the shares of common stock held by stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Elimination of Stockholder Action by Written
    Consent.</I>&#160;&#160;Our restated certificate of
    incorporation and amended and restated bylaws eliminate the
    right of stockholders to act by written consent without a
    meeting after this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>No Cumulative Voting.</I>&#160;&#160;Under Delaware law,
    cumulative voting for the election of directors is not permitted
    unless a corporation&#146;s certificate of incorporation
    authorizes cumulative voting. Our restated certificate of
    incorporation and amended and restated bylaws do not provide for
    cumulative voting in the election of directors. Cumulative
    voting allows a minority stockholder to vote a portion or all of
    its shares for one or more candidates for seats on the board of
    directors. Without cumulative voting, a minority stockholder
    will not be able to gain as many seats on our board of directors
    based on the number of shares of our stock the stockholder holds
    as the stockholder would be able to gain if cumulative voting
    were permitted. The absence of cumulative voting makes it more
    difficult for a minority stockholder to gain a seat on our board
    of directors to influence our board&#146;s decision regarding a
    takeover.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Undesignated Preferred Stock.</I>&#160;&#160;The
    authorization of undesignated preferred stock makes it possible
    for our board of directors to issue preferred stock with voting
    or other rights or preferences that could impede the success of
    any attempt to change control of our company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Amendment of Charter Provisions.</I>&#160;&#160;The amendment
    of most of the above provisions in our restated certificate of
    incorporation and our amended and restated bylaws requires
    approval by holders of at least two-thirds of our outstanding
    capital stock entitled to vote generally in the election of
    directors.
</DIV>
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    <BR>
    102
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These and other provisions could have the effect of discouraging
    others from attempting hostile takeovers and, as a consequence,
    they may also inhibit temporary fluctuations in the market price
    of our common stock that often result from actual or rumored
    hostile takeover attempts. These provisions may also have the
    effect of preventing changes in our management. It is possible
    that these provisions could make it more difficult to accomplish
    transactions that stockholders may otherwise deem to be in their
    best interests.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for our common stock will be
    American Stock Transfer and Trust&#160;Company. Its telephone
    number is
    <FONT style="white-space: nowrap">1-800-937-5449.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Nasdaq
    Global Market Listing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to apply to have our common stock approved for
    quotation on the Nasdaq Global Market under the symbol
    &#147;QLIK&#148;.
</DIV>
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    <BR>
    103
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SHARES&#160;ELIGIBLE
    FOR FUTURE SALE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, there has been no public market for our
    common stock, and we cannot assure you that a significant public
    market for our common stock will develop or be sustained after
    this offering. Future sales of substantial amounts of shares of
    our common stock, including shares issued upon the exercise of
    outstanding options, in the public market after this offering,
    or the possibility of these sales occurring, could adversely
    affect the prevailing market prices. Furthermore, since only a
    limited number of shares will be available for sale shortly
    after this offering because of contractual and legal
    restrictions on resale described below, sales of substantial
    amounts of common stock in the public market after the
    restrictions lapse could adversely affect the prevailing market
    price for our common stock, as well as our ability to raise
    equity capital in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on the number of shares of common stock outstanding as of
    December&#160;31, 2009, upon the completion of this
    offering,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock will be outstanding, assuming no exercise of the
    underwriters&#146; overallotment option and no exercise of
    outstanding options or warrants following December&#160;31,
    2009. The shares to be sold in this offering will be freely
    tradable, except that any shares acquired by our affiliates, as
    that term is defined in Rule&#160;144 under the Securities Act,
    in this offering may only be sold in compliance with the
    limitations described below. The remaining
    63,350,570&#160;shares of common stock outstanding after this
    offering will be restricted as a result of securities laws or
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements as described below. Following the expiration of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    period, all shares will be eligible for resale in compliance
    with Rule&#160;144 or Rule&#160;701. &#147;Restricted
    securities&#148; as defined under Rule&#160;144 were issued and
    sold by us in reliance on exemptions from the registration
    requirements of the Securities Act. These shares may be sold in
    the public market only if registered or pursuant to an exemption
    from registration, such as Rule&#160;144 or Rule&#160;701 under
    the Securities Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Lock-Up</FONT>
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, the selling stockholders, all of our directors, our
    executive officers and substantially all of our other
    stockholders and optionholders have agreed with the underwriters
    that for a period of 180&#160;days following the date of this
    prospectus we or they will not offer, sell, assign, transfer,
    pledge, contract to sell or otherwise dispose of or hedge any
    shares of our common stock or any securities convertible into or
    exchangeable for shares of common stock, subject to specified
    exceptions. Morgan Stanley&#160;&#038; Co. Incorporated may, in
    its sole discretion, at any time without prior notice, release
    all or any portion of the shares from the restrictions in any
    such agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The <FONT style="white-space: nowrap">180-day</FONT>
    restricted period described in the preceding paragraph will be
    extended if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    during the last 17&#160;days of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period we issue a release regarding earnings or
    regarding material news or events relating to us;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to the expiration of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, we announce that we will release earnings
    results during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">180-day</FONT>
    period, in which case the restrictions described in the
    preceding paragraph will continue to apply until the expiration
    of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This agreement is subject to certain exceptions, as set forth in
    the section entitled &#147;Underwriters.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Rule&#160;144</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, under Rule&#160;144 as currently in effect, once we
    have been subject to public company reporting requirements for
    at least 90&#160;days, a person who is not deemed to have been
    one of our affiliates for purposes of the Securities Act at any
    time during 90&#160;days preceding a sale and who has
    beneficially owned the shares proposed to be sold for at least
    six months, including the holding period of any prior owner
    other than our affiliates, is entitled to sell such shares
    without complying with the manner of sale, volume limitation or
    notice provisions of Rule&#160;144 subject to compliance with
    the public information requirements of Rule&#160;144. If such a
    person has beneficially owned the shares proposed to be sold for
    at least one year, including the holding period of any prior
    owner other than our affiliates, then such person is entitled to
    sell such shares without complying with any of the requirements
    of Rule&#160;144.
</DIV>
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    <BR>
    104
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, under Rule&#160;144, as currently in effect, our
    affiliates or persons selling shares on behalf of our affiliates
    are entitled to sell upon expiration of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements described above, within any three-month period
    beginning 90&#160;days after the date of this prospectus, a
    number of shares that does not exceed the greater of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    1% of the number of shares of common stock then outstanding,
    which immediately after this offering will equal
    approximately&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the average weekly trading volume of the common stock during the
    four calendar weeks preceding the filing of a notice on
    Form&#160;144 with respect to such sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales under Rule&#160;144 by our affiliates or persons selling
    shares on behalf of our affiliates are also subject to certain
    manner of sale provisions and notice requirements and to the
    availability of current public information about us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Rule&#160;701</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rule&#160;701 generally allows a stockholder who purchased
    shares of our common stock pursuant to a written compensatory
    plan or contract and who is not deemed to have been an affiliate
    of our company during the immediately preceding 90&#160;days to
    sell these shares in reliance upon Rule&#160;144, but without
    being required to comply with the public information, holding
    period, volume limitation, or notice provisions of
    Rule&#160;144. Rule&#160;701 also permits affiliates of our
    company to sell their Rule&#160;701&#160;shares under
    Rule&#160;144 without complying with the holding period
    requirements of Rule&#160;144. All holders of
    Rule&#160;701&#160;shares, however, are required to wait until
    90&#160;days after the date of this prospectus before selling
    such shares pursuant to Rule&#160;701.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registration
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon completion of this offering, the holders
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock and, upon exercise by the holder of a warrant to
    purchase 260,082&#160;shares of our common stock, such holder,
    will be entitled to various rights with respect to the
    registration of these shares under the Securities Act.
    Registration of these shares under the Securities Act would
    result in these shares becoming fully tradable without
    restriction under the Securities Act immediately upon the
    effectiveness of the registration, except for shares purchased
    by affiliates. See &#147;Description of Capital
    Stock&#160;&#151; Registration Rights&#148; for additional
    information. Shares covered by a registration statement will be
    eligible for sales in the public market upon the expiration or
    release from the terms of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreement. Any sales of securities by these stockholders could
    have a material adverse effect on the trading price of our
    common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Equity
    Incentive Plans</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to file a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    under the Securities Act following this offering to register all
    of the shares of common stock issued or reserved for issuance
    under our stock option plans. We expect to file this
    registration statement as soon as practicable after this
    offering. Shares covered by this registration statement will be
    eligible for sale in the public market, upon the expiration or
    release from the terms of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements, and subject to vesting of such shares.
</DIV>
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    <BR>
    105
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    MATERIAL U.S. FEDERAL INCOME TAX<BR>
    CONSIDERATIONS TO
    <FONT style="white-space: nowrap">NON-U.S.</FONT>
    HOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of the material United States federal
    income tax consequences of the ownership and disposition of our
    common stock to
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holders who are beneficial owners of our common stock acquired
    pursuant to this offering and who hold our common stock as a
    capital asset (generally, an asset held for investment
    purposes), but does not purport to be a complete analysis of all
    the potential tax considerations relating thereto. This summary
    is based upon the provisions of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;), Treasury regulations
    promulgated thereunder, administrative rulings and judicial
    decisions, all as of the date hereof. These authorities may be
    changed, possibly retroactively, so as to result in United
    States federal income tax consequences different from those set
    forth below. We have not sought any ruling from the Internal
    Revenue Service, or the IRS, with respect to the statements made
    and the conclusions reached in the following summary, and there
    can be no assurance that the IRS will agree with such statements
    and conclusions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary does not address the tax considerations arising
    under the laws of any foreign, state or local jurisdiction.
    Except to the limited extent below, this summary does not
    address tax considerations arising under estate or gift tax
    laws. In addition, this discussion does not address tax
    considerations applicable to an investor&#146;s particular
    circumstances or to investors that may be subject to special tax
    rules, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    banks, insurance companies or other financial institutions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    persons subject to the alternative minimum tax;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tax-exempt organizations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dealers in securities or currencies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    traders in securities that elect to use a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    method of accounting for their securities holdings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    persons that own, or have owned, actually or constructively,
    more than five percent of our capital stock (except to the
    extent specifically set forth below);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain former citizens or long-term residents of the United
    States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    persons who hold our common stock as a position in a hedging
    transaction, &#147;straddle,&#148; &#147;conversion
    transaction&#148; or other risk reduction transaction;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    persons deemed to sell our common stock under the constructive
    sale provisions of the Code.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if a partnership (including any other entity
    classified as a partnership for United States federal income tax
    purposes) holds our common stock, the tax treatment of a partner
    generally will depend on the status of the partner and upon the
    activities of the partnership. Accordingly, this summary does
    not address tax considerations applicable to partnerships that
    hold our common stock, and partners in such partnerships should
    consult their tax advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTIVE PURCHASERS ARE URGED TO CONSULT THEIR OWN TAX
    ADVISORS WITH RESPECT TO THE APPLICATION OF THE UNITED STATES
    FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS, AS WELL
    AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND
    DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE UNITED STATES
    FEDERAL ESTATE OR GIFT TAX RULES&#160;OR UNDER THE LAWS OF ANY
    STATE, LOCAL, FOREIGN OR OTHER TAXING JURISDICTION OR UNDER ANY
    APPLICABLE TAX TREATY.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holder Defined</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this discussion, you are a
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder if you are any beneficial owner of our common stock,
    other than:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an individual citizen or resident of the United States;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    106
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation or other entity taxable as a corporation, created
    or organized in the United States or under the laws of the
    United States or any political subdivision thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate whose income is subject to United States federal
    income tax regardless of its source;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust (x)&#160;whose administration is subject to the primary
    supervision of a United States court and which has one or more
    United States persons who have the authority to control all
    substantial decisions of the trust or (y)&#160;which has in
    effect a valid election to be treated as a United States person.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An individual who is present in the United States for
    183&#160;days or more in the taxable year of disposition or is
    otherwise a resident of the United States for federal income tax
    purposes. Such an individual is urged to consult his or her own
    tax advisor regarding United States federal income tax
    consequences of the ownership of our common stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not made any distributions on our common stock, and we
    do not plan to make any distributions for the foreseeable
    future. However, if we do make distributions on our common
    stock, those payments will constitute dividends for United
    States tax purposes to the extent paid from our current or
    accumulated earnings and profits, as determined under United
    States federal income tax principles. To the extent those
    distributions exceed both our current and our accumulated
    earnings and profits, they will constitute a return of capital
    and will first reduce your basis in our common stock, but not
    below zero, and then will be treated as gain from the sale of
    stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any dividend paid to you generally will be subject to United
    States withholding tax either at a rate of 30% of the gross
    amount of the dividend or such lower rate as may be specified by
    an applicable income tax treaty. Generally, in order for us or
    our paying agent to withhold tax at a lower treaty rate, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States holder must certify its entitlement to treaty benefits. A
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    generally can meet this certification requirement by providing a
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or any successor form) or appropriate substitute form to us or
    our paying agent. If the holder holds the stock through a
    financial institution or other agent acting on the holder&#146;s
    behalf, the holder will be required to provide appropriate
    documentation to the agent. The holder&#146;s agent will then be
    required to provide certification to us or our paying agent,
    either directly or through other intermediaries. For payments
    made to a foreign partnership or other pass-through entity, the
    certification requirements generally apply to the partners or
    other owners rather than to the partnership or other entity, and
    the partnership or other entity must provide the partners&#146;
    or other owners&#146; documentation to us or our paying agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends received by you that are effectively connected with
    your conduct of a United States trade or business are exempt
    from such withholding tax. In order to obtain this exemption,
    you must provide us with an applicable IRS
    <FONT style="white-space: nowrap">form&#160;W-8</FONT>
    (generally
    <FONT style="white-space: nowrap">Form&#160;W-8ECI)</FONT>
    properly certifying such exemption. Such effectively connected
    dividends, although not subject to withholding tax, are taxed at
    the same graduated rates applicable to United States persons,
    net of certain deductions and credits subject to an applicable
    income tax treaty providing otherwise. In addition, if you are a
    corporate
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    that portion of your earnings and profits that is effectively
    connected with your conduct of a United States trade or
    business, subject to certain adjustments, may also be subject to
    a branch profits tax at a rate of 30% or such lower rate as may
    be specified by an applicable income tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are eligible for a reduced rate of withholding tax
    pursuant to a tax treaty, you may obtain a refund of any excess
    amounts currently withheld if you timely file an appropriate
    claim for refund with the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Gain on
    Disposition of Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You generally will not be subject to United States federal
    income tax on any gain realized upon the sale or other
    disposition of our common stock unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is effectively connected with your conduct of a United
    States trade or business (and, if an income tax treaty so
    requires, the gain is attributable to a permanent United States
    establishment maintained by you);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our common stock constitutes a United States real property
    interest by reason of our status as a &#147;United&#160;States
    real property holding corporation&#148; for United States
    federal income tax purposes, or a
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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    <BR>
    107
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    USRPHC, at any time within the shorter of the five-year period
    preceding the disposition or your holding period for our common
    stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that we are not currently and will not become a
    USRPHC. However, because the determination of whether we are a
    USRPHC depends on the fair market value of our United States
    real property interests relative to the fair market value of our
    other business assets, there can be no assurance that we will
    not become a USRPHC in the future. Even if we become a USRPHC,
    however, as long as our common stock is regularly traded on an
    established securities market, such common stock will be treated
    as a United States real property interest only if you actually
    or constructively hold more than five percent of such regularly
    traded common stock at any time during the applicable period
    that is specified in the Internal Revenue Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder described in the first bullet above, you will generally
    be required to pay tax on the net gain derived from the sale
    under regular graduated United States federal income tax rates,
    and corporate
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holders described in the first bullet above may be subject to
    the additional branch profits tax at a 30% rate or such lower
    rate as may be specified by an applicable income tax treaty. If
    you are an individual
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder described in the second bullet above, you will be
    required to pay a flat 30% tax on the gain derived from the
    sale, which tax may be offset by United States source capital
    losses (even though you are not considered a resident of the
    United States). You should consult any applicable income tax or
    other treaties that may provide for different rules.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Federal
    Estate Tax</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock that is held by an individual
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder at the time of death will be included in such
    holder&#146;s gross estate for United States federal estate tax
    purposes, unless an applicable estate tax treaty provides
    otherwise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, we must report annually to the IRS the amount of
    dividends paid to you, your name and address, and the amount of
    tax withheld, if any. A similar report will be sent to you.
    Pursuant to applicable income tax treaties or other agreements,
    the IRS may make these reports available to tax authorities in
    your country of residence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments of dividends or of proceeds on the disposition of stock
    made to you may be subject to additional information reporting
    and backup withholding (currently at a rate of 28%) unless you
    establish an exemption, for example by properly certifying your
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    status on a
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or another appropriate version of IRS
    <FONT style="white-space: nowrap">Form&#160;W-8.</FONT>
    Notwithstanding the foregoing, backup withholding and
    information reporting may apply if either we or our paying agent
    has actual knowledge, or reason to know, that you are a United
    States person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax; rather, the United
    States income tax liability of persons subject to backup
    withholding will be reduced by the amount of tax withheld. If
    withholding results in an overpayment of taxes, a refund or
    credit may be obtained, provided that the required information
    is furnished to the IRS in a timely manner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Recent legislation generally imposes a withholding tax of 30% on
    payments to certain foreign entities, after December&#160;31,
    2012, of dividends on and the gross proceeds of dispositions of
    United States common stock, unless various United States
    information reporting and due diligence requirements that are
    different from, and in addition to, the beneficial owner
    certification requirements described above have been satisfied.
    <FONT style="white-space: nowrap">Non-U.S.&#160;holders</FONT>
    should consult their tax advisers regarding the possible
    implications of this legislation on their investment in our
    common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE PRECEDING DISCUSSION OF UNITED STATES FEDERAL TAX
    CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY. IT IS NOT TAX
    ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX
    ADVISOR REGARDING THE PARTICULAR UNITED STATES FEDERAL, STATE,
    LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING, HOLDING AND
    DISPOSING OF OUR COMMON STOCK, INCLUDING THE CONSEQUENCES OF ANY
    PROPOSED CHANGE IN APPLICABLE LAWS.</B>
</DIV>
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    <BR>
    108
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms and subject to the conditions contained in an
    underwriting agreement dated the date of this prospectus, the
    underwriters named below, for whom Morgan Stanley&#160;&#038;
    Co. Incorporated, Citigroup Global Markets Inc. and
    J.P.&#160;Morgan Securities Inc. are serving as the
    representatives, have severally agreed to purchase, and we and
    the selling stockholders have agreed to sell to them, severally,
    the number of shares indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Shares</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Morgan Stanley&#160;&#038; Co. Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Citigroup Global Markets Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.P. Morgan Securities Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Jefferies&#160;&#038; Company, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Thomas Weisel Partners LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters and the representatives are collectively
    referred to as the &#147;underwriters&#148; and the
    &#147;representatives,&#148; respectively. The underwriters are
    offering the shares of common stock subject to their acceptance
    of the shares from us and the selling stockholders and subject
    to prior sale. The underwriting agreement provides that the
    obligations of the several underwriters to pay for and accept
    delivery of the shares of common stock offered by this
    prospectus are subject to the approval of certain legal matters
    by their counsel and to certain other conditions. The
    underwriters are obligated to take and pay for all of the shares
    of common stock offered by this prospectus if any such shares
    are taken. However, the underwriters are not required to take or
    pay for the shares covered by the underwriters&#146;
    over-allotment option described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters initially propose to offer part of the shares
    of common stock directly to the public at the offering price
    listed on the cover page of this prospectus and part to certain
    dealers. After the initial offering of the shares of common
    stock, the offering price and other selling terms may from time
    to time be varied by the representatives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted to the underwriters an option, exercisable for
    30&#160;days from the date of this prospectus, to purchase up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional shares of our common stock at the public offering
    price listed on the cover page of this prospectus, less
    underwriting discounts and commissions. The underwriters may
    exercise this option solely for the purpose of covering
    over-allotments, if any, made in connection with the offering of
    the shares of common stock offered by this prospectus. To the
    extent the option is exercised, each underwriter will become
    obligated, subject to certain conditions, to purchase about the
    same percentage of the additional shares of common stock as the
    number listed next to the underwriter&#146;s name in the
    preceding table bears to the total number of shares of common
    stock listed next to the names of all underwriters in the
    preceding table.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the per share and total public
    offering price, underwriting discounts and commissions, and
    proceeds before expenses to us and the selling stockholders.
    These amounts are shown assuming both no exercise and full
    exercise of the underwriters&#146; option to purchase up to an
    additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>No<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Full<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Per Share</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts and commissions to be paid by
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    The selling stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to the selling stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    109
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The estimated offering expenses payable by us, exclusive of the
    underwriting discounts and commissions, are approximately
    $&#160;&#160;&#160;&#160;&#160; , which includes legal,
    accounting and printing costs and various other fees associated
    with the registration and listing of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters have informed us that they do not intend sales
    to discretionary accounts to exceed 5% of the total number of
    shares of common stock offered by them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to apply to have our common stock listed on the Nasdaq
    Global Market under the symbol &#147;QLIK&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, all of our directors and officers, the selling stockholders
    and the holders of substantially all of our outstanding stock
    and stock options have agreed that, without the prior written
    consent of Morgan Stanley&#160;&#038; Co. Incorporated on behalf
    of the underwriters, we and they will not, during the period
    ending 180&#160;days after the date of this prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    offer, pledge, sell, contract to sell, sell any option or
    contract to purchase, purchase any option or contract to sell,
    grant any option, right or warrant to purchase, lend or
    otherwise transfer or dispose of, directly or indirectly, any
    shares of common stock or any securities convertible into or
    exercisable or exchangeable for shares of common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enter into any swap or other arrangement that transfers to
    another, in whole or in part, any of the economic consequences
    of ownership of the common stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    file any registration statement with the Securities and Exchange
    Commission relating to the offering of any shares of common
    stock or any securities convertible into or exercisable or
    exchangeable for common stock (other than a registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;S-8);</FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    whether any such transaction described in the first two bullet
    points above is to be settled by delivery of common stock or
    such other securities, in cash or otherwise. In addition, we and
    each such person agrees that, without the prior written consent
    of Morgan Stanley&#160;&#038; Co. Incorporated, on behalf of the
    underwriters, it will not, during the period ending
    180&#160;days after the date of this prospectus, make any demand
    for, or exercise any right with respect to, the registration of
    any shares of common stock or any security convertible into or
    exercisable or exchangeable for common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The restrictions described in the immediately preceding
    paragraph do not apply to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sale of shares to the underwriters;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issuance by us of shares of common stock upon the exercise
    of an option or a warrant or the conversion of a security
    outstanding on the date of this prospectus;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the establishment of a trading plan by certain persons pursuant
    to
    <FONT style="white-space: nowrap">Rule&#160;10b5-1</FONT>
    under the Securities Exchange Act of 1934, as amended, provided
    that no transfers occur under such plan during the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period and that the establishment of such plan will
    not result in any public filing or other public announcement of
    such plan by us or such persons during the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issuance by us of up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock in connection with any strategic transaction,
    equipment loan or leasing arrangement, real property leasing
    arrangement or debt financing from a bank or similar financial
    institute, provided that any recipient agrees to the
    restrictions described in the immediately preceding paragraph;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    transactions by any person other than us relating to shares of
    common stock or other securities acquired in open market
    transactions after the completion of the offering of the shares,
    provided that no filing under Section&#160;16(a) of the
    Securities Exchange Act of 1934, as amended is required or
    voluntarily made in connection with subsequent sales of the
    common stock or other securities acquired in such open market
    transactions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    receipt by the stockholder of shares of common stock upon the
    exercise of an option or warrant or in connection with the
    vesting of restricted stock or restricted stock units, or the
    disposition of shares of common stock to us in a transaction
    exempt from Section&#160;16(b) of the Exchange Act solely in
    connection with the payment of taxes due;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exercise of options to acquire shares of common stock or the
    conversion of any security convertible into common stock,
    provided that any shares of common stock received upon such
    exercise or conversion shall be subject to the restrictions
    described in the immediately preceding paragraph;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    110
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    transfers of shares of common stock or any security convertible
    into common stock as a bona fide gift;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    distributions of shares of common stock or any security
    convertible into common stock to partners, members or
    stockholders of the stockholder;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    transfers of shares of common stock or any security convertible
    into common stock to immediate relatives of the stockholder, to
    a trust of which the stockholder or his or her immediate
    relatives are the only beneficiaries, to a corporation or other
    entity of which the stockholder or his or her immediate
    relatives are at all times the direct or indirect legal and
    beneficial owners, or to a partnership, the partners of which
    are exclusively the stockholder or his or her immediate
    relatives;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provided that in the case of the transactions described in the
    last three bullet points above, each donee, distributee or
    transferee agrees to be subject to the restrictions described in
    the immediately preceding paragraph and in the case of the
    transactions described in the last five bullet points above, no
    filing under Section&#160;16(a) of the Securities Exchange Act
    of 1934, as amended, is required or voluntarily made in
    connection with these transactions during the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The <FONT style="white-space: nowrap">180-day</FONT>
    restricted period described in the preceding paragraphs will be
    extended if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    during the last 17&#160;days of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, we issue an earnings release or material news
    or a material event relating to us occurs;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to the expiration of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, we announce that we will release earnings
    results during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">180-day</FONT>
    period;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in which case the restrictions described in the preceding
    paragraphs will continue to apply until the expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to facilitate the offering of the common stock, the
    underwriters may engage in transactions that stabilize, maintain
    or otherwise affect the price of the common stock. Specifically,
    the underwriters may sell more shares than they are obligated to
    purchase under the underwriting agreement, creating a short
    position. A short sale is covered if the short position is no
    greater than the number of shares available for purchase by the
    underwriters under the over-allotment option. The underwriters
    can close out a covered short sale by exercising the
    over-allotment option or purchasing shares in the open market.
    In determining the source of shares to close out a covered short
    sale, the underwriters will consider, among other things, the
    open market price of shares compared to the price available
    under the over-allotment option. The underwriters may also sell
    shares in excess of the over-allotment option, creating a naked
    short position. The underwriters must close out any naked short
    position by purchasing shares in the open market. A naked short
    position is more likely to be created if the underwriters are
    concerned that there may be downward pressure on the price of
    the common stock in the open market after pricing that could
    adversely affect investors who purchase in this offering. As an
    additional means of facilitating this offering, the underwriters
    may bid for, and purchase, shares of common stock in the open
    market to stabilize the price of the common stock. These
    activities may raise or maintain the market price of the common
    stock above independent market levels or prevent or retard a
    decline in the market price of the common stock. The
    underwriters are not required to engage in these activities and
    may end any of these activities at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time, certain of the underwriters
    <FONT style="white-space: nowrap">and/or</FONT> their
    respective affiliates may provide investment banking services to
    us. In addition, affiliates of Morgan Stanley&#160;&#038; Co.
    Incorporated and Citigroup Global Markets Inc. are our customers
    and the contracts governing such relationships were entered into
    at arm&#146;s length and on customary terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, the selling stockholders and the underwriters have agreed to
    indemnify each other against certain liabilities, including
    liabilities under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A prospectus in electronic format may be made available on
    websites maintained by one or more underwriters, or selling
    group members, if any, participating in this offering. The
    representatives may agree to allocate a number of shares of
    common stock to underwriters for sale to their online brokerage
    account holders. Internet distributions will be allocated by the
    representatives to underwriters that may make Internet
    distributions on the same basis as other allocations.
</DIV>
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    <BR>
    111
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pricing
    of the Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, there has been no public market for our
    common stock. The initial public offering price was determined
    by negotiations among us, the selling stockholders and the
    representatives. Among the factors considered in determining the
    initial public offering price were our future prospects and
    those of our industry in general, our sales, earnings and
    certain other financial and operating information in recent
    periods, and the price-earnings ratios, price-sales ratios,
    market prices of securities, and certain financial and operating
    information of companies engaged in activities similar to ours.
    The estimated initial public offering price range set forth on
    the cover page of this preliminary prospectus is subject to
    change as a result of market conditions and other factors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Directed
    Share Program</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At our request, the underwriters have
    reserved&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    percent of the shares of common stock offered by this prospectus
    for sale, at the initial public offering price, to our
    directors, officers, employees, business associates and related
    persons. If purchased by these persons, these shares will be
    subject to a
    <FONT style="white-space: nowrap">180-day</FONT>
    <FONT style="white-space: nowrap">lock-up</FONT>
    restriction. The number of shares of common stock available for
    sale to the general public will be reduced to the extent these
    individuals purchase such reserved shares. Any reserved shares
    that are not so purchased will be offered by the underwriters to
    the general public on the same basis as the other shares offered
    by this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Selling
    Restrictions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">European
    Economic Area</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive, each Manager has
    represented and agreed that with effect from and including the
    date on which the Prospectus Directive is implemented in that
    Member State it has not made and will not make an offer of
    shares to the public in that Member State, except that it may,
    with effect from and including such date, make an offer of
    shares to the public in that Member State:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;at any time to legal entities which are authorised or
    regulated to operate in the financial markets or, if not so
    authorised or regulated, whose corporate purpose is solely to
    invest in securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;at any time to any legal entity which has two or more
    of (1)&#160;an average of at least 250&#160;employees during the
    last financial year; (2)&#160;a total balance sheet of more than
    &#128;43,000,000 and (3)&#160;an annual net turnover of more
    than &#128;50,000,000, as shown in its last annual or
    consolidated accounts;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;at any time in any other circumstances which do not
    require the publication by us of a prospectus pursuant to
    Article&#160;3 of the Prospectus Directive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of the above, the expression an &#147;offer of
    shares to the public&#148; in relation to any shares in any
    Member State means the communication in any form and by any
    means of sufficient information on the terms of the offer and
    the shares to be offered so as to enable an investor to decide
    to purchase or subscribe the shares, as the same may be varied
    in that Member State by any measure implementing the Prospectus
    Directive in that Member State and the expression Prospectus
    Directive means Directive 2003/71/EC and includes any relevant
    implementing measure in that Member State.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">United
    Kingdom</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Manager has represented and agreed that it has only
    communicated or caused to be communicated and will only
    communicate or cause to be communicated an invitation or
    inducement to engage in investment activity (within the meaning
    of Section&#160;21 of the Financial Services and Markets Act
    2000)&#160;in connection with the issue or sale of the shares in
    circumstances in which Section&#160;21(1) of such Act does not
    apply to us and it has complied and will comply with all
    applicable provisions of such Act with respect to anything done
    by it in relation to any shares in, from or otherwise involving
    the United Kingdom.
</DIV>
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    <BR>
    112
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the common stock being offered will be passed
    upon for us by Gunderson Dettmer Stough Villeneuve
    Franklin&#160;&#038; Hachigian, LLP, Waltham, Massachusetts. The
    underwriters are represented by Davis&#160;Polk&#160;&#038;
    Wardwell LLP, New York, New York.
</DIV>

<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Qlik Technologies Inc.
    at December&#160;31, 2008 and 2009, and for each of the three
    years in the period ended December&#160;31, 2009 appearing in
    this prospectus and the related registration statement have been
    audited by Ernst&#160;&#038; Young LLP, independent registered
    public accounting firm, as set forth in their report thereon
    appearing elsewhere herein, and are included in reliance upon
    such report given on the authority of such firm as experts in
    accounting and auditing.
</DIV>

<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    under the Securities Act of 1933, as amended, with respect to
    the shares of common stock being offered by this prospectus.
    This prospectus does not contain all of the information in the
    registration statement and its exhibits. For further information
    with respect to us and the common stock offered by this
    prospectus, we refer you to the registration statement and its
    exhibits. Statements contained in this prospectus as to the
    contents of any contract or any other document referred to are
    not necessarily complete, and in each instance, we refer you to
    the copy of the contract or other document filed as an exhibit
    to the registration statement. Each of these statements is
    qualified in all respects by this reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You can read our SEC filings, including the registration
    statement, over the Internet at the SEC&#146;s website at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    You may also read and copy any document we file with the SEC at
    its public reference facilities at 100&#160;F&#160;Street NE,
    Washington,&#160;D.C. 20549. You may also obtain copies of these
    documents at prescribed rates by writing to the Public Reference
    Section of the SEC at 100&#160;F&#160;Street NE,
    Washington,&#160;D.C. 20549. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the public reference
    facilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the closing of this offering, we will be subject to the
    information reporting requirements of the Securities Exchange
    Act of 1934, as amended, and we will file reports, proxy
    statements and other information with the SEC. These reports,
    proxy statements and other information will be available for
    inspection and copying at the public reference room and website
    of the SEC referred to above. We also maintain a website at
    www.qlikview.com, at which you may access these materials free
    of charge as soon as reasonably practicable after they are
    electronically filed with, or furnished to, the SEC. The
    information contained in, or that can be accessed through, our
    website is not part of this prospectus.
</DIV>
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    <BR>
    113
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<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC.<BR>
    <BR>
    <A name='121'>CONSOLIDATED FINANCIAL STATEMENTS<BR>
    </A> <BR>
    Contents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#300'>Report of Independent Registered Public
    Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#301'>Consolidated Balance Sheets</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#302'>Consolidated Statements of Operations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#303'>Consolidated Statements of Convertible Preferred
    Stock and Stockholders&#146; Equity (Deficit)</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#304'>Consolidated Statements of Cash Flows</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#305'>Notes to Consolidated Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-7
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='300'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors and Qlik Technologies Inc. and
    Subsidiaries
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the accompanying consolidated balance sheets of
    Qlik Technologies Inc. and subsidiaries as of December&#160;31,
    2008 and 2009, and the related consolidated statements of
    operations, convertible preferred stock and stockholders&#146;
    equity (deficit), and cash flows for each of the three years in
    the period ended December&#160;31, 2009. These financial
    statements are the responsibility of the Company&#146;s
    management. Our responsibility is to express an opinion on these
    financial statements based on our audits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audits to obtain
    reasonable assurance about whether the consolidated financial
    statements are free of material misstatement. We were not
    engaged to perform an audit of the Company&#146;s internal
    control over financial reporting. Our audits included
    consideration of internal control over financial reporting as a
    basis for designing audit procedures that are appropriate in the
    circumstances, but not for the purpose of expressing an opinion
    on the effectiveness of the Company&#146;s internal control over
    financial reporting. Accordingly, we express no such opinion. An
    audit also includes examining, on a test basis, evidence
    supporting the amounts and disclosures in the financial
    statements, assessing the accounting principles used and
    significant estimates made by management, and evaluating the
    overall financial statement presentation. We believe that our
    audits provide a reasonable basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the financial statements referred to above
    present fairly, in all material respects, the consolidated
    financial position of Qlik Technologies Inc. and subsidiaries as
    of December&#160;31, 2008 and 2009, and the consolidated results
    of their operations and their cash flows for each of the three
    years in the period ended December&#160;31, 2009, in conformity
    with U.S.&#160;generally accepted accounting principles.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    /s/&#160;&#160;Ernst &#038; Young LLP
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Philadelphia, Pennsylvania
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    April&#160;1, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,bs --><A name='301'>CONSOLIDATED
    BALANCE SHEETS</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in thousands, except for share and per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Accounts receivable, net of allowance for doubtful accounts of
    $868 and $1,171, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Prepaid expenses and other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,539
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    810
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    810
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,361
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,269
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Property and equipment, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,028
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,244
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,244
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Intangible assets, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Goodwill
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,268
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,308
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,308
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Deposits and other noncurrent assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    430
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    430
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    67,018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Liabilities, convertible preferred stock, and
    stockholders&#146; equity (deficit)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Current liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Current portion of long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,022
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,022
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Line of credit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    242
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    242
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Income taxes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    499
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Deferred revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,143
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Accrued payroll and other related costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,012
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,818
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,818
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,556
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,606
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,532
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,532
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Long-term liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,178
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,777
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,777
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Deferred taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    766
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    326
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    326
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Other long-term liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,485
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    88,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Commitments and contingencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Convertible preferred stock:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Series&#160;A convertible preferred stock, $0.0001&#160;par
    value, 20,320,561&#160;shares authorized; 19,846,279 issued and
    outstanding (liquidation preference of $12,499 at
    December&#160;31, 2009)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Series&#160;AA convertible preferred stock, $0.0001&#160;par
    value, 26,875,145&#160;shares authorized, issued and outstanding
    (liquidation preference of $16,926 at December&#160;31, 2009)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total convertible preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Stockholders&#146; equity (deficit):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Series&#160;A common stock, $0.0001&#160;par value,
    78,068,237&#160;shares authorized; 16,629,146 and 15,978,930
    issued and outstanding at December&#160;31, 2009 and 2008,
    respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Common stock, $0.0001&#160;par value, 63,350,570&#160;shares
    issued and outstanding at December&#160;31, 2009, pro forma
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,743
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Accumulated deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,244
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,383
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,383
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Accumulated other comprehensive loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,140
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,465
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,465
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,368
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9,103
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,918
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total liabilities, convertible preferred stock and
    stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    67,018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See notes to consolidated financial statements
</DIV>
<!-- /XBRL,bs -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,op --><A name='302'>CONSOLIDATED
    STATEMENTS OF OPERATIONS</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="66%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>(in thousands, except for share <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>and per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cost of revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    License revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Maintenance revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Professional services revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total cost of revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,706
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Operating expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Sales and marketing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Other income (expense):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (269
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (653
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (976
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Interest income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Change in fair value of warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (451
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (463
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,953
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Foreign exchange gain (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    195
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,230
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,635
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Other income (expense), net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (102
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total other income (expense)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (463
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,304
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,529
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Income (loss) before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (405
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Benefit (provision) for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,860
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,776
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net income (loss) per common share:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Weighted average number of common shares:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,552,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,267,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,523,443
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,778,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Unaudited pro forma net income per common share:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Unaudited pro forma weighted average number of common shares:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,988,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,606,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See notes to consolidated financial statements
</DIV>
<!-- /XBRL,op -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    <!-- XBRL,se --> <BR>
    <A name='303'>CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED
    STOCK<BR>
    AND STOCKHOLDERS&#146; EQUITY (DEFICIT)<BR>
    (in thousands, except for share data)</FONT></B>
</DIV>
</A>
<!-- XBRL,body -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=11 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=11 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=11 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Convertible Preferred Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stockholders&#146; Equity (Deficit)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Additional<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Comprehensive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Series A Preferred</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Series AA Preferred</B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Series A Common</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Paid-in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Income<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Capital</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Deficit</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Loss)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at January&#160;1, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,846,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,875,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,504,483
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (22,874
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    505
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21,261
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    91,051
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Payments for stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    293
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    293
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    209
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    209
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Comprehensive loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (156
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,846,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,875,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,595,534
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,647
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (23,239
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    714
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,877
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,383,396
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,553
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,554
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Payments for stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,854
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,854
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Comprehensive income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,846,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,875,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,978,930
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,244
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,140
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,368
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    650,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Excess tax benefit from stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Payments for stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Repurchase of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (439
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (439
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (325
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (325
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Comprehensive income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,536
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,846,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,875,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,629,146
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,743
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (13,383
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,465
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (9,103
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See notes to consolidated financial statements.
</DIV>
<!-- /XBRL,se -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,cf --><A name='304'>CONSOLIDATED
    STATEMENTS OF CASH FLOWS</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Cash flows from operating activities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Adjustments to reconcile net income (loss) to net cash provided
    by operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Non-cash interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    498
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    430
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    793
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Stock based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    731
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (317
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,998
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Excess tax benefit from stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (53
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Provision for bad debts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    233
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    826
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Change in fair value of warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Unrealized foreign currency loss (gain), net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,298
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (201
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Changes in assets and liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Accounts receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12,694
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,118
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,692
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Prepaid expenses and other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,210
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,970
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (101
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Other noncurrent assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (47
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (102
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (75
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    298
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Deferred revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,709
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Accrued expenses and other liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,553
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net cash provided by operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,856
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Cash flows from investing activities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Acquisitions, net of cash acquired
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (283
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (442
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Purchase of property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (739
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,716
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,128
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net cash used in investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,022
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,158
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,128
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Cash flows from financing activities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    (Payments) borrowings on line of credit, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,691
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    229
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Payments on long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (832
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,020
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,270
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Borrowings of long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Excess tax benefit from stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Proceeds from issuance of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    293
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Repurchase of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (439
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Proceeds from exercise of common stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,554
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net cash provided by (used in) financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,791
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Effect of exchange rates on cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    499
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,813
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    935
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net increase in cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash and cash equivalents at beginning of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,214
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash and cash equivalents at end of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,214
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Supplemental cash flow information</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash paid for interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    977
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash paid for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    670
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Non-cash investing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Warrants issued for acquisition of business
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See notes to consolidated financial statements
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL,ns -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='305'><B><FONT style="font-family: 'Times New Roman', Times">NOTES
    TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></A>
</DIV>
</A>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Business</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    QlikTech International AB (&#147;QlikTech Sweden&#148;) was
    founded in Sweden in 1993. From 1993 until 1999, QlikTech
    Sweden&#146;s activities were focused on software research and
    development that resulted in the core technology for
    &#147;QlikView&#148;, software for business intelligence and
    data analysis. From 1999 until 2004, QlikTech Sweden focused on
    the commercialization of this technology primarily in the Nordic
    market and limited regions of Europe. In 2004, Qlik Technologies
    Inc. (the &#147;Company&#148;) was incorporated in Delaware,
    acquired all of the outstanding securities of QlikTech Sweden
    and began to broaden these marketing and sales activities in the
    United States and to continue this expansion in Europe. Through
    its wholly owned subsidiaries, the Company sells software
    solutions that deliver fast, powerful and affordable data
    analysis and reporting solutions. QlikView is built upon
    techniques which offer greater flexibility for the user than
    traditional analysis software.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Significant
    Accounting Policies</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Basis
    of Presentation and Consolidation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The accompanying consolidated financial statements include the
    accounts of the Company and its wholly owned subsidiaries. All
    material intercompany balances and transactions have been
    eliminated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Unaudited
    Pro Forma Balance Sheet Presentation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The unaudited pro forma balance sheet as of December&#160;31,
    2009, reflects the reclassification of 16,629,146 outstanding
    shares of Series&#160;A common stock into 16,629,146 outstanding
    shares of common stock and the conversion of
    19,846,279&#160;shares of Series&#160;A preferred stock and
    26,875,145&#160;shares of Series&#160;AA preferred stock into
    46,721,424&#160;shares of common stock as though the completion
    of the initial public offering (&#147;IPO&#148;) contemplated by
    the filing of the Company&#146;s prospectus had occurred on
    December&#160;31, 2009. The shares of common stock issued in the
    IPO and any related estimated net proceeds are excluded from
    such pro forma information. In addition, the Company has
    outstanding warrants to purchase 474,282&#160;shares of
    Series&#160;A preferred stock, which will automatically convert
    into warrants to purchase 474,282&#160;shares of common stock.
    The liability related to these warrants has been reclassified to
    additional paid in capital as these warrants will no longer be
    exercisable for preferred shares which are considered
    contingently redeemable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Use of
    Estimates</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The preparation of consolidated financial statements in
    conformity with accounting principles generally accepted in the
    United States requires management to make estimates and
    assumptions that affect the reported amounts of assets and
    liabilities and disclosures of contingent assets and liabilities
    at the date of the financial statements and the reported amounts
    of revenue and expenses during the reporting period. Actual
    results could differ from those estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On an ongoing basis, the Company evaluates its estimates,
    including those related to the accounts receivable allowance,
    useful lives of long-lived assets, the recoverability of
    goodwill and other intangible assets, the value of common stock
    and assumptions used for the purpose of determining stock-based
    compensation, the value of common and preferred stock warrants,
    and income taxes, among others. The Company bases its estimates
    on historical experience and on various other assumptions that
    are believed to be reasonable, the results of which forms the
    basis for making judgments about the carrying value of assets
    and liabilities as well as reported revenue and expenses during
    the periods presented.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Foreign
    Currency Translation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements of the Company&#146;s foreign
    operations are measured using the local currency as the
    functional currency. The local currency assets and liabilities
    are translated at the rate of exchange to the U.S.&#160;dollar
    on the balance sheet date and the local currency revenues and
    expenses are translated at average rates of exchange to
</DIV>
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<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the U.S.&#160;dollar during the reporting periods. Foreign
    currency transaction gains (losses) have been reflected as a
    component of the Company&#146;s results from operations and
    foreign currency translation gains (losses) have been included
    as a component of accumulated other comprehensive income (loss).
    Gains and losses from foreign currency transactions are included
    as a component of other income (expense).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    and Cash Equivalents</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company considers all highly liquid investments having an
    original maturity of three months or less when purchased to be
    cash equivalents. The Company maintains deposits with financial
    institutions, the balances of which from time to time exceed the
    federally insured amount.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fair
    Value of Financial Instruments</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The carrying amount of cash and cash equivalents, accounts
    receivable, other current assets and accounts payable
    approximate fair value, due to their short-term nature. The
    carrying value of the warrant liability is the estimated fair
    value of the liability (See Note&#160;5).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Accounts
    Receivable</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company makes estimates regarding the collectability of
    accounts receivable. When the Company evaluates the adequacy of
    its allowance for doubtful accounts, it considers multiple
    factors, including historical write-off experience, the need for
    specific customer reserves, the aging of receivables, customer
    creditworthiness and changes in customer payment cycles.
    Historically, the allowance for doubtful accounts has been
    adequate based on actual results. If any of the factors used to
    calculate the allowance for doubtful accounts change or if the
    allowance does not reflect the Company&#146;s future ability to
    collect outstanding receivables, additional provisions for
    doubtful accounts may be needed, and future results of
    operations could be materially affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes the changes in the Company&#146;s
    allowance for doubtful accounts for the period indicated
    (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance at the beginning of the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    868
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Amounts to expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    233
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    826
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounts written off
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (56
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (243
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (534
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance at the end of the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    868
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,171
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Concentration
    of Credit Risk</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s principal financial instruments subject to
    potential concentration of credit risk are cash and cash
    equivalents and accounts receivable, which are unsecured. The
    Company&#146;s cash and cash equivalents are maintained at
    various financial institutions across different geographies.
    Deposits held with banks may at times exceed the amount of
    insurance provided on such deposits. Generally, these deposits
    may be redeemed upon demand and, therefore, management believes
    they bear minimal risk. Concentration of credit risk with
    respect to trade accounts receivables is generally limited by a
    large customer base and its geographic dispersion. The Company
    has a wide customer base consisting of Fortune 500 corporations,
    universities, large international companies and other smaller
    businesses. As of and for the years ended December&#160;31,
    2007, 2008 or 2009, there were no significant concentrations
    with respect to the Company&#146;s consolidated revenue or
    accounts receivable.
</DIV>
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    <BR>
    F-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Property
    and Equipment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Property and equipment are recorded at cost. Depreciation is
    computed using the straight-line method over estimated useful
    lives of the assets. The depreciation of assets under capital
    leases is included with depreciation on Company-owned assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Expenditures for major additions and improvements are
    capitalized, while minor replacements, maintenance and repairs
    are charged to expense as incurred. When property is retired or
    otherwise disposed of, the costs and accumulated depreciation
    are removed from the accounts. Any resulting gain or loss is
    recognized currently.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Long-Lived
    Assets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company considers whether indicators of impairment of
    long-lived assets, including identified intangible assets, held
    for use are present. If such indicators are present, the Company
    determines whether the sum of the estimated undiscounted future
    cash flows attributable to such assets is less than their
    carrying amount, and if so, the Company recognizes an impairment
    loss based on the excess of the carrying amount of the assets
    over their fair value.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Goodwill
    and Other Intangible Assets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company amortizes intangible assets over their estimated
    useful lives unless the lives are determined to be indefinite.
    Goodwill is the excess of the purchase price paid over the fair
    value of the net assets of businesses acquired. Goodwill is not
    amortized but is subject to tests for impairment at least
    annually on October&#160;1st&#160;of each year or whenever
    events or changes in circumstances indicate an impairment may
    have occurred, by comparing the fair value of the recorded
    assets to their carrying amount. If the carrying amount of the
    goodwill exceeds its fair value, an impairment loss is
    recognized. The annual evaluation of goodwill requires the use
    of estimates about future operating results of its reporting
    unit in order to determine their estimated fair value.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revenue
    Recognition</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company derives its revenues from three sources: (i) license
    revenues; (ii) maintenance revenues; and (iii) professional
    services. The majority of license revenue is from the sale of
    perpetual licenses to customers or resellers. Maintenance, which
    generally has a contractual term of 12 months, includes
    telephone and web-based support, software updates and rights to
    software upgrades on a when-and-if-available basis. Professional
    services include training, implementation, consulting and expert
    services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each arrangement, we recognize revenue when: (a) persuasive
    evidence of an arrangement exists (e.g., a signed contract or
    purchase order); (b) delivery of the product has occurred and
    there are no remaining obligations or substantive customer
    acceptance provisions; (c) the fee is fixed or determinable; and
    (d) collection of the fee is deemed reasonably assured. Delivery
    is considered to have occurred upon electronic transfer of the
    license key that provides immediate availability of the product
    to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As substantially all of the Company&#146;s software licenses are
    sold in multiple-element arrangements that include either
    maintenance or both maintenance and professional services, the
    Company uses the residual method to determine the amount of
    license revenue to be recognized. Under the residual method,
    consideration is allocated to undelivered elements based upon
    vendor-specific objective evidence (&#147;VSOE&#148;) of the
    fair value of those elements, with the residual of the
    arrangement fee allocated to and recognized as license revenue.
    The Company has established VSOE of the fair value of
    maintenance through independent maintenance renewals, which
    demonstrate a consistent relationship of maintenance pricing as
    a percentage of the contractual license fee. Maintenance revenue
    is deferred and recognized ratably over the contractual period
    of the maintenance arrangement, which is generally 12 months.
    Arrangements that include other professional services are
    evaluated to determine whether those services are essential to
    the functionality of other elements of the arrangement. The
    Company has determined that these services are not considered
    essential and the amounts allocated to the services are
    recognized as revenue when the
</DIV>
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    <BR>
    F-9
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    services are performed. The VSOE of fair value of the
    Company&#146;s professional services is based on the price for
    these same services when they are sold separately. Revenue for
    services that are sold either on a stand-alone basis or included
    in multiple-element arrangements is recognized as the services
    are performed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For sales through resellers, the Company recognizes revenue upon
    the shipment of the product only if those resellers provide the
    Company, at the time of placing their order, with the identity
    of the end-user customer to whom the product has been sold. The
    Company&#146;s resellers do not carry inventory of its software.
    Sales through resellers are evidenced by a reseller agreement,
    together with purchase orders on a transaction-by-transaction
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company also sells software licenses to original equipment
    manufacturers (&#147;OEMs&#148;) who integrate the
    Company&#146;s product for distribution with their applications.
    The OEM&#146;s end-user customer is licensed to use the
    Company&#146;s products solely in conjunction with the
    OEM&#146;s application. In OEM arrangements, key delivery is
    required as the basis for revenue recognition. However,
    depending upon the OEM partner&#146;s business model the Company
    recognize revenues either up-front or over time in subscription
    or royalty based models.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company offers a standard 30-day money back guarantee on
    license sales to its customers. The Company considers its
    history of sales returns in determining the amount of sales
    return allowance to be recorded. To date, sales returns have not
    been material in any period presented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company records taxes collected on revenue-producing
    activities on a net basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Deferred
    Revenue</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deferred revenue primarily consists of billings or payments
    received in advance of revenue recognition from the
    Company&#146;s maintenance agreements described above and is
    recognized as the revenue recognition criteria are met. The
    Company generally invoices its customers in annual installments.
    Accordingly, the deferred revenue balance does not represent the
    total contract value of annual maintenance agreements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cost
    of License and Maintenance Revenue</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cost of license revenue is primarily comprised of distribution
    costs for initial product licenses and referral fees paid to
    third parties in connection with software license sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cost of maintenance revenue is primarily comprised of the costs
    associated with the customer support and research and
    development personnel that provide maintenance and support
    services to the Company&#146;s customers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Product
    Warranties</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Substantially all of the Company&#146;s software products are
    covered by a standard 90&#160;day warranty. In the event of a
    failure of software covered by this warranty, the Company must
    repair or replace the software or, if those remedies are
    insufficient, provide a refund. To date, the Company has not
    been required to record any reserve or revise any of the
    Company&#146;s assumptions or estimates used in determining its
    warranty allowance. If the historical data the Company uses to
    calculate the adequacy of the warranty allowance is not
    indicative of future requirements, a warranty reserve may be
    required.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Commissions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company records commission expense for orders that include
    products in the same period in which the product revenue is
    recognized. Commission expense is recorded for arrangements that
    consist solely of service in the period in which the
    non-cancelable order for the services is received.
</DIV>
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    <BR>
    F-10
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Research
    and Development</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Software development costs are expensed as incurred until
    technological feasibility has been established, at which time
    such costs are capitalized to the extent that the capitalizable
    costs do not exceed the realizable value of such costs, until
    the product is available for general release to customers. Based
    on the Company&#146;s product development process, technological
    feasibility is established upon the completion of a working
    model of the software product that has been tested to be
    consistent with the product design specifications and that is
    free of any uncertainties related to high-risk development
    issues. Costs incurred by the Company between completion of the
    working model and the point at which the product is ready for
    general release have been insignificant. Accordingly, the
    Company has charged all such costs to research and development
    expense in the accompanying statements of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Advertising</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Advertising costs are charged to operations as incurred and
    include direct marketing, events, public relations, sales
    collateral materials and partner programs. Advertising expense
    was approximately $7.5&#160;million, $11.9&#160;million and
    $15.1&#160;million for the years ended December&#160;31, 2007,
    2008 and 2009, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deferred tax assets and liabilities are recognized for the
    future tax consequences attributable to differences between the
    financial statement carrying amounts of existing assets and
    liabilities and their respective tax bases and operating loss
    and tax credit carryforwards. These deferred tax assets and
    liabilities are measured using enacted tax rates expected to
    apply to taxable income in the years in which those temporary
    differences are expected to be reversed or utilized. The effect
    on deferred tax assets and liabilities of a change in tax rates
    is recognized in income in the period that includes the
    enactment date. Deferred tax assets are reduced by a valuation
    allowance when, in the opinion of management, it is more likely
    than not that some portion or all of the deferred tax assets
    will not be realized.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company uses a more-likely-than-not recognition threshold
    based on the technical merits of tax positions taken. Tax
    positions that meet the more-likely-than-not recognition
    threshold are measured as the largest amount of the tax
    benefits, determined on a cumulative probability basis, which is
    more likely than not to be realized upon ultimate settlement in
    the financial statements. The Company recognizes interest and
    penalties related to income tax matters in income tax expense.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Stock-Based
    Compensation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company recognizes the cost of employee services received in
    exchange for stock option awards, based on the fair value of
    those awards at the date of grant over the requisite service
    period. The Company uses the Black-Scholes-Merton
    (&#147;Black-Scholes&#148;) option pricing model to determine
    the fair value of stock-option awards. Stock-based compensation
    plans, related expenses and assumptions used in the
    Black-Scholes option pricing model are more fully described in
    Note&#160;13. The estimated fair value of stock options on the
    date of grant is amortized on a straight-line basis over the
    requisite service period. Stock-based compensation expense is
    recorded within cost of revenue and selling, general and
    administrative expenses and totaled $0.2&#160;million,
    $0.7&#160;million and $1.5&#160;million for the years ended
    December&#160;31, 2007, 2008 and 2009, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Net
    Income (Loss) Attributable to Common Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company uses the two-class method to compute net income
    (loss) per common share because the Company has issued
    securities, other than common stock, that contractually entitle
    the holders to participate in dividends and earnings of the
    company. The two class method requires earnings available to
    common stockholders for the period, after an allocation of
    earnings to participating securities, to be allocated between
    common and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    participating securities based upon their respective rights to
    receive distributed and undistributed earnings. The
    Company&#146;s Series&#160;A and Series&#160;AA preferred stock
    are each entitled to receive annual non-cumulative dividends of
    $0.0504 per share, payable prior and in preference to holders of
    Series&#160;A common stock (hereinafter referred to as
    &#147;Common Stock&#148;) when and if declared by the Board. In
    the event a dividend is paid on Common Stock, holders of
    Series&#160;A and Series&#160;AA preferred stock are entitled to
    a proportionate share of any such dividend as if they were
    holders of common shares (on an as-if converted basis).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For periods with net income, net income per common share
    information is computed using the two-class method. Under the
    two-class method, basic net income per common share is computed
    by dividing the net income attributable to common stockholders
    by the weighted average number of shares of Common Stock
    outstanding during the period. Basic net income attributable to
    common stockholders is computed by an adjustment to subtract
    from net income the portion of current year earnings that the
    preferred shareholders would have been entitled to receive
    pursuant to their dividend rights had all of the year&#146;s
    earnings been distributed. No such adjustment to earnings is
    made during periods with a net loss, as the holders of the
    convertible preferred shares have no obligation to fund losses.
    Diluted net income (loss) per common share is computed by using
    the weighted-average number of shares of Common Stock
    outstanding, plus, for periods with net income attributable to
    common stock, the dilutive effects of stock options and
    warrants. Potential dilutive shares consist of incremental
    Common Stock issuable upon the exercise of stock options and
    warrants.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth the computation of basic and
    diluted net income (loss) per share for the periods indicated
    (dollars in thousands except per share data):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009 (Pro forma)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Basic net income (loss) per common share
    calculation:</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less: Undistributed earnings allocated to participating
    securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,843
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,697
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plus: Charges related to preferred stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,372
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss) attributable to common shares&#160;&#151; basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,164
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,233
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic weighted average common shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,552,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,267,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,988,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic net income (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Diluted net income (loss) per common share
    calculation:</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,861
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less: Undistributed earnings allocated to participating
    securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,843
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,697
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plus: Charges related to preferred stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,372
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss) attributable to common shares&#160;&#151;
    diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (365
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,164
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,233
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average shares used to compute basic net income (loss)
    per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,552,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,267,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,988,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Effect of potentially dilutive securities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Employee stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,970,444
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,511,262
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,511,262
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106,469
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average shares used to compute diluted net income
    (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,526,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,523,443
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,778,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,606,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Diluted net income (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Diluted net (loss) income per share for the years presented do
    not reflect the following potential common shares, as the effect
    would be antidilutive:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>(unaudited)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock options and warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,417,220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,520,757
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,578,834
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,104,552
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pro forma net income per share is computed using the
    weighted-average number of shares of Common Stock outstanding
    and assumes the conversion of all outstanding shares of
    preferred stock into an aggregate of 46,721,424&#160;shares of
    common stock upon completion of the Company&#146;s planned IPO,
    as if such conversion had occurred at the beginning of the
    period. In addition, pro forma net income per share assumes that
    the preferred stock warrants have been automatically converted
    to common stock warrants at the beginning of the period.
    Accordingly, the charges recorded to mark the preferred stock
    warrants to market have been added back to net income to arrive
    at net income attributable to common shares&#160;&#151; pro
    forma. The Company believes the unaudited pro forma net income
    per share provides material information to investors, as the
    conversion of the Company&#146;s preferred stock to common stock
    is expected to occur upon the closing of an IPO and the
    preferred stock warrants will be converted to common stock
    warrants upon the closing of an IPO, and therefore the
    disclosure of pro forma net income per share thus provides an
    indication of net income per share that is comparable to what
    will be reported by the Company as a public company. Pro forma
    net income attributable to common shares&#160;&#151; basic and
    diluted is higher than basic and diluted net income attributable
    to common shares as there would only be one class of stock
    outstanding for purposes of computing earnings per share on a
    pro forma basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Recent
    Accounting Pronouncements</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In December 2007, the FASB issued new accounting guidance on
    business combinations. While retaining the fundamental
    requirements of the previous U.S.&#160;generally accepted
    accounting principles, this new statement makes various
    modifications to the accounting for contingent consideration,
    preacquisition contingencies, purchased in-process research and
    development, acquisition-related transaction costs,
    acquisition-related restructuring costs, and changes in tax
    valuation allowances and tax uncertainty accruals. The Company
    adopted this guidance effective January&#160;1, 2009. The impact
    of adopting the guidance will depend on the nature and terms of
    business combinations that the Company consummates on or after
    January&#160;1, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, the FASB issued new guidance related to assessing
    whether an equity-linked financial instrument (or embedded
    feature) is indexed to an entity&#146;s own stock for the
    purposes of determining whether such equity-linked financial
    instrument (or embedded feature) is subject to derivative
    accounting. The Company adopted this new guidance effective
    January&#160;1, 2009. The adoption of this guidance did not have
    a material impact on the Company&#146;s consolidated financial
    statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2009, the FASB issued a standard that sets forth the
    period after the balance sheet date during which management of a
    reporting entity should evaluate events or transactions that may
    occur for potential recognition or disclosure in the financial
    statements; the circumstances under which an entity should
    recognize events or transactions occurring after the balance
    sheet date in its financial statements; and the disclosures that
    an entity should make about events or transactions that occurred
    after the balance sheet date. This standard is effective for
    interim and annual periods ending after June&#160;15, 2009. The
    Company adopted this standard in the year ended
    December&#160;31, 2009, and it did not impact the Company&#146;s
    consolidated financial results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2009, FASB Accounting Standards Codification
    (Codification) was issued, effective for financial statements
    issued for interim and annual periods ending after
    September&#160;15, 2009. The Codification supersedes literature
    of the FASB, Emerging Issues Task Force and other sources. The
    Codification did not change
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;generally accepted accounting principles. The
    implementation of this standard did not have a material impact
    on the Company&#146;s consolidated financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In October 2009, the FASB clarified the accounting guidance for
    sales of tangible products containing both software and hardware
    elements and issued new guidance that amends the criteria for
    evaluating the individual items in a multiple deliverable
    revenue arrangement and how to allocate the consideration
    received to the individual items. The guidance is effective for
    revenue arrangements entered into or materially modified in
    fiscal years beginning on or after June&#160;15, 2010, with
    early adoption permitted. The Company has evaluated the
    potential impact of the revised guidance on the Company&#146;s
    financial position and results of operations and has concluded
    that they will not have a material impact on its consolidated
    financial statements.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Acquisitions</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;1, 2008, the Company acquired the operations and
    tangible assets related to QlikView of PC Business Intelligence,
    S.L. (&#147;PCB&#148;), a referral partner in Madrid, Spain. The
    acquisition is part of the Company&#146;s strategy to establish
    a local presence in key markets and further develop the direct
    sales and reseller networks. The Company paid consideration of
    $1.9&#160;million, which includes $0.4&#160;million in cash and
    $1.5&#160;million in a warrant to purchase shares of the
    Company&#146;s Common Stock. The acquisition was accounted for
    under the purchase method of accounting. The assets acquired and
    liabilities assumed were recorded at their fair values as of
    January&#160;1, 2008. Of the total estimated purchase price,
    approximately $0.6&#160;million has been allocated to definite
    lived intangible assets acquired, which consist principally of
    the value assigned to PCB&#146;s customer relationships, and
    approximately $1.3&#160;million has been allocated to goodwill,
    none of which is tax deductible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this acquisition, PCB was granted a warrant
    (the &#147;PCB warrant&#148;) to purchase 93,981&#160;shares of
    the Company&#146;s Common Stock at a purchase price of $1.65 per
    share. Because the IPO did not occur on or before
    February&#160;1, 2010, PCB has the right (the &#147;Put
    Right&#148;) to exercise the PCB warrant and on or before
    December&#160;31, 2010 require the Company to purchase the
    shares acquired upon exercise for an aggregate purchase price,
    not to exceed &#128;1.8&#160;million, equal to 50% of the Gross
    Sales (as defined in the purchase agreement related to the PCB
    warrant) of QlikTech Ib&#233;rica S.L. (the Company&#146;s
    Spanish subsidiary) during the fiscal year ended
    December&#160;31, 2009 (the &#147;Put Right Purchase
    Price&#148;). The estimated fair value of the PCB warrant of
    $1.5&#160;million was recorded as purchase price on the date of
    the PCB acquisition. As of December&#160;31, 2008, the estimated
    fair value of the PCB warrant of $1.8&#160;million is classified
    in other long-term liabilities on the accompanying consolidated
    balance sheet. As of December&#160;31, 2009, the fair value of
    the PCB warrant of $2.4&#160;million is classified in current
    liabilities as the warrant holder has the ability to exercise
    the Put Right by December&#160;31, 2010. Subsequent changes in
    the fair value of the warrant are recorded as a component of
    other income (expense) in the accompanying consolidated
    statement of operations. Refer to Note&#160;5 for fair value
    measurement considerations.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Goodwill
    and other Intangible Assets</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table provides information regarding the
    Company&#146;s intangible assets subject to amortization
    (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
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    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
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    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
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    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
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    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Gross<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Gross<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
&nbsp;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amortization</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amortization</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Purchased technology
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    172
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (69
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    103
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    189
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (114
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Customer relationships and other identified intangible assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    554
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (95
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    459
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    571
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (229
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    342
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    726
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (164
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (343
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of definite-lived intangible assets is amortized on a
    straight-line basis over the estimated useful lives of five
    years. Amortization of intangible assets amounted to
    $0.1&#160;million, $0.1&#160;million and $0.2&#160;million for
    the years ended December&#160;31, 2007, 2008 and 2009,
    respectively. The estimated aggregate amortization expense for
    each of the succeeding years is as follows: $0.2&#160;million in
    2010; $0.2&#160;million in 2011; and $0.1&#160;million in 2012.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The change in goodwill in the consolidated balance sheet during
    2009 was due to foreign currency translation.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Fair
    Value Measurements</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fair value is defined as the price that would be received from
    selling an asset or paid to transfer a liability in an orderly
    transaction between market participants at the measurement date.
    When determining the fair value measurements for assets and
    liabilities required or permitted to be recorded at fair value,
    the Company considers the principal or most advantageous market
    in which it would transact and it considers assumptions that
    market participants would use when pricing the asset or
    liability. The Company evaluates the fair value of certain
    assets and liabilities using the following fair value hierarchy
    which ranks the quality and reliability of inputs, or
    assumptions, used in the determination of fair value:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Level&#160;1&#160;&#151; quoted prices in active markets for
    identical assets and liabilities
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Level&#160;2&#160;&#151; inputs other than Level&#160;1 quoted
    prices that are directly or indirectly observable
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Level&#160;3&#160;&#151; unobservable inputs that are not
    corroborated by market data
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company evaluates assets and liabilities subject to fair
    value measurements on a recurring and nonrecurring basis to
    determine the appropriate level to classify them for each
    reporting period. This determination requires significant
    judgments to be made by the Company. The following table sets
    forth the Company&#146;s assets and liabilities that were
    measured at fair value as of December&#160;31, 2008 and 2009, by
    level within the fair value hierarchy (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Amounts at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value Measurement Using</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Fair Value</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Level 1</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Level 2</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Level 3</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>As of December&#160;31, 2008</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    14,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $2,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    2,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>As of December&#160;31, 2009</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    24,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $4,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    4,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assets and liabilities that are measured at fair value on a
    non-recurring basis include intangible assets and goodwill.
    These items are recognized at fair value when they are
    considered to be impaired. During the year ended
    December&#160;31, 2009, there were no fair value adjustments for
    assets and liabilities measured on a non-recurring basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fair value of the long-term debt at December&#160;31, 2008
    and 2009 is approximately $8.6&#160;million and
    $7.2&#160;million, respectively, compared to its carrying value
    of $8.1&#160;million and $6.8&#160;million, respectively. The
    Company estimates the fair value of its long-term debt using a
    combination of quoted market prices for similar
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    financing arrangements and expected future payments discounted
    at risk-adjusted rates, which are considered level&#160;2 inputs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2008, the Company granted a warrant to PCB to
    purchase 93,981&#160;shares of the Company&#146;s Common Stock,
    in connection with a business acquisition which is more fully
    described in Note&#160;3.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2006, in connection with the Company&#146;s note
    payable, the Company granted a warrant (the &#147;ETV
    warrant&#148;) to ETV Capital S.A. to purchase
    260,082&#160;shares of the Company&#146;s Series&#160;A
    preferred stock at $0.6298 per share. The value of the ETV
    warrant at the date of grant of $0.1&#160;million was recorded
    as a warrant liability with the offset to debt discount. The
    debt discount is being amortized to interest expense over the
    term of the note payable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, in connection with the Company&#146;s note
    payable, the Company granted a warrant (the &#147;Industrifonden
    warrant&#148;) to Stiftelsen Industrifonden
    (&#147;Industrifonden&#148;) to purchase 214,200&#160;shares of
    the Company&#146;s Series&#160;A preferred stock at $2.31 per
    share. The value of the Industrifonden warrant at the grant date
    was $0.2&#160;million and was recorded as a warrant liability,
    with the offset to debt discount. The debt discount is being
    amortized to interest expense over the term of the note payable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The ETV warrant and Industrifonden warrant are classified as
    liabilities on the accompanying balance sheets as the warrant
    entitles the holder to purchase preferred stock which is
    considered contingently redeemable. The PCB warrant is
    classified as warrant liability as this warrant contains a put
    feature and, accordingly, the warrant may be settled in cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fair value of the stock warrant liability is based on
    Level&#160;3 inputs. For this liability, the Company developed
    its own assumptions that do not have observable inputs or
    available market data to support the fair value. The Company
    estimated the fair value of the PCB warrant at both the issuance
    date of the warrant in January 2008 and at December&#160;31,
    2008 and 2009 by utilizing a fair value methodology which
    incorporates both the Black Scholes pricing model, as well as
    the probability of an IPO occurring by February&#160;1, 2010,
    estimates of the level of Gross Sales of QlikTech Ib&#233;rica
    S.L. for 2009, and an estimated discount rate. The Company
    estimated the fair value of the ETV warrant and the
    Industrifonden warrant by utilizing a Black Scholes based option
    pricing model, which considered the estimated fair value of
    these preferred stock warrants in both an IPO scenario
    (&#147;IPO scenario&#148;), in which the warrants have
    attributes of common stock warrants, and a merger and
    acquisition scenario (&#147;M&#038;A scenario&#148;), in which
    the warrants have attributes of preferred stock warrants. In the
    IPO scenario, the inputs in the Black Scholes model included an
    expected term equal to the remaining contractual life of the
    warrant, a risk free rate commensurate with the remaining term
    of the warrant, volatility of comparable companies for a period
    consistent with the expected term, and a dividend yield of 0% as
    the Company has never paid dividends. In the M&#038;A scenario,
    the Company&#146;s Black Scholes model included an expected term
    commensurate with the estimated timing of a liquidity event, a
    risk free rate commensurate with the expected term, volatility
    of comparable companies for a period consistent with the
    expected term, and a dividend yield of 0%. The estimates of the
    fair value of the PCB warrant, the ETV warrant and the
    Industrifonden warrant require a significant amount of judgment.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The reconciliation of the stock warrant liability measured at
    fair value on a recurring basis using significant unobservable
    inputs (Level&#160;3)&#160;is as follows (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Warrant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Liability</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance at January&#160;1, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    523
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Issuance of PCB warrant
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Issuance of Industrifonden warrant
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Change in fair value of stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Change in fair value of stock warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    As reported in balance sheet:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Non-current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Property
    and Equipment</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of property and equipment, net
    (dollars in thousands) and the related lives:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Lives</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Computers and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,725
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    3,061
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Furniture and fixtures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1,537
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1,998
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leasehold improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    181
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    506
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3,443
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5,565
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="5" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less accumulated depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1,415
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2,321
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    2,028
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    3,244
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Depreciation and amortization expense totaled $0.4&#160;million,
    $0.7&#160;million and $0.9&#160;million for the years ended
    December&#160;31, 2007, 2008 and 2009, respectively.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Line of
    Credit</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2008 and 2009, a wholly owned subsidiary of the Company
    in Sweden had an agreement with a bank in Sweden from which it
    may borrow up to a maximum of 60&#160;million Swedish kronor
    (&#147;SEK&#148;) (approximately $8.4&#160;million based on the
    December&#160;31, 2009 exchange rate of 0.1393). At
    December&#160;31, 2008 and 2009, the amounts outstanding were $0
    and $0.2&#160;million, respectively. The maximum borrowing is
    collateralized by the subsidiary&#146;s total assets. The terms
    of this agreement require payment of an unused credit line fee
    equal to 0.5% of the unused portion and a variable interest rate
    equivalent to the Swedish Riksbank Repo Rate (0.25% at
    December&#160;31, 2009)&#160;plus 1.75% of the outstanding
    balance. The line of credit agreement expires on June&#160;30,
    2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Debt</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;16, 2008, the Company entered into a
    60.0&#160;million SEK note payable to Industrifonden, a
    stockholder of the Company, which bears interest at a fixed 10%
    rate per annum through March 2012. The loan agreement stipulates
    that interest accrued between the loan initiation and first
    scheduled payment on June&#160;30, 2009 will be capitalized and
    added to the principal amount of the loan. The total principal
    as of June&#160;30, 2009 (approximately 66.2&#160;million SEK)
    will be paid off in 12 equal quarterly payments, including
    accrued interest. Borrowings under the loan are collateralized
    by shares of the Company&#146;s wholly owned Swedish subsidiary.
    As the note payable is denominated in SEK, the impact of
    exchange rate changes on the principal and interest of the note
    is recorded as gain/(loss) in the consolidated statement of
    operations. The gain/(loss) recorded during the years ended
    December&#160;31, 2008 and 2009 are $2.4&#160;million and
    $0.8&#160;million, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;10, 2006, the Company signed a
    &#128;2.0&#160;million note payable to ETV Capital S.A., payable
    in 36&#160;monthly installments of &#128;0.1&#160;million, which
    bore interest at a fixed 9% interest rate through March 2009.
    This loan was satisfied in March 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes notes payable held by the Company
    (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Note payable to Industrifonden
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $8,019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $6,921
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Note payable to ETV Capital S.A.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    243
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,900
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,022
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less unaccreted discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (184
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (122
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total noncurrent borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $6,178
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $3,777
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Aggregate maturities required on long-term debt obligations at
    December&#160;31, 2009 are due in future years as follows
    (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="92%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    769
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,921
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The effective tax rates for the years ended December&#160;31,
    2007, 2008 and 2009 were 9.9%, 38.3% and 20.6% respectively. It
    is anticipated that the Company&#146;s effective tax rate may
    fluctuate in the future due to the mix of foreign and domestic
    pre-tax earnings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income (loss) before (provision) benefit for income taxes is
    allocated as follows for the years ended December 31 (dollars in
    thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    U.S. operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,153
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    565
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,611
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Foreign operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    748
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,290
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,248
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (405
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Provision for) benefit from income taxes is comprised of the
    following (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Current</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Deferred</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Total</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Year ended December&#160;31, 2007:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    U.S. federal
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (112
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (112
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State and local
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (143
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    174
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (277
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Year ended December&#160;31, 2008:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    U.S. federal
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (577
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (487
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State and local
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (30
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,039
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (304
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,343
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (971
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (889
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,860
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Year ended December&#160;31, 2009:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    U.S. federal
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,534
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State and local
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (36
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,598
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,397
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,635
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,859
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,776
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The (provision for) benefit from income taxes differs from the
    amount of taxes determined by applying the U.S.&#160;federal
    statutory rate to income (loss) before (provision for) benefit
    from income taxes as a result of the following for the years
    ended December 31 (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Statutory federal income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    137
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,651
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,937
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Increase (reduction) in income taxes resulting from:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign tax benefit for income taxed at lower rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    389
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign withholding taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (273
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (504
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign tax credit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Change in the valuation allowance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    916
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State and local income taxes, net of federal income tax benefit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Permanent differences - warrant liability
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (153
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (38
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (719
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Permanent differences - other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (302
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (392
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (104
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,860
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,776
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deferred tax assets and liabilities reflect the net tax effects
    of temporary differences between the carrying amount of assets
    and liabilities for financial reporting purposes and the amounts
    used for income tax purposes.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Significant components of the Company&#146;s deferred tax assets
    and liabilities are as follows as of December 31 (dollars in
    thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    694
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Foreign tax credits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    273
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other tax credits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net operating loss carryforwards
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,502
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,444
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total gross deferred tax assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less: valuation allowance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,038
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,741
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net deferred tax assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exchange gains/losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (766
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (326
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (79
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total deferred tax liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (766
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (405
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total net deferred tax assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    As reported
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax assets, current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    810
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax assets, non-current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax liabilities, current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax liabilities, non-current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (766
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (326
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total net deferred tax assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In assessing the realizability of deferred tax assets,
    management considers whether it is more likely than not that
    some portion or all of the deferred tax assets will not be
    realized. The ultimate realization of deferred tax assets is
    dependent upon the generation of future taxable income during
    the periods in which those temporary differences become
    deductible. Based upon the level of historical taxable income
    and projections for future taxable income over the periods in
    which the deferred tax assets are deductible as of
    December&#160;31, 2009, management believes it is more likely
    than not that the Company will realize the benefits of these
    deductible differences, with the exception of foreign net
    operating losses. The amount of the deferred tax asset
    considered realizable, however, could be reduced in the near
    term if estimates of future taxable income during the carry
    forward period are reduced.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;382 of the Internal Revenue Code limits the
    utilization of net operating losses when ownership changes, as
    defined by that section, occur. The Company has performed an
    analysis to identify its Section&#160;382 ownership changes.
    Because of the ownership changes, the utilization of some of its
    United States federal and state net operating loss carryforwards
    may be limited. The Company has not completed the analysis to
    determine the annual Section&#160;382 limitation, but estimates
    that approximately $2.0&#160;million of its United States
    federal and state net operating loss carryforwards may be
    limited. Therefore, no federal or state tax benefit has been
    recorded on that portion of the net operating loss. Such
    limitations may have an impact on the ultimate realization of
    the Company&#146;s carry forwards and future tax deductions.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2008 and 2009, there were approximately
    $7.6&#160;million and $7.2&#160;million of United States federal
    and $6.2&#160;million and $6.1&#160;million of state net
    operating loss carry forwards, respectively. The majority of
    these net operating loss carryforwards will expire, if unused,
    between 2020 and 2029. A valuation allowance
    of&#160;$2.0&#160;million and $0.8&#160;million was recorded at
    December&#160;31, 2008 and 2009, respectively, in relation to
    the deferred tax assets attributable to these net operating
    losses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, at December&#160;31, 2008 and 2009, there were
    approximately $8.9&#160;million and $7.3&#160;million of gross
    foreign net operating loss carryforwards, respectively. The
    majority of these net operating loss carryforwards have an
    indefinite carryforward period. A valuation allowance of
    $1.0&#160;million and $0.6&#160;million was recorded at
    December&#160;31, 2008 and 2009, respectively, in relation to
    the foreign net operating losses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has made no provision for United States&#160;taxes
    on cumulative earnings of $20.7&#160;million of foreign
    subsidiaries as those earnings are intended to be reinvested for
    an indefinite period of time. Upon distribution of these
    earnings in the form of dividends or otherwise, the Company may
    be subject to United States&#160;income taxes and foreign
    withholding taxes. It is not practical, however, to estimate the
    amount of taxes that may be payable on the eventual repatriation
    of these earnings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of the adoption of FIN&#160;48 (codified in
    ASC&#160;740) effective January&#160;1, 2007, the Company
    analyzed its tax return filing positions in all of the federal,
    state and foreign filing jurisdictions where it is required to
    file income tax returns, as well as all open years in those
    jurisdictions, and concluded that there are no uncertain tax
    positions which would require a cumulative effect adjustment to
    retained earnings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table indicates the changes to the Company&#146;s
    uncertain tax positions for the years ended December 31 (dollars
    in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beginning balance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,438
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expiration of statute of limitations for the assessment of taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Increase (decrease) related to current tax year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    693
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Payment to taxing authorities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ending balance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,438
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the Company&#146;s unrecognized tax benefit liability
    would affect the Company&#146;s effective tax rate if
    recognized. Because of the existence of net operating loss
    carryforwards, the resultant unfavorable resolution of any of
    the Company&#146;s uncertain tax positions would not result in
    material interest and penalties. Accordingly, the Company did
    not record any interest and penalties related to unrecognized
    tax benefit liability for the years ended December&#160;31, 2008
    and 2009. For the year ended December&#160;31, 2007, less than
    $0.1&#160;million of the $0.7&#160;million increase caused an
    increase in foreign tax expense. The remainder of the 2007
    increase caused a decrease in the valuation allowance of an
    equal amount. The Company does not expect its unrecognized tax
    benefit liability to change significantly over the next
    12&#160;months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the Company believes that the estimates and assumptions
    supporting its assessments are reasonable, the final
    determination of tax audits and any related litigation could be
    materially different than that which is reflected in the
    historical income tax provision and recorded assets and
    liabilities. Based on the results of an audit or litigation,
    there could be a material effect on the Company&#146;s income
    tax provision, net income (loss) or cash flows in the period or
    periods for which that determination is made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, the Company is subject to U.S.
    Federal Income Tax examination for the tax years 2006 through
    2009, and to non-U.S. income tax examination for the tax years
    2001 through 2009. In addition, because of net operating losses,
    the Company&#146;s U.S.&#160;federal tax returns for 2003 and
    later years will remain subject to examination until the losses
    are utilized.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-22
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    Structure</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Series&#160;A
    Common Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of Common Stock shall have one vote per share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Preference</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After payment in full of the Series&#160;A and AA Liquidation
    Preferences (discussed below), the holders of Common Stock are
    entitled to the remaining assets and funds of the Company on a
    pro rata basis. The holders of Series&#160;A and Series&#160;AA
    preferred stock are treated as holders of Common Stock (on an
    as-converted basis) for purposes of any distributions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Convertible
    Preferred Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Series&#160;A and Series&#160;AA preferred stock (the
    &#147;Preferred Stock&#148;) have the number of votes equal to
    the number of common shares to which the Preferred Stock are
    convertible and shall vote with the Common Stock as a single
    class, except with respect to certain corporate actions (such as
    a public offering or a change in rights, preferences or
    privileges of any series of preferred stock) that require
    approval of certain series of preferred stock, as defined in the
    Company&#146;s Restated Certificate of Incorporation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No dividends shall be paid on Common Stock unless an equivalent
    dividend for such year has been declared and paid on the
    Preferred Stock. Dividends on the preferred stock shall accrue
    and be payable when and if declared by the Board of Directors at
    an annual rate of $0.0504 per share on a non-cumulative basis.
    The Preferred Stock has preference with respect to dividends
    over the common stock. There have been no dividends accrued or
    paid as of December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Conversion</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each share of Preferred Stock is convertible to Common Stock, at
    the option of the holder, initially on a
    <FONT style="white-space: nowrap">one-for-one</FONT>
    basis, adjusted for splits, stock dividends, consolidation,
    merger and other noncash dilutive events as if the
    investor&#146;s interest were a common stock equity interest.
    The initial conversion prices for Series&#160;A and
    Series&#160;AA Preferred Stock are $0.6298. The conversion
    prices are adjusted for certain events that result in dilution
    of the initial conversion prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Preferred Stock automatically converts into Common Stock
    upon (i)&#160;the election of a &#147;Voting Threshold&#148; of
    the outstanding shares of Preferred Stock voting as a class or
    (ii)&#160;consummation of underwritten public offering with
    aggregate proceeds in excess of $30.0&#160;million, at an
    original issue price of not less than five times the original
    Series&#160;A per share purchase price (a &#147;Qualified Public
    Offering&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Preference</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of liquidation or dissolution of the Company, the
    holders of the Preferred Stock shall be entitled to receive
    prior and in preference to any distribution of any of the assets
    or surplus funds of the Company to the holders of Common Stock
    an amount equal to $0.6298 per share (as adjusted for any
    combination, consolidation, stock distribution or stock dividend
    with respect to such shares), plus all (or any) declared but
    unpaid dividends thereon (the &#147;Series&#160;A and AA
    Liquidation Preference&#148;). Any remaining proceeds shall be
    paid pro rata to the holders of Common Stock and Preferred
    Stock, on an as-converted basis.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Redemption&#160;Rights</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Preferred Stock is subject to redemption under certain
    &#147;deemed liquidation&#148; events, as defined, and as such,
    the Preferred Stock is considered contingently redeemable for
    financial accounting purposes.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Commitments
    and Contingencies</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Litigation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time, the Company is involved in disputes or legal
    actions arising in the ordinary course of business. Management
    does not believe the outcome of such legal actions will have a
    material adverse effect on the Company&#146;s financial
    position, results of operations or cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Leases</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company conducts its operations in leased facilities under
    leases expiring at various dates to 2015. Rent expense was
    approximately $2.0&#160;million, $3.5&#160;million and
    $4.0&#160;million for the years ended December&#160;31, 2007,
    2008 and 2009, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The future minimum lease payments under noncancelable operating
    leases are as follows (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Year ending December 31:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,174
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,993
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,139
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total future minimum lease payments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Business
    and Geographic Segment Information</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company currently operates in one business segment, namely,
    the development, commercialization and implementation of
    software products and related services. The Company is managed
    and operated as one business. A single management team that
    reports to the chief operating decision maker comprehensively
    manages the entire business. The Company does not operate any
    material separate lines of business or separate business
    entities with respect to its products or product development.
    Accordingly, the Company views its business and manages its
    operations as one reportable segment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s revenues were generated in the following
    geographic regions (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    United States
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,660
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27,737
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,899
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Europe
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,843
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103,824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,083
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,636
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    118,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    157,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the years ended December&#160;31, 2007, 2008 and 2009,
    sales from customers in Sweden were $18.4&#160;million,
    $21.4&#160;million and $23.2&#160;million, respectively. During
    the years ended December&#160;31, 2007, 2008 and 2009, sales
    from customers in Germany were $12.3&#160;million,
    $13.7&#160;million and $20.1&#160;million, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Long-lived assets by geographic area consist of property and
    equipment and are as follows (dollars in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    United States
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    398
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    623
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Europe
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,630
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,621
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,028
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,244
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2008 and 2009, long-lived assets held in
    Sweden were $0.8&#160;million and $1.8&#160;million,
    respectively. As of December&#160;31, 2008 and 2009, long-lived
    assets held in Germany were $0.3&#160;million.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Option Plan</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2004, the Company&#146;s Board of Directors and stockholders
    approved the Company&#146;s 2004 Stock Option and Award Plan
    providing for the granting of either incentive or nonqualified
    stock options to purchase up to 11,124,400&#160;shares of the
    Company&#146;s Common Stock. In 2007, the Company&#146;s Board
    of Directors and stockholders approved the Company&#146;s 2007
    Omnibus Stock Option and Award Plan (the &#147;2007 Plan&#148;).
    The 2007 Plan provides for the granting of either incentive
    stock options or nonqualified stock options to purchase up to
    18,124,400&#160;shares of the Company&#146;s Common Stock. The
    plan provides for stock-based awards to employees, directors and
    advisors. Stock options are granted at a strike price not less
    than the estimated fair market value at the date of grant as
    determined by the Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2007 Plan is designed to help attract and retain the Company
    and its subsidiaries&#146; personnel, to reward employees and
    directors for past services and to motivate such individuals
    through added incentives to further contribute to the success of
    the Company. The maximum term for the options granted is four
    years to Swedish employees, directors and advisors and ten years
    for all others. Options granted pursuant to the 2007 Plan
    generally vest at 25% after the first year and then vest 6.25%
    each quarter over the remaining three years. Swedish tax law
    requires that Swedish plan participants purchase their stock
    options at a purchase price equal to the estimated fair value of
    the options on the date of grant. Accordingly, payments received
    for the grant of Swedish stock options were $0.3&#160;million,
    $0.1&#160;million and $0.1&#160;million for the years ended
    December&#160;31, 2007, 2008 and 2009, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to our non-qualified stock option award agreements with
    our Swedish employees, stock options are subject to the
    Company&#146;s right of repurchase upon a termination of service
    to the participant at a price equal to the fair market value on
    the date of termination of service. Total proceeds from options
    repurchased by the Company were $0, $0 and $0.4&#160;million in
    2007, 2008 and 2009, respectively. The Company does not intend
    to repurchase any additional options granted in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company uses the Black-Scholes option-pricing model to value
    stock option awards. The Black-Scholes option-pricing model
    requires the input of subjective assumptions, including the
    expected life of the share-based payment awards and stock price
    volatility. The Company does not have sufficient historical
    volatility for the expected term of the options. Prior to 2008,
    the Company established the expected volatility assumption by
    determining an appropriate industry sector that was
    representative of the nature of its operations as well as its
    market capitalization size (mid-cap software industry). As of
    January&#160;1, 2008 and forward, the Company uses comparable
    public companies as a basis for its expected volatility to
    calculate the fair value of option grants and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    intends to continue to consistently apply this process using
    comparable companies until a sufficient amount of historical
    information regarding the volatility of the Company&#146;s share
    price becomes available. The expected term for all Swedish
    option grants is four years based on the contractual expiration
    date of the option and based on the history of option exercise
    behavior. The expected term for all other option grants is based
    on the simplified method provided by SEC guidance. The risk-free
    interest rate is based on U.S.&#160;Treasury yield curve with a
    remaining term equal to the expected life assumed at grant. The
    assumptions used in calculating the fair value of share-based
    payment awards represent management&#146;s best estimate and
    involve inherent uncertainties and the application of
    management&#146;s judgment. As a result, if factors change and
    management uses different assumptions, share-based compensation
    expense could be materially different in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Common
    Stock Valuations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For all option grants during 2007, 2008 and 2009, the fair value
    of the Common Stock underlying the option grants was determined
    by the Company&#146;s Board of Directors, with the assistance of
    management, which intended all options granted to be exercisable
    at a price per share not less than the per share fair value of
    the Company&#146;s Common Stock underlying those options on the
    date of grant. The Company utilized the guidance set forth by
    the American Institute of Certified Public Accountants, or the
    AICPA, in the AICPA Technical Practice Aid, &#147;<I>Valuation
    of Privately-Held-Company Equity Securities Issued as
    Compensation&#148;</I>, referred to herein as the AICPA Practice
    Aid, when estimating the fair value of common stock at each
    grant date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors, with the assistance of management, used
    the market approach and the income approach in order to estimate
    the fair value of Common Stock underlying the Company&#146;s
    option grants during 2007, 2008 and 2009. The Company believes
    both of these approaches are appropriate methodologies given its
    stage of development. For the market approach, the Company
    utilized the guideline company method by analyzing a population
    of comparable companies and selected those technology companies
    that it considered to be the most comparable in terms of product
    offerings, revenues, margins, and growth. Under the market
    approach, the Company then use these guideline companies to
    develop relevant market multiples and ratios, which are then
    applied to its corresponding financial metrics to estimate the
    Company&#146;s equity value. For the income approach, the
    Company performed discounted cash flow analyses which utilize
    projected cash flows as well as a residual value, which are then
    discounted to the present in order to arrive at its current
    equity value. In 2007 and 2008, the Company used an option
    pricing model to allocate the estimated equity value to the
    various securities outstanding. In 2009, the Company utilized a
    probability weighted expected return model (PWERM) to allocate
    value to the various securities outstanding in the
    Company&#146;s capital structure.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The significant input assumptions used in the valuation models
    during 2007 through 2009 are based on subjective future
    expectations combined with management judgment, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income approach assumptions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expected revenue, operating performance and cash flows for the
    current and future years, determined as of the valuation date
    based on the Company&#146;s estimates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a discount rate, which is applied to discretely forecasted
    future cash flows in order to calculate the present value of
    those cash flows;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a terminal value multiple, which is applied to the last year of
    discretely forecasted cash flows to calculate the residual value
    of the Company&#146;s future cash flows.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assumptions utilized in the market approach are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expected revenue, operating performance and cash flows for the
    current and future years, determined as of the valuation date
    based on the Company&#146;s estimates;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    multiples of market value to trailing revenues, determined as of
    the valuation date, based on a group of comparable public
    companies identified;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    multiples of market value to expected future revenues,
    determined as of the valuation date, based on the same group of
    comparable public companies.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following provides a summary of the option activity for the
    Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Remaining<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Available for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Contractual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Grant</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">of Shares</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Price</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Term (Years)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at January&#160;1, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,802,921
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,199,694
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Authorized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,230,900
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,230,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (91,051
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194,338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (182,405
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,766,359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,157,138
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Authorized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,372,225
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,372,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,383,311
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,008,003
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,008,003
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,402,137
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,138,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Authorized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,709,754
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,709,754
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (650,216
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,856,114
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,856,114
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,548,497
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,341,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.51
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercisable at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,566,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Vested and expected to vest at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,719,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2007, 2008 and 2009, the Company issued options
    exercisable for 4,230,900, 3,372,225 and 2,709,754&#160;shares
    of Common Stock, respectively, to employees and non-employee
    directors. The grant date weighted-average fair value per option
    for the years ended December&#160;31, 2007, 2008 and 2009 was
    $0.34, $1.00 and $1.23, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total intrinsic value of options exercised during 2007, 2008
    and 2009 was $0.1&#160;million, $2.4&#160;million and
    $1.3&#160;million, respectively. The aggregate intrinsic value
    of options outstanding and fully vested as of December&#160;31,
    2008 and December&#160;31, 2009 is $26.8&#160;million and
    $45.2&#160;million, respectively.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The assumptions used in the Black-Scholes option pricing model
    are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">2009</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected dividend yield
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.00%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.00%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0.00%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk-free interest rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.7%&#160;- 4.8%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.2%&#160;- 3.1%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.5%&#160;- 2.4%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    18.5%&#160;- 21.8%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    48.0%&#160;- 88.8%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    44.7%-62.4%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected life (Swedish grants, in years)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected life (all other grants, in years)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.25
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estimated fair value of common stock (per share)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $0.63&#160;- $1.65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1.63-$1.65
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1.65-$3.81
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the years ended December&#160;31, 2007, 2008 and 2009, the
    Company recorded stock-based compensation expense for stock
    options to employees and non-employees of $0.2&#160;million,
    $0.7&#160;million and $1.5&#160;million, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, there was $4.3&#160;million of
    total unrecognized compensation cost, net of estimated
    forfeitures, related to non-vested employee and non-employee
    director stock options. That remaining cost is expected to be
    recognized over a weighted-average period of approximately
    1.54&#160;years.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Shares&#160;Reserved
    for Future Issuance</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, the Company had reserved a total of
    its authorized shares of Common Stock for stock options and
    conversion of other classes of stock for future issuance as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Granted and outstanding stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,341,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Future issuance of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,548,497
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Conversion of Series&#160;A preferred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,846,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Conversion of Series&#160;AA preferred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,875,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Conversion of Series&#160;A preferred warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    474,282
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Conversion of Series&#160;A common warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,981
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,179,657
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">15.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Benefit
    Plans</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company sponsors a 401(k) savings plan covering
    substantially all U.S.&#160;employees who meet certain age and
    employment criteria. Employees may contribute up to the Internal
    Revenue Service maximum employee contribution each year. The
    Company has contributed a 3% non-elective contribution based on
    eligible employee earnings which is made in the first quarter
    following the end of the plan year. There is no vesting period
    for non-elective contributions. In the foreign entities, the
    Company has a defined contribution plan for the employees&#146;
    retirements who meet certain age, employment and salary
    criteria. The Company&#146;s benefit plans expense was
    approximately $1.4&#160;million, $2.4&#160;million and
    $2.3&#160;million for the years ended December&#160;31, 2007,
    2008 and 2009, respectively.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">16.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Subsequent
    event</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;22, 2010, the Company acquired the outstanding
    stock of Syllogic Corporation, a Japanese reseller, for
    120,000&#160;shares of its Series&#160;A common stock plus
    contingent consideration not to exceed $0.8&#160;million.
</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b80142b8014203.gif" alt="(COMPANY LOGO)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Not Required in Prospectus</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents the costs and expenses, other than
    underwriting discounts and commissions, payable by us in
    connection with the sale of common stock being registered. All
    amounts are estimates except the SEC registration fee, the FINRA
    filing fees and the Nasdaq Global Market listing fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,130
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FINRA filing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Nasdaq Global Market listing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing and engraving expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Blue sky fees and expenses (including related legal fees)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Transfer agent and registrar fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
     *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">To be completed in subsequent
    amendment
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;145 of the Delaware General Corporation Law
    authorizes a corporation&#146;s board of directors to grant, and
    authorizes a court to award, indemnity to officers, directors
    and other corporate agents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As permitted by Section&#160;102(b)(7) of the Delaware General
    Corporation Law, or DGCL, the registrant&#146;s certificate of
    incorporation to be in effect upon the closing of this offering
    includes provisions that eliminate the personal liability of its
    directors and officers for monetary damages for breach of their
    fiduciary duty as directors and officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, as permitted by Section&#160;145 of the DGCL, the
    bylaws of the registrant to be effective upon completion of this
    offering provide that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The registrant shall indemnify its directors and officers for
    serving the registrant in those capacities or for serving other
    business enterprises at the registrant&#146;s request, to the
    fullest extent permitted by Delaware law. Delaware law provides
    that a corporation may indemnify such person if such person
    acted in good faith and in a manner such person reasonably
    believed to be in or not opposed to the best interests of the
    registrant and, with respect to any criminal proceeding, had no
    reasonable cause to believe such person&#146;s conduct was
    unlawful.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The registrant may, in its discretion, indemnify employees and
    agents in those circumstances where indemnification is permitted
    by applicable law.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The registrant is required to advance expenses, as incurred, to
    its directors and officers in connection with defending a
    proceeding, except that such director or officer shall undertake
    to repay such advances if it is ultimately determined that such
    person is not entitled to indemnification.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The registrant will not be obligated pursuant to the bylaws to
    indemnify a person with respect to proceedings initiated by that
    person, except with respect to proceedings authorized by the
    registrant&#146;s board of directors or brought to enforce a
    right to indemnification.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The rights conferred in the bylaws are not exclusive, and the
    registrant is authorized to enter into indemnification
    agreements with its directors, officers, employees and agents
    and to obtain insurance to indemnify such persons.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The registrant may not retroactively amend the bylaw provisions
    to reduce its indemnification obligations to directors,
    officers, employees and agents.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The registrant&#146;s policy is to enter into separate
    indemnification agreements with each of its directors and
    officers that provide the maximum indemnity allowed to directors
    and executive officers by Section&#160;145 of the DGCL and also
    provides for certain additional procedural protections. The
    registrant also maintains directors and officers insurance to
    insure such persons against certain liabilities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    These indemnification provisions and the indemnification
    agreements entered into between the registrant and its officers
    and directors may be sufficiently broad to permit
    indemnification of the registrant&#146;s officers and directors
    for liabilities (including reimbursement of expenses incurred)
    arising under the Securities Act.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The underwriting agreement filed as Exhibit&#160;1.1 to this
    registration statement provides for indemnification by the
    underwriters of the registrant and its officers and directors
    for certain liabilities arising under the Securities Act and
    otherwise.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    Sales of Unregistered Securities</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the last three years, the Registrant made sales of the
    following unregistered securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;From April&#160;1, 2007 through March&#160;31, 2010,
    the Registrant sold and issued to its employees and service
    providers an aggregate of 3,369,683&#160;shares of its
    Series&#160;A common stock pursuant to option exercises under
    Registrant&#146;s 2004 Omnibus Stock Option and Award Plan and
    Registrant&#146;s 2007 Omnibus Stock Option and Award Plan at
    prices ranging from $0.6298 to $1.65 per share for an aggregate
    purchase price of $2,309,455.19.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;From April&#160;1, 2007 through March&#160;31, 2010,
    the Registrant granted to its employees and service providers
    options to purchase an aggregate of 10,219,179&#160;shares of
    its Series&#160;A common stock under the Registrant&#146;s 2004
    Omnibus Stock Option and Award Plan and 2007 Omnibus Stock
    Option and Award Plan at prices ranging from $1.65 to $5.18 per
    share for an aggregate purchase price of $21,201,207.42.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;On March&#160;23, 2006, the Registrant issued a warrant
    to purchase an aggregate of 260,082&#160;shares of the
    Registrant&#146;s Series&#160;A preferred stock at an exercise
    price of $0.6298 per share to ETV Capital (Jersey) Limited. The
    warrant may be exercised at any time prior to its termination
    date of March&#160;23, 2016.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;On January&#160;21, 2008, the Registrant issued a
    warrant to purchase an aggregate of 93,981&#160;shares of the
    Registrant&#146;s Series&#160;A common stock at an exercise
    price of $1.65 per share to PC Compatible Business Intelligence,
    S.L. The warrant may be exercised at any time prior to its
    termination date of December&#160;31, 2014.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;On June&#160;16, 2008, the Registrant issued a warrant
    to purchase an aggregate of 214,200&#160;shares of the
    Registrant&#146;s Series&#160;A preferred stock at an exercise
    price of $2.31 per share to Stiftelsen Industrifonden. The
    warrant may be exercised at any time prior to its termination
    date of June&#160;16, 2018.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;On January&#160;22, 2010, the Registrant issued an
    aggregate of 120,000&#160;shares of the Registrant&#146;s
    Series&#160;A common stock at a price of $3.81 per share to
    three individuals in connection with the acquisition of Syllogic
    Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No underwriters were involved in the foregoing sales of
    securities. The issuances of the securities described above were
    deemed to be exempt from registration under the Securities Act
    in reliance on Section&#160;4(2) of the Securities Act,
    Rule&#160;701 promulgated under Section&#160;3(b) of the
    Securities Act or Regulation&#160;S under the Securities Act.
    The recipients of securities in each such transaction
    represented their intention to acquire the securities for
    investment only and not with a view to or for sale in connection
    with any distribution thereof and appropriate legends were
    affixed to the stock certificates, warrant agreements and option
    agreements issued in such transactions.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">(a)&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Restated Certificate of Incorporation of Registrant, as amended
    on various dates
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restated Certificate of Incorporation to be effective
    upon closing
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Bylaws of the Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Bylaws of the Registrant to be effective
    upon closing
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Reference is made to Exhibits&#160;3.1, 3.2, 3.3 and 3.4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Registrant&#146;s Common Stock Certificate
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Investors&#146; Rights Agreement, dated November&#160;17, 2004
    and as amended on various dates, by and among the Registrant,
    certain stockholders and the investors listed on the signature
    pages thereto
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Refusal and Co-Sale Agreement, dated November&#160;17,
    2004 and as amended on various dates, by and among the
    Registrant, certain stockholders and the investors listed on the
    signature pages thereto
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Voting Agreement, dated November&#160;17, 2004 and as amended on
    various dates, by and among the Registrant, certain stockholders
    and the investors listed on the signature pages thereto
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Voting Agreement, dated October&#160;10,
    2007, by and among the Registrant, QlikTech International AB and
    certain stockholders
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Gunderson Dettmer Stough Villeneuve
    Franklin&#160;&#038; Hachigian, LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Lars Bj&#246;rk
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and John Gavin, Jr.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Bruce Golden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Erel Margalit
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Alexander Ott
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Paul Wahl
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and William G. Sorenson
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Leslie Bonney
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Anthony Deighton
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Douglas Laird
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    Lars Bj&#246;rk
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    William Sorenson
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated May&#160;2, 2005, by and between the
    Registrant and Leslie Bonney
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Offer Letter, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    Anthony Deighton
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Offer Letter, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    Douglas Laird
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Consulting Agreement, dated
    September&#160;1, 2005, by and between the Registrant and Paul
    Wahl
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consulting Agreement, dated October&#160;1, 2004, by and between
    the Registrant and Alexander Ott
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2004 Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2007 Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2010 Equity Incentive Plan (to be effective upon closing of the
    offering)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Stock Option Grant and Stock Option Agreement
    under 2010 Equity Incentive Plan
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Translation of Agreement by and between the Registrant, QlikTech
    International AB and Svenska Handelsbanken AB dated as of
    July&#160;11, 2008
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Translation of Amendment Agreement by and between the
    Registrant, QlikTech International&#160;AB and Svenska
    Handelsbanken&#160;AB dated as of July&#160;13, 2009
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Alexander Ott under the 2004 Omnibus
    Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Anthony Deighton under the 2004
    Omnibus Stock Option and Award Plan and under the 2007 Omnibus
    Stock Option and Award Plan, and Side letter, dated November
    2006, between the Registrant and Anthony Deighton
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Douglas Laird under the 2007 Omnibus
    Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .27&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Lars&#160;Bj&#246;rk under the 2004
    Omnibus Stock Option and Award Plan and the 2007 Omnibus Stock
    Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .28&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2004, 2005 and 2009 Omnibus Stock Option and Award Plans and
    <FONT style="white-space: nowrap">Sub-Plans</FONT>
    for the UK Agreements granted to Leslie Bonney
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .29&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Paul&#160;Wahl under the 2004
    Omnibus Stock Option and Award Plan and 2007 Omnibus Stock
    Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .30&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to William Sorenson under the 2007
    Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .31&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to John Gavin, Jr. under the 2007
    Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .32
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Term Loan Facility Agreement, dated June&#160;16, 2008, between
    the Registrant and Stiftelsen Industrifonden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Warrant to Purchase Shares of Preferred Stock, dated
    June&#160;16, 2008, issued by the Registrant to Stiftelsen
    Industrifonden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Share Pledge Agreement, dated June&#160;16, 2008, between the
    Registrant and Stiftelsen Industrifonden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .35
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, dated November&#160;17, 2004, between
    the Registrant, QlikTech International AB and the Investors (as
    defined therein)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .36
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Lease, dated November&#160;15, 2005, between the Registrant and
    Radnor Properties-SDC, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .37
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Lease, dated March&#160;13, 2009, between the
    Registrant and Radnor Properties-SDC, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .38*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Translation of &#147;Hyreskontrakt for local,&#148; dated
    May&#160;22, 2007, between QlikTech International AB and Ideon AB
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .39
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Reference is made to Exhibits&#160;4.3, 4.4, 4.5 and 4.6
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    List of subsidiaries of the Registrant (including jurisdiction
    of organization and names under which subsidiaries do business)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Ernst&#160;&#038; Young LLP, Independent Registered
    Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Gunderson Dettmer Stough Villeneuve
    Franklin&#160;&#038; Hachigian, LLP (contained in
    Exhibit&#160;5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in the signature pages to the
    registration statement)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#134;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Compensation arrangement
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">To be filed by amendment
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">(b)&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Financial
    Statement Schedules</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All schedules have been omitted as they are not required, not
    applicable, or the required information is otherwise included in
    the Notes to the consolidated financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;17.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned Registrant hereby undertakes to provide to the
    underwriters at the closing specified in the underwriting
    agreement certificates in such denominations and registered in
    such names as required by the underwriters to permit prompt
    delivery to each purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;may be permitted to directors,
    officers and controlling persons of the Registrant pursuant to
    the provisions described in Item&#160;14 above, or otherwise,
    the Registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the Registrant of expenses incurred or paid by a director,
    officer or controlling person of the Registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the Registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act and will be governed by the final
    adjudication of such issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned Registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule&#160;430A and contained in a form of
    prospectus filed by the Registrant pursuant to
    Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities
    Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For purposes of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    Registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Radnor, Commonwealth of Pennsylvania,
    on this 1st&#160;day of April, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>QLIK TECHNOLOGIES INC.</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Lars
    Bj&#246;rk</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lars Bj&#246;rk
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    President and Chief Executive Officer (Principal Executive
    Officer)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
    appears below constitutes and appoints Lars Bj&#246;rk and
    William G. Sorenson, and each of them, his true and lawful
    attorneys-in-fact and agents, with full power to act separately
    and full power of substitution and resubstitution, for him and
    in his name, place and stead, in any and all capacities, to sign
    any and all amendments (including post-effective amendments) to
    this registration statement and all additional registration
    statements pursuant to Rule&#160;462(b) of the Securities Act of
    1933, as amended, and to file the same, with all exhibits
    thereto, and all other documents in connection therewith, with
    the Securities and Exchange Commission, granting unto each said
    attorney-in-fact and agent full power and authority to do and
    perform each and every act in person, hereby ratifying and
    confirming all that said attorneys-in-fact and agents or either
    of them or his or their substitute or substitutes may lawfully
    do or cause to be done by virtue hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Power of Attorney shall not revoke any powers of attorney
    previously executed by the undersigned. This Power of Attorney
    shall not be revoked by any subsequent power of attorney that
    the undersigned may execute, unless such subsequent power of
    attorney specifically provides that it revokes this Power of
    Attorney by referring to the date of the undersigned&#146;s
    execution of this Power of Attorney. For the avoidance of doubt,
    whenever two or more powers of attorney granting the powers
    specified herein are valid, the agents appointed on each shall
    act separately unless otherwise specified.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this registration statement has been signed by the
    following persons on behalf of the Registrant and in the
    capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Signature</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Title</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Date</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Lars
    Bj&#246;rk</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Lars
    Bj&#246;rk
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer and Director (Principal
    Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    April&#160;1, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;William
    G. Sorenson</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>William
    G. Sorenson
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer (Principal Accounting and Financial
    Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    April&#160;1, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;John
    Gavin, Jr.</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>John
    Gavin, Jr.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    April&#160;1, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Bruce
    Golden</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruce
    Golden
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    April&#160;1, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Erel
    Margalit</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Erel
    Margalit
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    April&#160;1, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Alexander
    Ott</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Alexander
    Ott
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    April&#160;1, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Paul
    Wahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Paul
    Wahl
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    April&#160;1, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEX TO
    EXHIBITS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Restated Certificate of Incorporation of Registrant, as amended
    on various dates
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restated Certificate of Incorporation to be effective
    upon closing
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Bylaws of the Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Bylaws of the Registrant to be effective
    upon closing
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Reference is made to Exhibits&#160;3.1, 3.2, 3.3 and 3.4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Registrant&#146;s Common Stock Certificate
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Investors&#146; Rights Agreement, dated November&#160;17, 2004
    and as amended on various dates, by and among the Registrant,
    certain stockholders and the investors listed on the signature
    pages thereto
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Refusal and Co-Sale Agreement, dated November&#160;17,
    2004 and as amended on various dates, by and among the
    Registrant, certain stockholders and the investors listed on the
    signature pages thereto
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Voting Agreement, dated November&#160;17, 2004 and as amended on
    various dates, by and among the Registrant, certain stockholders
    and the investors listed on the signature pages thereto
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Voting Agreement, dated October&#160;10,
    2007, by and among the Registrant, QlikTech International AB and
    certain stockholders
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Gunderson Dettmer Stough Villeneuve
    Franklin&#160;&#038; Hachigian, LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Lars Bj&#246;rk
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and John Gavin, Jr.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Bruce Golden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Erel Margalit
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Alexander Ott
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Paul Wahl
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and William G. Sorenson
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Leslie Bonney
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Anthony Deighton
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indemnification Agreement,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, between the Registrant and Douglas Laird
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    Lars Bj&#246;rk
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    William Sorenson
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated May&#160;2, 2005, by and between the
    Registrant and Leslie Bonney
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Offer Letter, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    Anthony Deighton
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Offer Letter, dated
    April&#160;&#160;&#160;, 2010, by and between the Registrant and
    Douglas Laird
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Consulting Agreement, dated
    September&#160;1, 2005, by and between the Registrant and Paul
    Wahl
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consulting Agreement, dated October&#160;1, 2004, by and between
    the Registrant and Alexander Ott
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2004 Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2007 Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2010 Equity Incentive Plan (to be effective upon closing of the
    offering)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Stock Option Grant and Stock Option Agreement
    under 2010 Equity Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Translation of Agreement by and between the Registrant, QlikTech
    International AB and Svenska Handelsbanken AB dated as of
    July&#160;11, 2008
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Translation of Amendment Agreement by and between the
    Registrant, QlikTech International&#160;AB and Svenska
    Handelsbanken&#160;AB dated as of July&#160;13, 2009
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Alexander Ott under the 2004 Omnibus
    Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Anthony Deighton under the 2004
    Omnibus Stock Option and Award Plan and under the 2007 Omnibus
    Stock Option and Award Plan, and Side letter, dated November
    2006, between the Registrant and Anthony Deighton
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Douglas Laird under the 2007 Omnibus
    Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .27&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Lars&#160;Bj&#246;rk under the 2004
    Omnibus Stock Option and Award Plan and the 2007 Omnibus Stock
    Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .28&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2004, 2005 and 2009 Omnibus Stock Option and Award Plans and
    <FONT style="white-space: nowrap">Sub-Plans</FONT>
    for the UK Agreements granted to Leslie Bonney
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .29&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Paul&#160;Wahl under the 2004
    Omnibus Stock Option and Award Plan and 2007 Omnibus Stock
    Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .30&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to William Sorenson under the 2007
    Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .31&#134;*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to John Gavin, Jr. under the 2007
    Omnibus Stock Option and Award Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .32
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Term Loan Facility Agreement, dated June&#160;16, 2008, between
    the Registrant and Stiftelsen Industrifonden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Warrant to Purchase Shares of Preferred Stock, dated
    June&#160;16, 2008, issued by the Registrant to Stiftelsen
    Industrifonden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Share Pledge Agreement, dated June&#160;16, 2008, between the
    Registrant and Stiftelsen Industrifonden
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .35
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, dated November&#160;17, 2004, between
    the Registrant, QlikTech International AB and the Investors (as
    defined therein)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .36
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Lease, dated November&#160;15, 2005, between the Registrant and
    Radnor Properties-SDC, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .37
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Lease, dated March&#160;13, 2009, between the
    Registrant and Radnor Properties-SDC, L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .38*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Translation of &#147;Hyreskontrakt for local,&#148; dated
    May&#160;22, 2007, between QlikTech International AB and Ideon AB
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .39
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Reference is made to Exhibits&#160;4.3, 4.4, 4.5 and 4.6
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    List of subsidiaries of the Registrant (including jurisdiction
    of organization and names under which subsidiaries do business)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Ernst&#160;&#038; Young LLP, Independent Registered
    Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Gunderson Dettmer Stough Villeneuve
    Franklin&#160;&#038; Hachigian, LLP (contained in
    Exhibit&#160;5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in the signature pages to the
    registration statement)
</TD>
</TR>
</TABLE>

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    </FONT></TD>
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    </FONT></TD>
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sv1
Table of Contents
As filed with the Securities and Exchange Commission on
    April 1, 2010.
Registration
    No. 333-
UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
Washington, D.C.
    20549
Form S-1
REGISTRATION
    STATEMENT
UNDER
THE SECURITIES ACT OF
    1933
QLIK TECHNOLOGIES
    INC.
(Exact Name of Registrant as
    Specified in its Charter)
Delaware
7372
20-1643718
(State or Other Jurisdiction of
Incorporation or Organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
150 Radnor Chester
    Road
Suite E220
Radnor, Pennsylvania
    19087
(888) 828-9768
(Address, including zip code and
    telephone number, including area code, of registrant's
    principal executive offices)
Lars Björk
President and Chief Executive
    Officer
150 Radnor Chester
    Road
Suite E220
Radnor, Pennsylvania
    19087
(888) 828-9768
(Name, address, including zip
    code and telephone number, including area code, of agent for
    service)
Copies to:
Jay K. Hachigian, Esq.
Richard R. Hesp, Esq.
Gunderson Dettmer Stough
Villeneuve Franklin & Hachigian, LLP
850 Winter Street
Waltham, Massachusetts 02451
Telephone:
(781) 890-8800
Telecopy:
(781) 622-1622
Richard D. Truesdell, Jr., Esq.
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
Telephone: (212) 450-4000
Telecopy: (212) 701-5800
Approximate date of commencement of proposed sale to the
    public:
As soon as practicable after the
    effective date of this Registration Statement.
If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule 415 under the Securities Act of 1933 check the
    following
    box.
o
If this Form is filed to register additional securities for an
    offering pursuant to Rule 462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
If this form is a post-effective amendment filed pursuant to
    Rule 462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    "large accelerated filer," "accelerated
    filer" and "smaller reporting company" in
Rule 12b-2
of the Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
þ
Smaller reporting company
o
(Do not check if a smaller reporting company)
CALCULATION
    OF REGISTRATION FEE
Proposed Maximum
Amount of
Title of Each Class of
Aggregate
Registration
Securities to be Registered
Offering
    Price
(1)(2)
Fee
Common Stock, $0.0001 par value per share
$100,000,000.00
$7,130.00
(1)
Estimated solely for the purpose of
    calculating the registration fee pursuant to Rule 457(o) under
    the Securities Act.
(2)
Includes the offering price of
    shares of common stock that the underwriters have the option to
    purchase, if any.
The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment that
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section 8(a)
    of the Securities Act of 1933, as amended, or until the
    Registration Statement shall become effective on such date as
    the Securities and Exchange Commission, acting pursuant to such
    Section 8(a), may determine.
Table of Contents
The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and we are not soliciting offers to buy these
securities in any state where the offer or sale is not
permitted.
PROSPECTUS
    (Subject to Completion)
Issued          ,
    2010
Shares
COMMON STOCK
Qlik Technologies Inc. is
    offering           shares
    of its common stock and the selling stockholders are
    offering           shares.
    We will not receive any proceeds from the sale of shares by the
    selling stockholders. This is our initial public offering and no
    public market exists for our shares. We anticipate that the
    initial public offering price will be between
    $      and
    $      per share.
We intend to apply to have our common stock listed on the
    Nasdaq Global Market under the symbol "QLIK".
Investing in our common stock involves risks. See
    "Risk Factors" beginning on page 9.
PRICE
$
A SHARE
Underwriting
Proceeds to
Price to
Discounts and
Proceeds to
Selling
Public
Commissions
QlikTech
Stockholders
Per share
$
$
$
$
Total
$
$
$
$
We have granted the underwriters the right to purchase an
    additional           shares
    of common stock to cover over-allotments.
The Securities and Exchange Commission and state securities
    regulators have not approved or disapproved these securities, or
    determined if this prospectus is truthful or complete. Any
    representation to the contrary is a criminal offense.
The underwriters expect to deliver the shares of common stock to
    purchasers
    on          ,
    2010.
MORGAN
    STANLEY
CITI
J.P. MORGAN
JEFFERIES &
    COMPANY
THOMAS WEISEL PARTNERS LLC
, 2010
TABLE OF
    CONTENTS
Page
Prospectus Summary
1
Risk Factors
9
Special Note Regarding Forward-Looking Statements
    and Industry Data
26
Use of Proceeds
27
Dividend Policy
28
Capitalization
29
Dilution
31
Selected Consolidated Financial Data
33
Management's Discussion and Analysis of
    Financial Condition and Results of Operations
35
Business
55
Management
70
Certain Relationships and Related Persons
    Transactions
95
Principal and Selling Stockholders
97
Description of Capital Stock
100
Shares Eligible for Future Sale
104
Certain Material U.S. Federal Income Tax
    Considerations to
Non-U.S.
Holders
106
Underwriters
109
Legal Matters
113
Experts
113
Where You Can Find More Information
113
Index to Consolidated Financial Statements
F-1
EX-3.1
EX-3.2
EX-3.3
EX-3.4
EX-4.3
EX-4.4
EX-4.5
EX-4.6
EX-10.16
EX-10.17
EX-10.18
EX-10.19
EX-10.20
EX-10.21
EX-10.22
EX-10.23
EX-10.24
EX-10.25
EX-10.26
EX-10.27
EX-10.28
EX-10.29
EX-10.30
EX-10.32
EX-10.33
EX-10.34
EX-10.35
EX-10.36
EX-10.37
EX-21.1
EX-23.1
You should rely only on the information contained in this
    prospectus or in any free writing prospectus we may authorize to
    be delivered or made available to you. We, the underwriters and
    the selling stockholders have not authorized anyone to provide
    you with additional or different information. We, the
    underwriters and the selling stockholders are offering to sell,
    and seeking offers to buy, shares of our common stock only in
    jurisdictions where offers and sales are permitted. The
    information in this prospectus is accurate only as of the date
    of this prospectus, regardless of the time of delivery of this
    prospectus or any sale of shares of our common stock.
Until          ,
    2010 (25 days after commencement of this offering), all
    dealers that buy, sell or trade shares of our common stock,
    whether or not participating in this offering, may be required
    to deliver a prospectus. This delivery requirement is in
    addition to the obligation of dealers to deliver a prospectus
    when acting as underwriters and with respect to their unsold
    allotments or subscriptions.
For investors outside of the United States: Neither we, the
    selling stockholders nor any of the underwriters have done
    anything that would permit this offering or possession or
    distribution of this prospectus in any jurisdiction where action
    for that purpose is required, other than in the United States.
    Persons outside the United States who come into possession of
    this prospectus must inform themselves about, and observe any
    restrictions relating to, the offering of the shares of common
    stock and the distribution of this prospectus outside of the
    United States.
Unless the context indicates otherwise, as used in this
    prospectus, the terms "Qlik Technologies" and
    "QlikTech" refer to Qlik Technologies Inc. The terms
    "Powered by QlikView," "Qlik,"
    "QlikView," "QlikView Local Client,"
    "QlikView Server," "QlikView Publisher,"
    "QlikCommunity" and "QlikAcademy" are our
    trademarks. All other trademarks, trade names and service marks
    appearing in this prospectus are the property of their
    respective owners.
Table of Contents
PROSPECTUS
    SUMMARY
This summary highlights the most important features of this
    offering and the information contained elsewhere in this
    prospectus. This summary is not complete and does not contain
    all of the information that you should consider before investing
    in our common stock. You should read the entire prospectus
    carefully, especially the risks of investing in our common stock
    discussed under the heading "Risk Factors" and our
    consolidated financial statements and related notes included in
    this prospectus.
QLIK
    TECHNOLOGIES INC.
Overview
We have pioneered a powerful, easy-to-use business intelligence
    solution that enables our customers to make better and faster
    business decisions. Our software platform, QlikView, combines
    enterprise-class analytics and search functionality with the
    simplicity and
ease-of-use
found in office productivity software tools for a broad set of
    business users. We have grown our customer base from over 1,500
    customers in 2005 to over 13,000 in 2009 and increased our
    revenue at a 59% compound annual growth rate during the same
    period. Our solution addresses the needs of a diverse range of
    customers, from middle market customers to large enterprises
    such as BP, Campbell Soup Company, Colonial Life, The Dannon
    Company, Inc., Heidelberger Druckmaschinen AG, Kraft Foods,
    Lifetime Brands, National Health Service (NHS), Qualcomm,
    Symantec and Volvo Car UK Limited. We have customers in over 100
    countries and approximately 77% of our revenue in 2009 was
    derived internationally.
According to a 2009 International Data Corporation
    (IDC) report, the business intelligence market is projected
    to grow to $8.6 billion in 2010. We believe QlikView
    addresses a broader market opportunity than solely traditional
    users of business intelligence tools. According to a 2009
    Gartner, Inc. report, 28% of total potential users within
    organizations use business intelligence software. Small
    businesses and medium-sized enterprises have had limited
    adoption of traditional business intelligence solutions due to
    their high cost and complexity. QlikView addresses the needs of
    all business users in companies of all sizes.
QlikView empowers business users to navigate data in a manner
    consistent with the fluid, associative nature of human thought.
    QlikView is powered by our in-memory associative search
    technology which has utilized rapid advances in computing power
    to yield significant improvement in flexibility and performance
    at a lower cost than traditional business intelligence
    solutions. Our technology platform enables users to consolidate
    large, disparate data sets and discover relationships within
    data in real time when requested by the user. QlikView also
    visualizes this data in a simple, intuitive user interface that
    enables users to interactively explore and analyze information.
We have a differentiated business model designed to accelerate
    the adoption of our product by reducing the time and cost to
    purchase and implement our software. Our low risk approach to
    product sales provides a needed alternative to costly,
all-or-nothing,
traditional business intelligence sales models by offering free
    product downloads to individuals and a
30-day
money
    back guarantee upon purchase. We initially focus on specific
    business users or departments within a prospective
    customer's organization and seek to solve a targeted
    business need. After demonstrating QlikView's benefits to
    initial adopters within an organization, we work to expand sales
    of our product to other business units, geographies and use
    cases with a long-term goal of broad organizational deployment.
    According to a 2009 IDC survey, 44% of our customers deploy
    QlikView in less than one month and 77% of our customers deploy
    QlikView in less than three months. In comparison, our customers
    have indicated to us that their prior implementations of
    traditional business intelligence tools often take up to
    18 months. We have a diversified distribution model that
    consists of a direct sales force and a partner network that
    includes resellers, original equipment manufacturers (known as
    OEMs) and systems integrators. Additionally, our online user
    community, QlikCommunity, provides us with a loyal and growing
    network of users who promote our software, provide support for
    other users and contribute valuable insights and feedback for
    our product development efforts.
For the years ended December 31, 2009, 2008 and 2007, our
    revenue was $157.4 million, $118.3 million and
    $80.6 million, representing
year-over-year
growth of 33% in 2009 and 47% in 2008. For the three months
    ended December 31, 2009, our revenue was
    $61.7 million, representing 74% growth over the same period
    the prior year. In
1
Table of Contents
addition, we generated operating income of $13.2 million,
    $1.6 million and $0.1 million in 2009, 2008 and 2007.
    For the year ended December 31, 2009, software license and
    maintenance revenue comprised 90% and professional services and
    training comprised 10% of our total revenue.
Our
    Industry
We believe that to succeed in today's increasingly
    competitive markets, businesses must accelerate the rate at
    which they identify and respond to changing business conditions.
    An organization's market agility and ultimate success are
    dependent upon its ability to harness the power of increasing
    volumes of information to make effective business decisions
    which can be achieved by business intelligence and data
    analytics software. The use and importance of this software
    within organizations of all sizes has significantly increased
    for several reasons, including:
Exponential Growth in Data Available for
    Analysis.
Over the last two decades,
    organizations have made significant investments in software
    applications that produce substantial amounts of data that is
    often stored in different formats, making it challenging to
    efficiently analyze the data and gain insight from it without
    using powerful data analytics solutions.
Disparate Data Sources.
In today's
    highly competitive marketplace, companies are expanding
    operations through geographic diversification, acquisitions and
    partnerships, while more closely integrating their systems with
    those of their customers, partners and suppliers. As a result,
    organizations often deploy a number of tools, including data
    integration software, data warehouses and business intelligence
    tools, to gain insight from this disparate business data.
Decentralized Decision-Making.
We
    believe that many organizations are shifting towards
    decentralized decision-making in order to more efficiently
    respond to changing industry trends and competitive threats.
    This shift has created the need for intuitive data analysis
    tools that support employees at all levels of the organization
    as they assume more responsibility for making critical business
    decisions.
Although these trends have led to increased adoption of business
    intelligence and data analytics tools, we believe that most
    traditional tools are inadequate to meet the needs of users and
    face the following limitations:
Analysis Tools Not Designed for Business
    Users.
Most traditional business intelligence
    tools were developed specifically for data analysts and other
    quantitative professionals and require sophisticated programming
    in order to build pre-defined data sets and conduct analysis. A
    typical business user does not possess the skills or authority
    needed to modify the underlying data set and therefore receives
    static reports. As a result, these users lack access to critical
    data in a timely manner and may miss important insights needed
    to make business decisions.
Highly Inflexible Solutions are Difficult to Implement and
    Maintain.
Traditional business intelligence
    solutions require the integration and summarization of large
    volumes of data stored across an organization, which can be a
    time-consuming process that requires significant professional
    services support. In addition, a substantial investment of time
    and money can be required to refresh the data summarization as
    the underlying data sources evolve and change.
Substantial
    Total-Cost-of-Ownership.
Organizations incur
    significant hardware, software and professional services costs
    to deploy and maintain traditional business intelligence
    solutions. According to a 2009 report, Gartner estimates that
    the cost of development for business intelligence and data
    warehouse applications is about three to five times the cost of
    the software.
Spreadsheets Not Suited for Data Analysis and Lack
    Reliability.
Spreadsheets have been widely
    adopted by business users for data analysis because they are
    readily available. However, spreadsheets are general purpose
    business productivity tools designed for data input and
    calculation that do not scale to support large data sets and
    lack auditing capabilities, sophisticated data security features
    and multi-user collaboration tools.
2
Table of Contents
Our
    Market Opportunity
QlikView addresses a broader market opportunity than just
    traditional users of business intelligence tools. According to a
    2009 IDC report, the business intelligence market is projected
    to grow to $8.6 billion in 2010. We believe that published
    market size estimates exclude the vast majority of business
    users, as most of these individuals do not use traditional
    business intelligence solutions due to their cost and complexity.
The market for our software platform extends beyond large
    enterprises which have historically been the most frequent
    adopters of traditional business intelligence tools. The
    substantial cost and complexity of these traditional tools have
    limited adoption by small businesses and medium-sized
    enterprises. These potential users and customer segments
    represent a large, underpenetrated market opportunity that we
    believe will increasingly deploy powerful, enterprise-class
    software platforms if they are lower cost and easy to use. In
    addition to the business intelligence market, we also believe
    QlikView can be used to satisfy business users' needs in
    adjacent markets, such as search and discovery software which
    according to a 2009 IDC report is projected to grow to
    $2.4 billion in 2010.
Our
    Solution
QlikView is an innovative business intelligence solution that
    combines
enterprise-class
analytics with the simplicity and
ease-of-use
found in office productivity software tools. We designed
    QlikView to enable business users in organizations of all sizes
    to make faster and better decisions. The key differentiators of
    our solution include:
Intuitive Experience Drives Broad
    Adoption.
Unlike traditional business
    intelligence tools, QlikView empowers business users with
    sophisticated analytic capabilities delivered through an
    easy-to-use, intuitive user interface. QlikView extends the
    power of data analytics to the business users by allowing them
    to search associatively and define visual charts through simple
point-and-click
technology without the help of information technology (or IT)
    staff.
Faster Decision Cycles Increase Business
    Agility.
QlikView can be installed and
    implemented throughout an organization in less than three
    months, compared to traditional business intelligence tools
    which we believe on average can take up to 18 months to
    implement. In addition, a customer's analysis can be
    rapidly updated as underlying data evolves and analytic
    requirements change which enables business users to intuitively
    interrogate and analyze data in real time and reduce decision
    cycles.
Lower Total Cost-of-Ownership Yields Higher
    ROI.
QlikView can be implemented in a
    self-service manner and requires less expenditures on hardware,
    software, services and ongoing IT support as compared to
    traditional business intelligence solutions.
Highly Scalable In-Memory Architecture Leverages Hardware
    Advances.
QlikView benefits from two
    important computer hardware trends: 64-bit computing, which
    increases the amount of memory available on computers, and
    multi-core central processing units, or CPUs, which allow for
    parallel processing of complex calculations. The expected
    improvements in memory capacity and CPU performance will drive
    QlikView's future performance with minimal incremental
    investment.
Open Platform Focus.
QlikView is
    designed to be the easiest and fastest business intelligence
    platform on which business users can develop analytic
    applications. We license our platform to partners, such as
    independent software vendors and systems integrators, to create
    a wide variety of purpose-specific analytic applications.
Our
    Business Model
To complement QlikView, we have developed a differentiated
    business model that has the following attributes:
Broad User Focus.
We seek to market and
    sell directly to the business user by providing an intuitive
    software platform that can be installed and used with minimal
    training. Unlike most existing business intelligence tools,
    QlikView is designed for business users and does not require
    substantial IT support to install, integrate and maintain.
Low Risk Rapid Product Adoption.
To
    facilitate rapid adoption of our platform, we allow our
    customers to purchase licenses in the way that best meets their
    needs, including on an individual, workgroup, departmental or
3
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enterprise-wide basis. In addition, we offer free product
    downloads to individual users and a
30-day
money
    back guarantee upon purchase.
"Land and Expand" Customer
    Penetration.
We seek to initially
    "land" within the organization of a new customer by
    solving a business need of specific business users or
    departments. We then work to "expand" the use of our
    solution across the organization by targeting other business
    units, geographies and use cases. Our customer penetration
    strategy is focused on creating a loyal user base that promotes
    adoption through tangible results and powerful,
word-of-mouth
marketing, which facilitate incremental sales.
Globally Diversified Distribution
    Model.
We seek to maximize the reach of the
    QlikView platform by employing a multi-pronged sales approach
    that leverages a direct sales force and partner network which
    includes resellers, OEM relationships and systems integrators.
    We typically enter new markets through partnerships and reseller
    agreements to minimize cost and risk while assessing demand in
    the new market. We currently have distribution capabilities in
    over 100 countries and a network of over 1,100 channel
    partners worldwide to help generate demand for QlikView.
Community-Based Marketing and
    Support.
We have established QlikCommunity,
    our user community, to augment our development, marketing and
    support efforts. This community of over 21,000 registered users
    as of December 31, 2009 promotes the use of our software
    within their organizations as well as to other organizations.
Our
    Growth Strategy
We intend to make QlikView the primary platform on which
    business users, in companies of all sizes, make critical
    business decisions. The key elements of our growth strategy
    include:
Increase Our Global Market
    Penetration.
We intend to expand our presence
    in targeted geographies by growing our direct sales force and
    global partner network. We began our operations in Sweden, have
    established a substantial foothold in Western Europe and will
    continue to seek to expand globally, particularly in the United
    States, Japan, Australia, China, Russia and Brazil.
Further Penetrate Our Existing Customer
    Base.
We intend to increase penetration of
    existing customers by capitalizing on current users'
    satisfaction to promote QlikView to other users and departments
    within their organizations. Historically, we have effectively
    migrated new customers from single project and departmental
    deployments to multi-department deployments over time.
Extend Our Software Platform to Provide New Business
    Solutions.
We plan to enhance our current
    platform by adding new functionality that extends our analytics,
    visualization and search capabilities to broader use cases. We
    believe that QlikView's capabilities can be extended to
    adjacent areas where data-driven decisions are critical
    including website navigation, content search and information
    management, external data communication, product configuration
    and
e-commerce
applications.
Expand Our OEM Alliances and Strategic
    Relationships.
We have an ongoing effort to
    increase our number of OEM alliances with other independent
    software vendors that license our technology to embed within and
    enhance their solutions. We believe we have a significant
    opportunity to expand the use of QlikView through our OEM
    relationships, which accounted for approximately 6% of our sales
    in 2009, as well as through other distribution relationships. In
    addition, we seek to expand our strategic reseller agreements
    and relationships with systems integrators and consultants and
    to use this channel to generate additional inbound customer
    prospects.
Enhance Adoption of QlikView by Offering a Robust Mobile
    Solution.
We intend to offer a variety of
    delivery options that enable our customers to use our software
    from any location over any device. QlikView is available for
    many popular mobile platforms, including Apple iPhone, Android,
    BlackBerry and Symbian-based smart phones.
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Risks
    Associated with Our Business
Our business is subject to numerous risks described in the
    section entitled "Risk Factors" and elsewhere in this
    prospectus. You should carefully consider these risks before
    making an investment. Some of these risks include:
•
we have limited experience in targeting a global marketplace
    which impedes our ability to forecast quarterly and annual
    revenues accurately
•
our quarterly operating results are subject to fluctuations
    which could cause our stock price to decline
•
we are dependent on a single product platform, QlikView
•
the market for business intelligence software is still evolving
    and if this market or our market share fail to grow, our
    business would be harmed
•
our success is dependent on maintaining successful relationships
    with strategic channel partners and expanding our direct sales
    capabilities
•
management of our international operations is complex
•
demand for our software platform may be adversely affected by
    changing industry standards
•
we are dependent on our customers' renewal of their
    maintenance contracts
•
we face intense competition, and most of our competitors have
    longer operating histories, greater name recognition, larger
    customer bases and significantly greater financial, technical,
    sales, marketing and other resources than we have
Our
    Corporate Information
We were founded in Sweden in 1993. From 1993 until 1999, our
    activities were focused on software research and development
    that resulted in QlikView's core technology, and from 1999
    until 2004 we focused on the commercialization of our technology
    primarily in the Nordic market and limited regions of Europe. In
    2004, we reincorporated in Delaware and began to broaden our
    marketing and sales activities in the United States and
    continued our expansion globally. Our principal executive
    offices are located at 150 Radnor Chester Road, Suite E220,
    Radnor, Pennsylvania 19087 and our telephone number is
(888) 828-9768.
Our website address is www.qlikview.com. The information on, or
    that can be accessed through, our website is not part of this
    prospectus.
5
Table of Contents
THE
    OFFERING
Common stock offered by QlikTech
shares
Common stock offered by the selling stockholders
shares
Total
shares
Over-allotment option to be offered by QlikTech
shares
Common stock to be outstanding after this offering
shares
Use of proceeds
We expect our net proceeds from this offering will be
    $          ,
    assuming the sale
    of           shares
    of common stock in this offering at an assumed initial public
    offering price of $      per share, the
    mid-point of the range reflected on the cover page of the
    prospectus. We intend to use approximately $6.9 million of
    the net proceeds of this offering to repay in full the principal
    and accrued interest and to pay any applicable prepayment fee on
    our outstanding debt facility from Stiftelsen Industrifonden. We
    expect to use the remaining net proceeds of this offering for
    general corporate purposes, including working capital and
    potential capital expenditures and acquisitions. We will not
    receive any of the proceeds from the sale of the shares of
    common stock by the selling stockholders. See "Use of
    Proceeds."
Proposed Nasdaq Global Market symbol
"QLIK"
The number of shares of our common stock to be outstanding after
    the offering is based on 63,350,570 shares of common stock
    outstanding as of December 31, 2009, which assumes:
•
the reclassification of our Series A common stock into
    common stock;
•
the conversion of 19,846,279 shares of Series A
    preferred stock into 19,846,279 shares of common
    stock; and
•
the conversion of 26,875,145 shares of Series AA
    preferred stock into 26,875,145 shares of common stock.
Except where stated otherwise herein, the number of shares of
    our common stock to be outstanding after this offering does not
    take into account:
•
12,341,473 shares issuable upon exercise of options
    outstanding as of December 31, 2009 at a weighted average
    exercise price of approximately $1.51 per share;
•
1,548,497 shares reserved as of December 31, 2009 for
    future issuance under our stock-based compensation
    plans; and
•
568,263 shares issuable upon the exercise of warrants
    outstanding as of December 31, 2009 at a weighted average
    exercise price of approximately $1.43 per share.
Unless otherwise indicated, the information we present in this
    prospectus assumes and reflects the following:
•
the reclassification of our Series A common stock into
    common stock prior to the closing of this offering;
•
the conversion of all outstanding shares of our Series A
    preferred stock and Series AA preferred stock into shares
    of our common stock and all outstanding warrants to purchase
    preferred stock into warrants to purchase common stock upon the
    closing of this offering;
•
the filing of our restated certificate of incorporation and the
    adoption of our amended and restated bylaws to be effective upon
    the closing of this offering; and
•
no exercise by the underwriters of their option to purchase
    additional shares.
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Table of Contents
SUMMARY
    CONSOLIDATED FINANCIAL DATA
The tables below summarize our consolidated financial data. The
    following summary financial data should be read together with
    our consolidated financial statements and related notes,
    "Selected Consolidated Financial Data" and
    "Management's Discussion and Analysis of Financial
    Condition and Results of Operations" included elsewhere in
    this prospectus. The data for each of the three years ended
    December 31, 2007, 2008 and 2009 have been derived from our
    audited consolidated financial statements appearing elsewhere in
    this prospectus.
Year Ended December 31,
Consolidated Statement of
    Operations Data:
2007
2008
2009
(In thousands, except for share and
per share amounts)
Revenue:
License revenue
$
51,482
$
74,446
$
99,864
Maintenance revenue
17,747
29,401
41,390
Professional services revenue
11,357
14,417
16,105
Total revenue
80,586
118,264
157,359
Cost of revenue:
License revenue
2,949
3,071
3,663
Maintenance revenue
580
1,365
1,635
Professional services revenue
8,177
9,562
11,802
Total cost of
    revenue
(1)
11,706
13,998
17,100
Gross profit
68,880
104,266
140,259
Operating expenses:
Sales and
    marketing
(1)
48,249
74,267
93,349
Research and
    development
(1)
5,419
8,258
8,735
General and
    administrative
(1)
15,154
20,190
25,009
Total operating expenses
68,822
102,715
127,093
Income from operations
58
1,551
13,166
Other income (expense)
(463
)
3,304
(4,529
)
Income (loss) before benefit for income taxes
(405
)
4,855
8,637
Benefit (provision) for income taxes
40
(1,860
)
(1,776
)
Net income (loss)
$
(365
)
$
2,995
$
6,861
Net income (loss) per common
    share
(2)
:
Basic
$
(0.03
)
$
0.01
$
0.07
Diluted
$
(0.03
)
$
0.01
$
0.06
Weighted average number of shares outstanding:
Basic
13,526,926
14,552,999
16,267,186
Diluted
13,526,926
16,523,443
20,778,448
Pro forma net income per common share
    (unaudited)
(3)
:
Basic
$
0.13
Diluted
$
0.12
Weighted average number of shares used in pro forma computation
    (unaudited)
(3)
:
Basic
62,988,610
Diluted
67,606,341
(1)  Includes stock-based compensation expense as
    follows:
Cost of revenue
$
12
$
39
$
82
Sales and marketing
103
285
733
Research and development
6
19
79
General and administrative
69
388
585
$
190
$
731
$
1,479
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(2)
We applied the two-class method to compute net income (loss) per
    common share which requires that earnings attributable to common
    stockholders for the period be allocated between common and
    participating securities based upon their respective rights to
    receive distributed and undistributed earnings. See Note 2
    of the notes to consolidated financial statements.
(3)
The pro forma basic and diluted net income (loss) per share have
    been calculated assuming the reclassification of our
    Series A common stock into common stock prior to the
    closing of this offering and the conversion of all outstanding
    shares of our Series A preferred stock and Series AA
    preferred stock into an aggregate 46,721,424 shares of our
    common stock upon the closing of this offering. In addition, pro
    forma net income per share assumes that the preferred stock
    warrants have been automatically converted to common stock
    warrants at the beginning of the period.
The following table presents our summary consolidated balance
    sheet data as of December 31, 2009:
•
on an actual basis;
•
on a pro forma basis to give effect to (i) the
    reclassification of our Series A common stock as common
    stock; (ii) the conversion of all outstanding shares of our
    Series A preferred stock and Series AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock;
    and (iii) the reclassification of our outstanding preferred
    stock warrants from long-term liabilities to additional paid-in
    capital; and
•
on a pro forma as adjusted basis to give effect to (i) the
    reclassification of our Series A common stock as common
    stock; (ii) the conversion of all outstanding shares of our
    Series A preferred stock and Series AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock;
    (iii) the reclassification of our outstanding preferred
    stock warrants from long-term liabilities to additional paid-in
    capital; (iv) the sale by us of the shares of common stock
    offered by this prospectus at an initial public offering price
    of $      per share, the mid-point of
    the range reflected on the cover of this prospectus, and after
    deducting the underwriting discounts and commissions and
    estimated offering expenses; and (v) the use of
    approximately $6.9 million of the net proceeds of this
    offering to repay in full the principal and accrued interest and
    to pay any applicable prepayment fee on our outstanding debt
    facility from Stiftelsen Industrifonden.
December 31, 2009
Pro Forma As
Consolidated Balance Sheet
    Data:
Actual
Pro Forma
Adjusted
(in thousands)
Cash and cash equivalents
$
24,852
$
24,852
Working capital
14,829
14,737
Deferred revenue
35,575
35,575
Total assets
102,967
102,875
Long-term obligations, including current portion
11,436
9,224
Convertible preferred stock
23,901
—
Total stockholders' equity (deficit)
(9,103
)
16,918
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RISK
    FACTORS
Investing in our common stock involves a high degree of risk.
    The risks described below are not the only ones facing us.
    Additional risks that we do not yet know of or that we currently
    think are immaterial may also impair our business operations. If
    any of the following risks actually occur, our business,
    operating results or financial condition could be materially
    harmed. In such cases, the trading price of our common stock
    could decline and you may lose all or part of your investment.
    Before investing in our common stock, you should carefully
    consider each of the following risk factors and all of the other
    information set forth in this prospectus, including the
    financial statements and the notes thereto.
Risks
    Related to Our Business and Industry
We have limited experience in targeting a global
    marketplace and compete in a rapidly evolving industry which
    makes our future operating results difficult to predict.
We have limited experience in targeting the global business
    intelligence marketplace. In addition, we have a limited
    operating history in an industry characterized by rapid
    technological innovation, changing customer needs, evolving
    industry standards and frequent introductions of new products,
    enhancements and services. Any of these factors can render our
    existing software platform and services obsolete or
    unmarketable. We believe that our future success will depend in
    large part on our ability:
•
to support current and future releases of popular hardware,
    operating systems, computer programming languages, databases and
    software applications
•
to develop new products that achieve market acceptance in a
    timely manner
•
to meet an expanding range of customer requirements
As we encounter increasing competitive pressures, we will likely
    be required to modify, enhance, reposition or introduce new
    products and service offerings. We may not be successful in
    doing so in a timely, cost-effective and appropriately
    responsive manner, or at all. All of these factors make it
    difficult to predict our future operating results which may
    impair our ability to manage our business and your ability to
    assess our prospects.
We may experience quarterly fluctuations in our operating
    results due to a number of factors which make our future results
    difficult to predict and could cause our operating results to
    fall below expectations or our guidance.
Our operating results may fluctuate due to a variety of factors,
    many of which are outside of our control. As a result, comparing
    our operating results on a
period-to-period
basis may not be meaningful. You should not rely on our past
    results as an indication of our future performance. If our
    revenue or operating results fall below the expectations of
    investors or securities analysts or below any guidance we may
    provide to the market, the price of our common stock could
    decline substantially.
Our operating results have varied in the past. In addition to
    other risk factors listed in this "Risk Factors"
    section, factors that may affect our quarterly operating
    results, business and financial condition include the following:
•
demand for our software platform and services and the size and
    timing of orders
•
market acceptance of our current and future products
•
a slowdown in spending on information technology and software by
    our current
and/or
prospective customers
•
sales cycles and performance of our indirect channel partners
    and original equipment manufacturers (known as OEMs)
•
budgeting cycles of our customers
•
the management, performance and expansion of our international
    operations
•
the rate of renewals of our maintenance agreements
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•
changes in the competitive dynamics of our markets
•
our ability to control costs, including our operating expenses
•
customers delaying purchasing decisions in anticipation of new
    products or product enhancements by us or our competitors
•
the outcome or publicity surrounding any pending or threatened
    lawsuits
•
the timing of recognizing revenue in any given quarter as a
    result of revenue recognition rules
•
an increase in the rate of product returns
•
foreign currency exchange rate fluctuations
•
failure to successfully manage any acquisitions
•
general economic and political conditions in our domestic and
    international markets
In addition, we may in the future experience fluctuations in our
    gross and operating margins due to changes in the mix of our
    direct and indirect sales, domestic and international revenues,
    and license and service revenues.
We may implement changes to our license pricing structure for
    all of our products including increased prices and modified
    licensing parameters. If these changes are not accepted by our
    current or future customers, our business, operating results and
    financial condition could be harmed.
Based upon all of the factors described above, we have a limited
    ability to forecast the amount and mix of future revenues and
    expenses, and it is likely that at some time our operating
    results will fall below our estimates or the expectations of
    public market analysts and investors.
We depend on revenue from a single product
    platform.
We are dependent on a single product platform, QlikView. Our
    business would be harmed by a decline in demand for, or in the
    price of, our software platform as a result of, among other
    factors:
•
any change in our pricing model
•
increased competition
•
support, research and development or other expenditures
    undertaken in attempts, whether or not successful, to develop
    new products
•
a maturation in the markets for our products
Our financial results would suffer if the market for
    business intelligence software does not continue to grow or if
    we are unable to further penetrate this market.
Nearly all of our revenues to date have come from sales of
    business intelligence software and related maintenance services.
    We expect these sales to account for substantially all of our
    revenues for the foreseeable future. Although demand for
    business intelligence software has grown in recent years, the
    market for business intelligence software applications is still
    evolving. We cannot be sure that this market will continue to
    grow or, even if it does grow, that customers will purchase our
    software platform or services. We have spent, and intend to keep
    spending, considerable resources to educate potential customers
    about business intelligence software in general and our software
    platform in particular. However, we cannot be sure that these
    expenditures will help our software platform achieve any
    additional market acceptance or enable us to attract new
    customers or new users at existing customers. A reduction in the
    demand for our services and software platform could be caused
    by, among other things, lack of customer acceptance, weakening
    economic conditions, competing technologies and services or
    decreases in software spending. If the market and our market
    share fail to grow or grow more slowly than we currently expect,
    our business, operating results and financial condition would be
    harmed.
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Table of Contents
We use indirect channel partners and if we are unable to
    maintain successful relationships with them, our business,
    operating results and financial condition could be
    harmed.
In addition to our direct sales force, we use strategic indirect
    channel partners such as distribution partners, value-added
    resellers, system integrators and OEMs to license and support
    our software platform. For the year ended December 31,
    2009, transactions by indirect channel partners accounted for
    50% of our total product licenses revenues and first years'
    maintenance billings.
Our channel partners may offer customers the products of several
    different companies, including products that compete with ours.
    Our channel partners generally do not have an exclusive
    relationship with us; thus, we cannot be certain that they will
    prioritize or provide adequate resources for selling our
    products. Divergence in strategy or contract defaults by any of
    these channel partners may harm our ability to develop, market,
    sell or support our software platform. In addition, establishing
    and retaining qualified indirect sales channel partners and
    training them in our software platform and services require
    significant time and resources. In order to develop and expand
    our distribution channel, we must continue to scale and improve
    our processes and procedures that support our channel, including
    investment in systems and training. These processes and
    procedures may become increasingly complex and difficult to
    manage as we grow our organization.
Our ability to achieve revenue growth in the future will depend
    in part on our success in maintaining successful relationships
    with our channel partners. There can be no assurance that our
    channel partners will continue to cooperate with us when our
    distribution agreements expire or are up for renewal. If we are
    unable to maintain our relationships with these channel
    partners, our business, operating results and financial
    condition could be harmed. In addition, there can be no
    assurance that actions taken or not taken by such parties will
    not harm us. Also, in a number of regions we rely on a limited
    number of resellers, and our business may be harmed if any of
    these resellers were to fail to effectively address their
    specified geographic territories.
In addition, we rely on our channel partners to operate in
    accordance with the terms of their contractual agreements with
    us. For example, our agreements with our channel partners limit
    the terms and conditions pursuant to which they are authorized
    to resell or distribute our software and offer technical support
    and related services. We also typically require our channel
    partners to provide us with the dates and details of product
    license transactions sold to end user customers. If our channel
    partners do not comply with their contractual obligations to us,
    our business, results of operations and financial condition may
    be harmed.
If we are unable to expand our direct sales capabilities,
    we may not be able to generate increased revenues.
In order to succeed, we must expand our direct sales force to
    generate increased revenue from new customers. As of
    December 31, 2009, we had a team of 124 dedicated direct
    sales professionals, and we intend to increase our number of
    direct sales professionals. New hires will require training and
    will take time to achieve full productivity. We cannot be
    certain that new hires will become as productive as necessary or
    that we will be able to hire enough qualified individuals in the
    future. Failure to hire qualified direct sales personnel will
    preclude us from expanding our business and growing our revenue.
As we pursue new enterprise customers, additional OEM
    opportunities or more complicated deployments, our sales cycle
    and deployment processes may become more unpredictable and
    require greater time and expense.
We anticipate that our sales cycle may lengthen as we pursue new
    enterprise customers. Enterprise customers may undertake a
    significant evaluation process in regard to enterprise software
    which can last from several months to a year or longer. If our
    sales cycle were to lengthen in this manner, events may occur
    during this period that affect the size or timing of a purchase
    or even cause cancellations, and this may lead to more
    unpredictability in our business and operating results.
    Additionally, sales cycles for sales of our software platform to
    OEMs tend to be longer, ranging from three to 12 months or
    more, and may involve convincing a partner's entire
    organization that our software platform is the appropriate
    software for its applications. We may spend substantial time,
    effort and money on our sales efforts without any assurance that
    our efforts will produce any sales.
In addition, we may face unexpected deployment challenges with
    enterprise customers or more complicated installations of our
    software platform. It may be difficult to deploy our software
    platform if the customer has
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unexpected database, hardware or software technology issues.
    Additional deployment complexities may occur if a customer hires
    a third party to deploy our software platform or if one of our
    indirect channel partners leads the implementation of our
    solution. Any difficulties or delays in the initial
    implementation could cause customers to reject our software or
    lead to the delay or non-receipt of future orders, in which case
    our business, operating results and financial condition would be
    harmed.
Managing our international operations is complex and our
    failure to do so successfully could harm our business, operating
    results and financial condition.
We receive a significant portion of our total revenues from
    international sales from foreign direct and indirect operations.
    International revenues accounted for approximately 77% of our
    total revenues for each of the years ended December 31,
    2007, 2008 and 2009. We have facilities located in Australia,
    Austria, Belgium, Denmark, Finland, France, Germany, India,
    Italy, Japan, the Netherlands, Portugal, Singapore, Spain,
    Sweden, Switzerland and the United Kingdom. We expect to
    continue to add personnel in additional countries. Our
    international operations require significant management
    attention and financial resources.
There are certain risks inherent in our international business
    activities including, but not limited to:
•
managing and staffing international offices and the increased
    costs associated with multiple international locations
•
maintaining relationships with indirect channel partners outside
    the United States, whose sales and lead generation activities
    are very important to our international operations
•
multiple legal systems and unexpected changes in legal
    requirements
•
tariffs, export restrictions, trade barriers and other
    regulatory or contractual limitations on our ability to sell or
    develop our products in certain foreign markets
•
trade laws and business practices favoring local competition
•
costs of localizing products and potential lack of acceptance of
    localized versions
•
potential tax issues, including restrictions on repatriating
    earnings and multiple and conflicting tax laws and regulations
•
weaker intellectual property protection in some countries
•
difficulties in enforcing contracts and collecting accounts
    receivable, longer sales cycles and longer payment cycles,
    especially in emerging markets
•
the significant presence of some of our competitors in certain
    international markets
•
our ability to adapt to sales practices and customer
    requirements in different cultures
•
political and economic instability, including war and terrorism
    or the threat of war and terrorism
We believe that, over time, a significant portion of our
    revenues and costs will continue to be denominated in foreign
    currencies. To the extent such denomination in foreign
    currencies does occur, gains and losses on the conversion to
    United States dollars of accounts receivable, accounts payable
    and other monetary assets and liabilities arising from
    international operations may contribute to fluctuations in our
    results of operations. Although we may in the future decide to
    undertake foreign exchange hedging transactions to cover a
    portion of our foreign currency transaction exposure, we
    currently do not hedge any foreign currency exposure. If we are
    not effective in any future foreign exchange hedging
    transactions in which we engage, our business, operating results
    and financial condition could be harmed.
In addition, compliance with foreign and United States laws and
    regulations that are applicable to our international operations
    is complex and may increase our cost of doing business in
    international jurisdictions, and our international operations
    could expose us to fines and penalties if we fail to comply with
    these regulations. These laws and regulations include import and
    export requirements, United States laws such as the Foreign
    Corrupt Practices Act, and local laws prohibiting corrupt
    payments to governmental officials. Although we have
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implemented policies and procedures designed to help ensure
    compliance with these laws, there can be no assurance that our
    employees, partners and other persons with whom we do business
    will not take actions in violation of our policies or these
    laws. Any violations of these laws could subject us to civil or
    criminal penalties, including substantial fines or prohibitions
    on our ability to offer our products and services to one or more
    countries, and could also materially damage our reputation, our
    brand and our international expansion efforts.
Our failure to manage any of these risks successfully could harm
    our international operations and reduce our international sales.
If new industry standards emerge or if we are unable to
    respond to rapid technological changes, demand for our software
    platform may be adversely affected.
We believe that our future success will depend in large part on
    our ability:
•
to support current and future industry standards, including
    databases and operating systems
•
to maintain technological competiveness and meet an expanding
    range of customer requirements
•
to introduce new products and features for our customers
The emergence of new industry standards in related fields may
    adversely affect the demand for our existing software platform.
    This could happen, for example, if new technologies emerged that
    were incompatible with customer deployments of our software
    platform. We currently support Open Database Connectivity, or
    ODBC, and Object Linking and Embedding Database, or OLEDB,
    standards in database access technology. If we are unable to
    adapt our software platform on a timely basis to new standards
    in database access technology, the ability of our software
    platform to access customer databases could be impaired. In
    addition, the emergence of new server operating systems
    standards could adversely affect the demand for our existing
    software platform. Our platform currently requires the Windows
    Server operating system when deployed on a server, as used in
    most multi-user deployments. If customers are unwilling to use
    Windows Server, we may not be able to achieve compatibility on a
    timely basis or without substantial research and development and
    support expense. We currently support all generally available
    client operating systems that run industry standard web
    browsers, but we cannot assure you that we will be able to
    support future client operating systems and web browsers in a
    timely and cost-effective manner, if at all.
The markets for our software platform and services are also
    characterized by rapid technological and customer requirement
    changes. In particular, our technology is optimized for servers
    utilizing the x86 and x64 families of microprocessors. If the
    speed and performance of these microprocessor families do not
    continue to increase at the rates we anticipate, our software
    may not attain the performance speed and capabilities that we
    expect. Also if a different microprocessor architecture were to
    gain widespread acceptance in server applications, we may not be
    able to achieve compatibility on a timely basis or without
    substantial research and development and support expense.
    Difficulty by us in achieving compatibility with a different
    microprocessor architecture or other technological change or in
    satisfying changing customer requirements could render our
    existing and future products obsolete and unmarketable. As a
    result, we may not be able to accurately predict the lifecycle
    of our software platform and services, and they may become
    obsolete before we receive the amount of revenues that we
    anticipate from them.
Business intelligence software is inherently complex. The
    development and testing of new products and product enhancements
    can require significant research and development expenditures.
    As a result, substantial delays in the general availability of
    such new releases or significant problems in the installation or
    implementation of such new releases could harm our business,
    operating results and financial condition. We may not
    successfully develop and market product enhancements or new
    products that respond to technological change or new customer
    requirements. Even if we introduce a new product, we may
    experience a decline in revenues of our existing products that
    is not fully matched by the new product's revenue. For
    example, customers may delay making purchases of a new product
    to make a more thorough evaluation of the product, or until
    industry and marketplace reviews become widely available. In
    addition, we may lose existing customers who choose a
    competitor's product rather than migrate to our new
    product. This could result in a temporary or permanent revenue
    shortfall and harm our business.
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Our business depends on customers renewing their annual
    maintenance contracts and our ability to collect renewal
    fees.
Any decline in maintenance renewals could harm our future
    operating results. We sell our software platform pursuant to a
    perpetual license with a fixed upfront fee which ordinarily
    includes one year of maintenance as part of the initial price.
    Our customers have no obligation to renew their maintenance
    agreements after the expiration of this initial period, and they
    may not renew these agreements. We may be unable to predict
    future customer renewal rates accurately. Our customers'
    renewal rates may decline or fluctuate as a result of a number
    of factors, including their level of satisfaction with our
    software platform, the prices of our software platform, the
    prices of products and services offered by our competitors or
    reductions in our customers' spending levels. If our
    customers do not renew their maintenance and support
    arrangements or if they renew them on less favorable terms, our
    revenue may decline and our business will suffer. A substantial
    portion of our quarterly maintenance revenue is attributable to
    maintenance and support agreements entered into during previous
    quarters. As a result, if there is a decline in renewed
    maintenance agreements in any one quarter, only a small portion
    of the decline will be reflected in our maintenance revenue
    recognized in that quarter and the rest will be reflected in our
    maintenance revenue recognized in the following four quarters or
    more. In addition, we may have difficulties collecting renewal
    fees from our customers, especially in regards to customers
    located in emerging international markets. If we are unable to
    collect renewal fees from customers, our business will be harmed.
Our software platform could contain undetected errors, or
    bugs, which could cause problems with product performance and
    which could in turn reduce demand for our software platform,
    reduce our revenue and lead to product liability claims against
    us.
Software products like ours, which consist of hundreds of
    thousands of lines of code and incorporate licensed software
    from third parties, may contain errors
and/or
defects. Although we test our software extensively, we have in
    the past discovered software errors in our products after their
    introduction. Despite testing by us and by our current and
    potential customers, errors may be found in new products or
    releases after commercial shipment or deployment begins. This
    could result in lost revenue, damage to our reputation or delays
    in market acceptance which could harm our business, operating
    results and financial condition. We may also have to expend
    resources to correct these defects.
Our license agreements with customers typically contain
    provisions designed to limit our exposure to product liability,
    warranty and other claims. It is possible, however, that these
    provisions may not be effective as a result of existing or
    future laws of certain domestic or international jurisdictions
    or unfavorable judicial decisions in such jurisdictions, and we
    may be exposed to product liability, warranty and other claims.
    If these claims are made, our potential exposure may be
    substantial given the use of our products in business-critical
    applications. A successful product liability claim against us
    could harm our business, operating results and financial
    condition.
We face intense competition which may lead to reduced
    revenue and loss of market share.
The markets for business intelligence software, analytical
    applications and information management are intensely
    competitive and subject to rapidly changing technology and
    evolving standards. In addition, many companies in these markets
    are offering, or may soon offer, products and services that may
    compete with our software platform.
We face competitors in several broad categories, including
    business intelligence software, analytical processes, query,
    search and reporting tools. We compete with large software
    corporations, including suppliers of enterprise resource
    planning software that provide one or more capabilities that are
    competitive with our products, such as IBM (which acquired
    Cognos in 2008), Microsoft, Oracle (which acquired Hyperion
    Solutions in 2007) and SAP AG (which acquired Business
    Objects in 2008), and with open source business intelligence
    vendors, including Pentaho and JasperSoft. Open source software
    is software that is made widely available by its authors and is
    licensed "as is" for a nominal fee or, in some cases,
    at no charge. As the use of open source software becomes more
    widespread, certain open source technology could become
    competitive with our proprietary technology, which could cause
    sales of our products to decline or force us to reduce the fees
    we charge for our products. We also compete, or may increasingly
    in the future compete, with various independent competitors that
    are primarily
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focused on business intelligence products, such as Actuate,
    Information Builders, MicroStrategy, the SAS Institute and
    TIBCO. We expect additional competition as other established and
    emerging companies or open source vendors enter the business
    intelligence software market and new products and technologies
    are introduced.
Many of our competitors have longer operating histories,
    significantly greater financial, technical, marketing or other
    resources and greater name recognition than we do. In addition,
    many of our competitors have strong relationships with current
    and potential customers and extensive knowledge of the business
    intelligence industry. As a result, they may be able to respond
    more quickly to new or emerging technologies and changes in
    customer requirements or devote greater resources to the
    development, promotion and sale of their products than us.
    Increased competition may lead to price cuts, fewer customer
    orders, reduced gross margins, longer sales cycles and loss of
    market share. We may not be able to compete successfully against
    current and future competitors, and our business, operating
    results and financial condition will be harmed if we fail to
    meet these competitive pressures.
Current and future competitors may also make strategic
    acquisitions or establish cooperative relationships among
    themselves or with others. By doing so, these competitors may
    increase their ability to meet the needs of our potential
    customers. Our current or prospective indirect channel partners
    may establish cooperative relationships with our current or
    future competitors. These relationships may limit our ability to
    sell our software platform through specific distribution
    channels. Accordingly, new competitors or alliances among
    current and future competitors may emerge and rapidly gain
    significant market share. These developments could limit our
    ability to obtain revenues from new customers and to maintain
    technical support revenues from our installed customer base. If
    we are unable to compete successfully against current and future
    competitors, our business, operating results and financial
    condition would be harmed.
If customers demand business intelligence software to be
    provided via a "software as a service" business model,
    our business could be harmed.
Software as a service, or SaaS, is a model of software
    deployment where a software provider typically licenses an
    application to customers for use as a service on demand through
    web browser technologies. A SaaS business model can require a
    vendor to undertake substantial capital investments and related
    sales and support resources and personnel. If customers were to
    require business intelligence software like QlikView to be
    provided via a SaaS deployment, we would need to undertake these
    investments in order to implement this alternative business
    model. In addition, we would be obligated to apply new revenue
    recognition policies. Even if we undertook these investments, we
    may be unsuccessful in implementing a SaaS business model. These
    factors could harm our business, operating results and financial
    condition.
If we fail to develop our brand cost-effectively, our
    business may be harmed.
We believe that developing and maintaining awareness and
    integrity of our brand in a cost effective manner are important
    to achieving widespread acceptance of our existing and future
    products and are important elements in attracting new customers.
    We believe that the importance of brand recognition will
    increase as competition in our market further intensifies.
    Successful promotion of our brand will depend on the
    effectiveness of our marketing efforts and on our ability to
    provide reliable and useful products at competitive prices.
    Brand promotion activities may not yield increased revenue, and
    even if they do, the increased revenue may not offset the
    expenses we incur in building our brand. We also rely on our
    customer base and community of end-users in a variety of ways,
    including to give us feedback on our products and to provide
    user-based support to our other customers. If we fail to promote
    and maintain our brand successfully or to maintain loyalty among
    our customers and QlikCommunity, our user community, or if we
    incur substantial expenses in an unsuccessful attempt to promote
    and maintain our brand, we may fail to attract new customers or
    to retain our existing customers and our business may be harmed.
If we are unable to manage our growth effectively, our
    revenues and profits could be adversely affected.
We have recently expanded our operations and employee headcount
    significantly, and we anticipate that further significant
    expansion will be required. Our future operating results depend
    to a large extent on our ability to manage this expansion and
    growth successfully. Sustaining our growth will place
    significant demands on our management as well as on our
    administrative, operational and financial resources. To manage
    our growth, we must
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continue to improve our operational, financial and management
    information systems and expand, motivate and manage our
    workforce. If we are unable to manage our growth successfully
    without compromising our quality of service and our profit
    margins, or if new systems that we implement to assist in
    managing our growth do not produce the expected benefits, our
    revenues and profits could be harmed. Risks that we face in
    undertaking future expansion include:
•
training new personnel to become productive and generate revenue
•
controlling expenses and investments in anticipation of expanded
    operations
•
implementing and enhancing our administrative infrastructure,
    systems and processes
•
addressing new markets
•
expanding operations in the United States and new international
    regions
A failure to manage our growth effectively could harm our
    ability to market and sell our software platform and maintenance
    services.
If we are unable to recruit or retain skilled personnel,
    or if we lose the services of any of our key personnel, our
    business, operating results and financial condition could be
    harmed.
Our future success depends on our continuing ability to attract,
    train and retain highly skilled personnel, and we face intense
    competition for these employees. We may not be able to retain
    our current key employees or attract, train or retain other
    highly skilled personnel in the future. If we lose the services
    of one or all of these individuals, or if we are unable to
    attract, train and retain the highly skilled personnel we need,
    our business, operating results and financial condition could be
    harmed.
Future product development is dependent on adequate
    research and development resources.
In order to remain competitive, we must continue to develop new
    products, applications and enhancements to our existing software
    platform. This is particularly true as we further expand our
    product capabilities. Maintaining adequate research and
    development resources, such as the appropriate personnel, talent
    and development technology, to meet the demands of the market is
    essential. Our research and development organization is located
    in Lund, Sweden, and we may have difficulty hiring suitably
    skilled personnel in this region or expanding our research and
    development organization to facilities located in other
    geographic locations. In addition, many of our competitors
    expend a considerably greater amount on their respective
    research and development programs. Our failure to maintain
    adequate research and development resources or to compete
    effectively with the research and development programs of our
    competitors would present an advantage to such competitors.
    Further, if we are unable to develop products internally due to
    certain constraints, such as high employee turnover, lack of
    management ability or a lack of other development resources,
    this may force us to expand into a certain market or strategy
    via an acquisition for which we could potentially pay too much
    or unsuccessfully integrate into our operations.
If we fail to offer high quality customer support, our
    business would suffer.
Once our software platform and solutions are deployed to our
    customers, our customers rely on our support services to resolve
    any related issues. High quality customer support is important
    for the successful marketing and sale of our software platform
    and services and for the renewal of existing customers. The
    importance of high quality customer support will increase as we
    expand our business and pursue new enterprise customers. If we
    do not help our customers quickly resolve post-deployment issues
    and provide effective ongoing support, our ability to sell our
    software platform and services to existing customers would
    suffer and our reputation with existing or potential customers
    would be harmed. Also, our maintenance agreements contain
    service level agreements under which we guarantee specified
    response times. If we fail to meet our service level obligations
    under these agreements, we may be subject to penalties which
    could result in higher than expected costs, decreased revenue
    and decreased operating margins.
We currently utilize a combination of internal support personnel
    and third party support organizations, and we cannot assure you
    that actions taken or not taken by our third party support
    organization will not harm our reputation
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or business. As we expand our sales, we will be required to
    engage and train additional support personnel and resources.
    Further, our support organization will face additional
    challenges as we enter new international markets, including
    challenges associated with delivering support, training and
    documentation in languages required by new customers. If we fail
    to maintain high quality customer support or to grow our
    internal and external support organization to match any future
    sales growth, our business will suffer.
If we overestimate revenue, we may be unable to reduce our
    expenses to avoid or minimize harm to our results of
    operations
.
Our revenues are difficult to forecast and are likely to
    fluctuate significantly from period to period. We base our
    operating expense budgets on expected revenue trends, and many
    of our expenses, such as office and equipment leases and
    personnel costs, will be relatively fixed in the short term and
    will increase over time as we make investments in our business.
    Our estimates of sales trends may not correlate with actual
    revenues in a particular quarter or over a longer period of
    time. Variations in the rate and timing of conversion of our
    sales prospects into actual licensing revenues could cause us to
    plan or budget inaccurately and those variations could adversely
    affect our financial results. In particular, delays, reductions
    in amount or cancellation of customers' purchases or an
    increase in the number of customers exercising our
30-day
money
    back guarantee on our software platform would adversely affect
    the overall level and timing of our revenues, and our business,
    results of operations and financial condition could be harmed.
    Due to the relatively fixed nature of many of our expenses, we
    may be unable to adjust spending quickly enough to offset any
    unexpected revenue shortfall.
In the course of our sales to customers, we may encounter
    difficulty collecting accounts receivable and could be exposed
    to risks associated with uncollectible accounts receivable. In
    the event we are unable to collect on our accounts receivable,
    it could negatively affect our cash flows, operating results and
    business.
Our methodologies and software solutions may infringe the
    intellectual property rights of third parties or be found to
    contain unexpected open source software, and this may create
    liability for us or otherwise harm our business.
Third parties may claim that our current or future products
    infringe their intellectual property rights, and such claims may
    result in legal claims against our customers and us. These
    claims may damage our reputation, harm our customer
    relationships and create liability for us. We expect the number
    of such claims will increase as the number of products and the
    level of competition in our industry segments grow, the
    functionality of products overlap and the volume of issued
    software patents and patent applications continues to increase.
    We generally agree in our customer contracts to indemnify
    customers for expenses or liabilities they incur as a result of
    third party intellectual property infringement claims associated
    with our products or services. To the extent that any claim
    arises as a result of third party technology we have licensed
    for use in our product, we may be unable to recover from the
    appropriate third party any expenses or other liabilities that
    we incur.
In addition, software products like ours that contain thousands
    of lines of software code at times incorporate open source
    software code. The use of open source software code is typically
    subject to varying forms of software licenses, called copyleft
    or open source licenses. These types of licenses may require
    that any person who creates a software product that
    redistributes or modifies open source software that was subject
    to an open source license must also make their own software
    product subject to the same open source license. This can lead
    to a requirement that the newly created software product be
    provided free of charge or be made available or distributed in
    source code form. Although we do not believe our software
    includes any open source software that would result in the
    imposition of any such requirement on portions of our software
    product, our software could be found to contain this type of
    open source software.
Responding to any infringement claim, regardless of its
    validity, or discovering open source software in our product
    could harm our business, operating results and financial
    condition, by, among other things:
•
resulting in time-consuming and costly litigation
•
diverting management's time and attention from developing
    our business
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•
requiring us to pay monetary damages or enter into royalty and
    licensing agreements that we would not normally find acceptable
•
causing product shipment or deployment delays
•
requiring us to stop selling certain of our products
•
requiring us to redesign certain of our products using
    alternative non-infringing or non-open source technology or
    practices, which could require significant effort and expense
•
requiring us to disclose our software source code, the detailed
    program commands for our software program
•
requiring us to satisfy indemnification obligations to our
    customers
Our intellectual property rights are valuable, and any
    inability to protect them could reduce the value of our software
    platform, services and brand.
We currently have three issued United States patents and one
    pending United States patent expiring at various times ranging
    from 2015 to 2029 and 17 issued and eight pending foreign
    patents expiring at various times ranging from 2015 to 2029. We
    rely on a combination of copyright, trademark, patent, trade
    secrets, confidentiality procedures and contractual commitments
    to protect our proprietary information. For example, we license
    our software pursuant to click-wrap or signed license agreements
    that impose certain restrictions on a licensee's ability to
    utilize the software. We also seek to avoid disclosure of our
    intellectual property, including by requiring those persons with
    access to our proprietary information to execute confidentiality
    agreements with us and by restricting access to our source code.
Despite our efforts, these measures can only provide limited
    protection. Unauthorized third parties may try to copy or
    reverse engineer portions of our software platform or may
    otherwise obtain and use our intellectual property. Any patents
    owned by us may be invalidated, circumvented or challenged. Any
    of our pending or future patent applications, whether or not
    being currently challenged, may not be issued with the scope of
    the claims we seek, if at all. Legal standards relating to the
    validity, enforceability and scope of protection of intellectual
    property rights in other countries are uncertain and may afford
    little or no effective protection for our services, software,
    methodology and other proprietary rights. Consequently, we may
    be unable to prevent our intellectual property rights from being
    exploited abroad, which could require costly efforts to protect
    them. Policing the unauthorized use of our proprietary rights is
    expensive, difficult and, in some cases, impossible. Litigation
    may be necessary in the future to enforce or defend our
    intellectual property rights, to protect our trade secrets or to
    determine the validity and scope of the proprietary rights of
    others. Such litigation could result in substantial costs and
    diversion of management resources, either of which could harm
    our business. Accordingly, despite our efforts, we may not be
    able to prevent third parties from infringing upon or
    misappropriating our intellectual property. If we cannot protect
    our proprietary technology against unauthorized copying or use,
    we may not remain competitive.
Furthermore, many of our current and potential competitors have
    the ability to dedicate substantially greater resources to
    developing and protecting their technology or intellectual
    property rights than we do. In addition, our attempts to protect
    our proprietary technology and intellectual property rights may
    be further limited as our employees may be recruited by our
    current or future competitors and may take with them significant
    knowledge of our proprietary information. Consequently, others
    may develop services and methodologies that are similar or
    superior to our services and methodologies or may design around
    our intellectual property.
Computer "hackers" may damage our systems,
    services and products, and breaches of data protection could
    impact our business.
Computer programmers and hackers may be able to penetrate our
    network security and misappropriate our confidential information
    or that of third parties, create system disruptions or cause
    interruptions or shutdowns of our internal systems and services.
    If successful, any of these events could damage our computer
    systems or those of our customers and could disrupt or prevent
    us from providing timely maintenance and support for our
    software platform. Computer programmers and hackers also may be
    able to develop and deploy viruses, worms and other malicious
    software programs that attack our products or otherwise exploit
    any security vulnerabilities of our
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products. The costs to us to eliminate or alleviate security
    problems, bugs, viruses, worms, malicious software programs and
    security vulnerabilities could be significant, and the efforts
    to address these problems could result in interruptions, delays,
    cessation of service and loss of existing or potential customers
    and may impede our sales, manufacturing, distribution and other
    critical functions.
In the course of our regular business operations and providing
    maintenance and support services to our customers, we process
    and transmit proprietary information and sensitive or
    confidential data, including personal information of employees,
    customers and others. Breaches in security could expose us, our
    customers or the individuals affected to a risk of loss or
    misuse of this information, which could result in potential
    regulatory actions, litigation and potential liability for us,
    as well as the loss of existing or potential customers and
    damage to our brand and reputation.
Our business could be harmed as a result of the risks
    associated with our acquisitions.
As part of our business strategy, we may from time to time seek
    to acquire businesses that provide us with additional
    intellectual property, customer relationships and geographic
    coverage. We can provide no assurances that we will be able to
    find and identify desirable acquisition targets or that we will
    be successful in entering into a definitive agreement with any
    one target. In addition, even if we reach a definitive agreement
    with a target, there is no assurance that we will complete any
    future acquisition.
Any acquisitions we undertake will likely be accompanied by
    business risks which may include, among other things:
•
the effect of the acquisition on our financial and strategic
    position and reputation
•
the failure of an acquisition to result in expected benefits,
    which may include benefits relating to enhanced revenues,
    technology, human resources, costs savings, operating
    efficiencies, goodwill and other synergies
•
the difficulty, cost and management effort required to integrate
    the acquired businesses, including costs and delays in
    implementing common systems and procedures and costs and delays
    caused by communication difficulties
•
the assumption of certain known or unknown liabilities of the
    acquired business, including litigation-related liabilities
•
the reduction of our cash available for operations and other
    uses, the increase in amortization expense related to
    identifiable assets acquired, potentially dilutive issuances of
    equity securities or the incurrence of debt
•
a lack of experience in new markets, new business culture,
    products or technologies or an initial dependence on unfamiliar
    distribution partners
•
the possibility that we will pay more than the value we derive
    from the acquisition
•
the impairment of relationships with customers, partners or
    suppliers of the acquired business or our customers
•
the potential loss of key employees of the acquired company
These factors could harm our business, results of operations or
    financial condition.
In addition to the risks commonly encountered in the acquisition
    of a business as described above, we may also experience risks
    relating to the challenges and costs of closing a transaction.
    The risks described above may be exacerbated as a result of
    managing multiple acquisitions at once.
Business disruptions could affect our operating
    results.
A significant portion of our research and development activities
    and certain other critical business operations are concentrated
    at a single facility in Sweden. We are also a highly automated
    business and a disruption or failure of our systems could cause
    delays in completing sales and providing services. A major
    natural disaster, fire, act of terrorism or other catastrophic
    event that results in the destruction or disruption of any of
    our critical business
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operations or information technology systems could severely
    affect our ability to conduct normal business operations and, as
    a result, our future operating results could be harmed.
Future litigation could harm our results of operation and
    financial condition.
In addition to intellectual property litigation, from time to
    time, we may be subject to other litigation. We record a related
    liability when we can make a reasonable estimate of the
    liability relating to pending litigation and determine that it
    is probable. As additional information becomes available, we
    assess the potential liability and revise estimates as
    appropriate. However, because of uncertainties relating to
    litigation, the amount of our estimates could be wrong. In
    addition to the related cost and use of cash, pending or future
    litigation could cause the diversion of management's
    attention and resources.
We will incur significant increased costs as a result of
    operating as a public company.
We have never operated as a public company. As a public company,
    we will incur significant legal, accounting and other expenses
    that we did not incur as a private company. In addition, the
    Sarbanes-Oxley Act of 2002, as well as rules subsequently
    implemented by the Securities and Exchange Commission (SEC) and
    the Nasdaq Global Market impose various requirements on public
    companies, including requirements with respect to corporate
    governance practices. Our management and other personnel will
    need to devote a substantial amount of time to these compliance
    initiatives. Moreover, these rules and regulations will increase
    our legal and financial compliance costs and will make some
    activities more time-consuming and costly. For example, we
    expect these rules and regulations to make it more difficult and
    more expensive for us to obtain director and officer liability
    insurance, and we may be required to accept reduced policy
    limits and coverage or incur substantial costs to maintain the
    same or similar coverage. These rules and regulations could also
    make it more difficult for us to attract and retain qualified
    persons to serve on our board of directors, our board committees
    or as executive officers.
We may need additional capital in the future and it may
    not be available on acceptable terms, if at all.
We have historically relied on outside financing and cash flow
    from operations to fund our operations, capital expenditures and
    expansion. However, we may require additional capital in the
    future to fund our operations and acquisitions, finance
    investments in equipment or personnel or respond to competitive
    pressures. We cannot assure you that additional financing will
    be available on terms acceptable to us. In addition, the terms
    of available financing may place limits on our financial and
    operational flexibility. If we are unable to obtain sufficient
    capital in the future, we may not be able to continue to meet
    customer demand for service quality, availability and
    competitive pricing. We also may be forced to reduce our
    operations or may not be able to expand or acquire complementary
    businesses, develop new services or otherwise respond to
    changing business conditions or competitive pressures.
Prolonged economic uncertainties or downturns could
    materially harm our business.
Current or future economic downturns could harm our business and
    results of operations. Negative trends in the general economy
    both in the United States and abroad, including trends resulting
    from actual or threatened military action by the United States,
    terrorist attacks on the United States, Europe or elsewhere, and
    financial and credit market fluctuations, could cause a decrease
    in corporate spending on business intelligence software in
    general and negatively affect the rate of growth of our business.
General worldwide economic conditions have experienced a
    significant downturn. These conditions make it extremely
    difficult for our customers and us to accurately forecast and
    plan future business activities, and they could cause our
    customers to slow spending on our products and services, which
    would delay and lengthen sales cycles. Furthermore, during
    challenging economic times our customers may face issues in
    gaining timely access to sufficient credit, which could result
    in an impairment of their ability to make timely payments to us.
    If that were to occur, we may be required to increase our
    allowance for doubtful accounts and our results would be harmed.
We maintain operating bank accounts at financial institutions in
    the United States, Sweden and other regions. In particular, a
    significant amount of our cash balances in the United States and
    Sweden are in excess of the insurance limits of the United
    States government's Federal Deposit Insurance Corporation
    (FDIC) and Swedish government's Swedish Deposit Insurance
    Scheme (Insättningsgarantin). The FDIC insures deposits in
    most banks and savings associations located in the United States
    and protects depositors against the loss of their deposits if an
    FDIC-insured bank or savings association fails, subject to
    specified monetary ceilings. Similarly, the Swedish
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Deposit Insurance Scheme is a state-provided guarantee of
    deposits in accounts at Swedish banks, subject to specified
    monetary ceilings. We could incur substantial losses if the
    underlying financial institutions in these or other regions fail
    or are otherwise unable to return our deposits.
We have a significant number of customers in the consumer
    products and services, manufacturing and financial services
    industries. A substantial downturn in these industries may cause
    firms to react to worsening conditions by reducing their capital
    expenditures in general or by specifically reducing their
    spending on information technology. Customers in these
    industries may delay or cancel information technology projects
    or seek to lower their costs by renegotiating vendor contracts.
    Also, customers with excess information technology resources may
    choose to develop in-house software solutions rather than obtain
    those solutions from us. Moreover, competitors may respond to
    market conditions by lowering prices and attempting to lure away
    our customers. In addition, the increased pace of consolidation
    in certain industries may result in reduced overall spending on
    our products.
We cannot predict the timing, strength or duration of any
    economic slowdown or recovery, generally or in the consumer
    products and services, manufacturing and financial services
    industries. If the economic condition of the general economy or
    markets in which we operate worsen from present levels, our
    business, financial condition and results of operations could be
    harmed.
If we fail to establish and maintain proper and effective
    internal control over financial reporting, our operating results
    and our ability to operate our business could be harmed.
The Sarbanes-Oxley Act requires, among other things, that we
    establish and maintain effective internal control over financial
    reporting and disclosure controls and procedures. If this
    offering were to become effective in 2010, under the SEC's
    current rules, beginning with the year ending December 31,
    2011, we would be required to perform system and process
    evaluation and testing of our internal control over financial
    reporting to allow management to report on the effectiveness of
    our internal control over financial reporting, as required by
    Section 404 of the Sarbanes-Oxley Act. Our independent
    registered public accounting firm will also be required to
    report on our internal control over financial reporting. Our
    testing and our auditor's testing may reveal deficiencies
    in our internal control over financial reporting that are deemed
    to be material weaknesses and render our internal control over
    financial reporting ineffective. Due to the extent of our
    international operations, our financial reporting requires
    substantial international activities, resources and reporting
    consolidation. We expect to incur substantial accounting and
    auditing expense and to expend significant management time in
    complying with the requirements of Section 404. If we are
    not able to comply with the requirements of Section 404 in
    a timely manner, or if we or our independent registered public
    accounting firm identify deficiencies in our internal control
    over financial reporting that are deemed to be material
    weaknesses, the market price of our stock could decline and we
    could be subject to investigations or sanctions by the SEC,
    FINRA or other regulatory authorities. In addition, we could be
    required to expend significant management time and financial
    resources to correct any material weaknesses that may be
    identified or to respond to any regulatory investigations or
    proceedings.
We
    have previously identified material weaknesses in our internal
    control over financial reporting, and if we are unable to
    achieve and maintain effective internal control over financial
    reporting, this could have a material adverse effect on our
    business and common stock price.
We produce our consolidated financial statements in accordance
    with the requirements of United States generally accepted
    accounting principles, or GAAP, but our internal accounting
    controls may not currently meet all standards applicable to
    companies with publicly traded securities. Effective internal
    controls are necessary for us to provide reliable financial
    reports to help mitigate the risk of fraud and to operate
    successfully as a publicly traded company.
In connection with the preparation of our consolidated financial
    statements for the year ended December 31, 2009, we
    identified a material weakness in the design and operation of
    our internal controls over financial reporting relating to the
    accounting for expenses in one of our European operating
    subsidiaries. A material weakness is defined as a deficiency, or
    a combination of deficiencies, in internal control over
    financial reporting, such that there is a reasonable possibility
    that a material misstatement of a company's annual or
    interim financial statements will not be prevented or detected
    on a timely basis by the company's internal controls.
    Specifically, we determined that
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we had insufficient reconciliation and oversight of our
    accounting for accrued and prepaid expenses in one of our
    European operating subsidiaries during our financial statement
    close process which would have resulted in the overstatement of
    our assets and liabilities in the consolidated balance sheet and
    an overstatement of operating expenses and understatement of net
    income. During 2010 we have implemented procedures and controls
    designed to improve communication and overview of financial
    reporting by our geographic territories, including the affected
    operating subsidiary noted above, during our reporting
    consolidation processes.
In connection with the preparation of our consolidated financial
    statements for the year ended December 31, 2008, we
    identified a material weakness in our formal financial statement
    closing process. We remediated this material weakness during
    2009 by implementing additional controls, including increasing
    our corporate accounting staff, implementing additional system
    controls and establishing a formalized closing calendar.
Although we believe we have addressed the internal control
    deficiencies that led to the material weaknesses, the measures
    we have taken may not be effective given our global operations
    and distribution capabilities in over 100 countries, and we may
    not be able to implement and maintain effective internal control
    over financial reporting in the future. If we have material
    weaknesses in the future, it could affect the financial results
    that we report or create a perception that those financial
    results do not fairly state our financial condition or results
    of operations. Either of those events could have an adverse
    effect on the value of our common stock.
Our results of operations may be adversely affected by
    changes in or interpretations of accounting standards.
We prepare our consolidated financial statements in conformity
    with accounting principles generally accepted in the United
    States. These principles are subject to interpretation by the
    SEC and various bodies formed to interpret and create
    appropriate accounting standards. Our accounting policies that
    recently have been or may be affected by changes in the
    accounting rules are as follows:
•
software revenue recognition
•
accounting for income taxes
•
accounting for business combinations and related goodwill
•
accounting for stock issued to employees
•
assessing fair value of financial and non-financial assets
•
application, if any, of international financial reporting
    standards (IFRS)
We continuously review our compliance with all new and existing
    revenue recognition accounting pronouncements. Depending upon
    the outcome of these ongoing reviews and the potential issuance
    of further accounting pronouncements, implementation guidelines
    and interpretations, we may be required to modify our reported
    results, revenue recognition policies or business practices
    which could harm our results of operations.
Our results of operations could be harmed by changes in
    tax rates or negative tax rulings.
We are subject to taxes in the United States and a variety of
    foreign jurisdictions. All of these jurisdictions have in the
    past and may in the future make changes to their corporate
    income tax rates and other income tax laws which could increase
    our future income tax provision.
Our future income tax obligations could be affected by earnings
    that are lower than anticipated in jurisdictions where we have
    lower statutory rates and by earnings that are higher than
    anticipated in jurisdictions where we have higher statutory
    rates, by changes in the valuation of our deferred tax assets
    and liabilities, changes in the amount of unrecognized tax
    benefits under FASB ASC Topic No. 740,
Income Taxes
,
    or by changes in tax laws, regulations, accounting principles or
    interpretations thereof.
Our determination of our tax liability is subject to review by
    applicable United States and foreign tax authorities. Any
    adverse outcome of such a review could harm our operating
    results and financial condition. The determination of our
    worldwide provision for income taxes and other tax liabilities
    requires significant judgment and, in the ordinary course of
    business, there are many transactions and calculations where the
    ultimate tax
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determination is uncertain. Moreover, as a multinational
    business, we have subsidiaries that engage in many intercompany
    transactions in a variety of tax jurisdictions where the
    ultimate tax determination is uncertain.
As a result of these and other factors, the ultimate amount of
    tax obligations owed may differ from the amounts recorded in our
    financial statements and any such difference may harm our
    financial results in future periods in which we change our
    estimates of our tax obligations or in which the ultimate tax
    outcome is determined.
Risks
    Related to this Offering
An active trading market for our common stock may not
    develop.
Prior to this offering, there has been no public market for our
    common stock. Although we anticipate that our common stock will
    be approved for listing on the Nasdaq Global Market, an active
    trading market for our shares may never develop or be sustained
    following this offering. The initial public offering price for
    our common stock will be determined by negotiation between the
    representatives of the underwriters and us. This initial public
    offering price may vary from the market price of our common
    stock after the offering. Investors may not be able to sell
    their common stock at or above the initial public offering
    price. In addition, an inactive market may impair our ability to
    raise capital by selling shares and may impair our ability to
    acquire other companies or technologies by using our shares as
    consideration, which, in turn, could harm our business.
If securities or industry analysts do not publish research
    or reports or publish unfavorable research or reports about our
    business, our stock price and trading volume could
    decline.
The trading market for our common stock will depend in part on
    the research and reports that securities or industry analysts
    publish about us, our business, our market or our competitors.
    We do not currently have and may never obtain research coverage
    by securities and industry analysts. If no securities or
    industry analysts commence coverage of our company, the trading
    price for our stock could be negatively impacted. In the event
    we obtain securities or industry analyst coverage, if one or
    more of the analysts who covers us downgrades our stock, our
    stock price would likely decline. If one or more of these
    analysts ceases to cover us or fails to regularly publish
    reports on us, interest in our stock could decrease which could
    cause our stock price or trading volume to decline.
The price of our common stock may be volatile and
    fluctuate substantially which could result in substantial losses
    for investors purchasing shares in this offering.
The initial public offering price for the shares of our common
    stock sold in this offering will be determined by negotiation
    between the representatives of the underwriters and us. This
    price may not reflect the market price of our common stock
    following this offering. In addition, the market price of our
    common stock is likely to be highly volatile and may fluctuate
    substantially due to the following factors (in addition to the
    other risk factors described in this section):
•
quarterly variations in our results of operations or those of
    our competitors
•
announcements by us or our competitors of acquisitions, new
    products, significant contracts or commercial relationships
•
our ability to respond to changing industry standards,
    technological developments or customer requirements on a timely
    basis
•
commencement of, or our involvement in, litigation
•
any major change in our board of directors or management
•
recommendations by securities analysts or changes in earnings
    estimates
•
announcements about our earnings that are not in line with
    analyst expectations
•
announcements by our competitors of their earnings that are not
    in line with analyst expectations
•
the volume of shares of our common stock available for public
    sale
•
sales of stock by us or by our stockholders
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•
short sales, hedging and other derivative transactions involving
    shares of our common stock
•
adoption of new accounting standards affecting the software
    industry
•
general economic conditions in the United States and abroad and
    slow or negative growth of related markets
•
general political conditions in the United States and abroad,
    including terrorist attacks, war or threat of terrorist attacks
    or war
In addition, the stock market in general, and the Nasdaq Global
    Market and the market for technology companies in particular,
    have experienced extreme price and volume fluctuations that have
    often been unrelated or disproportionate to the operating
    performance of the particular companies affected. These broad
    market and industry factors may materially harm the market price
    irrespective of our operating performance. As a result of these
    factors, you might be unable to resell your shares at or above
    the initial public offering price after this offering. In
    addition, in the past, following periods of volatility in the
    overall market and the market price of a company's
    securities, securities class action litigation has often been
    instituted against the affected company. This type of
    litigation, if instituted against us, could result in
    substantial costs and a diversion of our management's
    attention and resources.
We currently do not intend to pay dividends on our common
    stock, and consequently, your only opportunity to achieve a
    return on your investment is if the price of our common stock
    appreciates and you sell your shares at a price above your
    cost.
We currently do not intend to declare or pay dividends on shares
    of our common stock in the foreseeable future. See
    "Dividend Policy" for more information. Consequently,
    your only opportunity to achieve a return on your investment in
    our company will be if the market price of our common stock
    appreciates and you sell your shares at a price above your cost.
    There is no guarantee that the price of our common stock will
    ever exceed the price that you pay.
A substantial number of shares of our common stock could
    be sold into the public market shortly after this offering,
    which could depress our stock price.
The market price of our common stock could decline as a result
    of sales by our existing stockholders of shares of common stock
    in the market after this offering or the perception that these
    sales could occur. Once a trading market develops for our common
    stock, many of our stockholders will have an opportunity to sell
    their stock for the first time. These factors could also make it
    difficult for us to raise additional capital by selling stock.
    Please see the section entitled "Shares Eligible for
    Future Sale" for more information regarding these factors.
As a
    new investor, you will incur immediate and substantial dilution
    as a result of this offering.
The initial public offering price of our common stock will be
    substantially higher than the pro forma as adjusted net tangible
    book value per share of our outstanding common stock.
    Accordingly, if you purchase shares of our common stock at the
    assumed initial public offering price (the midpoint of the range
    set forth on the cover page of this prospectus), you will incur
    immediate and substantial dilution of
    $      per share. If the holders of
    outstanding options or warrants exercise those options or
    warrants, you will suffer further dilution. See
    "Dilution" for more information.
Our management will have broad discretion over the use of
    the proceeds we receive in this offering and might not apply the
    proceeds in ways that increase the value of your
    investment.
Our management will have broad discretion to use the net
    proceeds from this offering and you will be relying on the
    judgment of our management regarding the application of these
    proceeds. They might not apply the net proceeds of this offering
    in ways that increase the value of your investment. We expect to
    use the net proceeds from this offering for repayment of
    outstanding debt and general corporate purposes, including
    working capital, capital expenditures, acquisitions and further
    development of our services and solutions. We have not allocated
    these net proceeds for any specific purposes. Our management
    might not be able to yield any return on the investment and use
    of these net proceeds. You will not have the opportunity to
    influence our decisions on how to use the proceeds.
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Existing stockholders significantly influence us and could
    delay or prevent an acquisition by a third party.
Upon completion of this offering, executive officers, key
    employees and directors and their affiliates will beneficially
    own, in the aggregate,
    approximately     % of our outstanding
    common stock. As a result, these stockholders will be able to
    exercise significant influence over all matters requiring
    stockholder approval, including the election of directors and
    approval of significant corporate transactions which could have
    the effect of delaying or preventing a third party from
    acquiring control over us. For information regarding the
    ownership of our outstanding stock by our executive officers and
    directors and their affiliates, please see "Principal and
    Selling Stockholders."
Anti-takeover provisions in our certificate of
    incorporation and bylaws and in Delaware law could prevent or
    delay a change in control of our company.
We are a Delaware corporation, and the anti-takeover provisions
    of the Delaware General Corporation Law may discourage, delay or
    prevent a change in control by prohibiting us from engaging in a
    business combination with an interested stockholder for a period
    of three years after the person becomes an interested
    stockholder even if a change of control would be beneficial to
    our existing stockholders. For more information, see
    "Description of Capital Stock — Anti-Takeover
    Effects of Our Certificate of Incorporation, Bylaws and Delaware
    Law." In addition, our restated certificate of
    incorporation and amended and restated bylaws may discourage,
    delay or prevent a change in our management or control over us
    that stockholders may consider favorable. Our restated
    certificate of incorporation and amended and restated bylaws
    which will be in effect as of the closing of this offering:
•
authorize the issuance of "blank check" preferred
    stock that could be issued by our board of directors to thwart a
    takeover attempt
•
do not provide for cumulative voting in the election of
    directors which would allow holders of less than a majority of
    the stock to elect some directors
•
establish a classified board of directors, as a result of which
    the successors to the directors whose terms have expired will be
    elected to serve from the time of election and qualification
    until the third annual meeting following their election
•
require that directors only be removed from office for cause
•
provide that vacancies on the board of directors, including
    newly-created directorships, may be filled only by a majority
    vote of directors then in office
•
limit who may call special meetings of stockholders
•
prohibit stockholder action by written consent, requiring all
    actions to be taken at a meeting of the stockholders
•
establish advance notice requirements for nominating candidates
    for election to the board of directors or for proposing matters
    that can be acted upon by stockholders at stockholder meetings
For information regarding these and other provisions, please see
    "Description of Capital Stock."
Our
    ability to utilize our net operating losses may be limited if
    cumulative changes in ownership of our capital stock exceed 50%
    during certain periods.
If over a rolling three-year period, the cumulative change in
    our ownership exceeds 50%, our ability to utilize our net
    operating losses to offset future taxable income may be limited.
    We have exceeded this 50% cumulative change threshold during
    2000 and 2004. We have not yet determined the amount of the
    cumulative change in our ownership resulting from this offering.
    The effect of this offering on our cumulative change in
    ownership may limit or otherwise negatively affect the benefits
    of engaging in financing and other transactions in the future.
    Furthermore, it is possible that transactions in our stock that
    may not be within our control may cause us to exceed the 50%
    cumulative change threshold and may impose a limitation on the
    utilization of our net operating losses in the future. In the
    event the usage of these net operating losses is subject to
    limitation and we are profitable, our future cash flows could be
    adversely impacted due to our increased tax liability.
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SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY
    DATA
This prospectus contains forward-looking statements. All
    statements other than statements of historical fact contained in
    this prospectus, including statements regarding our future
    results of operations and financial position, business strategy
    and plans and objectives of management for future operations,
    are forward-looking statements. These statements involve known
    and unknown risks, uncertainties and other important factors
    that may cause our actual results, performance or achievements
    to be materially different from any future results, performance
    or achievements expressed or implied by the forward-looking
    statements.
In some cases, we identify forward-looking statements by terms
    such as "may," "will," "should,"
    "expects," "plans," "anticipates,"
    "could," "intends," "target,"
    "projects," "contemplates,"
    "believes," "estimates,"
    "predicts," "potential" or
    "continue" or the negative of these terms or other
    similar expressions. The forward-looking statements in this
    prospectus are only predictions. We have based these
    forward-looking statements largely on our current expectations
    and projections about future events and financial trends that we
    believe may affect our business, financial condition and results
    of operations. These forward-looking statements speak only as of
    the date of this prospectus and are subject to a number of
    risks, uncertainties and assumptions described in the "Risk
    Factors" section and elsewhere in this prospectus. Because
    forward-looking statements are inherently subject to risks and
    uncertainties, some of which cannot be predicted or quantified,
    you should not rely on these forward-looking statements as
    predictions of future events. The events and circumstances
    reflected in our forward-looking statements may not occur and
    actual results could differ materially from those projected in
    our forward-looking statements. We undertake no obligation, and
    specifically decline any obligation, to publicly update or
    revise any forward-looking statements, whether as a result of
    new information, future events or otherwise.
This prospectus also contains statistical data that we obtained
    from industry publications and reports. These industry
    publications generally indicate that they have obtained their
    information from sources believed to be reliable, but do not
    guarantee the accuracy and completeness of their information.
    Although we have not independently verified the data contained
    in these industry publications and reports, based on our
    industry experience we believe that the publications are
    reliable and the conclusions contained in the publications and
    reports are reasonable.
The Gartner report described herein represents data, research
    opinion or viewpoints published, as part of a syndicated
    subscription service, by Gartner, Inc. ("Gartner") and
    are not representations of fact. The Gartner report speaks as of
    its original publication date (and not as of the date of this
    prospectus) and the opinions expressed in the Gartner report are
    subject to change without notice.
The following notes set forth the source for the Gartner report
    and a description of the term "generic" business
    intelligence project as used in a 2009 IDC report
    referenced in the section of this prospectus entitled
    "Business":
(1)
Gartner, Inc. Business Intelligence Purchase Drivers and
    Adoption Rates, 2009 Survey Results, Bill Hostmann,
    September 4, 2009.
(2)
A "generic" business intelligence project uses
    IDC's standard proportions for the elements of software,
    services and hardware. This calculation combines these
    proportions with the savings QlikView customers made on each
    element.
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USE OF
    PROCEEDS
We estimate that we will receive net proceeds from the sale of
    the common stock that we are offering of approximately
    $      million, or approximately
    $      million if the underwriters
    exercise their right to purchase additional shares of common
    stock to cover over-allotments in full, based upon an assumed
    initial public offering price of $     
    per share, which is the midpoint of the range listed on the
    cover page of this prospectus, and after deducting estimated
    underwriting discounts and commissions and estimated offering
    expenses that we must pay. A $1.00 increase (decrease) in the
    assumed initial public offering price of
    $      per share would increase
    (decrease) the net proceeds to us from this offering by
    approximately $      million
    (assuming the number of shares offered by us as set forth on the
    cover page of the prospectus remains the same). We may also
    increase or decrease the number of shares we are offering. Each
    increase (decrease) of 1,000,000 in the number of shares offered
    by us would increase (decrease) the net proceeds to us from this
    offering by approximately
    $      million, assuming that the
    assumed initial public offering price remains the same, and
    after deducting the estimated underwriting discounts and
    commissions and estimated offering expenses payable by us. We do
    not expect that a change in the offering price or the number of
    shares by these amounts would have a material effect on our uses
    of the net proceeds from this offering, although it may impact
    the amount of time prior to which we may need to seek additional
    capital. We will not receive any proceeds from the sale of
    shares of common stock by the selling stockholders.
We intend to use approximately $6.9 million of the net
    proceeds of this offering to repay in full the principal and
    accrued interest and to pay any applicable prepayment fee on our
    outstanding loan from Stiftelsen Industrifonden, based on
    amounts accrued as of December 31, 2009. The loan has an
    interest rate of 10% per annum and has a maturity date of March
    2012. The loan is subject to a prepayment fee of an amount equal
    to interest on the amount prepaid from the date of prepayment
    through March 31, 2012 at a rate equal to one-half the
    Swedish Reference Rate (0.25% as of December 31, 2009)
    applicable on the date of prepayment. We used the net proceeds
    of this loan for working capital and general corporate purposes.
We intend to use the remaining net proceeds of this offering for
    general corporate purposes, including working capital needs.
    While we have not allocated the remaining net proceeds of this
    offering to specified general corporate purposes, we may utilize
    such proceeds by allocating them amongst the following
    categories: expansion of our domestic and international sales
    and marketing activities; technology infrastructure to help
    increase transaction volume and further enhance our software
    products and develop new software solutions; increase awareness
    of our solutions and expand our customer base; and development
    of marketing, sales and other promotional programs to sell
    products to our existing and future customers. We believe
    opportunities may exist to expand our current business through
    strategic acquisitions and investments in technology, and we may
    use a portion of the proceeds for these purposes. We are not
    currently a party to any contracts or letters of intent, nor do
    we have any arrangements or understandings, with respect to any
    strategic acquisitions or investments. The amount of net
    proceeds to be utilized for strategic acquisitions has not been
    determined.
The expected use of net proceeds of this offering represents our
    current intentions based upon our present plans and business
    conditions. The amounts we actually expend in these areas may
    vary significantly from our current intentions and will depend
    upon a number of factors, including future sales growth, success
    of our engineering efforts, cash generated from future
    operations, if any, and actual expenses to operate our business.
    As of the date of this prospectus, we cannot specify with
    certainty all of the particular uses for the net proceeds to be
    received upon the closing of this offering. Accordingly, our
    management will have broad discretion in the application of the
    net proceeds, and investors will be relying on the judgment of
    our management regarding the application of the net proceeds of
    this offering.
Pending the uses described above, we intend to invest the net
    proceeds in a variety of capital preservation instruments,
    including short-term, interest-bearing, investment grade
    instruments, certificates of deposit or direct or guaranteed
    obligations of the United States government.
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DIVIDEND
    POLICY
We have never declared or paid any cash dividends on our capital
    stock, and we do not currently intend to pay any cash dividends
    on our common stock for the foreseeable future. We expect to
    retain future earnings, if any, to fund the development and
    growth of our business. Any future determination to pay
    dividends on our common stock will be at the discretion of our
    board of directors and will depend upon, among other factors,
    our financial condition; operating results; current and
    anticipated cash needs; plans for expansion; applicable Delaware
    law, which provides that dividends are only payable out of
    surplus or current net profits; and other factors that our board
    of directors may deem relevant.
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CAPITALIZATION
The following table sets forth our cash, cash equivalents and
    capitalization as of December 31, 2009:
•
on an actual basis;
•
on a pro forma basis to give effect to (i) the
    reclassification of our Series A common stock as common
    stock; and (ii) the conversion of all outstanding shares of
    our Series A preferred stock and Series AA preferred
    stock into shares of our common stock and all outstanding
    warrants to purchase preferred stock into warrants to purchase
    common stock; and
•
on a pro forma as adjusted basis to reflect: (i) the
    reclassification of our Series A common stock as common stock;
    (ii) the conversion of all outstanding shares of our
    Series A preferred stock and Series AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock;
    (iii) the sale
    of           shares
    of common stock in this offering at an assumed initial public
    offering price of $      per share, the
    mid-point of the range reflected on the cover page of this
    prospectus, after deducting estimated underwriting discounts and
    commissions and estimated offering expenses payable by us; and
    (iv) the filing of our restated certificate of
    incorporation, which will occur immediately upon the closing of
    this offering.
You should read the information in this table together with our
    financial statements and accompanying notes and
    "Management's Discussion and Analysis of Financial
    Condition and Results of Operations" appearing elsewhere in
    this prospectus.
December 31, 2009
Pro Forma As
Actual
Pro Forma
Adjusted
(1)
(in thousands, except share and
per share data)
Cash and cash equivalents
$
24,852
$
24,852
Long-term obligations, including current portion
$
11,436
$
9,224
Convertible preferred stock, par value $0.0001 per share;
    47,195,706 shares authorized; 46,721,424 shares issued
    and outstanding, actual; 47,195,706 shares authorized; no
    shares issued and outstanding, pro forma and pro forma as
    adjusted
23,901
—
Stockholders' equity (deficit):
Preferred stock, par value $0.0001 per share; none authorized,
    issued or outstanding,
    actual;           shares
    authorized, none issued or outstanding, pro forma and pro forma
    as adjusted
—
—
Common stock, par value $0.0001 per share;
    78,068,237 shares authorized; 16,629,146 shares issued
    and outstanding, actual; 78,068,237 shares authorized;
    63,350,570 shares issued and outstanding, pro
    forma;           shares
    authorized;           shares
    issued and outstanding, pro forma as adjusted
2
6
Additional paid-in capital
5,743
31,760
Accumulated deficit
(13,383
)
(13,383
)
Accumulated other comprehensive loss
(1,465
)
(1,465
)
Total stockholders' equity (deficit)
(9,103
)
16,918
Total capitalization
$
26,234
$
26,142
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(1)
Each $1.00 increase or decrease in
    the assumed initial public offering price of
    $      per share would increase or
    decrease, respectively, the amount of pro forma as adjusted
    additional paid-in capital, total stockholders' equity
    (deficit) and total capitalization by approximately
    $      million, assuming the
    number of shares offered by us, as set forth on the cover page
    of this prospectus, remains the same and after deducting the
    estimated underwriting discounts and commissions. If the
    underwriters' option to purchase additional shares of our
    common stock in this offering is exercised in full, the amount
    of pro forma as adjusted additional paid-in capital, total
    stockholders' equity (deficit) and total capitalization
    would increase by approximately $     
    , and we would
    have           shares
    of our common stock issued and outstanding.
In the table above, the number of shares outstanding as of
    December 31, 2009 does not include:
•
12,341,473 shares of common stock issuable upon exercise of
    stock options outstanding at a weighted average exercise price
    of approximately $1.51 per share;
•
1,548,497 shares of common stock available for future
    issuance under our stock-based compensation plans; and
•
568,263 shares of common stock issuable upon the exercise
    of outstanding warrants at a weighted average exercise price of
    approximately $1.43 per share.
See "Management — Employee Benefit Plans"
    and Note 13 of the notes to consolidated financial
    statements for a description of our equity plans.
Sales by the selling stockholders in this offering will cause
    the number of shares held by existing stockholders to be reduced
    to           shares
    or     % of the total number of shares
    of our common stock outstanding after this offering. If the
    underwriters' overallotment option is exercised in full,
    the number of shares held by the existing stockholders after
    this offering would be reduced to     %
    of the total number of shares of our common stock outstanding
    after this offering and the number of newly issued shares held
    by new investors would increase
    to           shares
    or     % of the total number of shares
    of our common stock outstanding after this offering.
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DILUTION
Our pro forma net tangible book value as of December 31,
    2009 was approximately $10.2 million, or approximately
    $0.16 per share. Pro forma net tangible book value per share
    represents the amount of total tangible assets minus our total
    liabilities, divided by 63,350,570 shares of common stock
    outstanding after giving effect to (i) the reclassification
    of our Series A common stock as common stock and
    (ii) the conversion of all outstanding shares of our
    Series A preferred stock and Series AA preferred stock
    into shares of our common stock and all outstanding warrants to
    purchase preferred stock into warrants to purchase common stock.
Net tangible book value dilution per share to new investors
    represents the difference between the amount per share paid by
    purchasers of shares of common stock in this offering and the
    net tangible book value per share of common stock immediately
    after completion of this offering. After giving effect to our
    sale
    of           shares
    of common stock in this offering at an assumed initial public
    offering price of $      per share, and
    after deducting the underwriting discounts and commissions and
    estimated offering expenses, the pro forma net tangible book
    value as of December 31, 2009 would have been approximately
    $      million or approximately
    $      per share. This represents an
    immediate increase in net tangible book value of
    $      per share to existing
    stockholders and an immediate dilution in net tangible book
    value of $      per share to purchasers
    of common stock in the offering, as illustrated in the following
    table:
Assumed initial public offering price per share
$
Pro forma net tangible book value per share before this offering
$
0.16
Increase in pro forma net tangible book value per share
    attributable to new investors
Pro forma net tangible book value per share after this offering
Dilution per share to new investors
$
Each $1.00 increase (decrease) in the assumed initial public
    offering price of $      per share
    would increase (decrease) our pro forma as adjusted net tangible
    book value by $      million, or
    $      per share, and the pro forma
    dilution per share to investors in this offering by
    $      per share, assuming that the
    number of shares offered by us, as set forth on the cover page
    of this prospectus, remains the same, and after deducting
    estimated underwriting discounts and commissions and estimated
    offering expenses payable by us. We may also increase or
    decrease the number of shares we are offering. An increase of
    1,000,000 in the number of shares offered by us would increase
    our pro forma as adjusted net tangible book value by
    approximately $      million, or
    $      per share, and the pro forma
    dilution per share to investors in this offering would be
    $      per share, assuming that the
    assumed initial public offering price remains the same, and
    after deducting the estimated underwriting discounts and
    commissions and estimated offering expenses payable by us.
    Similarly, a decrease of 1,000,000 in the number of shares
    offered by us would decrease our pro forma as adjusted net
    tangible book value by approximately
    $      million, or
    $      per share, and the pro forma
    dilution per share to investors in this offering would be
    $      per share, assuming that
    the assumed initial public offering price remains the same, and
    after deducting the estimated underwriting discounts and
    commissions and estimated offering expenses payable by us. The
    pro forma information discussed above is illustrative only and
    will adjust based on the actual initial public offering price
    and other terms of this offering determined at pricing.
If the underwriters exercise their option to purchase additional
    shares of our common stock in full in this offering, the pro
    forma net tangible book value per share after the offering would
    be approximately $      per share, the
    increase in pro forma net tangible book value per share to
    existing stockholders would be approximately
    $      per share and the dilution
    to new investors purchasing shares in this offering would be
    approximately $      per share.
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Table of Contents
The table below presents on a pro forma basis as of
    December 31, 2009, after giving effect to the
    reclassification of our Series A common stock as common
    stock and the conversion of all outstanding shares of our
    Series A preferred stock and Series AA preferred stock
    into shares of our common stock and assuming there are no
    exercises of stock options or warrants outstanding on
    December 31, 2009 (as further described below), the
    differences between the existing stockholders and the purchasers
    of shares in the offering with respect to the number of shares
    purchased from us, the total consideration paid and the average
    price paid per share:
Total
Average
Shares Purchased
Consideration
Price
Number
Percent
Amount
Percent
per Share
Existing stockholders
%
$
%
$
Investors in the offering
Total
%
100.0
%
As of December 31, 2009, there were options outstanding to
    purchase a total of 12,341,473 shares of common stock at a
    weighted average exercise price of approximately $1.51 per
    share. In addition, as of December 31, 2009, there were
    warrants outstanding to purchase 93,981 shares of common
    stock at a weighted average exercise price of $1.65 per share
    and 474,282 shares of Series A preferred stock at a
    weighted average exercise price of approximately $1.39 per
    share, which in the aggregate will be exercisable for
    568,263 shares of common stock upon the completion of the
    offering. Effective immediately upon the signing of the
    underwriting agreement for this offering, an aggregate
    of           shares
    of our common stock will be reserved for issuance under our 2010
    Equity Incentive Plan (which includes 1,548,497 shares of
    common stock reserved for future issuance under our 2007 Omnibus
    Stock Option and Award Plan that will be allocated to our 2010
    Equity Incentive Plan), and this share reserve will also be
    subject to automatic annual increases in accordance with the
    terms of the plan. Furthermore, we may choose to raise
    additional capital through the sale of equity or convertible
    debt securities due to market conditions or strategic
    considerations even if we believe we have sufficient funds for
    our current or future operating plans. To the extent that any of
    these options or warrants are exercised, new options are issued
    under our equity incentive plans or we issue additional shares
    of common stock or other equity securities in the future, there
    will be further dilution to investors participating in this
    offering. For a description of our equity plans, please see
    "Management — Equity Benefit Plans" and
    Note 13 of the notes to consolidated financial statements.
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Table of Contents
SELECTED
    CONSOLIDATED FINANCIAL DATA
The following selected consolidated financial data should be
    read together with our financial statements and accompanying
    notes and "Management's Discussion and Analysis of
    Financial Condition and Results of Operations" appearing
    elsewhere in this prospectus. The selected financial data in
    this section is not intended to replace our financial statements
    and the related notes. Our historical results are not
    necessarily indicative of our future results.
We derived the consolidated statements of operations data for
    the years ended December 31, 2007, 2008 and 2009 and the
    consolidated balance sheet data as of December 31, 2008 and
    2009 from our audited financial statements appearing elsewhere
    in this prospectus. The consolidated statements of operations
    data for the years ended December 31, 2005 and 2006, and
    the consolidated balance sheet data as of December 31,
    2005, 2006 and 2007 are derived from our audited financial
    statements which are not included in this prospectus.
Year Ended December 31,
Consolidated Statement of
    Operations Data:
2005
2006
2007
2008
2009
(in thousands, except share and per share data)
Revenue:
License revenue
$
15,654
$
28,915
$
51,482
$
74,446
$
99,864
Maintenance revenue
5,725
9,797
17,747
29,401
41,390
Professional services revenue
3,113
5,558
11,357
14,417
16,105
Total revenue
24,492
44,270
80,586
118,264
157,359
Cost of revenue:
License revenue
580
1,140
2,949
3,071
3,663
Maintenance revenue
289
352
580
1,365
1,635
Professional services revenue
1,520
4,582
8,177
9,562
11,802
Total cost of
    revenue
(1)
2,389
6,074
11,706
13,998
17,100
Gross profit
22,103
38,196
68,880
104,266
140,259
Operating expenses:
Sales and
    marketing
(1)
18,602
26,999
48,249
74,267
93,349
Research and
    development
(1)
2,969
3,275
5,419
8,258
8,735
General and
    administrative
(1)
7,244
9,699
15,154
20,190
25,009
Total operating expenses
28,815
39,973
68,822
102,715
127,093
Income (loss) from operations
(6,712
)
(1,777
)
58
1,551
13,166
Other income (expense)
173
(748
)
(463
)
3,304
(4,529
)
Income (loss) before benefit for income taxes
(6,539
)
(2,525
)
(405
)
4,855
8,637
Benefit (provision) for income taxes
—
—
40
(1,860
)
(1,776
)
Net income (loss)
$
(6,539
)
$
(2,525
)
$
(365
)
$
2,995
$
6,861
Net income (loss) per common
    share
(2)
:
Basic
$
(0.53
)
$
(0.20
)
$
(0.03
)
0.01
$
0.07
Diluted
$
(0.53
)
$
(0.20
)
$
(0.03
)
$
0.01
$
0.06
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Year Ended December 31,
Consolidated Statement of
    Operations Data:
2005
2006
2007
2008
2009
(in thousands, except share and per share data)
Weighted average number of common shares outstanding
Basic
12,394,631
12,515,571
13,526,926
14,552,999
16,267,186
Diluted
12,394,631
12,515,571
13,526,926
16,523,443
20,778,448
Pro forma net income per common share (unaudited)
Basic
$
0.13
Diluted
$
0.12
Weighted average number of shares used in pro forma computation
    (unaudited)
Basic
62,988,610
Diluted
67,606,341
(1) Includes stock-based compensation expense as follows:
Cost of revenue
$
—
$
2
$
12
$
39
$
82
Sales and marketing
—
12
103
285
733
Research and development
—
1
6
19
79
General and administrative
—
11
69
388
585
$
—
$
26
$
190
$
731
$
1,479
(2)
We applied the two-class method to compute net income (loss) per
    common share which requires that earnings attributable to common
    stockholders for the period be allocated between common and
    participating securities based upon their respective rights to
    receive distributed and undistributed earnings. See Note 2
    of the notes to consolidated financial statements.
As of December 31,
2005
2006
2007
2008
2009
(in thousands)
Consolidated balance sheet data:
Cash and cash equivalents
$
3,407
$
4,401
$
9,214
$
14,800
$
24,852
Working capital
3,375
2,958
2,411
12,155
14,829
Deferred revenue
5,374
9,760
17,297
22,143
35,575
Total assets
15,463
25,827
50,684
67,018
102,967
Long-term obligations, including current portion
—
1,965
1,855
10,762
11,436
Convertible preferred stock
23,901
23,901
23,901
23,901
23,901
Total stockholders' equity (deficit)
(19,770
)
(21,190
)
(20,877
)
(17,368
)
(9,103
)
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Table of Contents
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial
    condition and results of operations should be read in
    conjunction with "Selected Consolidated Financial
    Data" and our consolidated financial statements and related
    notes appearing elsewhere in this prospectus. In addition to
    historical information, this discussion and analysis contains
    forward-looking statements that involve risks, uncertainties and
    assumptions. Our actual results may differ materially from those
    anticipated in these forward-looking statements as a result of
    certain factors. We discuss factors that we believe could cause
    or contribute to these differences below and elsewhere in this
    prospectus, including those set forth under "Risk
    Factors" and "Special Note Regarding Forward-Looking
    Statements and Industry Data."
Overview
We have pioneered a powerful, easy-to-use business intelligence
    solution that enables our customers to make better and faster
    business decisions. Our software platform, QlikView, combines
    enterprise-class analytics and search functionality with the
    simplicity and
ease-of-use
found in office productivity software tools for a broad set of
    business users. QlikView is powered by our in-memory associative
    search technology, which has utilized rapid advances in
    computing power to yield significant improvement in flexibility
    and performance at a lower cost than traditional business
    intelligence solutions. We have grown our customer base from
    over 1,500 customers in 2005 to over 13,000 in 2009 and
    increased our revenue at a 59% compound annual growth rate
    during the same period. We added an average of 404 new customers
    per month during fiscal year 2009. Our solution addresses the
    needs of a diverse range of customers from middle market
    customers to large enterprises such as BP, Campbell Soup
    Company, Colonial Life, The Dannon Company, Inc., Heidelberger
    Druckmaschinen AG, Kraft Foods, Lifetime Brands, National Health
    Service (NHS), Qualcomm, Symantec and Volvo Car UK Limited. We
    have customers in over 100 countries and approximately 77% of
    our revenue in 2009 was derived internationally.
We have a differentiated business model designed to accelerate
    the adoption of our product by reducing the time and cost to
    purchase and implement our software. Our low risk approach to
    product sales, which offers free product downloads to
    individuals and a
30-day
money
    back guarantee upon purchase, provides a needed alternative to
    costly,
all-or-nothing,
traditional business intelligence models. We initially focus on
    specific business users or departments within a prospective
    customer's organization and seek to solve a targeted
    business need. After demonstrating QlikView's benefits to
    initial adopters within an organization, we work to expand sales
    of our product to other business units, geographies and use
    cases with the long-term goal of broad organizational
    deployment. According to a 2009 IDC survey, 44% of our customers
    deploy QlikView in less than one month and 77% of our customers
    deploy QlikView in less than three months.
We license QlikView under perpetual licenses which include one
    year of maintenance as part of the initial purchase price of the
    product. Our customers can renew, and generally have renewed,
    their maintenance agreements for a fee that is based upon a
    percentage of the initial license fee paid. For the fiscal year
    ended December 31, 2009, our total revenue was comprised of
    64% license revenue, 26% maintenance revenue and 10%
    professional services revenue. We have a diversified
    distribution model that consists of a direct sales force and a
    partner network of resellers, OEM relationships and systems
    integrators which accounted for 50% of our total license revenue
    and first years' maintenance billings during fiscal year
    2009. Additionally, our online QlikCommunity provides us with a
    loyal and growing network of users who promote our software,
    provide support for other users and contribute valuable insights
    and feedback for our product development efforts.
To complement QlikView, we have developed a differentiated
    business model that has the following attributes:
•
Broad User Focus —
marketing and selling
    QlikView directly to the business user by providing an
    easy-to-use platform that can be used with minimal training
•
Low Risk Rapid Product Adoption —
providing a
    low risk alternative to costly,
all-or-nothing,
enterprise-wide deployment requirements
•
"Land and Expand" Customer Penetration —
initially targeting business users in an organization to
    create a loyal user base that promotes broad adoption of our
    software platform across an organization
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Table of Contents
•
Globally Diversified Distribution Model —
employing a multi-pronged international sales approach that
    leverages a direct sales force and partner network
•
Community-Based Marketing and Support —
augmenting our development, marketing and support efforts
    through our online QlikCommunity
We were founded in Sweden in 1993. From 1993 until 1999, our
    activities were focused on software research and development
    that resulted in QlikView's core technology, and from 1999
    until 2004 we focused on the commercialization of our technology
    primarily in the Nordic market and limited regions of Europe. In
    late 2004, we reincorporated in Delaware and began to broaden
    our marketing and sales activities in the United States and
    continued our expansion globally.
Financial
    Operations Overview
Revenues
Our revenue is comprised of license, maintenance and
    professional services revenue. We license our software under
    perpetual licenses which include one year of maintenance as part
    of the initial purchase price of the product. License revenue
    reflects the revenue recognized from sales of licenses to new
    customers and additional licenses to existing customers.
    Historically, the majority of our license revenues have come
    from new customers. However, going forward we seek to increase
    the contribution from existing customers based upon our
    "land and expand" sales strategy. Customers can renew,
    and generally have renewed, their maintenance agreements for a
    fee that is based upon a percentage of the initial license fee
    paid. Current customers with maintenance agreements are entitled
    to receive unspecified upgrades and enhancements when and if
    they become available. We have experienced growth in maintenance
    revenue primarily due to increased license sales and growth in
    our customer base and high retention of those customers. In
    2009, our annual maintenance renewal rate was greater than 85%.
    Professional services revenue is comprised of training,
    installation and other consulting revenues. Given the ease of
    implementation of our product, professional service revenues
    have averaged 12% of total revenues during the last three fiscal
    years. We do not expect that proportion to change significantly
    during the near term. Of our total revenues, we have
    historically generated the majority of sales through our direct
    sales channel rather than through our partner network. However,
    the contribution from our partner network continues to grow, and
    we anticipate that over time revenues from partners will be more
    than 50% of total revenues. Given the size of the United States
    market and our limited penetration there, we expect that the
    United States will represent our largest market during the near
    term and will likely be an important contributor to future
    revenue growth. Due to the global diversity of our customer
    base, our results are impacted by movements in the currencies of
    the major territories in which we operate. The primary
    currencies impacting results are the United States dollar, our
    functional currency; the Swedish kronor; the euro; and the
    British pound. Inflation and changing prices had no material
    effect on our sales, revenue or operating income from continuing
    operations during 2007, 2008 and 2009.
Cost
    of Revenue
Cost of revenue primarily consists of personnel costs, fees paid
    to subcontractors providing technical support services, referral
    fees paid to third parties in connection with software license
    sales and other discrete professional services. Personnel costs
    include salaries, employee benefit and social costs, bonuses,
    stock-based compensation and direct overhead.
Operating
    Expenses
We classify our operating expenses into three categories: sales
    and marketing, research and development and general and
    administrative. Our operating expenses primarily consist of
    personnel costs, sales commissions, marketing program costs,
    legal, accounting, consulting and other professional service
    costs and depreciation and amortization. Personnel costs include
    salaries, employee benefit and social costs, bonuses,
    stock-based compensation and direct overhead. Historically, we
    have focused on the continued growth of our license revenues,
    and as a result, sales and marketing has represented the largest
    amount of total expenses both in absolute dollar terms and as a
    percentage of total revenues. Going forward, we expect to drive
    greater efficiencies from this cost base and consequently expect
    that sales and marketing as a percentage of revenues will
    decline in the
36
Table of Contents
long term. Conversely, we project that research and development
    expenses will remain constant or grow as a percentage of total
    revenues as we continue to invest in future product enhancements
    and new products.
Sales and Marketing.
Sales and marketing
    expenses primarily consist of personnel costs for our sales,
    marketing and business development employees and executives;
    commissions earned by our sales personnel; facilities costs
    attributable to our sales and marketing personnel; the cost of
    marketing programs; and the cost of business development
    programs. We expect to continue to hire additional sales
    personnel in the United States and in our international
    locations in 2010.
Research and Development.
Research and
    development expenses primarily consist of personnel and facility
    costs for our research and development and product marketing
    employees. We have devoted our development efforts primarily to
    enhancing the functionality and expanding the capabilities of
    our software platform, including, for example, the development
    of our QlikView mobile client (released in 2009). We expect that
    our research and development expenses will continue to increase
    in absolute dollars and as a percentage of revenue in the long
    term as we increase our research and development and product
    marketing headcount to further strengthen and enhance our
    software platform. The vast majority of our research and
    development staff is based in Lund, Sweden.
General and Administrative.
General and
    administrative expenses primarily consist of personnel costs for
    our executive, finance, legal, human resources and
    administrative personnel, as well as the cost of facilities
    attributable to general and administrative operations,
    depreciation and amortization, legal, accounting and other
    professional service fees and other corporate expenses. We
    incurred additional costs in 2009, and expect to continue to
    incur higher costs, associated with being a public company,
    including higher legal, corporate insurance and accounting
    expenses and the additional costs of achieving and maintaining
    compliance with Section 404 of the Sarbanes-Oxley Act and
    related regulations. We also expect that general and
    administrative expenses will continue to increase in absolute
    dollars because of our efforts to expand our international
    operations, but we believe over time general and administrative
    costs will decline as a percentage of revenues as we expect to
    derive greater efficiencies from our corporate infrastructure.
Other
    Income (Expense)
Other income (expense) primarily consists of net interest,
    change in the fair value of warrants, foreign exchange gains
    (losses) and other income. Net interest represents interest
    income received on our cash and cash equivalents and interest
    expense associated with our outstanding debt. We expect interest
    expense to decrease in periods subsequent to the completion of
    this offering as we anticipate paying down all of our
    outstanding long-term debt balance with proceeds from this
    offering. Change in the fair value of warrants consists of
    charges recorded to mark our company's outstanding
    preferred and common stock warrants to fair value at each
    reporting date. Upon completion of this offering our preferred
    stock warrants will be reclassified to additional paid-in
    capital, and they will no longer be required to be adjusted
    based on their fair market carrying value each period. Foreign
    exchange gains (losses) relate to the remeasurement of certain
    transactions, primarily our outstanding note payable with a
    Swedish financial institution, denominated in currencies other
    than our functional currency, the United States dollar. As a
    result of our business activities in foreign countries, we
    expect that foreign exchange gains (losses) will continue to
    occur due to fluctuations in exchange rates in the countries
    where we do business.
Income
    Tax Expense
Income tax expense primarily consists of corporate income taxes
    related to profits resulting from the sale of our software
    platform by our United States and international subsidiaries.
Impact
    of Foreign Currency Translation
Approximately 73% of our operating revenues are earned in
    foreign denominated currencies, including the Swedish kronor,
    euro and British pound. We expect that our exposure to foreign
    currency exchange risk will increase to the extent we are able
    to continue to expand our business internationally. For purposes
    of our consolidated financial statements, local currency assets
    and liabilities are translated at the rate of exchange to the
    United States dollar on the balance sheet date and local
    currency revenues and expenses are translated at average rates
    of exchange to the United States dollar during the reporting
    period. Foreign currency transaction gains (losses)
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Table of Contents
have been reflected as a component of our results from
    operations and foreign currency translation gains (losses) have
    been included as a component of accumulated other comprehensive
    income (loss).
Our 2009 operating results were favorably impacted by the
    general weakening of the United States dollar relative to the
    Swedish kronor offset in part by the general strengthening of
    the United States dollar relative to the euro and British pound,
    and our 2008 results were negatively impacted by the general
    strengthening of the United States dollar relative to the
    Swedish kronor.
Critical
    Accounting Policies and Estimates
We prepare our consolidated financial statements in accordance
    with generally accepted accounting principles in the United
    States, or GAAP. The preparation of consolidated financial
    statements also requires us to make estimates and assumptions
    that affect the reported amounts of assets, liabilities,
    revenue, costs and expenses and related disclosures. We base our
    estimates on historical experience and on various other
    assumptions that we believe to be reasonable under the
    circumstances. Actual results could differ significantly from
    the estimates made by our management. To the extent that there
    are differences between our estimates and actual results, our
    future financial statement presentation, financial condition,
    results of operations and cash flows will be affected. We
    believe that the accounting policies discussed below are
    critical to understanding our historical and future performance,
    as these policies relate to the more significant areas involving
    management's judgments and estimates.
Revenue
    Recognition
We derive substantially all of our revenue from the licensing of
    our software products, from the sale of maintenance agreements
    and from the sale of training and other consulting services. We
    require one year of maintenance as part of the initial purchase
    price of each software offering and then sell annual renewals of
    this maintenance agreement. We recognize revenue for software,
    maintenance and other services when persuasive evidence of an
    arrangement exists, delivery has occurred, the sales price is
    fixed or determinable and collectability is reasonably assured.
As substantially all of our software licenses are sold in
    multiple-element arrangements that include either maintenance or
    both maintenance and professional services, we use the residual
    method to determine the amount of license revenue to be
    recognized. Under the residual method, consideration is
    allocated to undelivered elements based upon vendor-specific
    objective evidence (or VSOE) of the fair value of those
    elements, with the residual of the arrangement fee allocated to
    and recognized as license revenue. We have established VSOE of
    the fair value of maintenance through independent maintenance
    renewals which demonstrate a consistent relationship of
    maintenance pricing as a percentage of the contractual license
    fee. Maintenance revenues are deferred and recognized ratably
    over the contractual period of the maintenance arrangement which
    is generally 12 months. Arrangements that include other
    professional services are evaluated to determine whether those
    services are essential to the functionality of other elements of
    the arrangement. We have determined that these services are not
    considered essential and the amounts allocated to the services
    are recognized as revenue when the services are performed. The
    VSOE of fair value of our professional services is based on the
    price for these same services when they are sold separately.
    Revenue for services that are sold either on a stand-alone basis
    or included in multiple-element arrangements is recognized as
    the services are performed.
For sales through resellers, we recognize revenue upon the
    shipment of the product only if those resellers provide us, at
    the time of placing their order, with the identity of the
    end-user customer to whom the product has been sold. Our
    resellers do not carry inventory of our software. Sales through
    resellers are evidenced by a reseller agreement, together with
    purchase orders on a
transaction-by-transaction
basis. We do not currently offer any rights to return products
    sold to resellers.
We also sell software licenses to OEMs who integrate our product
    for distribution with their applications. The OEM's
    end-user customer is licensed to use our products solely in
    conjunction with the OEM's application. In OEM
    arrangements, key delivery is required as the basis for revenue
    recognition. However, depending upon the OEM partner's
    business model we recognize revenue either up-front or over time
    in subscription or royalty based models.
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Table of Contents
We do not offer specified upgrades or incrementally significant
    discounts. We record advance payments as deferred revenues until
    the product is shipped, services are delivered or obligations
    are met and the revenue can be recognized. Deferred revenues
    represent the excess of amounts invoiced or paid over amounts
    recognized as revenues. Any contingencies, such as rights of
    return, conditions of acceptance, and warranties are accounted
    for as a separate element. The effect of accounting for these
    contingencies included in revenue arrangements has not been
    material.
Stock-Based
    Compensation
Our stock-based compensation is as follows:
Year Ended December 31,
2007
2008
2009
(in thousands)
Cost of revenue
$
12
$
39
$
82
Sales and marketing
103
285
733
Research and development
6
19
79
General and administrative
69
388
585
Total stock-based compensation
$
190
$
731
$
1,479
Prior to January 1, 2006, we applied the intrinsic-value
    method of accounting prescribed in previous FASB accounting
    guidance, which was later superseded, for our stock options
    issued to employees and directors. Under this method,
    compensation expense was recognized on the date of grant only if
    the current fair value of the underlying stock exceeded the
    exercise price. On January 1, 2006, we adopted the revised
    accounting guidance for stock-based compensation which was
    adopted prospectively to new awards and to awards modified,
    repurchased or cancelled after December 31, 2005. This
    current guidance requires companies to measure and recognize
    compensation expense for all employee stock-based payments at
    fair value, net of estimated forfeitures, over the vesting
    period of the underlying stock-based awards. In addition, we
    account for stock-based compensation to non-employees in
    accordance with the FASB accounting guidance for equity
    instruments that are issued to other than employees. Stock-based
    compensation issued to non-employees has not been material for
    any period presented.
For the years ended December 31, 2007, 2008 and 2009, we
    calculated the fair value of options granted using the
    Black-Scholes pricing model with the following assumptions:
Year Ended December 31,
2007
2008
2009
Volatility
18.5%-21.8
%
48.0%-88.8
%
44.7%-62.4
%
Expected term, in years (Swedish grants)
4.00
4.00
4.00
Expected term, in years (all other grants)
6.25
6.25
6.25
Dividend yield
0
%
0
%
0
%
Risk-free interest rate
3.7%-4.8
%
1.2%-3.1
%
1.5%-2.4
%
We use the Black-Scholes option-pricing model to value our stock
    option awards. The Black-Scholes option-pricing model requires
    the input of subjective assumptions, including the expected life
    of the stock-based payment awards and stock price volatility. In
    addition, as a private company, one of the most subjective
    inputs into the Black-Scholes option pricing model is the
    estimated fair value of common stock which is discussed below.
    Since we have been operating as a private company, we do not
    have sufficient historical volatility for the expected term of
    the options. Prior to 2008, we established the expected
    volatility assumption by determining an appropriate industry
    sector that was representative of the nature of our operations
    as well as our market capitalization size (mid-cap software
    industry). As of January 1, 2008 and forward, we use
    comparable public companies as a basis for our expected
    volatility to calculate the
39
Table of Contents
fair value of option grants. We intend to continue to
    consistently apply this process using comparable companies until
    a sufficient amount of historical information regarding the
    volatility of our own share price becomes available. The
    expected term for option grants to employees based in Sweden is
    four years based on the contractual expiration date required
    under local rules. The expected term for all other grants is
    based on the simplified method provided by SEC guidance. The
    risk-free interest rate is based on United States Treasury yield
    curve with a remaining term equal to the expected life assumed
    at grant. The assumptions used in calculating the fair value of
    stock-based payment awards represent management's best
    estimate and involve inherent uncertainties and the application
    of management's judgment. As a result, if factors change
    and management uses different assumptions, share-based
    compensation expense could be materially different in the future.
For all employee stock options, we recognize expense over the
    requisite service period using the straight-line method. In
    addition to the assumptions used to calculate the fair value of
    the options, we are required to estimate the expected forfeiture
    rate of all stock-based awards and only recognize expense for
    those awards expected to vest. The estimation of the number of
    stock awards that will ultimately vest requires judgment, and to
    the extent actual results or updated estimates differ from our
    current estimates, such amounts will be recorded as a cumulative
    adjustment in the period in which estimates are revised. We
    consider many factors when estimating expected forfeitures,
    including types of awards, employee class and an analysis of our
    historical and known forfeitures on existing awards. During the
    period in which the options vest, we will record additional
    expense if the actual forfeiture rate is lower than estimated
    and a recovery of expense if the actual forfeiture rate is
    higher than estimated.
As of December 31, 2009, there was approximately
    $4.3 million of unrecognized stock-based compensation
    expense related to non-vested stock option awards, net of
    estimated forfeitures that we expect to recognize over a
    weighted-average period of 1.54 years.
Based upon an assumed initial public offering price of
    $      per share, which is the
    mid-point of the range listed on the cover page of this
    prospectus, the aggregate intrinsic value of options outstanding
    as of March 31, 2010 was $      ,
    of which $      related to vested
    options and $      related to unvested
    options.
Common
    Stock Valuations
For all option grants during 2007, 2008 and 2009, the fair value
    of the common stock underlying the option grants was determined
    by our board of directors, with the assistance of management,
    which intended all options granted to be exercisable at a price
    per share not less than the per share fair value of our common
    stock underlying those options on the date of grant. We utilized
    the guidance set forth by the American Institute of Certified
    Public Accountants, or the AICPA, in the AICPA Technical
    Practice Aid, "
Valuation of Privately-Held-Company
    Equity Securities Issued as Compensation
," referred to
    herein as the AICPA Practice Aid, when establishing the fair
    value of common stock at each grant date.
2007
    and 2008 Valuations
In 2007 and 2008, our board of directors, with the assistance of
    management, used the market approach and the income approach in
    order to estimate the fair value of common stock underlying our
    option grants during those periods. We believe both of these
    approaches are appropriate methodologies given our stage of
    development during 2007 and 2008. For the market approach, we
    utilized the guideline company method by analyzing a population
    of comparable companies and selected those technology companies
    that we considered to be the most comparable to us in terms of
    product offerings, revenues, margins and growth. Under the
    market approach, we then used these guideline companies to
    develop relevant market multiples and ratios, which are then
    applied to our corresponding financial metrics to estimate our
    equity value. For the income approach, we performed discounted
    cash flow analyses which utilize projected cash flows as well as
    a residual value which are then discounted to the present in
    order to arrive at our current equity value. In determining our
    equity value, we applied a greater weighting to the income
    approach than to the market approach during 2007 and 2008, as we
    concluded that the discounted cash flow method utilized under
    the income approach was a more reliable indicator of our equity
    value during that time. In allocating the total equity value
    between preferred and common stock, we considered the
    liquidation preferences of the preferred stockholders.
    Additionally, each valuation during this period utilizes the
    option-pricing method for allocating the total equity value
    between preferred and common stock.
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The significant input assumptions used in our valuation models
    during 2007 and 2008 are based on subjective future expectations
    combined with management's judgment, including:
Income approach assumptions are:
•
our expected revenue, operating performance and cash flows for
    the current and future years, determined as of the valuation
    date based on our estimates;
•
a discount rate, which is applied to discretely forecasted
    future cash flows in order to calculate the present value of
    those cash flows; and
•
a terminal value multiple, which is applied to our last year of
    discretely forecasted cash flows to calculate the residual value
    of our future cash flows.
Assumptions utilized in the market approach are:
•
our expected revenue, operating performance and cash flows for
    the current and future years, determined as of the valuation
    date based on our estimates;
•
multiples of market value to trailing revenues, determined as of
    the valuation date, based on a group of comparable public
    companies we identified; and
•
multiples of market value to expected future revenues,
    determined as of the valuation date, based on the same group of
    comparable public companies.
2009
    Valuations
In 2009, we granted options to purchase shares of common stock
    with exercise prices as follows:
Options
Exercise Price
Fair Value
Intrinsic
Grant Date
Granted
per Share
per Share
Value
1
st
Quarter
939,000
$
1.65
$
1.65
$
—
2
nd
Quarter
666,202
1.65
1.65
—
3
rd
Quarter
—
—
—
—
4
th
Quarter
1,104,552
3.81
3.81
—
In order to determine the fair value of our common stock
    underlying all option grants issued in the first and second
    quarters of 2009, the board of directors, with the assistance of
    management, used the market approach and the income approach
    consistent with the 2008 methodology described above. During
    this time period, our board of directors considered our
    operational metrics relative to the challenging global economic
    conditions and recession and determined that our estimated
    equity value remained consistent with 2008. During the first
    half of 2009, revenue growth slowed due in part to the global
    economic crisis and was well below our expectations for that
    period resulting in operating losses for the period. We also
    considered the decline in valuations of publicly held technology
    companies which we considered to be comparable to us in terms of
    lines of business, revenues, margins, or growth, during this
    period. In the third quarter of 2009, we began to see a
    strengthening in our sales pipeline for both the second half of
    2009 and 2010, and we also began to forecast positive operating
    income for the second half of 2009. In addition, in the third
    quarter of 2009, we began initial discussions with investment
    banks regarding a possible public offering of our common stock.
    In October of 2009, our board of directors approved the
    composition of an investment banking syndicate to lead a
    potential initial public offering of our common stock.
As a result of having greater visibility into a potential
    liquidity event as well as due to improving operating results in
    the second half of 2009, the board of directors with the
    assistance of management performed a contemporaneous valuation
    as of September 30, 2009, and adopted the
    probability-weighted expected return method (known as PWERM) in
    connection with this valuation, as prescribed by the AICPA
    Practice Aid. The PWERM requires the consideration of various
    liquidity scenarios, including an initial public offering, a
    sale of our company at a range of valuations, or continuing to
    operate as a standalone private company without a liquidity
    event, and takes into account potential timing and the relative
    probability of each possible outcome. This change in valuation
    model was precipitated by changes in our business that allowed
    us to forecast the timing and nature of a
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Table of Contents
liquidity event with a greater degree of certainty. This
    valuation model took into consideration the following scenarios
    and associated probabilities:
•
two different scenarios for the completion of an initial public
    offering, one occurring in June 2010 and another occurring in
    December 2010, with a combined probability of 35% of occurrence
•
three different scenarios for the sale of our company to a
    strategic acquirer: a high, low and distressed sale scenario
    with a combined probability of 50%
•
remaining a standalone private company without a liquidity
    event, assigned a probability of 15%
For the initial public offering scenarios, we determined our
    equity value by using a multiple of expected 2010 revenue based
    upon an analysis of the revenue multiples of companies that we
    considered to be comparable to us in terms of industry and
    business model. For the scenarios which considered a sale of our
    company, we considered a range of revenue multiples that were
    based on merger and acquisition events for companies we consider
    to be comparable to us in terms of industry and business model,
    applied to expected 2011 revenues. For the scenario which
    considered remaining a standalone private company without a
    liquidity event, we determined the enterprise value by weighing
    both a market based approach which utilizes a multiple of
    expected 2010 revenue based on an analysis of the revenue
    multiples of companies that we considered to be comparative to
    us in terms of industry and business model, and an income based
    approach based on estimated future discounted cash flows. For
    all scenarios, we applied discounts ranging from 19% to 25% for
    lack of marketability, and we utilized an estimated cost of
    capital of 25% based on our stage of development.
As a result of the above analysis, we estimated the fair value
    of our common stock to be $3.81 as of September 30, 2009.
    Accordingly, the common stock options granted in the fourth
    quarter of 2009 were granted with an exercise price of $3.81. We
    believe that the increase from the previous valuation of $1.65
    to $3.81 is primarily attributed to the following factors:
•
significant progress in discussions with investment banks during
    the third quarter of 2009 regarding a potential initial public
    offering of our common stock
•
greater clarity regarding the timing of a potential liquidity
    event
•
improvement in global economic conditions in the third quarter
    of 2009, specifically in the technology sector
•
improved expectations for our financial performance in the
    fourth quarter of 2009 and in 2010
The board of directors with the assistance of management
    performed a contemporaneous valuation as of December 31,
    2009 using PWERM. We estimated the fair value of our common
    stock as of December 31, 2009 at $5.18 per share. The
    increase of 36% over the previous valuation of $3.81 was
    primarily due to an increase in the probability of our initial
    public offering. This valuation reflected marketability
    discounts of 11% to 25% for the various scenarios. The
    probability of an initial public offering was weighted at 50%,
    the probability of a sale to a strategic acquirer was 35% and
    the probability of remaining a private company was 15%.
The assumptions around fair value that we have made represent
    our management's best estimate, but they are highly
    subjective and inherently uncertain. If management had made
    different assumptions, our calculation of the options' fair
    value and the resulting stock-based compensation expense could
    differ, perhaps materially, from the amounts recognized in our
    financial statements.
Research
    and Development Expense for Software Products
Software development costs are expensed as incurred until
    technological feasibility has been established, at which time
    such costs are capitalized to the extent that the capitalizable
    costs do not exceed the realizable value of such costs, until
    the product is available for general release to customers. Based
    on our product development process, technological feasibility is
    established upon the completion of a working model of the
    software product that has been tested to be consistent with the
    product design specifications and that is free of any
    uncertainties related to high-risk development issues. Costs
    incurred by us between completion of the working model and the
    point at which the product is ready for general release have
    been insignificant. Accordingly, we have charged all such costs
    to research and development expense.
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Income
    Taxes
We use the liability method of accounting for income taxes as
    set forth in the authoritative guidance for income taxes. Under
    this method, we recognize deferred tax liabilities and assets
    for the expected future tax consequences of temporary
    differences between the respective carrying amounts and tax
    bases of our assets and liabilities. For the year ended
    December 31, 2009, our tax provision consists principally
    of foreign tax expense partially offset by United
    States federal and state benefit. For year ended
    December 31, 2008, our tax provision consists principally
    of foreign and United States federal income tax expense.
We continue to assess the realizability of our deferred tax
    assets, which primarily consist of net operating loss, or NOL,
    carry-forwards. In assessing the realizability of these deferred
    tax assets, management considers whether it is more likely than
    not that some portion or all of the deferred tax assets will be
    realized. We establish valuation allowances when necessary to
    reduce deferred tax assets to the amounts expected to be
    realized. The factors used to assess the likelihood of
    realization include our latest forecast of future taxable income
    and available tax planning strategies that could be implemented
    to realize the net deferred tax assets. As of December 31,
    2009 and 2008, our deferred tax assets had a valuation allowance
    of $1.7 million and $3.0 million. The decrease in 2009
    was due to reversal of valuation allowances in certain
    jurisdictions in 2009 due to improved current and projected
    taxable income.
If our recent trend of profitability continues, we may determine
    that there is sufficient positive evidence to support a reversal
    of, or decrease in, the valuation allowance. If we were to
    reverse all or some part of our valuation allowance our
    financial statements in the period of reversal would likely
    reflect an increase in assets on our balance sheet and a
    corresponding tax benefit to our statement of operations in the
    amount of the reversal.
Because of certain prior period ownership changes, the
    utilization of a portion of our United States federal and
    state NOL carry forward may be limited. We have not finalized
    our analysis to determine the annual 382 limitation, but we
    estimate that approximately $2.0 million of our United
    States federal and state net operating losses may be
    limited which has been reflected in our valuation allowance at
    December 31, 2009. If we were to determine that certain
    amounts of the $2.0 million were not limited, a portion of
    our valuation allowance could be reversed.
Effective January 1, 2007, we adopted the guidance on
    accounting for uncertainty in income taxes as set forth under
    Financial Interpretation No. 48,
Accounting for
    Uncertainty in Income Taxes
(codified in ASC 740
Income
    Taxes
). This guidance clarified the accounting for
    uncertainty in income taxes recognized in an entity's
    financial statements and prescribes a recognition threshold and
    measurement attribute for financial statement disclosure of tax
    positions taken or expected to be taken on a tax return. There
    was no impact upon adoption as our liability recognized under
    previous accounting guidance was consistent with that required
    under the new guidance. At December 31, 2009, our reserve
    for uncertain tax positions was $3.3 million.
The adoption of this guidance required us to identify, evaluate
    and measure all uncertain tax positions taken or to be taken on
    tax returns and to record liabilities for the amount of these
    positions that may not be sustained, or may only partially be
    sustained, upon examination by the relevant taxing authorities.
    Although we believe that our estimates and judgments were
    reasonable, actual results may differ from these estimates. Some
    or all of these judgments are subject to review by the taxing
    authorities.
Our annual provision for income taxes and the determination of
    the resulting deferred tax assets and liabilities involve a
    significant amount of management judgment. Management's
    judgments, assumptions and estimates relative to the current
    provision for income tax take into account current tax laws, our
    interpretation of current tax laws and possible outcomes of
    current and future audits conducted by foreign and domestic tax
    authorities. We operate within federal, state and international
    taxing jurisdictions and are subject to audit in these
    jurisdictions. These audits can involve complex issues which may
    require an extended period of time to resolve.
We accrue interest and penalties related to unrecognized tax
    benefits as a component of income tax expense. As of the
    adoption date of this guidance and as of December 31, 2008
    and December 31, 2009, there was no accrued interest or
    penalties.
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We intend either to invest our
non-United
States earnings permanently in foreign operations or to remit
    these earnings to our United States entities in a tax-free
    manner. For this reason, we do not record federal income taxes
    on the undistributed earnings of our foreign subsidiaries.
Results
    of Operations
The following table sets forth a summary of our consolidated
    statement of operations and the related changes for the periods
    indicated:
Year Ended December 31,
Consolidated Statement of
    Operations Data:
2007
2008
2009
(in thousands)
Revenue:
License revenue
$
51,482
$
74,446
$
99,864
Maintenance revenue
17,747
29,401
41,390
Professional services revenue
11,357
14,417
16,105
Total revenues
80,586
118,264
157,359
Cost of revenue:
License revenue
2,949
3,071
3,663
Maintenance revenue
580
1,365
1,635
Professional services revenue
8,177
9,562
11,802
Total cost of
    revenue
(1)
11,706
13,998
17,100
Gross profit
68,880
104,266
140,259
Operating expenses:
Sales and
    marketing
(1)
48,249
74,267
93,349
Research and
    development
(1)
5,419
8,258
8,735
General and
    administrative
(1)
15,154
20,190
25,009
Total operating expenses
68,822
102,715
127,093
Income from operations
58
1,551
13,166
Other income (expense)
(463
)
3,304
(4,529
)
Income (loss) before benefit for income taxes
(405
)
4,855
8,637
Benefit (provision) for income taxes
40
(1,860
)
(1,776
)
Net income (loss)
$
(365
)
$
2,995
$
6,861
(1) Included stock-based compensation expense as follows:
Cost of revenue
$
12
$
39
$
82
Sales and marketing
103
285
733
Research and development
6
19
79
General and administrative
69
388
585
$
190
$
731
$
1,479
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Comparison
    of the Years Ended December 31, 2008 and 2009
Revenue
Year Ended December 31,
2008
2009
Percentage of
Percentage of
Period to Period
Amount
Revenue
Amount
Revenue
Change
(dollars in thousands)
Revenue:
License revenue
$
74,446
62.9
%
$
99,864
63.5
%
$
25,418
34.1
%
Maintenance revenue
29,401
24.9
%
41,390
26.3
%
11,989
40.8
%
Professional services revenue
14,417
12.2
%
16,105
10.2
%
1,688
11.7
%
Total revenue
$
118,264
100.0
%
$
157,359
100.0
%
$
39,095
33.1
%
Revenue was $157.4 million in 2009 compared to
    $118.3 million in 2008, an increase of $39.1 million,
    or 33.1%. This increase was driven by a $25.4 million, or
    34%, increase in license revenue. All territories showed strong
    revenue growth, particularly Spain and France in their second
    full year of operations as a direct sales office. We also
    achieved a 28% growth in our largest market, North America, and
    growing contributions from relatively new markets in Eastern
    Europe and a brand new market, Japan. From a performance
    perspective, we experienced an increasing contribution from
    existing customers, approximately 58% of license revenues, which
    resulted from our "land and expand" sales strategy and
    greater productivity from our sales representatives with revenue
    per representative growing 38%. Maintenance revenues grew by
    approximately 41% driven by annual maintenance renewal rates of
    greater than 85%. As a percentage of total revenues, maintenance
    grew to 26% in 2009 from 25% in 2008, reflecting the impact of
    the growing installed customer base and renewal rates.
    Professional service revenue grew by 12% and was approximately
    10% of our total revenues.
Cost
    of Revenue and Gross Profit
Year Ended December 31,
2008
2009
Percentage of
Percentage of
Related
Related
Period to Period
Amount
Revenue
Amount
Revenue
Change
(dollars in thousands)
Cost of Revenue:
Cost of license revenue
$
3,071
4.1
%
$
3,663
3.7
%
$
592
19.3
%
Cost of maintenance revenue
1,365
4.6
%
1,635
4.0
%
270
19.8
%
Cost of professional services revenue
9,562
66.3
%
11,802
73.3
%
2,240
23.4
%
Total cost of revenue
$
13,998
11.8
%
$
17,100
10.9
%
$
3,102
22.2
%
Gross Profit:
License revenue
$
71,375
95.9
%
$
96,201
96.3
%
$
24,826
34.8
%
Maintenance revenue
28,036
95.4
%
39,755
96.0
%
11,719
41.8
%
Professional services revenue
4,855
33.7
%
4,303
26.7
%
(552
)
(11.4
%)
Gross Profit
$
104,266
88.2
%
$
140,259
89.1
%
$
35,993
34.5
%
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Cost of revenue was $17.1 million in 2009 compared to
    $14.0 million in 2008, an increase of $3.1 million, or
    22.2%. Overall cost of revenue declined as a percent of revenue
    from 11.8% in 2008 to 10.9% in 2009, despite a decrease in our
    margin related to professional services. In anticipation of
    continued growth in our installed customer base, we increased
    headcount in our professional services organization which
    increased costs by $1.5 million in 2009, but we did not
    achieve a corresponding increase in related revenues, reducing
    our gross margin in the category to 26.7% from 33.7%. In
    addition, fees paid to subcontractors increased by
    $0.9 million. Fees paid to referral partners for license
    revenues increased by $0.6 million in 2009 due to a
    significant transaction.
Operating
    Expenses
Year Ended December 31,
2008
2009
Period to
Percentage
Percentage
Period
Amount
of Revenue
Amount
of Revenue
Change
(dollars in thousands)
Operating Expenses:
Sales and marketing
$
74,267
62.8
%
$
93,349
59.3
%
$
19,082
25.7
%
Research and development
8,258
7.0
%
8,735
5.6
%
477
5.8
%
General and administrative
20,190
17.1
%
25,009
15.9
%
4,819
23.9
%
Total operating expenses
$
102,715
86.9
%
$
127,093
80.8
%
$
24,378
23.7
%
Sales and Marketing.
Sales and marketing
    expenses increased $19.1 million, or 25.7%, but declined as
    a percentage of revenues, reflecting an increase in revenue
    achieved per sales representative and an increased percentage of
    sales from existing customers and through partners. The increase
    was primarily attributable to an increase in personnel and
    commission costs of $12.9 million (including a
    $0.5 million increase in stock-based compensation), an
    increase in costs related to marketing programs of
    $2.4 million, an increase in facility and other
    infrastructure costs of $2.6 million and an increase in
    travel expenses of $0.9 million. Also in 2009, we
    implemented an online customer relationship management tool to
    facilitate sales force growth. We expect sales and marketing
    expenses to continue to increase in absolute dollars but to
    decrease as a percentage of revenues over time as we continue to
    expand our sales force and marketing activities.
Research and Development.
Although total
    research and development headcount increased during this period,
    total research and development expenses grew by only
    $0.5 million or 5.8%. With the vast majority of our related
    staff based in Lund, Sweden, changes in the value of the Swedish
    kronor reduced the impact of the staff increase by approximately
    $0.8 million. To accommodate the increase in our research
    and development staff, we made further investment in our
    facility in Sweden of approximately $0.2 million. We expect
    our research and development expenses will continue to increase
    in absolute dollars and as a percentage of revenue in the long
    term as we increase our research and development headcount to
    further strengthen and enhance our software platform.
General and Administrative.
General and
    administrative expenses were $25.0 million in 2009 compared
    to $20.2 million in 2008, an increase of $4.8 million,
    or 23.9%. This increase was due primarily to a $2.3 million
    increase in personnel costs to build out our corporate level
    functions to support anticipated global growth and prepare for
    being a publicly traded company. This increase was also due to a
    $1.2 million increase in travel expenses, a
    $0.2 million increase in stock-based compensation expense,
    a $0.5 million increase in facility and infrastructure
    costs to support international expansion, and an increase in
    depreciation and amortization of $0.3 million related in
    part to additional investment in property and equipment due to
    our increased headcount. We expect that general and
    administrative expenses will continue to increase in absolute
    dollars because of our efforts to expand our international
    operations and due to costs to be incurred in connection with
    this offering and ongoing public company related costs. However,
    we believe over time general and administrative costs will
    decline as a percentage of revenues as we will derive greater
    efficiencies from our corporate infrastructure.
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Table of Contents
Other
    Income (Expense)
Other income (expense) was an expense of $4.5 million in
    2009 compared to income of $3.3 million in 2008. The change
    consisted of increased interest expense, charges for our common
    and preferred stock warrants and foreign exchange. Interest
    expense increased due to a full year of interest expense on our
    term loan. The change in the fair value of the stock warrants
    increased by $1.5 million in 2009 in a manner consistent
    with the increased value in our common stock. We had a
    $1.6 million foreign exchange loss in 2009 compared to a
    gain of $4.2 million in 2008. The change is principally due
    to the foreign currency impact of our outstanding debt as a
    result of the United States dollar generally weakening relative
    to the Swedish kronor in 2009 compared to generally
    strengthening in 2008.
Income
    Tax Expense
Our income tax expense in 2009 was consistent with income tax
    expense in 2008. The increase in our income before income taxes
    of $3.8 million from 2008 to 2009 was offset by a decrease
    in our effective tax rate from 38% in 2008 to 21% in 2009 as a
    result of current year reversal of valuation allowance in
    certain jurisdictions and a more significant impact of earnings
    from foreign operations.
Comparison
    of the Years Ended December 31, 2007 and 2008
Revenue
Year Ended December 31,
2007
2008
Period to
Percentage of
Percentage of
Period
Amount
Revenue
Amount
Revenue
Change
(dollars in thousands)
Revenue:
License revenue
$
51,482
63.9
%
$
74,446
62.9
%
$
22,964
44.6
%
Maintenance revenue
17,747
22.0
%
29,401
24.9
%
11,654
65.7
%
Professional services revenue
11,357
14.1
%
14,417
12.2
%
3,060
26.9
%
Total revenue
$
80,586
100.0
%
$
118,264
100.0
%
$
37,678
46.8
%
Revenue was $118.3 million in 2008 compared to
    $80.6 million in 2007, an increase of $37.7 million,
    or 46.8%, driven by 72% growth in our North American operations,
    which includes Latin America, and a 37% growth in the Nordic
    countries, primarily in Sweden, and contributions from new
    markets including our direct sales operations in France and
    Spain. License revenue grew 45% and maintenance revenue grew
    66%. Maintenance revenue grew in both absolute dollars and as a
    percentage of total revenues due to the continued growth in our
    installed customer base and strong renewal rates. Professional
    service revenue also increased reflecting growth in both
    consulting and training services.
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Table of Contents
Cost
    of Revenue and Gross Profit
Year Ended December 31,
2007
2008
Percentage
Percentage
Period to
of Related
of Related
Period
Amount
Revenue
Amount
Revenue
Change
(dollars in thousands)
Cost of Revenue:
Cost of license revenue
$
2,949
5.7
%
$
3,071
4.1
%
$
122
4.1
%
Cost of maintenance revenue
580
3.3
%
1,365
4.6
%
785
135.3
%
Cost of professional services revenue
8,177
72.0
%
9,562
66.3
%
1,385
16.9
%
Total cost of revenue
$
11,706
14.5
%
$
13,998
11.8
%
$
2,292
19.6
%
Gross Profit:
License revenue
$
48,533
94.3
%
$
71,375
95.9
%
$
22,842
47.1
%
Maintenance revenue
17,167
96.7
%
28,036
95.4
%
10,869
63.3
%
Professional services revenue
3,180
28.0
%
4,855
33.7
%
1,675
52.7
%
Gross Profit
$
68,880
85.5
%
$
104,266
88.2
%
$
35,386
51.4
%
Cost of revenue was $14.0 million in 2008 compared to
    $11.7 million in 2007, an increase of $2.3 million, or
    19.6%. This increase was primarily due to the increase in
    revenues and an increase in personnel and facility costs of
    $0.8 million related to expanded headcount in our support
    organization in order to support the increasing number of new
    customers we added during 2007 and 2008. In addition, fees paid
    to subcontractors in connection with the sale of professional
    services to our customers increased $1.3 million. Our gross
    profit as a percentage of revenue increased slightly in 2008 as
    compared to 2007 due to a higher percentage of our revenue being
    derived from license and maintenance sales.
Operating
    Expenses
Year Ended December 31,
2007
2008
Period to
Percentage
Percentage
Period
Amount
of Revenue
Amount
of Revenue
Change
(dollars in thousands)
Operating Expenses:
Sales and marketing
$
48,249
59.9
%
$
74,267
62.8
%
$
26,018
53.9
%
Research and development
5,419
6.7
%
8,258
7.0
%
2,839
52.4
%
General and administrative
15,154
18.8
%
20,190
17.1
%
5,036
33.2
%
Total operating expenses
$
68,822
85.4
%
$
102,715
86.9
%
$
33,893
49.2
%
Sales and Marketing.
Sales and marketing
    expenses were $74.3 million in 2008 compared to
    $48.2 million in 2007, an increase of $26.0 million,
    or 53.9%. The increase was primarily attributable to an increase
    in personnel and commission costs of $17.9 million, an
    increase in costs related to marketing programs of
    $3.4 million, an increase in facility and other
    infrastructure costs of $2.7 million and an increase in
    travel expenses of $2.1 million. Our establishment of
    direct sales offices in France and Spain along with the further
    growth of our sales force in the United Stated contributed to
    the increase in sales and marketing expenses in 2008 as compared
    to 2007.
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Table of Contents
Research and Development.
Research and
    development expenses were $8.3 million in 2008 compared to
    $5.4 million in 2007, an increase of $2.8 million, or
    52.4%. The increase was due to an increase in personnel costs of
    $2.3 million due to an expansion of our product marketing
    organization and increased travel expenses of $0.5 million
    in 2008. With the vast majority of our research and development
    staff based in Lund, Sweden, changes in the value of the Swedish
    kronor adversely impacted these costs.
General and Administrative.
General and
    administrative expenses were $20.2 million in 2008 compared
    to $15.2 million in 2007, an increase of $5.0 million,
    or 33.2%. This increase was due primarily to a $1.8 million
    increase in personnel costs, a $0.3 million increase in
    stock-based compensation expense, a $0.9 million increase
    in facility and infrastructure costs to support our growth and
    international expansion and an increase in travel expenses of
    $0.7 million. In addition, professional fees, principally
    from accounting, audit and tax fees, increased by
    $0.5 million and depreciation and amortization expense
    increased by $0.3 million as compared to 2007. These costs
    were incurred in order to provide the needed corporate
    infrastructure necessary to support further revenue growth.
Other
    Income (Expense)
Other income (expense) was income of $3.3 million in 2008
    compared to expense of $0.5 million in 2007. The change was
    principally due to a $4.2 million foreign exchange gain in
    2008. This change was primarily due to the foreign currency
    impact of our outstanding debt, which is denominated in Swedish
    kronor, as a result of the United States dollar generally
    strengthening relative to the Swedish kronor in 2008 compared to
    a general weakening in 2007. This change was offset by increased
    interest expense and charges for our common and preferred stock
    warrants. Interest expense increased due to higher average
    outstanding debt balances in 2008 as compared to 2007. The
    change in fair value of stock warrants in 2008 was consistent
    with the change in fair value of stock warrants in 2007.
Income
    Tax Expense
Our income tax expense in 2008 increased by $1.9 million
    from 2007. This increase resulted from an increase in our income
    before income taxes of $5.3 million from 2007 to 2008 and
    an increase in our effective tax rate from 9.9% in 2007 to 38.3%
    in 2008 as a result of more significant earnings in foreign
    operations in 2008 as compared to 2007 and the impact of
    nondeductible expenses in 2008.
Seasonality
Our quarterly results reflect seasonality in the sale of our
    products and services. Historically, a pattern of increased
    license sales in the fourth quarter has positively impacted
    sales activity in that period which can make it difficult to
    achieve sequential revenue growth in the first quarter.
    Similarly, our gross margins and operating income have been
    affected by these historical trends because the majority of our
    expenses are relatively fixed in the near-term. The timing of
    revenues in relation to our expenses, much of which does not
    vary directly with revenue, has an impact on the cost of
    revenue, sales and marketing expense, research and development
    expense and general and administrative expense as a percentage
    of revenue in each calendar quarter during the year. The
    majority of our expenses are personnel-related and include
    salaries, stock-based compensation, benefits and incentive-based
    compensation plan expenses. As a result, we have not experienced
    significant seasonal fluctuations in the timing of our expenses
    from period to period, other than an increase in general and
    administrative expenses during the first quarter of each year as
    a result of our annual employee summit. On a quarterly basis, we
    have usually generated the majority of our revenues in the final
    month of each quarter and a significant amount in the last two
    weeks of a quarter. We believe this is due to customer buying
    patterns typical in this industry. Although these seasonal
    factors are common in the technology sector, historical patterns
    should not be considered a reliable indicator of our future
    sales activity or performance.
Acquisitions
In January 2008, in order to achieve a direct sales presence in
    Spain, we acquired the operations and tangible assets of P.C.
    Compatible Business Intelligence, S.L., or PCB, a Spanish
    reseller of our product, for $1.9 million, including cash
    of $0.4 million and a warrant to purchase an aggregate of
    93,981 shares of our common stock at an
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Table of Contents
exercise price of $1.65 per share. PCB has the right to exercise
    such warrant until December 31, 2010 and to require us to
    purchase the acquired shares for an aggregate of
    €1.8 million (approximately $2.4 million based on
    an assumed exchange rate of approximately $1.43 as of
    December 31, 2009). In the event the holder does not
    exercise this right to cause us to repurchase these shares, the
    warrant would remain outstanding and be exercisable until its
    expiration on December 31, 2014.
In January 2010, in order to achieve a direct sales presence in
    Japan, we acquired all of the issued and outstanding shares of
    Syllogic Corporation, or Syllogic, a Japanese reseller of our
    product, for 120,000 shares of our common stock plus
    contingent cash consideration not to exceed $0.8 million.
We account for acquisitions using the purchase method of
    accounting. In each case, we allocated the purchase price to the
    assets acquired, including intangible assets and liabilities
    assumed, based on estimated fair values at the date of the
    acquisition.
Liquidity
    and Capital Resources
Since our inception, we have financed our operations through the
    sale of preferred stock and common stock, cash flows generated
    by operations and borrowings under debt instruments. As of
    December 31, 2009, we had cash and cash equivalents
    totaling $24.9 million, net accounts receivable of
    $63.7 million and $14.8 million of working capital. As
    of December 31, 2009, we owed a balance of
    49.7 million Swedish kronor (approximately
    $6.9 million based on an assumed exchange rate of
    approximately 0.14 as of December 31, 2009) under a
    promissory note held by a financial institution which is one of
    our stockholders. We currently intend to prepay the outstanding
    principal of this promissory note and any applicable prepayment
    fees with the proceeds of this offering. In addition, we have an
    asset based line of credit facility with a Swedish bank under
    which we may borrow up to 60 million Swedish kronor
    (approximately $8.4 million as of December 31, 2009
    based on an assumed exchange rate of approximately 0.14) which
    had an outstanding balance of $0.2 million as of
    December 31, 2009. The line of credit matures on
    June 30, 2010, and we have begun discussions with the
    lender regarding a possible extension of the facility beyond
    that date.
We estimate our capital expenditures for 2010 to be
    approximately $2.0 million, comprised primarily of
    additional leasehold improvements, furniture and fixtures and
    computer equipment. We believe that our existing cash and cash
    equivalents and our cash flow from operations will be sufficient
    to fund our operations and our capital expenditures and to pay
    our debt service for at least the next 12 months. Our
    future capital requirements will depend on many factors,
    including our rate of revenue growth, the expansion of our sales
    and marketing activities, the timing and extent of spending to
    support product development efforts and expansion into new
    territories, the timing of introductions of new software
    products and enhancements to existing software products and the
    continuing market acceptance of our software offerings. Although
    we are not currently a party to any agreement or letter of
    intent regarding potential investments in, or acquisitions of,
    complementary businesses, applications or technologies, we may
    enter into these types of arrangements, which could require us
    to seek additional equity or debt financing. Additional funds
    may not be available on terms favorable to us or at all.
We will also incur costs as a public company that we have not
    previously incurred, including, but not limited to, costs and
    expenses for directors fees, increased directors and officers
    insurance, investor relations fees, expenses for compliance with
    the Sarbanes-Oxley Act of 2002 and rules implemented by the SEC
    and Nasdaq, on which our common stock will be listed, and
    various other costs. The Sarbanes-Oxley Act of 2002 requires
    that we maintain effective disclosure controls and procedures
    and internal controls.
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Table of Contents
The following table shows selected balance sheet data as well as
    our cash flows from operating activities, investing activities
    and financing activities for the stated periods:
As of and for the Year Ended
December 31,
December 31,
December 31,
2007
2008
2009
(in thousands)
Cash and cash equivalents
$
9,214
$
14,800
$
24,852
Accounts receivable, net
33,859
41,110
63,729
Cash provided by operating activities
2,856
2,631
13,036
Cash used in investing activities
(1,022
)
(2,158
)
(2,128
)
Cash provided by (used in) financing activities
2,480
6,926
(1,791
)
Cash
    and Cash Equivalents
Our cash and cash equivalents at December 31, 2009 were
    held for working capital purposes and were invested primarily in
    cash and money market accounts. We do not enter into investments
    for trading or speculative purposes.
Accounts
    Receivable, Net
Our accounts receivable balance fluctuates from period to period
    which affects our cash flow from operating activities. The
    fluctuations vary depending on the timing of our service
    delivery and billing activity, cash collections and changes to
    our allowance for doubtful accounts. Our allowance for doubtful
    accounts represents our best estimate of the amount of probable
    credit losses. To date, we have not incurred any write-offs of
    accounts receivable significantly different than accounts
    reserved.
Cash
    Flows
Cash
    Provided by Operating Activities
Net cash provided by operating activities was $2.9 million,
    $2.6 million and $13.0 million and net income (loss)
    was ($0.4 million), $3.0 million and $6.9 million
    for the years ended December 31, 2007, 2008 and 2009. The
    primary reason for the increase in net cash provided by
    operating activities in 2009 relates to the increase in net
    income during 2009. We (generated) incurred non-cash (income)
    expenses totaling $1.0 million, $1.9 million and
    $3.2 million for the years ended December 31, 2007,
    2008 and 2009. Non-cash expenses primarily consisted of
    stock-based compensation expense, bad debt expense, change in
    deferred tax assets and liabilities, unrealized foreign currency
    gains and losses, and depreciation and amortization expense.
The change in certain assets and liabilities resulted in a net
    source (use) of cash of $2.2 million, ($2.2 million)
    and $3.0 million for the years ended December 31,
    2007, 2008 and 2009. Cash provided by operating activities is
    driven by sales of our software offerings. Collection of
    accounts receivable from the sales of our software offerings is
    a significant component of our cash flows from operating
    activities, as is the change in deferred revenue related to
    these sales.
Cash Used
    in Investing Activities
Net cash used in investing activities was $1.0 million,
    $2.2 million and $2.1 million for the years ended
    December 31, 2007, 2008 and 2009. Cash used in investing
    activities for the year ended December 31, 2007 was
    primarily for the purchase of property. During the year ended
    December 31, 2008, we acquired PCB for an aggregate of
    $0.4 million in cash. In addition, we made capital
    expenditures for property and equipment. Cash used in investing
    activities for the year ended December 31, 2009 was
    primarily for capital expenditures related to property and
    equipment as we continued to expand our infrastructure and
    workforce.
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Cash
    Provided by (Used in) Financing Activities
Net cash provided by financing activities was $2.5 million
    and $6.9 million for the years ended December 31, 2007
    and 2008. Net cash used in financing activities was
    $1.8 million for the year ended December 31, 2009. Net
    cash provided by financing activities for the year ended
    December 31, 2007 was primarily related to borrowings under
    our line of credit facility as well as proceeds from the
    exercise of stock options partially offset by payments made
    under our long-term debt arrangement. Net cash provided by
    financing activities for the year ended December 31, 2008
    resulted from borrowings under a new long-term note payable
    arrangement and proceeds from the exercise of stock options
    partially offset by payments made under our line of credit
    facility and the previous long-term note payable. Net cash used
    in financing activities for the year ended December 31,
    2009 was due to payments under our long-term note payable
    arrangement partially offset by payments received for the
    exercise and purchase of stock options.
Contractual
    Obligations and Commitments
We generally do not enter into long-term minimum purchase
    commitments. Our principal commitments, in addition to those
    related to our long-term debt discussed below, consist of
    obligations under facility leases for office space.
The following table summarizes our outstanding contractual
    obligations as of December 31, 2009:
Payments Due by Period
Less Than
More Than
Total
1 Year
1-3 Years
3 to 5 Years
5 Years
(in thousands)
Operating lease obligations
$
16,662
$
5,522
$
7,167
$
3,364
$
609
Note payable
$
6,921
3,076
3,845
—
—
Interest on note payable
$
865
577
288
—
—
Total
$
24,448
$
9,175
$
11,300
$
3,364
$
609
We have obligations related to unrecognized tax benefit
    liabilities totaling $3.3 million, which have been excluded
    from the table above as we do not think it is practicable to
    make reliable estimates of the periods in which payments for
    these obligations will be made. See Note 9 of the notes to
    consolidated financial statements.
Off-Balance
    Sheet Arrangements
During the years ended December 31, 2007, 2008 and 2009, we
    did not have any relationships with unconsolidated organizations
    or financial partnerships, such as structured finance or special
    purpose entities, that would have been established for the
    purpose of facilitating off-balance sheet arrangements or other
    contractually narrow or limited purposes.
Recently
    Adopted Accounting Principles
In June 2009, the Financial Accounting Standards Board, or FASB,
    issued The FASB Accounting Standards Codification, or the
    Codification, authorizing the Codification as the sole source
    for authoritative guidance in accordance with GAAP. The
    Codification is effective for financial statements issued for
    reporting periods that end after September 15, 2009. The
    Codification supersedes all accounting standards in GAAP, aside
    from those issued by the SEC.
In May 2009, the FASB issued a standard that sets forth the
    period after the balance sheet date during which management of a
    reporting entity should evaluate events or transactions that may
    occur for potential recognition or disclosure in the financial
    statements; the circumstances under which an entity should
    recognize events or transactions occurring after the balance
    sheet date in its financial statements; and the disclosures that
    an entity should make about events or transactions that occurred
    after the balance sheet date. This standard is effective for
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interim and annual periods ending after June 15, 2009. We
    adopted this standard in the year ended December 31, 2009,
    and it did not impact our consolidated financial results.
We adopted new accounting guidance on business combinations
    effective January 1, 2009. While retaining the fundamental
    requirements of previous GAAP, this new statement makes various
    modifications to the accounting for contingent consideration,
    preacquisition contingencies, purchased in-process research and
    development, acquisition-related transaction costs,
    acquisition-related restructuring costs, and changes in tax
    valuation allowances and tax uncertainty accruals. The impact of
    adopting the guidance will depend on the nature and terms of
    business combinations, if any, that we consummate on or after
    January 1, 2009.
We adopted new accounting guidance on fair value measurements
    effective January 1, 2008, for financial assets and
    liabilities. In addition, effective January 1, 2009, we
    adopted this guidance as it relates to nonfinancial assets and
    liabilities that are not recognized or disclosed at fair value
    in the financial statements on at least an annual basis. This
    guidance defines fair value as the price that would be received
    to sell an asset or paid to transfer a liability, referred to as
    the exit price, in an orderly transaction between market
    participants at the measurement date. The standard outlines a
    valuation framework and creates a fair value hierarchy in order
    to increase the consistency and comparability of fair value
    measurements and the related disclosures. See additional
    disclosures in Note 5 of the notes to consolidated
    financial statements related to the adoption of this fair value
    guidance.
In June 2008, the FASB issued new guidance related to assessing
    whether an equity-linked financial instrument (or embedded
    feature) is indexed to an entity's own stock for the
    purposes of determining whether such equity-linked financial
    instrument (or embedded feature) is subject to derivative
    accounting. We adopted the new guidance effective
    January 1, 2009. The adoption of this guidance did not have
    a material impact on our consolidated financial statements.
Recent
    Accounting Pronouncements
In October 2009, the FASB clarified the accounting guidance for
    sales of tangible products containing both software and hardware
    elements and issued new guidance that amends the criteria for
    evaluating the individual items in a multiple deliverable
    revenue arrangement and how to allocate the consideration
    received to the individual items. The guidance is effective for
    revenue arrangements entered into or materially modified in
    fiscal years beginning on or after June 15, 2010, with
    early adoption permitted. We have evaluated the potential impact
    of the revised guidance on our financial position and results of
    operations and have concluded that they will not have a material
    impact on our consolidated financial statements.
In August 2009, the FASB issued guidance on measuring
    liabilities at fair value, which provides clarification that in
    circumstances where a quoted market price in an active market
    for an identical liability is not available, a reporting entity
    must measure fair value of the liability using one of the
    following techniques: the quoted price of the identical
    liability when traded as an asset; quoted prices for similar
    liabilities or similar liabilities when traded as assets; or
    another valuation technique, such as a present value technique
    or the amount that the reporting entity would pay to transfer
    the identical liability or would receive to enter into the
    identical liability that is consistent with the provisions of
    authoritative guidance. This statement becomes effective for the
    first reporting period, including interim periods, beginning
    after issuance. We adopted this statement effective as of
    January 1, 2010. We have evaluated the potential impact of
    these consensuses on our financial position and results of
    operations, and we have concluded that they will not have a
    material impact on our consolidated financial statements.
Quantitative
    and Qualitative Disclosures about Market Risk
Interest
    Rate Sensitivity
We had cash and cash equivalents of $9.2 million at
    December 31, 2007, $14.8 million at December 31,
    2008 and $24.9 million at December 31, 2009. We held
    these amounts primarily in cash or money market funds.
We hold cash and cash equivalents for working capital purposes.
    We do not have material exposure to market risk with respect to
    investments, as our investments consist primarily of highly
    liquid investments purchased with original maturities of three
    months or less. We do not use derivative financial instruments
    for speculative or trading
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purposes; however, we may adopt specific hedging strategies in
    the future. Any declines in interest rates, however, will reduce
    future interest income.
We had total outstanding debt of $5.1 million at
    December 31, 2007, $8.1 million at December 31,
    2008 and $7.0 million at December 31, 2009. The
    interest rate on our outstanding debt at December 31, 2009
    is fixed at 10%.
Foreign
    Currency Risk
We market our products in North America, Europe, the
    Asia-Pacific Regions, South America and Africa and develop our
    products in Europe. As a result of our business activities in
    foreign countries, our financial results could be affected by
    factors such as changes in foreign currency exchange rates or
    economic conditions in foreign markets, and there is no
    assurance that exchange rate fluctuations will not harm our
    business in the future. We sell our products in certain
    countries in the local currency for the respective country. In
    addition, our product development activities are principally
    based at our facility in Lund, Sweden. This provides some
    natural hedging because most of our subsidiaries' operating
    expenses are denominated in their local currencies. Regardless
    of this natural hedging, our results of operations may be
    adversely impacted by the exchange rate fluctuation. Although we
    will continue to monitor our exposure to currency fluctuations
    and, where appropriate, may use financial hedging techniques in
    the future to minimize the effect of these fluctuations, we are
    not currently engaged in any financial hedging transactions.
Foreign currency risk exposures arise from transactions
    denominated in a currency other than our functional currency and
    from foreign denominated revenue and profit translated into
    United States dollars. Approximately 73% of our operating
    revenues were denominated in currencies other than the United
    States dollar for the year ended December 31, 2009. The
    principal foreign currencies in which we conduct business are
    the Swedish kronor, the British pound and the euro. The
    translation of currencies in which we operate into the United
    States dollar may affect consolidated revenues and gross profit
    margins as expressed in United States dollars. A weakening of
    the United States dollar versus other currencies in which we
    operate may increase our consolidated revenues and gross profit
    margins while the strengthening of the United States dollars
    versus these currencies may have an opposite effect on our
    consolidated results expressed in United States dollars.
At December 31, 2008 and 2009, we have a note payable that
    is denominated in Swedish kronor that is remeasured at each
    reporting date with foreign currency gains (losses) recognized
    in other income (expense). We recognized a gain in 2008 as a
    result of the general strengthening of the United States dollar
    relative to the Swedish kronor and a loss in 2009 due to the
    general weakening of the United States dollar relative to the
    Swedish kronor. A hypothetical 10% change in the foreign
    exchange rate at December 31, 2009 would have resulted in a
    $0.7 million impact on net income.
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BUSINESS
Overview
We have pioneered a powerful, easy-to-use business intelligence
    solution that enables our customers to make better and faster
    business decisions. Our software platform, QlikView, combines
    enterprise-class analytics and search functionality with the
    simplicity and
ease-of-use
found in office productivity software tools for a broad set of
    business users. QlikView is powered by our in-memory associative
    search technology, which has utilized rapid advances in
    computing power to yield significant improvement in flexibility
    and performance at a lower cost than traditional business
    intelligence solutions. We have grown our customer base from
    over 1,500 customers in 2005 to over 13,000 in 2009 and
    increased our revenue at a 59% compound annual growth rate
    during the same period. We added an average of 404 new customers
    per month during fiscal year 2009. Our solution addresses a
    diverse range of customer needs from middle market customers to
    large enterprises such as BP, Campbell Soup Company, Colonial
    Life, The Dannon Company, Inc., Heidelberger Druckmaschiner AG,
    Kraft Foods, Lifetime Brands, National Health Services (NHS),
    Qualcomm, Symantec and Volvo Car UK Limited. We have customers
    in over 100 countries and approximately 77% of our revenue
    in 2009 was derived internationally.
QlikView empowers business users to navigate data in a manner
    consistent with the fluid, associative nature of human thought.
    Our technology platform enables users to consolidate large,
    disparate data sets and discover relationships within data in
    real time when requested by the user. QlikView visualizes data
    in a simple, intuitive user interface that enables users to
    interactively explore and analyze information. The
ease-of-use
and flexibility of QlikView enables a broad set of business
    users, such as sales, marketing, human resources and finance
    professionals; executive management and other managers;
    operations, support and IT staff; data analysts and
    statisticians. Examples of QlikView users include:
•
Operations Planner —
uses QlikView to prepare
    inventory forecasts for a global food manufacturer resulting in
    significant improvement in forecast accuracy and reduced
    transportation and workforce costs
•
Pharmaceutical Sales Representative —
uses
    QlikView to access current industry sales trends and doctor
    prescription history while on a sales call with a busy physician
•
Chief Information Officer —
uses QlikView to
    analyze IT spending and budget information to identify
    opportunities for cost savings and service level improvement
•
Police Sergeant —
uses QlikView to maintain a
    consolidated view of crime levels and optimize staffing
    allocations to dispatch police into high crime areas
We have a differentiated business model designed to accelerate
    the adoption of our product by reducing the time and cost to
    purchase and implement our software. Our low risk approach to
    product sales, which offers free product downloads to
    individuals and a
30-day
money
    back guarantee upon purchase, provides a needed alternative to
    costly,
all-or-nothing,
traditional business intelligence sales model. We initially
    focus on specific business users or departments within a
    prospective customer's organization and seek to solve a
    targeted business need. After demonstrating QlikView's
    benefits to initial adopters within an organization, we work to
    expand sales of our product to other business units, geographies
    and use cases with the long-term goal of broad organizational
    deployment. According to a 2009 IDC survey, 44% of our customers
    deploy QlikView in less than one month and 77% of our customers
    deploy QlikView in less than three months. In comparison, our
    customers have indicated to us that their prior implementations
    of traditional business intelligence tools often take up to
    18 months. We have a diversified distribution model that
    consists of a direct sales force and a partner network that
    includes resellers, OEMs and systems integrators. Additionally,
    our online QlikCommunity provides us with a loyal and growing
    network of users who promote our software, provide support for
    other users and contribute valuable insights and feedback for
    our product development efforts.
For the years ended December 31, 2009, 2008 and 2007, our
    revenue was $157.4 million, $118.3 million and
    $80.6 million, representing
year-over-year
growth of 33% in 2009 and 47% in 2008. For the three months
    ended December 31, 2009, our revenue was
    $61.7 million, representing 74% growth over the same period
    the prior year. In addition, we generated operating income of
    $13.2 million, $1.6 million and $0.1 million for
    the years ended
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December 31, 2009, 2008 and 2007. For the year ended
    December 31, 2009, software license and maintenance revenue
    comprised 90% and professional services and training comprised
    10% of our total revenue.
Our
    Industry
Use
    of Business Intelligence and Data Analytics Tools
We believe that to succeed in today's increasingly
    competitive markets, businesses must accelerate the rate at
    which they identify and respond to changing business conditions.
    An organization's market agility and ultimate success in
    the global marketplace are dependent upon its ability to harness
    the power of increasing volumes of information to make effective
    business decisions. In seeking to gain an information advantage,
    many organizations have implemented a range of solutions,
    including business intelligence and data analytics tools.
    According to a 2009 IDC report, the business intelligence market
    is projected to grow to $8.6 billion in 2010; however, we
    believe most traditional business intelligence tools were
    developed for data analysts and other quantitative
    professionals, not business users. We believe that these
    traditional business intelligence tools often fail to provide
    timely and critical insights to business professionals due to
    inflexible data architecture, lack of broad usability and
    substantial implementation time. As a result of the limitations
    of traditional business intelligence tools, many business users
    have turned to spreadsheets to help them perform data analysis.
    Business users have adopted spreadsheets for many applications
    due to their wide availability; however, these general
    productivity tools were not specifically designed to facilitate
    interactivity, aggregation or analysis of data for decision
    making.
Trends
    Driving Adoption of Business Intelligence and Data Analytics
    Solutions
The use and importance of business intelligence and data
    analytics software within organizations of all sizes has
    increased significantly for several reasons, including:
Exponential Growth in Data Available for
    Analysis.
Over the last two decades,
    organizations have made significant investments in automating
    business processes with software applications that generate
    substantial amounts of data which must be manipulated, analyzed
    and made accessible to be useful to decision makers. However,
    this data is often stored in different formats making it
    challenging to efficiently analyze the data and gain insight
    from it without using powerful data analytics solutions. A 2009
    report by IDC indicated that enterprise data volume has grown at
    a 52% compounded annual growth rate since 2005.
Disparate Data Sources.
In today's
    highly competitive marketplace, companies are expanding
    operations through geographic diversification, acquisitions and
    partnerships. The frequency of these strategic activities can
    result in a complex web of infrastructure and software systems
    within an organization. In addition, companies are more closely
    integrating their systems with those of their customers,
    partners and suppliers and adopting new software applications to
    improve business efficiency. As a result, large amounts of data
    are stored in various repositories across an extended network
    creating significant data aggregation challenges. Organizations
    often deploy a number of tools, including sophisticated data
    integration software, purpose-built data warehouses and business
    intelligence systems, to efficiently and reliably aggregate,
    synchronize and analyze this disparate business data.
Decentralized Decision-Making.
We
    believe that many organizations are shifting towards
    decentralized decision-making in order to more efficiently
    respond to changing industry trends and competitive threats.
    This shift has created the need for data analysis tools that
    support employees at all levels of the organization as they
    assume more responsibility for making critical business
    decisions. Additionally, we believe that increases in the power
    and performance of mobile networks and devices will drive demand
    for mobile access to business data. The widespread use of simple
    yet robust personal software applications has driven demand from
    business users for intuitive analytical tools to make faster and
    better decisions.
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Traditional
    Software Tools are Inadequate
Although there has been increasing adoption of business
    intelligence and data analytics tools, we believe that most of
    these traditional tools are inadequate to meet the needs of
    users and face the following limitations:
Analysis Tools Not Designed for Business
    Users.
Most traditional business intelligence
    tools were developed specifically for data analysts and other
    quantitative professionals. These systems require sophisticated
    programming skills to construct or modify predefined, inflexible
    data sets, known as "data cubes." These tools are used
    to produce static reports which the business user cannot easily
    modify or explore in an interactive manner. A typical business
    user does not possess the skills or authority needed to modify
    the underlying data cube and therefore must engage their IT
    departments to reconfigure the analysis to produce the requested
    information between each decision cycle. As a result, business
    users often do not have access to critical data in a timely
    manner and may miss important insights and opportunities.
Highly Inflexible Solutions are Difficult to Implement and
    Maintain.
Traditional business intelligence
    solutions require the integration of large volumes of data
    stored across an organization and its partners and the
    development of a pre-defined summarization of the data (or data
    warehouse) to support static query and reporting tools. These
    tasks can be time-consuming and complex and often require
    significant professional services support to complete. In
    addition, traditional business intelligence solutions can be
    difficult to update and require substantial investments to
    refresh the underlying data.
Substantial
    Total-Cost-of-Ownership.
Organizations incur
    significant hardware, software and professional services costs
    to deploy and maintain traditional business intelligence
    solutions. We believe the average business intelligence platform
    implementation takes approximately 18 months from the time
    of initial purchase. According to a 2009 report, Gartner
    estimates that the cost of development for business intelligence
    and data warehouse applications is about three to five times the
    cost of the
    software.
1
These initial and ongoing costs result in a substantial
    total-cost-of-ownership for many traditional business
    intelligence applications. Most providers of traditional
    business intelligence tools rely upon professional services
    revenue for a large portion of their total revenue, and thus
    have little incentive to migrate to a more customer friendly
    license-based model or to solutions that are simple to install
    and easy-to-use.
Spreadsheets Not Suited for Data Analysis and Lack
    Reliability.
Spreadsheets have been widely
    adopted by business users for data analysis because they are
    readily available. However, spreadsheets are general purpose
    business productivity tools designed for data input and
    calculation. The performance of spreadsheets declines when
    analyzing large data sets or performing real-time, dynamic
    calculations. Spreadsheets are often shared and edited by
    numerous parties, resulting in multiple versions of similar
    material. This lack of version control causes inconsistencies in
    analysis, an inability to audit workflows and significant data
    reliability challenges. Furthermore, spreadsheets lack
    sophisticated data security features and can cause a number of
    data security challenges given they can be easily shared via
    email or detachable storage drives.
The
    Opportunity for the QlikView Solution
QlikView addresses a broader market opportunity than solely
    traditional users of business intelligence. According to a 2009
    IDC report, the business intelligence market is projected to
    grow to $8.6 billion in 2010. We believe that published
    market size estimates exclude the vast majority of business
    users, as most of these professionals do not use traditional
    business intelligence solutions due to their cost and
    complexity. According to a 2009 Gartner report, 28% of total
    potential users within organizations use business intelligence
    software.
1
We believe that these potential users instead have adopted
    common office productivity software tools for data analysis
    tasks and that these users could benefit from a business
    intelligence tool with QlikView's capabilities and
    accessibility.
The market for our software platform extends beyond large
    enterprises which have historically been the most frequent
    adopters of traditional business intelligence tools. The
    substantial cost and complexity of these traditional tools have
    limited adoption by small businesses and medium-sized
    enterprises. These potential users and customer segments
    represent a large, underpenetrated market opportunity that we
    believe will increasingly deploy powerful, enterprise-class
    software platforms if they are lower cost and easy to use. Based
    on our analysis of 2006 United
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States Census Bureau data, there are approximately 18,000 large
    and medium-sized enterprises (organizations with over
    500 employees) and approximately 7.2 million small
    businesses (organizations with ten to 500 employees) in the
    United States. We believe that a significant number of these
    organizations are potential users of QlikView. In addition to
    the business intelligence market, we also believe QlikView can
    be used to satisfy business users' needs in adjacent
    markets, such as search and discovery software, which according
    to a 2009 IDC report is projected to grow to $2.4 billion
    in 2010.
Our
    Solution
QlikView is an innovative business intelligence solution that
    combines enterprise-class analytics with the simplicity and
    ease-of-use found in office productivity software tools. We
    designed QlikView to enable business users in organizations of
    all sizes to make faster and better decisions. A 2009 IDC study
    found that QlikView users achieved an average of 186% return on
    investment, or ROI, on their QlikView projects as well as a 23%
    increase in cash flow, 20% decrease in operating costs and 34%
    increase in productivity. The key differentiators of our
    solution include:
Intuitive Experience Drives Broad
    Adoption.
QlikView empowers business users
    with sophisticated analytic capabilities delivered through an
    easy-to-use, intuitive user interface. Unlike traditional
    business intelligence tools, which typically require advanced
    programming by IT professionals to create static data reports,
    QlikView allows the business user to search associatively and
    define visual charts through simple
point-and-click
technology. Our user interface extends the power of data
    analytics to the business user and drives QlikView usage and
    adoption.
Faster Decision Cycles Increase Business
    Agility.
QlikView provides customers with the
    tools to make faster, better decisions that help improve
    business performance. According to a 2009 IDC survey, 44% of our
    customers deploy QlikView in less than one month and 77% of our
    customers deploy QlikView in less than three months. Our
    customers have indicated to us that their prior implementation
    of traditional business intelligence tools often take up to
    18 months. Our deployment time significantly shortens
time-to-value
for our customers. In addition, after the initial installation
    the customer's analysis can be rapidly updated as
    underlying data evolves and analytic requirements change.
    Furthermore, QlikView's in-memory associative search
    technology makes calculations in real time enabling business
    users to intuitively interrogate and analyze data, which reduces
    decision cycles.
Lower Total-Cost-of-Ownership Yields Higher
    ROI.
QlikView has approximately 47% of the
    total cost of ownership of a "generic" business
    intelligence project, according to a 2009 IDC
    report.
2
These savings are driven by reduced expenditures across
    hardware, software and services from implementation through
    ongoing maintenance and support. Traditional business
    intelligence tools are typically comprised of a number of
    disparate software components. QlikView is a single, cohesive
    product that facilitates many types of analysis, whether
    dashboards, analytic applications or reports, in a single user
    interface with a common look and feel. QlikView can be
    implemented in a self-service manner and runs independently with
    limited IT support and without extensive infrastructure. As a
    result, QlikView customers have reported, according to a 2009
    IDC report, spending 39% of the professional services costs
    required for traditional business intelligence solutions.
Highly Scalable In-Memory Architecture Leverages Hardware
    Advances.
QlikView's in-memory
    associative technology benefits from two important computer
    hardware trends: 64-bit computing, which increases the amount of
    memory available on computers, and multi-core central processing
    units, or CPUs, which allow for parallel processing of complex
    calculations. Because of these capabilities, QlikView is able to
    store data in memory and perform real-time calculations on a
    massive volume of data from disparate sources. It is our
    expectation that the amount of available memory and number of
    CPU cores and processing speed will continue to increase in the
    future. These expected improvements will drive QlikView's
    future performance with minimal incremental investment because
    we perform calculations in memory and on multiple cores in
    parallel. Our platform integrates with nearly all data sources
    and can scale from a single user to enterprise deployments
    without requiring significant additional infrastructure.
Open Platform Focus.
QlikView is
    designed to be the easiest and fastest business intelligence
    platform on which business users can develop analytic
    applications. We provide a powerful, easy-to-use business
    intelligence
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platform that does not include any purpose-specific applications
    when installed
out-of-the-box.
We believe that each of our customers' business challenges
    are highly unique and change rapidly. Therefore, our customers
    are best positioned to create analytical applications that meet
    their individual needs, and they require a flexible platform
    that empowers them to address their challenges. Additionally, we
    license our platform to partners, such as independent software
    vendors and systems integrators, to create a wide variety of
    applications. We have aligned with partners who have domain
    specific knowledge and who will use such knowledge to build and
    support purpose-specific analytic applications that they can
    license directly to a user.
Our
    Business Model
To complement QlikView, we have developed a differentiated
    business model that has the following attributes:
Broad User Focus.
We seek to market and
    sell directly to the business user by providing an intuitive
    software platform that can be installed and used with minimal
    training. We believe that the ease by which business users can
    evaluate and benefit from our platform substantially expands our
    addressable market by allowing us to target a wide range of
    users, generate incremental business from existing customers and
    expand our footprint within their organizations. Unlike most
    existing business intelligence tools, QlikView is purpose-built
    for business users and does not require substantial IT support
    to install, integrate and maintain.
Low Risk Rapid Product Adoption.
To
    facilitate adoption of our platform, we offer a downloadable,
easy-to-install,
full-featured version of QlikView for individual use
free-of-charge.
We allow our customers to purchase licenses in the way that best
    meets their needs, including on an individual, workgroup,
    departmental or enterprise wide basis. This provides the
    flexibility organizations desire when evaluating software
    purchases. When a customer decides to make a purchase, we offer
    a
30-day,
money-back guarantee to further encourage rapid adoption of
    QlikView. These measures significantly reduce customer trial
    risk and provide a needed alternative to costly,
all-or-nothing,
enterprise-wide deployment requirements.
"Land and Expand" Customer
    Penetration.
We seek to initially
    "land" within the organization of a new customer by
    solving a business need of specific business users or
    departments. After demonstrating the value of our solution to
    those initial adopters, we work to "expand" the use of
    our solution across the organization by targeting other business
    units, geographies and use cases. Our customer penetration
    strategy is focused on creating a loyal user base that promotes
    adoption through tangible results and powerful,
word-of-mouth
marketing which facilitate incremental sales.
Globally Diversified Distribution
    Model.
We seek to maximize the reach of the
    QlikView platform by employing a multi-pronged sales approach
    that leverages a direct sales force and partner network which
    includes resellers, OEM relationships and systems integrators.
    We typically enter new markets through partnerships and reseller
    agreements to minimize cost and risk while we assess demand in
    the new market. For example, we successfully grew our initial
    sales in France and the United Kingdom without maintaining a
    local direct sales office and plan to use this strategy to
    target additional international regions. We currently have
    distribution capabilities in over 100 countries and a network of
    over 1,100 channel partners worldwide to help generate demand
    for QlikView.
Community-Based Marketing and
    Support.
We have established QlikCommunity,
    our user community, to augment our development, marketing and
    support efforts. This community of over 21,000 registered users
    as of December 31, 2009 promotes the use of our software
    within their organizations as well as to other organizations. We
    utilize the QlikCommunity extensively to provide low-cost user
    and developer support and valuable insights used by our research
    and development team for product development. This passionate,
    user-driven culture and collaboration begins within our company
    and extends out to broader communities within our
    customers' organizations, further driving the QlikView
    brand and quality.
Growth
    Strategy
We intend to make QlikView the primary platform on which
    business users, in companies of all sizes, make critical
    business decisions. The key elements of our growth strategy
    include:
Increase Our Global Market
    Penetration.
We intend to expand our presence
    in targeted geographies by growing our direct sales force and
    global partner network. We began our operations in Sweden, have
    established a
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substantial foothold in Western Europe and continue to expand
    globally. We intend to increase our presence in North America by
    expanding our direct sales force and growing our indirect
    channel in the region. We also seek to enter new international
    markets by establishing distribution partnerships to drive
    sales. We are leveraging our prior experience in Europe with
    distribution partners and master resellers to further penetrate
    international regions, such as United States, Japan, Australia,
    China, Russia and Brazil.
Further Penetrate Our Existing Customer
    Base.
We intend to increase penetration of
    existing customers by capitalizing on current users'
    satisfaction to promote QlikView to other users and departments
    within their organizations. Of our 13,000 customers as of
    December 31, 2009, approximately 37% have been working with
    the QlikView platform for less than 12 months. We believe a
    substantial opportunity exists to increase our sales to these
    customers. Historically, we have migrated new customers from
    single project and departmental deployments to multi-department
    deployments by building on the satisfaction and benefits that
    our customers experience using our platform.
Extend Our Software Platform to Provide New Business
    Solutions.
We plan to enhance our current
    platform by adding new functionality that extends our analytics,
    visualization and search capabilities to broader use cases.
    Today, business intelligence is primarily used to solve
    internally focused decision-making by data analysts and other
    quantitative professionals. We believe that due to our unique
    capabilities, QlikView can be extended to adjacent areas where
    data-driven decisions are critical, including website
    navigation, content search and information management, external
    data communication, product configuration and
e-commerce
applications. Over time, we believe a variety of data-intensive
    functions within organizations could be enhanced and made more
    efficient by utilizing QlikView.
Expand Our OEM Alliances and Strategic
    Relationships.
We believe we have a
    significant opportunity to expand the use of QlikView through
    our OEM relationships, which accounted for approximately 7% of
    our sales in 2009, as well as through other distribution
    relationships. We have an ongoing effort to increase our number
    of OEM alliances with other independent software vendors that
    license our technology to embed within and enhance their
    solutions. In addition, we seek to expand our strategic reseller
    agreements and relationships with systems integrators and
    consultants and to use this channel to generate additional
    inbound customer prospects.
Enhance Adoption of QlikView by Offering a Robust Mobile
    Solution.
We intend to offer a variety of
    delivery options that enable our customers to use our software
    from any location over any device. In May 2009, we began
    offering QlikView for the Apple iPhone, and we now also offer a
    mobile client on the Android, BlackBerry and Symbian-based smart
    phones. QlikView is one of the first business intelligence
    platforms to make use of the mobile devices' native touch
    interface and GPS features to deliver an interactive business
    intelligence experience on a mobile device. We believe the
    interactive capabilities of QlikView mobile client will help
    establish us as a market leader in the emerging mobile business
    intelligence space and enhance adoption of QlikView on the
    desktop as additional users experience the capabilities and
    benefits of our solution.
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Products
Our QlikView product is designed to allow deployments to scale
    from the single user to thousands of users. The following
    diagram shows the deployment progression for QlikView:
Single
    User Deployment
QlikView Local Client is designed to provide business users with
    a simple and efficient way to build analytic applications to
    solve critical business challenges. QlikView Local Client is a
    Windows application that is installed on the user's
    computer. QlikView Local Client allows the user to load
    disparate data sources such as databases, flat files or web
    services into memory. Users can create a full array of user
    interface objects such as charts, graphs, tables and listboxes
    and analyze and visualize the data that is stored in memory. In
    addition, any user interface elements can be grouped together
    into a static report suitable for printing or emailing. These
    analytic applications are valuable on a standalone basis but
    gain their real value when shared with others in the
    organization.
We offer QlikView Local Client as a free download with full
    capabilities to develop analyses, but with the restriction that
    users can only use analyses they have built themselves. This is
    referred to as a Personal Use License and allows users to
    connect to any underlying data source, load data, build user
    interfaces and conduct interactive analyses of their data. The
    Personal Use License limits the use of the QlikView files to the
    person who created it. To share the analysis with another user,
    each user must have a QlikView license, rather than a Personal
    Use License. The Personal Use License provides a way for
    individuals to learn and gain value from QlikView and also
    generates leads for our sales organization.
Small
    Workgroup Deployment
A small workgroup deployment involves the use of multiple
    QlikView Local Clients on standalone client machines without a
    central server. In order to share QlikView data and analysis
    created by others in the workgroup, each user must have an
    individual license. Because all data and analysis is contained
    within a QlikView file, each licensed user may share, whether by
    email, on a portal or on a shared drive, the QlikView file. This
    deployment approach is typically favored by organizations with
    small user populations
and/or
poor
    network connectivity.
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Departmental
    and Enterprise Deployments
Departmental and enterprise deployments utilize a server to
    provide a central repository for all QlikView analysis. The
    QlikView Server component supports authentication and security
    models to ensure appropriate user access and simultaneous access
    to analyses by large user groups. We designed QlikView Server to
    maximize the use of the processing power of standard multi-core
    servers by spreading calculations over all available CPU cores.
    The QlikView Server can be grouped across more than one physical
    server into clusters to provide fault tolerance and additional
    scale.
Server based deployments scale from small user groups (less than
    25) to enterprise-wide use (tens of thousands of users). We
    offer the QlikView Server at two license levels: Small Business
    Edition and Enterprise Edition. Small Business Edition is
    limited to 25 users and is suitable only for small and midsize
    deployments. The Enterprise Edition has no user limits and
    includes capabilities designed for larger and more technically
    complex implementations.
To manage large deployments of QlikView, we offer our QlikView
    Publisher component which is an administrative interface for
    maintaining QlikView analyses. QlikView Publisher allows users
    to reload data in a QlikView analysis on a periodic basis to
    ensure that the most current data is available. QlikView
    Publisher also connects to directory servers within
    organizations and applies user security rules to a QlikView
    analysis to ensure appropriate user access. Finally, QlikView
    Publisher can alert end users to changes to a QlikView file and
    facilitate distribution via email or a web based interface
    called AccessPoint. The QlikView Publisher can be deployed
    across one or more physical servers to provide the scale needed
    for large QlikView deployments. QlikView Publisher is licensed
    on a per server basis and includes a separately licensable
    option for PDF report distribution capabilities. For large
    enterprise deployments, multiple QlikView Servers and QlikView
    Publishers can be clustered to provide load balancing and fail
    over capabilities.
Access to the QlikView Server is governed by a Client Access
    License (or CAL) licensing model. The most common QlikView
    Server license type is a Named User CAL. In addition to access
    to the QlikView Server there are separately licensable options
    for real-time data streaming capabilities and test and
    development servers. QlikView also offers separately licensable
    options for a connector to SAP and Salesforce.com.
Technology
QlikView's primary architectural principles are to provide
    end user simplicity and rapid deployment. In developing our
    solution, we endeavor to obscure the underlying technical
    complexity from the user while providing powerful easy-to-use
    functionality.
Superior
    End User Experience
QlikView is designed to mirror the fluid, associative nature of
    human thought. We believe people process information in
    non-hierarchical ways when making decisions. Faced with a
    decision, each person uses a different path to reach a
    conclusion. We designed QlikView to support this type of
    decision-making by allowing users to explore data according to
    their own thought processes, seeing updated calculations and
    relationships with each QlikView interaction.
We call this flexible model of interaction "associative
    search." Associative search is a non-hierarchical model of
    interacting with interrelated data elements. It allows users to
    select arbitrary groups of data elements and see how these
    selections affect the remaining data elements. In QlikView, the
    user's selections are shown in green, data elements related
    to these selections are shown in white, and data elements not
    related to these selections are shown in gray. The user's
    current selections apply to all the data in QlikView and affect
    every calculated value. Thus, with every interaction users see
    the relationship between data and also the effect their
    selection has on calculations that they are tracking.
    Importantly, information is never hidden from the user. All data
    is always shown to the user, including information not related
    to the user selection. This can lead a user to see unexpected
    insights from otherwise excluded data. Finally, all user
    interactions and data calculations are performed in real time.
    Because of the rapid response time and ease of use, users can
    click frequently through data and analysis. Users take advantage
    of this speed to "surf" the data and identify
    relationships that they may otherwise miss in competing products.
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Traditional business intelligence query tools filter data that
    is not part of the current query, hiding data from the user and
    potentially omitting valuable information which did not meet the
    initial parameters of the question. Typically the queries that
    underlie these tools take many minutes or even hours to run.
    This creates a high cost of investigation and may cause users to
    avoid running multiple queries. In addition, to improve
    performance traditional tools often require reports to be run in
    batches and thus be pre-defined ahead of time.
Fast
    Deployment
QlikView's architecture reduces the cycle time between data
    collection and deployment of analysis to the end user to a few
    weeks and sometimes to as little as a few days. By moving all
    data in-memory, QlikView does not require the use of data
    warehouses for high performance analyses which shortens the time
    to access data. QlikView does not require disk-based cubes since
    it performs all calculations in real time as the user explores a
    data set. This approach allows the user to interactively analyze
    a data set and easily modify the scope of an analysis. In
    addition, in many cases, end users can build the required
    analyses themselves. The QlikView architecture facilitates the
    development of all types of analysis, including dashboards,
    analytic applications or reports, on a single platform with a
    common user interface. QlikView is often deployed with limited
    IT intervention enabling IT staff to focus on data integration
    and data quality challenges which is where they can be most
    valuable.
Traditional business intelligence tools typically require long
    and complicated deployments for several reasons. In traditional
    deployments, large volumes of data used for decision-making must
    be moved into query-only data repositories such as data
    warehouses to accommodate the heavy query loads that traditional
    tools make on operational systems. Traditional tools store
    analyses on disk in pre-calculated cubes to improve perceived
    metric calculation performance. These disk-based cubes are
    difficult and time-consuming to build and maintain and require
    the scope of analysis to be decided ahead of time. Thus, typical
    deployments of traditional business intelligence tools require
    an extended requirements gathering phase during which IT staff
    work with business users in an attempt to document and lock-down
    the scope of analysis in advance. Traditional business
    intelligence tools have many end user tools for viewing
    analyses. Once the data is organized, there is a long process of
    selecting and deploying the appropriate end user tool. Finally,
    due to product complexity, traditional tools must be managed and
    governed by resource constrained IT departments, rather than by
    business users. Most traditional deployments require over a year
    to implement fully, with changes to the scope of a project
    extending the time to value.
Technology
    Foundations
Associative search has two key technological foundations: all
    data is held in computer memory (RAM), and all calculations are
    performed in real time. Two important computing trends have
    supported these architectural decisions. The first trend is the
    shift from 32-bit computing to 64-bit computing, which has
    exponentially raised the amount of available RAM per computer.
    It is currently possible to purchase servers with as much as 512
    gigabytes of RAM, whereas as recently as 2005, most servers had
    four gigabytes of RAM. This increase in available memory has
    made it practical to move data storage from disk directly into
    RAM. The second trend is the increasing pervasiveness of
    multi-core CPUs. In 2005, most servers had single-core CPUs.
    Today, commonly available servers can have as many as 48 cores
    across eight CPUs. For applications that have been designed to
    run calculations in parallel, this shift has provided a large
    increase in processing power. These high capacity servers are
    readily available for purchase, even online via credit card, for
    less than $50,000. Even quite recently this level of computing
    power would require a custom built machine costing hundreds of
    thousands or even millions of dollars.
QlikView's in-memory architecture allows it to manipulate
    large amounts of data, while giving users a high level of
    interactivity. QlikView compresses data as it is brought into
    memory, and this enables it to store data in-memory more
    efficiently than it would be stored on disk in a traditional
    relational database. As data is brought into memory, QlikView
    also maps the linkages between data elements to help facilitate
    visualization of data element associations. In more recent
    versions of QlikView, data can be streamed directly into memory
    from source applications, providing a mechanism for updating the
    data in-memory without reloading.
QlikView's ability to perform real-time calculations allows
    it to handle the calculation of complex measures and metrics
    quickly. QlikView is designed to spread the calculation load
    across all available CPU cores and to
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manage this workload across many concurrent users. In addition,
    our platform can cache results across users so that the most
    commonly used calculations are performed the least number of
    times.
QlikCommunity
We have a loyal base of users on our online community website,
    QlikCommunity which is comprised of over 21,000 registered users
    as of December 31, 2009. Our QlikCommunity website was
    relaunched in May 2009, and during the fourth quarter of 2009 we
    averaged approximately 100 new user registrations each day.
    QlikCommunity provides our registered users with a low-cost,
    user-friendly product support resource, which includes:
•
discussion forums to share their QlikView experiences and to
    find answers to questions about the product and its features
•
user groups based on location, industry and job function
•
blogs written by our employees
•
user-generated content, including best practices, how-to's,
    documentation and other material
In addition, QlikCommunity provides us with a loyal network of
    practitioners who promote the usage of our software and provide
    support to users trying to solve technical problems.
    QlikCommunity also serves as a valuable feedback loop through
    which our product development team gains insights about new
    features and functionalities that help guide our future product
    development. QlikCommunity users also provide us with their
    contact information when they register as a member, and we
    effectively target these users as a pool of self-selecting,
    low-cost, qualified sales leads.
Research
    and Development
Our research and development (or R&D) organization is
    responsible for the design, development, testing and support of
    our software. Our current research and development efforts are
    focused on new releases of existing products as well as new
    products and modules.
As of December 31, 2009, we had 54 people in our
    R&D organization. Our entire R&D organization is
    located in Lund, Sweden on two connected floors in the Ideon
    Science Park. The core members of our R&D team have been
    with our company since as early as 1996. We believe that the
    close physical proximity and the tenure of our core development
    organization provide us with a competitive advantage. We use an
    agile philosophy in our development process which encourages
    broad participation in design and testing and rapid prototyping.
    Our development, testing and quality assurance processes use
    automated testing extensively and are designed in alignment with
    Capability Maturity Model Integration (CMMI), an industry
    R&D process improvement approach.
We aim to release major feature releases of QlikView every 12 to
    18 months, with service releases every two to four months
    between major releases. Some new product capabilities such as
    mobile technologies and data connectors that can be developed
    independently are released more frequently.
We work closely with our customers in developing our products
    and have designed a flexible product development process that is
    responsive to customer feedback that we receive throughout the
    process. Planning for each major release begins with a
    requirements gathering meeting called a Reference Group which
    gathers input from our customer-facing implementation
    consultants in each of our markets. As the product is developed,
    specific customers and partners are identified to provide
    detailed feedback on product design. Then, a broad set of
    customers and partners are involved in beta testing major
    releases of QlikView, which typically occurs for several months
    prior to general availability. In addition to local
    requirements, we gather all direct customer input from
    QlikCommunity, our community website. From the Reference Group
    we consolidate and prioritize all customer requirements. These
    requirements form the input for the Design Group which comprises
    core members from R&D and our Product Marketing team. The
    Design Group segments requirements into the product release
    cycle and assesses the technical feasibility of all requests.
Within our operations, we are extensive users of our own
    product. We install, upgrade and use our product internally in a
    pre-release and beta state before allowing it to be made
    generally available. Consequently, this
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process allows us to identify and resolve many deployment issues
    prior to making the product available to customers.
Innovation is a critical factor in the success of QlikView, and
    identifying and incubating innovation is built into our R&D
    process. We have recently added a QlikView Labs department to
    consolidate and manage innovative uses of QlikView and new core
    technologies. We invest time and money in identifying and
    nurturing new product concepts with the intention of
    incorporating successful ideas into the product as new product
    modules or as entirely new products.
Marketing
    and Sales
We market and sell our products and services through our direct
    sales force and an indirect sales channel comprised of a global
    partner network. Our direct sales force consists of professional
    sales people who typically have several years of experience
    selling enterprise software. Our global partner network brings
    key technological and industry expertise that we utilize to help
    us reach customer organizations around the world. These indirect
    sales channels often aid us in shortening the sales cycles we
    typically face with prospective customers.
Our global partner network includes master resellers, elite
    resellers and resellers. These partners are authorized to sell
    licenses and to implement and provide first line support for our
    products. A master reseller is generally appointed to extend
    geographic sales into a territory where we have no direct sales
    presence. Designation of elite reseller versus reseller is
    driven by the amount of sales volume that they derive from the
    sale of our product. Additionally we work with system
    integrators and other technological consulting firms who provide
    complementary skills and expertise in a certain industry or
    region.
Our global partner network also includes OEM partners who use
    QlikView technology as a bundled or add-on feature in their
    products and services. Typically OEM partners include software
    companies, SaaS vendors and information providers. More broadly,
    this category applies to any organization seeking to leverage
    QlikView to power the analytics in an existing or new product or
    in a service offering.
We support our global partner network through a program that
    provides a structured framework to effectively recruit, enable
    and support partners who sell and deliver complementary QlikView
    solutions. Our team provides a complete lifecycle of support to
    partners, based on three fundamental principles:
•
enable partners through technical support, education, training
    and certification
•
market with and for partners through branding, awareness,
    customer marketing and lead generation programs
•
sell QlikView and "Powered by QlikView" products with
    effective sales tools and sales support
As of December 31, 2009, our global partner network was
    comprised of more than 1,100 partners in over 100 countries. No
    individual partner represented more than 3% of our revenues in
    the fiscal years ended December 31, 2007, 2008 or 2009.
We focus our marketing efforts on increasing brand awareness,
    communicating product advantages and generating qualified leads
    for our sales force and channel partners. We rely on a variety
    of marketing vehicles, including trade shows, advertising,
    public relations, industry research, our website and
    collaborative relationships with technology vendors. In
    addition, we work closely with a number of our global partners
    on co-marketing and lead-generation activities in an effort to
    broaden our marketing reach.
Maintenance
    and Services
Maintenance and Support.
Our customers
    generally receive one year of software maintenance and support
    as part of their initial purchase of our products and have the
    option annually to renew their maintenance agreements. These
    annual maintenance agreements provide customers the right to
    receive unspecified software updates, maintenance releases and
    patches, and unlimited access to our support services. We engage
    third parties to provide first-line support for our product. We
    work closely with these third parties to help ensure that they
    have the necessary skills and product knowledge to assist our
    customers with installation, maintenance and other
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requirements. Our internal support personnel are based in our
    offices in Lund, Sweden; Raleigh, North Carolina; Dusseldorf,
    Germany; and Sydney, Australia; and they work with our third
    party partners to handle support issues that may arise.
Services.
Our revenue model is license
    driven with minimal professional services required to install
    and configure our software. We believe that this enables our
    customers to achieve rapid
time-to-value.
While the vast majority of implementation projects are conducted
    by our partners, we have also established an expert services
    department to support customers and partners with more in-depth
    technical know-how and best practices about our product
    including implementation, scripting, user interface design,
    application development and security management. Training is
    given either in-person or online. Typically, in-person training
    courses are billed on a per person, per class basis. We have
    both standard packages as well as customized trainings. We also
    utilize and promote QlikCommunity as a supplement support
    resource for our customers.
Customers
As of December 31, 2009, we had approximately 13,000
    customers in over 100 countries. We provide products and
    services to midmarket organizations, as well as large corporate,
    government, healthcare and education accounts. We do not believe
    our business is substantially dependent on any particular
    customer as no customer represented more than 2% of our revenue
    in 2007, 2008 or 2009. Our target markets are not confined to
    certain industries and geographies as we are focused on
    providing a solution that meets the needs of end users
    generally. Our customers represent numerous industry verticals,
    including consumer packaged goods, financial services,
    pharmaceuticals, retail, manufacturing, technology and
    healthcare.
Case
    Studies
Customer Case Studies.
The following case
    studies illustrate how our customers use and benefit from our
    products, and reflect certain characteristics of our solution,
    business model and growth strategy.
Enterprise
    Case
    Studies
:
Heidelberger
, a European industrial manufacturer,
    lacked the flexibility for new reporting demands and ad hoc
    analysis and needed a platform to leverage SAP Business
    Information Warehouse data. Following an initial deployment,
    they now use QlikView for more than 75 applications across
    sales, finance and IT. By using QlikView they were able to
    reduce development cycles for new business intelligence
    applications by 80% and achieved full return on investment in
    just four months with the rate of return calculated at 263%.
    QlikView has enabled Heidelberger to improve monitoring of IT
    reporting of server and hardware infrastructure equipment with
    activity, costs, utilization and versioning and the management
    of internal support to meet service levels to each business
    unit. Key to their overall strategy, QlikView delivered
    integration across multiple data sources allowing for a more
    decentralized business intelligence approach.
ING Lease UK
, a division of the ING Group, is an
    intermediary-led asset finance business. After acquiring three
    businesses ING Lease sought to get a consolidated view of its
    business by assembling information from the disparate underlying
    data sources. Deploying QlikView across the enterprise, they
    were able to provide transparency and understand profit and loss
    drivers across more than 100 dimensions, including customer,
    product, channel, asset, deal size and risk profile. ING saw a
    rapid return on its investment and empowered personnel to manage
    the business with immediate access to answers.
National Health Service (NHS),
England's
    public-funded healthcare system, needed to compile financial
    data from a range of applications throughout the various Trust
    sponsor bodies of the North West NHS Collaborative Procurement
    Hub (or NWCPH). This would be used to identify areas across the
    NHS network to reduce contract spend as part of a supply chain
    excellence program. They deployed QlikView to hundreds of users
    with a focus on benefits reporting, cost analysis, supplier and
    purchaser analysis, benchmarking analysis and category
    management analysis. The rapid deployment was complete in less
    than 12 weeks, ahead of schedule and on budget. QlikView
    improved performance by delivering insights into data and by
    saving hours of management time in reporting and analysis. The
    NWCPH, which manages $2.4 billion in spend, garnered
    $66 million in procurement cost savings over two years.
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Mid-Market
    Case
    Studies
:
Colonial Life
, a leading provider of voluntary
    worksite benefits in the United States, needed to improve the
    understanding of sales and customer data from enrollment systems
    and to provide timely and accurate departmental expense
    information and variance analysis. The organization also wanted
    to deliver a differentiated toolset of sales performance metrics
    in support of top-line growth targets. Colonial Life has
    provided online access to sales and customer data to more than
    7,800 sales agents, creating greater efficiency in the
    enrollment and renewal process. Its nearly 100 QlikView
    company-wide applications have been widely adopted by business
    users with minimal IT support.
Lifetime Brands
, a leading marketer of branded
    kitchenware in North America, needed to unlock data stored in
    legacy systems that they could not access with SAP. QlikView
    made it easy to access data sources from three years prior to
    their SAP implementation so they could have a full view to
    analyze trends over time for patterns and history. Reports that
    had been in progress for years were delivered within the first
    two months of the QlikView implementation. Lifetime Brands
    consolidated 100 individual reports from disparate systems into
    a single QlikView application of all sales and supply chain
    activity. Employees can now monitor and analyze inventory turns,
    purchase orders, material requirements and vendor performance
    across all divisions. Management uses QlikView to identify and
    solve problems proactively in the supply chain, from supplier
    deliveries and production schedules to warehousing.
OEM Case Studies.
The following case studies
    illustrate how our OEMs use and benefit from our products and
    reflect certain characteristics of our solution, business model
    and growth strategy.
Kingdee Software
, a leading enterprise resource
    planning (or ERP) software company headquartered in China,
    selected QlikView to be integrated into the business
    intelligence module of its K/3 ERP standard edition system. As
    one of the ERP software companies with the largest number of
    users in China, Kingdee will extend its offering to include
    analysis powered by QlikView and will act as another partner in
    our diversified indirect distribution channel. As one of the
    largest suppliers of ERP to small to medium enterprises Kingdee
    represents a network of 600,000 customers and 1,100 partners.
Surgical Information Systems, LLC (SIS)
provides
    specialized software solutions for the surgical process from
    pre-surgery testing through the procedure to post-surgery care
    to over 270 facilities throughout North America. SIS has been
    innovative with its
on-site
and
    mobile QlikView applications which include analysis of surgical
    scheduling, anesthesia, tissue tracking and post surgery
    antibiotic consumption outcomes. To track hospital surgical
    patient flow, they use on-time ratios and retro analysis to
    predict outcomes. Calculations by surgeon, anesthesiologist,
    patient profile and procedure can be performed to analyze how
    long each process should take based on past similar cases. In a
    simple dashboard of six easy to read gauges, clinicians tracking
    tissues and implants can see the state of the inventory at a
    single visual glance with attributed monetary implications of
    expiration in this highly regulated function. With the QlikView
    iPhone application anesthesiologists, for example, take their
    dashboard view to a patient's bedside in the palm of their
    hands.
Intellectual
    Property
Our intellectual property is an essential element of our
    business. We rely on a combination of copyright, trademark,
    trade dress and trade secret laws, as well as confidentiality
    procedures and contractual restrictions, to establish and
    protect our proprietary rights both domestically and abroad.
    These laws, procedures and restrictions provide only limited
    protection. We currently have five patents and have a pending
    application for a sixth patent. Any future patents issued to us
    may be challenged, invalidated or circumvented. Any patents that
    may issue in the future with respect to pending or future patent
    applications may not provide sufficiently broad protection or
    may not prove to be enforceable in actions against alleged
    infringers. We endeavor to enter into agreements with our
    employees and contractors and with parties with whom we do
    business in order to limit access to and disclosure of our
    proprietary information.
We cannot be certain that the steps we have taken will prevent
    unauthorized use or reverse engineering of our technology.
    Moreover, others may independently develop technologies that are
    competitive with ours or that infringe our intellectual
    property. The enforcement of our intellectual property rights
    also depends on any legal
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actions against these infringers being successful, but these
    actions may not be successful, even when our rights have been
    infringed.
Furthermore, effective patent, trademark, trade dress, copyright
    and trade secret protection may not be available in every
    country in which our products are offered. In addition, the
    legal standards relating to the validity, enforceability and
    scope of protection of intellectual property rights are
    uncertain and still evolving.
From time to time, we may encounter disputes over rights and
    obligations concerning intellectual property. Although we
    believe that our product offerings do not infringe the
    intellectual property rights of any third party, we cannot be
    certain that we will prevail in any intellectual property
    dispute. If we do not prevail in these disputes, we may lose
    some or all of our intellectual property protection, be enjoined
    from further sales of products determined to infringe the rights
    of others
and/or
be
    forced to pay substantial royalties to a third party, any of
    which could harm our business, financial condition and results
    of operations.
Competition
Our technology platform and differentiated business model help
    us to compete in the highly competitive business intelligence
    market. We face competition from many companies that are
    offering, or may soon offer, products that compete with our
    products.
To date, we have primarily faced competitors in several broad
    categories, including business intelligence software, analytical
    processes, query tools, web-based reporting tools and report
    delivery technology. Independent competitors that are primarily
    focused on business intelligence products include, among others,
    MicroStrategy and the SAS Institute. We also compete with large
    software corporations, including suppliers of enterprise
    resource planning software, that provide one or more
    capabilities competitive with our products, such as IBM,
    Microsoft, Oracle and SAP AG. We believe we generally compete
    favorably with respect to these competitors; however, some of
    our competitors and potential competitors have advantages over
    us, such as:
•
longer operating historicals
•
significantly greater financial, technical, marketing or other
    resources
•
stronger brand and business user recognition
•
broader global distribution and presence
Current and future competitors may also have greater resources
    to make strategic acquisitions. For example, Oracle acquired
    Hyperion Solutions in April 2007, IBM acquired Cognos in January
    2008 and SAP acquired Business Objects in January 2008. By doing
    so, these competitors may increase their ability to meet the
    needs of our potential customers. Our current or prospective
    indirect channel partners may establish cooperative
    relationships with our current or future competitors. These
    relationships may limit our ability to sell our products through
    specific distribution channels. Accordingly, new competitors or
    alliances among current and future competitors may emerge and
    rapidly gain significant market share. These developments could
    limit our ability to obtain revenues from new customers and to
    maintain technical support revenues from our installed customer
    base.
See the section of this prospectus entitled "Risk
    Factors" for further discussion regarding our competition.
Culture
    and Employees
As a global company with 574 employees as of
    December 31, 2009, of which 148 were employed in the United
    States and 426 were employed outside the United States, having a
    strong company culture and set of values is critical to our
    success. Our corporate culture provides us with a competitive
    advantage by supporting our ability to keep our market offering
    consistent despite a globally diverse employee base.  To
    communicate and reinforce our culture, we have a set of
    corporate values which provide a framework for guiding employees
    in implementation of our business model without direct
    managerial control. Our values are:
•
challenge the conventional
•
be thorough but keep it simple
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•
open and straightforward communication
•
take responsibility
•
teamwork yields the best results
Our values are taught and reinforced from the moment new
    employees join our company. Shortly after being hired, all
    employees attend QlikAcademy, a week-long training session in
    Lund, Sweden, to learn about our product, our sales model and
    our cultural values. Our values form the fabric of our work
    ethic, and we believe that they enable us to quickly recruit and
    properly manage our highly talented employees. Our culture
    encourages the iteration of ideas to address complex technical
    challenges. In addition, we embrace individual thinking and
    creativity.  Despite our growth, we constantly seek to maintain
    a small-company feel that promotes interaction and the exchange
    of ideas among employees. We try to minimize company hierarchy
    to facilitate meaningful communication among employees at all
    levels and across all departments. This openness extends to our
    partners and customers as well allowing us to establish strong
    relationships that contribute to our growth.
Every year since 2000 we have hosted an annual QlikTech summit
    where we bring together all our employees in one location to
    build cross-border relationships and to facilitate
    communications. During the summit we update employees on our
    progress, provide training around new initiatives, host
    presentations by industry speakers and key customers and allow
    open interaction between employees from around the world. Our
    summit is a critical mechanism for promoting consistent and
    efficient execution of the year's strategic plan. Having
    the summit at a single time and in a single location provides
    our globally distributed organization with an opportunity to
    share ideas and best practices. We believe that the summit is
    one of the key elements in maintaining a strong company culture
    among our employees.
We consider our current relationship with our employees to be
    good. We are not a party to a collective bargaining agreement
    with any of our employees.
Facilities
We currently lease approximately 17,330 square feet of
    space for our corporate headquarters in Radnor, Pennsylvania
    under a lease agreement that expires on September 30, 2011.
In connection with our sales efforts, we also lease office space
    in California, Illinois, Massachusetts, North Carolina and
    Texas. In addition, we lease space for our foreign subsidiaries
    in Australia, Austria, Belgium, Denmark, Finland, France,
    Germany, India, Italy, Japan, the Netherlands, Portugal,
    Singapore, Spain, Sweden, Switzerland and the United Kingdom for
    their operations, including local administrative, sales, support
    and development personnel.
We believe our current facilities and planned expansion
    facilities will be adequate for the foreseeable future; however,
    we will continue to seek additional space as needed to satisfy
    our growth.
Legal
    Proceedings
From time to time, we may become involved in legal proceedings
    in the ordinary course of our business. We are not presently a
    party to any legal proceedings that, if determined adversely to
    us, would individually or in the aggregate have a material
    adverse effect on our business, operating results, financial
    condition or cash flows.
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MANAGEMENT
Executive
    Officers and Directors
The following table sets forth information concerning our
    executive officers and directors as of December 31, 2009:
Name
Age
Position
Lars Björk
47
President, Chief Executive Officer and Director
William G. Sorenson
54
Chief Financial Officer, Treasurer and Secretary
Leslie Bonney
51
Executive Vice President of Global Field Operations
Anthony Deighton
36
Senior Vice President, Products
Douglas Laird
48
Vice President, Marketing
Jonas Nachmanson
46
Chief Technology Officer
John Gavin,
    Jr.
(1)(4)
54
Director
Bruce
    Golden
(2)(3)
50
Director and Chairman
Erel N.
    Margalit
(2)(3)
48
Director
Alexander
    Ott
(1)(2)
44
Director
Paul
    Wahl
(1)
57
Director
(1)
Member of audit committee.
(2)
Member of compensation committee.
(3)
Member of nominating/corporate
    governance committee.
(4)
Appointed to the board of directors
    and audit committee effective February 11, 2010.
Executive
    Officers and Directors
Lars
    Björk, President, Chief Executive Officer and
    Director
Lars Björk has served as our President and Chief Executive
    Officer since October 2007 and as a member of our board of
    directors since October 2004. From August 2006 to October 2007,
    he served as our Chief Financial Officer and Chief Operating
    Officer. From August 2000 to August 2006, Mr. Björk
    served as Chief Financial Officer of QlikTech International AB.
    From January 1999 to August 2000, he served as Chief Information
    Officer of Resurs Finance. From May 1994 to January 1999,
    Mr. Björk served Chief Financial Officer of
    ScandStick, a manufacturer of adhesive material.
    Mr. Björk received an MBA from the University of Lund,
    Sweden and a Degree in Engineering from the Technical College in
    Helsingborg, Sweden.
William
    G. Sorenson, Chief Financial Officer, Treasurer and
    Secretary
William G. Sorenson has served as our Chief Financial Officer,
    Treasurer and Secretary since August 2008. From January 2007 to
    April 2008, Mr. Sorenson served as Chief Operating Officer
    of Firebrand TV. From November 2005 to November 2006,
    Mr. Sorenson served as Chief Financial Officer of Savaje
    Technologies, Inc. From January 2002 to March 2005,
    Mr. Sorenson served as Chief Financial Officer of EMI Music
    Publishing. Prior to that Mr. Sorenson held executive level
    positions at Bertlesmann AG and the News Corporation Ltd.
    Mr. Sorenson received an M.A. in International Relations
    from The American University, Washington, D.C. and a B.A.
    in Foreign Languages from LeMoyne College, Syracuse, New York.
Leslie
    Bonney, Executive Vice President of Global Field
    Operations
Leslie Bonney serves as our Executive Vice President of Global
    Field Operations. From October 2007 to March 2010, Mr. Bonney
    served as our Senior Vice President Worldwide Sales. From June
    2005 to October 2007, Mr. Bonney served as our Vice President
    International Markets. From January 2004 to June 2005,
    Mr. Bonney served as Senior Vice President and General
    Manager Europe, Middle East and Africa markets of StreamServe, a
    document management company. Mr. Bonney received a B.Sc. in
    Marine Biology from James Cook University.
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Anthony
    Deighton, Senior Vice President, Products
Anthony Deighton has served as our Senior Vice President,
    Products since January 2005. He previously served as the General
    Manager of Siebel System's Employee Relationship Management
    (ERM) business unit, among a variety of other product marketing
    roles at Siebel Systems from October 1999 to January 2005. Prior
    to joining Siebel, Mr. Deighton worked as a business
    analyst at A.T. Kearney in Chicago, Illinois. Mr. Deighton
    received a B.A. in Economics from Northwestern University and an
    M.B.A. with high distinction from Harvard Business School.
Douglas
    Laird, Vice President, Marketing
Douglas Laird has served as our Vice President, Marketing since
    November 2008. From November 2007 to November 2008,
    Mr. Laird served as Vice President of Marketing at
    SpikeSource, Inc. From August 2006 to November 2007,
    Mr. Laird served as Vice President of Marketing at
    Trapelenetworks, Inc. From April 2005 to July 2006,
    Mr. Laird served as Senior Vice President of Marketing at
    SAP America, Inc. From October 1998 to April 2005,
    Mr. Laird served as Vice President of Marketing at Siebel
    Systems, Inc. Mr. Laird received a B.S. in Business
    Administration and Marketing from the University of the Pacific.
Jonas
    Nachmanson, Chief Technology Officer
Jonas Nachmanson has served as our Chief Technology Officer
    since October 2007. From September 1996 to October 2007, he
    served in various positions at our company, including Vice
    President of Research and Development, Director of Research and
    Development and Manager of Research and Development. From
    September 1988 to August 1996, Mr. Nachmanson served in
    various positions at Tetra Pak, a liquid food packager.
    Mr. Nachmanson received a Masters of Science in Electrical
    Engineering and Computer Science from the Lund Institute of
    Technology and a B.Sc. in Business Administration from Lund
    University, Sweden.
Non-Management
    Directors
John
    Gavin, Jr., Director
John Gavin, Jr. has served as a member of our board of
    directors since February 2010. Mr. Gavin served as Chief
    Financial Officer of BladeLogic, Inc. from January 2007 until
    April 2008, when it was acquired by BMC Software. From April
    2004 through December 2006, Mr. Gavin was Chief Financial
    Officer of Navisite, Inc. From 2001 to 2005, Mr. Gavin was
    a member of the board of directors of Ascential Software which
    was acquired by IBM in April 2005. From February 2000 through
    December 2001, Mr. Gavin served as the Senior Vice
    President and Chief Financial Officer of Cambridge Technology
    Partners, which was acquired by Novell, Inc. Prior to 2000,
    Mr. Gavin spent twelve years at Data General Corporation
    rising to the post of Chief Financial Officer. Mr. Gavin
    also spent ten years at Price Waterhouse LLP and is a certified
    public accountant. Mr. Gavin currently serves on the board
    of directors as the chair of the audit committee of Vistaprint,
    N.V. Mr. Gavin was previously a member of the board of
    directors and the audit chairman for Ascential Software.
    Mr. Gavin also serves as a member of the board of directors
    of Consona Corporation and BroadSoft, Inc. Mr. Gavin holds
    a B.S. in accounting from Providence College.
Bruce
    Golden, Director
Bruce Golden has served as a member of our board of directors
    since November 2004. He is a partner at Accel Partners which he
    joined in 1997. Mr. Golden has led a number of investments
    in enterprise software and Internet-related companies while at
    Accel and currently serves as a member of the board of directors
    of Comscore, Inc. and several private companies. Mr. Golden
    holds an M.B.A. from Stanford University and a B.A. in political
    science from Columbia University.
Erel
    N. Margalit, Director
Erel N. Margalit has served as a member of our board of
    directors since September 2009. Mr. Margalit has been
    Managing Partner of Jerusalem Venture Partners since August
    1997. He was a general partner of Jerusalem Pacific
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Ventures from December 1993 to August 1997. From 1990 to 1993,
    Mr. Margalit was Director of Business Development of the
    City of Jerusalem. Mr. Margalit serves on the board of
    directors, which also serves as the compensation committee in
    each case, of Cogent Communications Group, Inc., Sepaton, Inc.,
    Animation Lab Ltd., Cyber-Ark Software, Inc., Double Fusion
    Inc., Magink Display Technologies Inc., CyOptics, Inc., JVP
    Media Studio, L.P., Mega Learning Ltd., PopTok Ltd. and Siano
    Mobile Silicon, Inc. Mr. Margalit holds a Ph.D in
    Philosophy from Columbia University, a Masters in Philosophy
    from Columbia University and a B.A. in Philosophy from Hebrew
    University. Mr. Margalit, in his prior capacity as a
    non-executive director of a company in Israel, is the subject,
    together with two other
non-executive
directors, of a proceeding in which the Israeli tax authorities
    have alleged that the company, which is unrelated to us, failed
    to pay withholding taxes, which triggers director's
    liability under the income tax law in Israel. Mr. Margalit
    and the other
non-executive
directors were acquitted of all liability in July 2008. The
    verdict for the
non-executive
directors is under an appeal by the Israeli government. The
    proceedings are classified as criminal under the income tax law
    of Israel. Mr. Margalit resigned from the board of this
    Israeli company during 1999.
Alexander
    Ott, Director
Alexander Ott has served as a member of our board of directors
    since November 2004. Mr. Ott is the founder and owner of
    Cross Continental Ventures, a global advisory firm. From 1999 to
    2002, Mr. Ott was a member of the executive committee of
    Siebel Systems where he ran the Europe, the Middle East and
    Africa division and subsequently the Americas division. From
    1990 to 1999, Mr. Ott had several executive positions at
    SAP AG and SAP America, Inc., including Chief Executive Officer
    of International Markets, Senior Vice President of Latin America
    and Senior Vice President of Marketing and Global Alliances.
    Mr. Ott currently serves on the board of directors of
    various private companies. Mr. Ott has a degree in Business
    Management from University (BA) Mannheim, Germany.
Paul
    Wahl, Director
Paul Wahl has served as a member of our board of directors since
    October 2004. From April 1999 until his retirement in March
    2003, Mr. Wahl served as president and chief operating
    officer of Siebel Systems, Inc. From October 1998 until March
    1999, he served as the chief executive officer of TriStrata.
    From January 1996 until September 1998, Mr. Wahl served as
    chief executive officer of SAP America, Inc. and as an executive
    board member of SAP AG. From April 1991 until December 1995, he
    was an executive vice president of SAP AG. In the past five
    years Mr. Wahl has served on the board of directors of
    Lawson Software, Inc., ICWAG and Causata, Inc. Mr. Wahl
    holds a degree in business administration from Business School
    ULM in Germany.
Election
    of Officers
Our officers are currently elected by our board of directors on
    an annual basis and serve until their successors are duly
    elected and qualified, or until their earlier resignation or
    removal. There are no family relationships among any of our
    officers or directors.
Corporate
    Governance and Board Composition
Selection
    Arrangements
Our current directors were elected pursuant to a stockholder
    voting agreement among certain holders of our preferred and
    common stock. This agreement will terminate upon the closing of
    this offering, and there will be no further contractual
    obligations regarding the election of our directors.
Classified
    Board
Our restated certificate of incorporation that will become
    effective as of the closing of this offering provides for a
    classified board of directors consisting of three classes of
    directors, each serving a staggered three-year term. As a
    result, a portion of our board of directors will be elected each
    year from and after the closing of this offering. To implement
    the classified structure upon the consummation of this offering,
    two of the nominees to the board of
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directors will be elected to one-year terms, two of the nominees
    will be elected to two-year terms and two of the nominees will
    be elected to three-year terms. Thereafter, directors will be
    elected for three-year terms.
Lars Björk and Bruce Golden have been designated as
    Class I directors whose term will expire at the 2011 annual
    meeting of stockholders, assuming the completion of this
    proposed offering. Erel Margalit and Paul Wahl have been
    designated as Class II directors whose term will expire at
    the 2012 annual meeting of stockholders, assuming completion of
    this proposed offering. John Gavin, Jr. and Alexander Ott have
    been designated as Class III directors whose term will
    expire at the 2013 annual meeting of stockholders, assuming
    completion of this proposed offering. Our amended and restated
    bylaws that will become effective as of the closing of this
    offering provide that the number of authorized directors may be
    changed only by a majority of directors then authorized
    (including any vacancies). Any additional directorships
    resulting from an increase in the number of authorized directors
    will be distributed among the three classes so that, as nearly
    as reasonably possible, each class will consist of one-third of
    the directors. The classification of the board of directors may
    have the effect of delaying or preventing changes in control of
    our company.
Independent
    Directors
Each of our directors, other than Lars Björk, qualifies as
    an independent director in accordance with the published listing
    requirements of the Nasdaq Global Market, or Nasdaq. However,
    Mr. Ott may not satisfy the independence criteria
    applicable to members of an audit committee under the Nasdaq
    listing requirements and SEC rules and regulations. As such,
    Mr. Ott will be replaced as a member of our audit committee
    within 12 months following this offering. The Nasdaq
    independence definition includes a series of objective tests,
    such as that the director is not also one of our employees and
    has not engaged in various types of business dealings with us.
    In addition, as further required by the Nasdaq rules, our board
    of directors has made a subjective determination as to each
    independent director that no relationships exist which, in the
    opinion of our board of directors, would interfere with the
    exercise of independent judgment in carrying out the
    responsibilities of a director. In making these determinations,
    our directors reviewed and discussed information provided by the
    directors and us with regard to each director's business
    and personal activities as they may relate to us and our
    management.
Our board of directors separates the positions of chairman of
    the board and chief executive officer. Separating these
    positions allows our chief executive officer to focus on our
day-to-day
business, while further enabling the chairman of the board to
    lead the board of directors in its fundamental role of providing
    advice to and independent oversight of management. The board of
    directors recognizes the time, effort and energy that our chief
    executive officer is required to devote to his position in the
    current business environment, as well as the commitment required
    to serve as our chairman, particularly as the board of
    directors' oversight responsibilities continue to grow. We
    believe that having separate positions and having an independent
    outside director serve as chairman is the appropriate leadership
    structure for our company at this time and demonstrates our
    commitment to good corporate governance.
Board
    Committees
Our board of directors has established an audit committee, a
    compensation committee and a nominating/corporate governance
    committee.
Our board of directors and its committees set schedules to meet
    throughout the year, and also can hold special meetings and act
    by written consent from time to time as appropriate. Our board
    of directors has delegated various responsibilities and
    authority to its committees as generally described below. The
    committees will regularly report on their activities and actions
    to the full board of directors. Each member of the compensation
    committee and
nominating/corporate
governance committee of our board of directors qualifies as an
    independent director in accordance with the Nasdaq standards
    described above and SEC rules and regulations. Each member of
    the audit committee, other than Alexander Ott, satisfies the
    independence criteria applicable to members of an audit
    committee under the Nasdaq listing requirements and SEC rules
    and regulations. Each committee of our board of directors has a
    written charter approved by our board of directors. Upon the
    effectiveness of the registration statement of which this
    prospectus forms a part, copies of each charter will be posted
    on our website at
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www.qlikview.com under the Investor Relations section. The
    inclusion of our website address in this prospectus does not
    include or incorporate by reference the information on our
    website into this prospectus.
Audit
    Committee
Our audit committee currently consists of John Gavin, Jr.,
    Alexander Ott and Paul Wahl. Mr. Ott will be replaced as a
    member of our audit committee within 12 months following
    this offering. Each member of our audit committee can read and
    has an understanding of fundamental financial statements.
    Mr. Gavin serves as chairman of the audit committee.
Mr. Gavin qualifies as an "audit committee financial
    expert" as that term is defined in the rules and
    regulations of the SEC. The designation of Mr. Gavin as an
    "audit committee financial expert" does not impose on
    him any duties, obligations or liability that are greater than
    those that are generally imposed on him as a member of our audit
    committee and our board of directors, and his designation as an
    "audit committee financial expert" pursuant to this
    SEC requirement does not affect the duties, obligations or
    liability of any other member of our audit committee or board of
    directors.
The audit committee monitors our corporate financial statements
    and reporting and our external audits, including, among other
    things, our internal controls and audit functions, the results
    and scope of the annual audit and other services provided by our
    independent registered public accounting firm and our compliance
    with legal matters that have a significant impact on our
    financial statements. Our audit committee also consults with our
    management and our independent registered public accounting firm
    prior to the presentation of financial statements to
    stockholders and, as appropriate, initiates inquiries into
    aspects of our financial affairs. Our audit committee is
    responsible for establishing procedures for the receipt,
    retention and treatment of complaints regarding accounting,
    internal accounting controls or auditing matters, and for the
    confidential, anonymous submission by our employees of concerns
    regarding questionable accounting or auditing matters, and has
    established such procedures to become effective upon the
    effectiveness of the registration statement of which this
    prospectus forms a part. In addition, our audit committee is
    directly responsible for the appointment, retention,
    compensation and oversight of the work of our independent
    auditors, including approving services and fee arrangements. All
    related party transactions will be approved by our audit
    committee before we enter into them.
Both our independent registered public accounting firm and
    internal financial personnel regularly meet with, and have
    unrestricted access to, the audit committee.
Compensation
    Committee
Our compensation committee currently consists of Bruce Golden,
    Erel Margalit and Alexander Ott. Each member of this committee
    is a non-employee director, as defined pursuant to
Rule 16b-3
promulgated under the Securities Exchange Act of 1934, as
    amended, and an outside director, as defined pursuant to
    Section 162(m) of the Internal Revenue Code of 1984, as
    amended. Alexander Ott serves as chairman of the compensation
    committee.
The compensation committee reviews, makes recommendations to the
    board of directors and approves our compensation policies and
    all forms of compensation to be provided to our executive
    officers and directors, including, among other things, annual
    salaries, bonuses, stock option and other incentive compensation
    arrangements. In addition, our compensation committee will
    administer our stock option plans, including reviewing and
    granting stock options with respect to our executive officers
    and directors and may, from time to time, assist our board of
    directors in administering our stock option plans with respect
    to all of our other employees.
While the compensation committee is authorized to engage the
    services of outside consultants and advisors, neither the
    compensation committee nor our management has to date retained a
    compensation consultant to review or provide advice with respect
    to our policies and procedures with respect to executive
    compensation.
Nominating/Corporate
    Governance Committee
Our nominating/corporate governance committee currently consists
    of Bruce Golden and Erel Margalit. Our nominating/corporate
    governance committee identifies, evaluates and recommends
    nominees to our board of
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directors and committees of our board of directors, conducts
    searches for appropriate directors and evaluates the performance
    of our board of directors and of individual directors. In
    evaluating potential nominees to the board, the
    nominating/corporate governance committee considers a wide
    variety of qualifications, attributes and other factors and
    recognizes that a diversity of viewpoints and practical
    experience can enhance the effectiveness of our board of
    directors. Accordingly, as part of its evaluation of each
    candidate, the nominating/corporate governance committee takes
    into account that candidate's background, experience,
    qualifications, attributes and skills that may complement,
    supplement or duplicate those of other prospective candidates
    and current directors. The nominating/corporate governance
    committee is also responsible for reviewing developments in
    corporate governance practices, evaluating the adequacy of our
    corporate governance practices and reporting and making
    recommendations to the board of directors concerning corporate
    governance matters. Mr. Golden serves as chairman of the
    nominating/corporate governance committee.
Factors
    for Nomination of Candidates for Director
As described above, the nominating/corporate governance
    committee has recommended the members of our board of directors
    for their directorships. In evaluating such directors, our
    nominating/corporate governance committee has reviewed the
    experience, qualifications, attributes and skills identified in
    the biographical information contained under
    "Management — Executive Officers and Directors
    and Non-Management Directors". In particular, the
    nominating/corporate governance committee has considered the
    following factors for each of our directors:
•
Our directors have extensive experience guiding large, complex
    organizations as executive leaders or board members (Lars
    Björk, John Gavin, Jr., Bruce Golden, Erel Margalit,
    Alexander Ott and Paul Wahl).
•
Our directors' experiences relate to and derive from a
    broad, international range of areas within the technology
    industry and community, which provides both differing viewpoints
    among our directors and familiarity with many diverse markets
    targeted by our business and environment that can affect the
    implementation and execution of our business plan (Lars
    Björk, John Gavin, Jr., Bruce Golden, Erel Margalit,
    Alexander Ott and Paul Wahl).
•
Our directors' experience derives from their long
    involvement with our company, products and business strategies
    (Lars Björk, Bruce Golden, Alexander Ott and Paul Wahl).
•
Our directors' experiences include addressing several
    business sectors and operational challenges applicable to our
    businesses. These areas include consumer services (Paul Wahl),
    business services (John Gavin, Jr., Erel Margalit and Paul
    Wahl) and international operations (Bruce Golden, Erel Margalit
    and Alexander Ott).
•
Our director members of the committees have significant
    substantive experience in several areas applicable to service on
    our board of directors and its committees, including financial
    reporting (John Gavin, Jr., Alexander Ott and Paul Wahl),
    operations management (Alexander Ott and Paul Wahl), corporate
    governance (Lars Björk, John Gavin, Jr., Bruce Golden,
    Erel Margalit, Alexander Ott and Paul Wahl) and risk management
    (John Gavin, Jr. and Paul Wahl).
Risk
    Oversight
Our board of directors oversees the management of risks inherent
    in the operation of our business and the implementation of our
    business strategies. Our board of directors performs this
    oversight role by using several different levels of review. In
    connection with its reviews of the operations and corporate
    functions of our company and our various operational
    subsidiaries, our board of directors and the board of directors
    of our subsidiaries address the primary risks associated with
    those operations and corporate functions. In addition, our board
    of directors reviews the risks associated with our
    company's business strategies periodically throughout the
    year as part of its consideration of undertaking any such
    business strategies.
Each of our board committees also oversees the management of our
    company's risk that falls within the committee's areas
    of responsibility. In performing this function, each committee
    has full access to management, as well as the ability to engage
    advisors. Our Chief Financial Officer reports to the audit
    committee and is responsible for identifying, evaluating and
    implementing risk management controls and methodologies to
    address any
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identified risks. In connection with its risk management role,
    our audit committee meets privately with representatives from
    our independent registered public accounting firm and our Chief
    Financial Officer. The audit committee oversees the operation of
    our risk management program, including the identification of the
    primary risks associated with our business and periodic updates
    to such risks, and reports to our board of directors regarding
    these activities.
Code of
    Business Conduct
Our board of directors has adopted a code of business conduct
    that will become effective upon the effectiveness of the
    registration statement of which this prospectus forms a part.
    This code of business conduct will apply to all of our
    employees, officers (including our principal executive officer,
    principal financial officer, principal accounting officer or
    controller, or persons performing similar functions) and
    directors. Upon the effectiveness of the registration statement
    of which this prospectus forms a part, the full text of our code
    of business conduct will be posted on our website at
    www.qlikview.com under the Investor Relations section. We intend
    to disclose future amendments to certain provisions of our code
    of business conduct, or waivers of such provisions, applicable
    to our directors and executive officers (including our principal
    executive officer, principal financial officer, principal
    accounting officer or controller, or persons performing similar
    functions) at the same location on our website identified above
    and also in a Current Report on
Form 8-K
within four business days following the date of such amendment
    or waiver. The inclusion of our website address in this
    prospectus does not include or incorporate by reference the
    information on our website into this prospectus.
Compensation
    Committee Interlocks and Insider Participation
As noted above, the compensation committee of our board of
    directors currently consists of Bruce Golden, Erel Margalit and
    Alexander Ott. None of our executive officers has ever served as
    a member of the board of directors or compensation committee of
    any other entity that has or has had one or more executive
    officers serving as a member of our board of directors or our
    compensation committee.
Director
    Compensation
Prior to this offering, there was no policy in place to provide
    our directors with any cash compensation for their services as
    members of our board of directors or any committee of our board
    of directors. Mr. Gavin was appointed to our board of
    directors in February 2010. In connection with
    Mr. Gavin's appointment, we agreed to grant him
    options to purchase 20,000 shares of our common stock and
    to annually provide him with a restricted stock grant equal to
    $75,000 based on the market value of our common stock on the
    date of grant. In addition, we agreed to pay him an annual
    retainer of $25,000 for his service on the board of directors
    and $10,000 for his service as chairman of the audit committee
    of the board of directors.
In addition, although there was no formal policy in place
    relating to the granting of options to purchase shares of common
    stock to our directors, as of December 31, 2009, we had
    granted an aggregate of 1,593,602 options to purchase shares of
    our common stock to our current non-employee directors with a
    weighted exercise price of $0.66, of which 1,543,602 options had
    been exercised to purchase shares of our common stock at a
    weighted average exercise price of approximately $0.63 per share
    and 50,000 options to purchase shares of our common stock at an
    exercise price of $1.65 per share were outstanding.
Our board of directors intends to adopt prior to the
    consummation of this offering a compensation program for outside
    directors. This program will begin on the effective date of this
    registration statement. Pursuant to this program, each member of
    our board of directors who is not our employee will receive a
    $25,000 annual retainer. The chairman of the audit committee
    will receive an additional annual retainer of $10,000, and the
    chairman of each other committee will receive an additional
    annual retainer of $5,000. All retainer fees will be paid in
    four quarterly payments. Each non-employee director, other than
    Mr. Gavin whose compensation is discussed above, who served
    as a board member prior to the effective date of this
    registration statement and who continues as a member of the
    board of directors after such date will receive an initial
    equity award with a fair market value of $75,000 upon the
    effective date of this registration statement. Each year
    beginning in 2011, each non-employee director, other than
    Mr. Gavin whose compensation is discussed above, who will
    continue to be a director after the annual meeting of
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our stockholders will be granted an equity award with a fair
    market value of $75,000 at that annual meeting. However, a
    non-employee director who is receiving the initial award will
    not receive the additional annual award in the same calendar
    year. Each annual award will vest over the following year. Each
    award granted under the directors' program that is not
    fully vested on the date of grant will become fully vested upon
    a change in control of our company and will also become fully
    vested if the non-employee director's service terminates
    due to death. All options granted to the non-employee directors
    will have an exercise price equal to the fair market value of
    our common stock on the date of the grant.
We currently have a policy to reimburse our non-employee
    directors for travel, lodging and other reasonable expenses
    incurred in connection with their attendance at board and
    committee meetings.
Limitation
    of Liability and Indemnification
Prior to the effective date of this offering, we will enter into
    indemnification agreements with each of our directors. The form
    of agreement provides that we will indemnify each of our
    directors against any and all expenses incurred by that director
    because of his or her status as one of our directors, to the
    fullest extent permitted by Delaware law, our restated
    certificate of incorporation and amended and restated bylaws. In
    addition, the form agreement provides that, to the fullest
    extent permitted by Delaware law, but subject to various
    exceptions, we will advance all expenses incurred by our
    directors in connection with a legal proceeding.
Our restated certificate of incorporation and amended and
    restated bylaws contain provisions relating to the limitation of
    liability and indemnification of directors. The restated
    certificate of incorporation provides that our directors will
    not be personally liable to us or our stockholders for monetary
    damages for any breach of fiduciary duty as a director, except
    for liability:
•
for any breach of the director's duty of loyalty to us or
    our stockholders
•
for acts or omissions not in good faith or that involve
    intentional misconduct or a knowing violation of law
•
in respect of unlawful payments of dividends or unlawful stock
    repurchases or redemptions as provided in Section 174 of
    the Delaware General Corporation Law
•
for any transaction from which the director derives any improper
    personal benefit
Our restated certificate of incorporation also provides that if
    Delaware law is amended, after the approval by our stockholders
    of our restated certificate of incorporation, to authorize
    corporate action further eliminating or limiting the personal
    liability of directors, then the liability of our directors will
    be eliminated or limited to the fullest extent permitted by
    Delaware law. The foregoing provisions of the restated
    certificate of incorporation are not intended to limit the
    liability of directors or officers for any violation of
    applicable federal securities laws. As permitted by
    Section 145 of the Delaware General Corporation Law, our
    restated certificate of incorporation provides that we may
    indemnify our directors to the fullest extent permitted by
    Delaware law and the restated certificate of incorporation
    provisions relating to indemnity may not be retroactively
    repealed or modified so as to adversely affect the protection of
    our directors.
In addition, as permitted by Section 145 of the Delaware
    General Corporation Law, our amended and restated bylaws provide
    that we are authorized to enter into indemnification agreements
    with our directors and officers and we are authorized to
    purchase directors' and officers' liability insurance,
    which we currently maintain to cover our directors and executive
    officers.
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COMPENSATION
    DISCUSSION AND ANALYSIS
This section discusses the principles underlying our executive
    officer compensation policies, our recent decisions with respect
    the executive officers who are named in the "Summary
    Compensation Table" (on page 84 below) and the most
    important factors relevant to an analysis of these policies and
    decisions.
Overview
    and Responsibilities for Compensation Decisions
The compensation committee of our board of directors has
    responsibility for evaluating the performance and development of
    our executive officers in their respective positions, reviewing
    individual compensation as well as corporate compensation
    principles and programs, establishing corporate and individual
    performance objectives as they affect compensation, making
    determinations as to whether and to what extent such performance
    objectives have been achieved and ensuring that we have
    effective and appropriate compensation programs in place. Our
    chief executive officer (CEO) supports our compensation
    committee by driving our annual business plan process, providing
    information relating to ongoing progress under our annual
    business plan and other business and financial results,
    undertaking performance assessments of other executives and
    presenting other personnel-related data. In addition, as the
    manager of our executive team, our CEO assesses each
    executive's contribution to corporate goals as well as
    achievement of their individual goals and makes a recommendation
    to our compensation committee with respect to compensation for
    executive officers other than himself. Our compensation
    committee meets, including in executive sessions, to consider
    these recommendations, conducts a similar evaluation of the
    CEO's contributions to corporate goals and achievement of
    individual goals and makes determinations related to the
    CEO's and the other executive officers' compensation.
Our overall compensation philosophy is to provide a competitive
    total compensation package that will:
•
fairly compensate our executive officers;
•
attract and retain qualified executive officers who are able to
    contribute to the long-term success of our company;
•
incent future performance toward clearly defined corporate
    goals; and
•
align our executives' long-term interests with those of our
    stockholders.
Our compensation committee believes that the quality, skills and
    dedication of our executive officers are critical factors
    affecting our long-term value. Our compensation arrangements
    with executive officers are primarily based upon on the
    consolidated revenue achievements for our company along with
    personal performance objectives agreed at the beginning of the
    fiscal year with the respective executive. We believe in
    compensating progressively for overachievement of objectives and
    applying incentive deductions for underachievement of objectives.
In setting compensation levels for individual officers, our
    compensation committee applies its judgment in determining the
    amount and mix of compensation elements for each named executive
    officer, and to date our compensation process has been a largely
    discretionary process based upon the collective experience and
    judgment of the compensation committee members acting as a
    group. Factors affecting its decisions generally include:
•
overall corporate performance;
•
the individual officer's performance including against
    corporate-level strategic goals established as part of our
    annual business plan and the officer's effectiveness in
    managing toward achievement of those goals;
•
the nature and scope of the officer's
    responsibilities; and
•
market compensation information for individual officer
    positions, including information obtained through publicly
    available surveys and as a result of the personal experience of
    members of our board of directors.
While our compensation committee is authorized to engage the
    services of outside consultants and advisors, neither the
    compensation committee nor our management has to date retained a
    compensation consultant to review or provide advice with respect
    to our policies and procedures with respect to executive
    compensation. To date, we have not formally benchmarked our
    executive compensation against peer companies, and we have not
    identified a group of peer companies against which we would
    compare our compensation practices. While our compensation
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committee considers the overall mix of compensation components
    in its review of compensation matters, it has not adopted any
    formal or informal policies or guidelines for allocating
    compensation between long-term and current compensation, between
    cash and non-cash compensation or among different forms of
    non-cash compensation. The compensation committee intends
    following this offering to continue to manage our executive
    officer compensation programs on a flexible basis that will
    allow it to respond to market and business developments as it
    views appropriate in its judgment.
Prior to this offering, we have reviewed company compensation
    annually as part of the business plan process undertaken by
    management and the board of directors in the early part of each
    year. During this process, the compensation committee reviews
    overall compensation, evaluates performance, determines
    corporate-level performance goals for that year's business
    plan and, when appropriate, makes changes to one or more
    components of our executives' compensation. We expect to
    continue this practice after this offering.
Historically, the exercise price of our stock options has been
    at least equal to the fair market value of our common stock on
    the date of grant. Prior to this offering, the fair market value
    of our common stock has been established by our board of
    directors with the assistance of management using factors it
    considered appropriate for a reasonable valuation. Following
    this offering, the fair market value of our common stock will be
    the closing price of our stock on the Nasdaq Global Market on
    the date of the grant. As a privately owned company prior to the
    date of this offering, we have not established a program, plan
    or practice pertaining to the timing of stock option grants to
    executive officers coinciding with the release of material
    non-public information. The compensation committee intends to
    evaluate our grant practices from time to time in the future and
    change them as it deems necessary and appropriate.
Principal
    Elements of Executive Compensation
Compensation for our executive officers has been highly
    individualized, at times structured as a result of
    arm's-length negotiations when an officer is first hired
    and always taking into account our financial condition and
    available resources. The resulting mix of compensation
    components has primarily included:
•
base salary;
•
annual incentive cash bonus;
•
long-term incentive awards in the form of stock options;
•
certain benefits payable upon an executive officer's
    involuntary termination in certain circumstances; and
•
other benefits plans generally available to all salaried
    employees.
Our compensation committee believes this mix is appropriate for
    our executive team because, among other things, it provides a
    fixed component (base salary) designed to offer the executive
    funds from which to manage personal and immediate cash flow
    needs and variable components (annual incentive bonuses and
    stock options) that incentivize our management team to work
    toward achievement of corporate goals and our long-term success,
    as well as offering protection (through termination-related
    benefits) against abrupt changes in the executive's
    circumstances in the event of involuntary employment termination
    including in the context of a change of control of our company.
    Our compensation committee also takes note of the fact that this
    mix is typical of companies in our industry and at our stage of
    development. It has no current plans to change the mix of
    components or vary the relative portions of fixed and variable
    compensation that comprise our overall compensation packages.
In March 2010, as part of the annual compensation review the
    compensation committee reviewed the compensation of our
    executive team and determined that in light of our continued
    growth from both a revenue and product development perspective
    and in anticipation of our company commencing to undertake a
    public offering that it was in our company's best interest
    to make certain changes to the compensation packages of our CEO
    and other executive officers as set forth below.
Base Salaries.
Base salary for our CEO and
    other executive officers is established based on the scope of
    their responsibilities, length of service with our company,
    individual performance during the prior year and competitive
    market compensation. Base salaries are reviewed annually and
    adjusted from time to time based on competitive
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conditions, individual performance, our overall financial
    results, changes in job duties and responsibilities and our
    company's overall budget for base salary increases. The
    budget is designed to allow salary increases to retain and
    motivate successful performers while maintaining affordability
    within our company's business plan.
In January 2009, as part of the annual compensation review, our
    Executive Vice President of Global Field Operations' base
    salary was increased from £140,000 (approximately $227,097
    based on an assumed exchange rate of approximately $1.62 as of
    December 31, 2009) to £145,000 (approximately $235,207
    based on an assumed exchange rate of approximately $1.62 as of
    December 31, 2009) due to our increased sales in 2008
    during a difficult economic climate. In addition, our Senior
    Vice President, Products' base salary was increased at that
    time from $180,000 to $200,000 to recognize his individual
    contributions to our software platform and to bring his
    compensation into line with the other members of our executive
    team.
In March 2010, as part of the annual compensation review and as
    part of our planning to undertake this offering, our CEO's
    base salary was increased from $205,000 to $300,000 in
    recognition of his performance as the chief executive officer
    and overall growth and performance of our company during the
    preceding year. At the same time the compensation committee
    approved the following base salary increases for each of our
    other named executive officers in recognition of their
    individual performances and contributions to the growth and
    performance of our company during the preceding year:
2009
2010
William G. Sorenson
$
275,000
$
280,000
Leslie Bonney
£
145,000
(1)
£
170,000
(2)
Anthony Deighton
$
200,000
$
220,000
Douglas Laird
$
180,000
$
190,000
(1)
Approximately $235,207 based on an
    assumed exchange rate of approximately $1.62 as of
    December 31, 2009.
(2)
Approximately $275,760 based on an
    assumed exchange rate of approximately $1.62 as of
    December 31, 2009.
Cash Incentive Bonus.
Since 2005, we have
    operated an annual cash incentive bonus program to motivate our
    executive officers to attain specific short-term performance
    objectives that, in turn, further our long-term objectives. This
    program is managed as part of our annual business plan process
    and involves a high level of discretion on the part of our
    compensation committee. Typically, the board of directors
    approves a business plan for the year that incorporates
    corporate-level objectives, and achievement of those objectives
    becomes an important factor considered by the compensation
    committee when, after year-end, it makes a final determination
    of bonus amounts to be paid. Other factors that are considered
    by the compensation committee in determining amounts to pay
    include:
•
our company's overall performance and business results;
•
general market conditions;
•
future business prospects;
•
funds available from which to pay bonuses;
•
individual performance;
•
competitive conditions; and
•
any other factors it finds relevant.
Each executive is measured against the consolidated revenue
    achievement of our company as a whole along with their
    performance against individual objectives established at the
    beginning of the fiscal year with the participation of the
    respective executive as part of their total compensation plan.
    This discretionary approach to the variable component of our
    compensation program allows a fluid approach in how we manage
    short-term corporate strategy and executive incentives, while
    allowing us to achieve more constancy in our focus on
    longer-term corporate objectives. Our compensation committee and
    our board of directors believe that this flexibility is
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important in managing a growing company, including because it
    allows executive officers to respond nimbly to the often
    changing demands of the business without undue focus on any one
    specific short-term performance objective. Our compensation
    committee does not have plans at this time to change the way it
    manages our annual cash incentive bonus program or to take a
    more formal or objective approach to the way it sets bonus
    payment amounts.
Each executive officer has a target bonus amount, established at
    the time of hire and then reviewed and potentially adjusted
    annually over the course of the officer's tenure with our
    company. Bonus amounts are based upon company-wide targets for
    revenue along with personal performance objectives established
    for the individual executive depending upon his or her role. The
    revenue portion of the bonus plan is paid on a graduated basis
    dependent upon our company achieving targeted revenue levels,
    with satisfaction of a minimum target required in order to be
    eligible for any bonus. However, because of the emphasis we
    place on annual business plan achievement, actual bonus amounts
    paid may be zero or an amount in excess of the target amount.
For 2009, the target bonuses for executive officers varied from
    approximately 50% to 125% of base salary based on our
    compensation committee's belief of respective competitive
    levels for each officer's overall compensation amount of
    fixed and variable compensation. Actual target bonus levels for
    2009 are shown below. For 2009, the corporate-level performance
    objectives specified in our business plan related to
    consolidated revenue and preparation for a potential initial
    public offering of our stock. While our company did not achieve
    its full budget revenue target, it did exceed minimum revenue
    targets despite the on-going economic recession and at the same
    time increased profitability and began preparation for an
    initial public offering.
As a result of our company's performance in 2009 and our
    compensation committee's review of each named executive
    officer's individual contribution to this performance
    satisfaction of personal performance objectives by our named
    executive officers, the compensation committee awarded the named
    executive officers performance-based cash incentive bonus awards
    equal to:
•
79% of the target bonus for our CEO;
•
93% of the target bonus for our Chief Financial Officer;
•
92% of the target bonus for our Executive Vice President of
    Global Field Operations;
•
111% of the target bonus for our Senior Vice President,
    Products; and
•
98% of the target bonus for our Vice President, Marketing.
The award given to our Senior Vice President, Products exceeded
    his target bonus based on our improving sales results and market
    acceptance of our product during 2009.
In March 2010, as part of the annual compensation review and in
    anticipation of the offering the compensation committee revised
    the target bonuses for the named executive officers for 2010 as
    follows:
2009
2010
Lars Björk
$
300,000
$
300,000
William G. Sorenson
$
137,500
$
175,000
Leslie Bonney
£
180,000
(1)
£
190,000
(2)
Anthony Deighton
$
100,000
$
135,000
Douglas Laird
$
92,400
$
110,000
(1)
$291,982 based on an assumed
    exchange rate of approximately $1.62 as of December 31,
    2009.
(2)
$308,203 based on an assumed
    exchange rate of approximately $1.62 as of December 31,
    2009.
The target bonus for our CEO for 2010 was not revised from 2009
    since our compensation committee believed it represented a
    competitive market level for our CEO. The target bonuses for our
    other named executive officers for 2010 were increased from 2009
    to levels that our compensation committee believed were more
    competitive market levels and reflected a perceived improvement
    in general macroeconomic business conditions affecting our
    company.
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Long-Term Incentive Compensation.
To date, our
    only long-term incentive awards have primarily been in the form
    of options to purchase our common stock. Our stock options have
    an exercise price at least equal to the fair market value of our
    common stock on the grant date, generally vest over four years,
    with 25% of the option shares vesting after one year of service
    and the remainder vesting in equal installments at the end of
    each quarter thereafter, and have a ten year term. Additional
    vesting acceleration benefits apply in certain circumstances
    discussed below.
Generally, a stock option award is made in the year that an
    executive officer commences employment. The size of this award
    is intended to offer the executive a meaningful opportunity for
    stock ownership relative to his or her position and reflects the
    compensation committee's assessment of market conditions
    affecting the position as well as the individual's
    potential for future responsibility within our company.
    Thereafter, additional option grants may be made in the
    discretion of our compensation committee or board of directors.
    To date, we have not granted additional options on an annual
    basis to executives or other employees, although we do evaluate
    individual performance annually. Instead, additional options
    have been granted to executives on a
case-by-case
basis reflecting the compensation committee's determination
    that such grants are appropriate or necessary to reward
    exceptional performance (including upon promotion) or to retain
    individuals when market conditions change. The size of
    additional option grants are determined in the discretion of the
    compensation committee or our board of directors, and typically
    incorporate our CEO's recommendations (except with respect
    to his own option grants).
In 2009, our compensation committee approved option grants to
    our Executive Vice President of Global Field Operations and
    Senior Vice President, Products based upon their respective
    length of service and achievement in improving sales results and
    market acceptance of our product. In selecting executive
    officers to receive option grants, the compensation committee
    considered performance that merited an additional long-term
    incentive award and circumstances where an additional option
    grant was necessary to achieve a desired total compensation
    package (including total equity interest in our company) for the
    officer involved. The amounts of these grants are presented
    below under "Executive Compensation — 2009 Grants
    of Plan-Based Awards." The respective amounts of these
    grants were determined by our compensation committee based on
    the respective officer's performance ability to impact our
    results that drive stockholder value and potential to take on
    roles of increasing responsibility. Our compensation committee
    made its determination based on quantitative analysis of these
    factors.
Other than awards of restricted stock to certain of our
    executive officers in 2004, we have not granted restricted stock
    or restricted stock unit awards. After this offering, our
    compensation committee may consider granting these or other
    awards in addition to or in lieu of options.
Severance and Change in Control Benefits.
We
    have entered into employment agreements with each of our named
    executive officers, which provide severance benefits in the
    event the executive officer's employment is terminated by
    us without cause or the executive officer is terminated without
    cause in connection with a change in control, in consideration
    of a release of potential claims and other customary covenants.
    In accordance with terms that take effect upon the consummation
    of the offering, these benefits range from nine months, in the
    case of our CEO, to six months for our other executive officers,
    of their base salary and benefits. The terms of these agreements
    are described in more detail in the section titled
    "Management — Estimated Benefits and Payments
    Upon Termination of Employment" below. Our board of
    directors and compensation committee have determined it
    appropriate to have these termination-related benefits in place
    to preserve morale and productivity and encourage retention in
    the face of potentially disruptive circumstances that might
    cause an executive to be concerned that his or her employment is
    in jeopardy or that might involve an actual or rumored change in
    control of our company. No changes were made to our
    company's severance and change of control-related benefits
    during 2009.
As part of the annual compensation review in March 2010, the
    compensation committee approved an amendment to all of the stock
    options held by or hereafter granted to our named executive
    officers, to take effect upon the consummation of this offering,
    that provides for full acceleration of all unvested stock
    options if the executive's employment is terminated, other
    than for cause, within 12 months following a change in
    control of our company, sometimes called a "double
    trigger." We believe this "double trigger"
    benefit improves stockholder value because it prevents an
    unintended windfall to executives in the event of a friendly
    change of control, while still providing them appropriate
    incentives to cooperate in negotiating any change of control in
    which they believe they may lose their jobs. We believe
    providing these benefits helps us compete for executive talent.
    We believe that our change of control benefits are generally in
    line with packages offered to executives in our industry.
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Other Benefits.
We pay Mr. Björk,
    our CEO, certain living expenses for him and his family not to
    exceed $75,000 per year, adjusted for taxes. Our compensation
    committee believes that this additional benefit contributes to
    an overall compensation package for our CEO that is competitive
    for a global company in our market with substantial operations
    and origins in Sweden. We pay Mr. Sorenson, our Chief
    Financial Officer, certain living expenses not to exceed $24,000
    per year, adjusted for taxes. Our compensation committee
    believes that this additional benefit contributes to an overall
    compensation package for our Chief Financial Officer that is
    competitive for a global company in our market. In addition, we
    provide a stipend to Mr. Bonney, our Executive Vice
    President of Global Operations, for car expenses. Our
    compensation committee believes that a car benefit is customary
    for comparable officers at similar companies who are based in
    Europe.
We also provide our executive officers with benefits that are
    generally available to our salaried employees. These benefits
    include health and medical benefits, flexible spending plans and
    the opportunity to participate in a 401(k) retirement plan or
    comparable foreign plan.
Tax
    Matters
Our board of directors and compensation committee will consider
    the deductibility of compensation amounts paid to our executive
    officers including the potential future effects of
    Section 162(m) of the Internal Revenue Code on the
    compensation paid to our executive officers in making its
    decisions, although prior to this offering such deductibility is
    not material to our financial position. Section 162(m)
    disallows a tax deduction for any publicly held corporation for
    individual compensation exceeding $1.0 million in any
    taxable year for our CEO and each of the other named executive
    officers (other than our chief financial officer), unless
    compensation is "performance-based" as defined under
    Section 162(m). We expect that our compensation committee
    will adopt a policy that, where reasonably practicable, we will
    seek to qualify the variable compensation paid to our executive
    officers for an exemption from the deductibility limitations of
    Section 162(m) and may structure the amount and form of
    compensation for our executive officers so as to maximize our
    ability to deduct it. Our stock option grants are designed to
    qualify as performance-based compensation for purposes of
    Section 162(m), and we expect compensation amounts related
    to options to be fully deductible. However, our compensation
    committee may, in its judgment, authorize compensation payments
    that are not deductible when it believes that such payments are
    appropriate to attract and retain executive talent.
Employee
    Compensation Risks
As part of its oversight of our company's executive
    compensation program, the compensation committee considers the
    impact of the program, and the incentives created by the
    compensation awards that it administers, on our company's
    risk profile. In addition, the compensation committee reviews
    all of our company's compensation policies and procedures,
    including the incentives that they create and factors that may
    reduce the likelihood of excessive risk taking, to determine
    whether they present a significant risk to our company. The
    compensation committee has determined that, for all employees,
    our company's compensation programs do not encourage
    excessive risk and instead encourage behaviors that support
    sustainable value creation.
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EXECUTIVE
    COMPENSATION
Summary
    Compensation
The following table summarizes the compensation that we paid to
    our chief executive officer, chief financial officer and each of
    our three other most highly compensated executive officers
    during the year ended December 31, 2009. We refer to these
    officers in this prospectus as our named executive officers.
Summary
    Compensation Table
Stock
Option
All Other
Name and Principal
    Position
Year
Salary
Bonus
(1)
Awards
Awards
(2)
Compensation
Total
Lars Björk
2009
$
205,000
$
238,068
$
—
$
—
$
94,982
(3)
$
538,050
Chief Executive Officer
William G. Sorenson
2009
275,000
127,250
—
—
34,660
(4)
436,910
Chief Financial Officer
Leslie Bonney
2009
235,207
(5)
251,429
(6)
—
196,394
(7)
42,918
(8)
725,948
(9)
Executive Vice President of Global Field Operations
Anthony Deighton
2009
200,000
110,800
—
196,394
13,416
(10)
520,610
Senior Vice President, Products
Douglas Laird
2009
180,000
90,700
—
—
558
271,258
Vice President, Marketing
(1)
The amounts in this column reflect
    discretionary bonuses approved by our board of directors for
    company and individual performance.
(2)
The amounts in this column
    represent the aggregate grant date fair value of the stock
    option, computed in accordance with Accounting Standards
    Codification Topic 718 without consideration of forfeitures. See
    Note 13 of the notes to consolidated financial statements
    for a discussion of our assumptions in determining the values of
    our option awards.
(3)
Includes $94,332 paid by our
    company for Mr. Björk's housing, living and other
    related expenses (including for tax adjustments) and $650 paid
    by our company for Group Term Life Insurance.
(4)
Includes $33,418 paid by our
    company for Mr. Sorenson's housing, living and other
    related expenses (including for tax adjustments) and $1,242 paid
    by our company for Group Term Life Insurance.
(5)
Based on a base salary of
    £145,000 and an assumed exchange rate of approximately
    $1.62 as of December 31, 2009.
(6)
Based on a bonus of £155,000
    and an assumed exchange rate of approximately $1.62 as of
    December 31, 2009.
(7)
Approximately £121,072 based
    on an assumed exchange rate of approximately $1.62 as of
    December 31, 2009.
(8)
Includes $19,465 (based on payments
    of £12,000 and an assumed exchange rate of approximately
    $1.62 as of December 31, 2009) paid by our company for the
    provision of a car for Mr. Bonney and $23,453 (based on
    contributions of £14,458 and an assumed exchange rate of
    approximately $1.62 as of December 31, 2009) contributed by
    our company to Mr. Bonney's U.K. tax qualified defined
    contribution plan.
(9)
Approximately £447,530 based
    on an assumed exchange rate of approximately $1.62 as of
    December 31, 2009.
(10)
Includes $12,288 paid by our
    company to Mr. Deighton in exchange for accrued vacation,
    $750 contributed by our company to Mr. Deighton's
    401(k) plan and $378 paid by our company for Group Term Life
    Insurance.
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2009
    Grants of Plan-Based Awards
The following table sets forth each plan-based award granted to
    our named executive officers during the year ended
    December 31, 2009.
Option Awards:
Exercise
Grant Date
Number of
Price of
Fair Value of
Securities
Option
Option
Grant Date
Underlying Options
Awards
(1)
Awards
(2)
Lars Björk
—
—
—
—
William G. Sorenson
—
—
—
—
Leslie Bonney
March 30, 2009
200,000
$
1.65
$
196,394
Anthony Deighton
March 30, 2009
200,000
$
1.65
$
196,394
Douglas Laird
—
—
—
—
(1)
The amounts in this column
    represent the fair market value of a share of our common stock,
    as determined by our board of directors with the assistance of
    management, on the date of grant. See the section titled
    "Management — Compensation Discussion and
    Analysis" above for a discussion of how we have valued our
    common stock.
(2)
The amounts in this column
    represent the aggregate grant date fair value of the stock
    option, computed in accordance with Accounting Standards
    Codification Topic 718 without consideration of forfeitures. See
    Note 13 of the notes to consolidated financial statements
    for a discussion of our assumptions in determining the values of
    our option awards.
Outstanding
    Equity Awards at 2009 Fiscal Year-End
The following table sets forth information regarding each option
    held by each of our named executive officers as of
    December 31, 2009. The vesting applicable to each
    outstanding option is described in the footnotes to the table
    below. For a description of the acceleration of vesting
    provisions applicable to the options held by our named executive
    officers, please see the section titled
    "Management — Potential Payments Upon Termination
    or Change in Control" below.
Number of
Number of
Securities
Securities
Underlying
Underlying
Unexercised
Unexercised
Option
Options (#)
Options (#)
Exercise
Option
Exercisable
Unexercisable
Price
Grant Date
Expiration Date
Lars Björk
146,738
(1)
33,863
$
0.63
September 30, 2006
September 30, 2016
90,300
(1)
90,301
$
1.65
November 1, 2007
October 1, 2017
386,203
(1)
386,202
$
1.65
November 15, 2007
November 14, 2017
William G. Sorenson
242,345
(2)
533,155
$
1.65
September 30, 2008
September 30, 2018
Leslie Bonney
614,040
(1)
—
$
0.63
June 30, 2005
June 30, 2015
126,421
(1)
126,421
$
1.65
October 1, 2007
October 30, 2017
—
200,000
(1)
$
1.65
March 30, 2009
March 30, 2019
Anthony Deighton
722,400
(3)
—
$
0.63
January 17, 2005
January 16, 2015
50,000
(1)
50,000
$
1.65
December 30, 2007
December 30, 2017
—
200,000
(1)
$
1.65
March 30, 2009
March 30, 2019
Douglas Laird
75,000
(1)
225,000
$
1.65
December 30, 2008
December 30, 2018
(1)
The shares subject to these stock
    options vest over a four year period, with 1/4th of the shares
    subject to such stock options vesting on or around the first
    anniversary of the grant date and 6.25% of the shares subject to
    the stock options vesting on a quarterly basis thereafter.
    Vesting is contingent upon continued service.
(2)
The shares subject to these stock
    options vest over a four year period, with 12.5% of the shares
    subject to such stock options vesting on the six-month
    anniversary of the grant date and 6.25% of the shares subject to
    the stock options vesting on a quarterly basis thereafter.
    Vesting is contingent upon continued service.
(3)
25% of the shares subject to such
    stock option vested on June 30, 2006 and 6.25% of the
    shares subject to such stock options vest on a quarterly basis
    thereafter. Vesting is contingent upon continued service.
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2009
    Option Exercises and Stock Vested
There were no option exercises or share vesting events for
    awards held by our named executive officers in 2009.
Employment
    Agreements
We have entered into employment agreements
and/or
services agreements with each of our named executive officers.
Employment
    Agreement with Lars Björk
In October 2007, we entered into an employment agreement with
    Mr. Björk for his position as Chief Executive Officer
    and President. Under this agreement, Mr. Björk's
    initial base salary was $205,000 per year, subject to annual
    increases at the sole discretion of our board of directors.
    Mr. Björk's current annual base salary is
    $300,000 and Mr. Björk is eligible currently to
    receive a cash bonus of $300,000 based on performance. Pursuant
    to this agreement, Mr. Björk received an option to
    purchase up to 953,006 shares of common stock. For a period
    of twelve months after his termination of employment,
    Mr. Björk will be subject to a noncompetition covenant
    for a period of 12 months, and he is subject to a
    nonsolicitation covenant with respect to customers, clients and
    employees of our company or the group for a period of
    24 months following the termination of his employment.
    Mr. Björk's employment agreement also provides
    that we shall pay for certain living expenses for him and his
    family in an amount not to exceed $75,000 per year. If we
    terminate Mr. Björk's employment agreement for
    cause (as defined in the agreement) or on account of death or
    disability (as defined in the agreement), or if
    Mr. Björk terminates his employment with us,
    Mr. Björk is entitled to no further compensation or
    benefits other than those earned through the date of the
    termination. If we terminate the agreement without cause (as
    defined in the agreement) Mr. Björk's agreement
    initially provides that we will continue to pay
    Mr. Björk's base salary for a period of three
    months following the termination of his employment, conditioned
    upon the execution by Mr. Björk of a release of claims.
In April 2010, we amended and restated
    Mr. Björk's employment agreement with our company
    to take effect upon the consummation of the offering. Pursuant
    to the amended and restated employment agreement,
    Mr. Björk's employment agreement may be
    terminated, with or without cause, by him or by us at any time
    without notice by either party. If Mr. Björk's
    employment is terminated by our company other than due to cause,
    death or disability, we will continue to pay
    Mr. Björk's base salary for a period of nine
    months following the termination of his employment, conditioned
    upon the execution by Mr. Björk of a release of
    claims. In addition to this severance amount,
    Mr. Björk will also receive any earned but unpaid
    bonus, and we will also reimburse Mr. Björk's
    COBRA payments during the period of his severance payment.
Employment
    Agreement with William G. Sorenson
In August 2008, we entered into an employment agreement with
    Mr. Sorenson, our Treasurer and Chief Financial Officer.
    The term of his employment agreement is one year and is deemed
    to have been automatically extended for an additional one year
    term (or such other period to have been agreed upon in writing)
    upon each anniversary of the agreement unless any party gives
    written notice of the non-extension of the employment agreement
    to the other party at least 90 days before that anniversary
    (or as provided below). Under this agreement,
    Mr. Sorenson's initial base salary was $275,000 per
    year with a bonus potential of $137,500. Our board of directors
    adjusts Mr. Sorenson's salary and bonus from time to
    time. Mr. Sorenson's current annual base salary is
    $280,000, and Mr. Sorenson is eligible currently to receive
    a cash bonus of $175,000 based on performance. The agreement
    also provides that the board of directors would grant him an
    option to purchase 778,500 shares of common stock. For a
    period of twelve months after his termination of employment,
    Mr. Sorenson will be subject to certain restrictions on
    competition with us and on the solicitation of our employees,
    customers and clients. Mr. Sorenson's employment
    agreement also provides that Mr. Sorenson is eligible to
    participate in our general employee benefit plans in accordance
    with the terms and conditions of such plans.
    Mr. Sorenson's employment agreement also provided that
    we would pay for certain living expenses for him and his family
    for up to $3,000 per month in connection with accommodations in
    the Radnor, Pennsylvania area for the first six months of
    employment and relocation assistance up to $25,000 in the event
    Mr. Sorenson relocates to the Radnor, Pennsylvania area. If
    we
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terminate the agreement without cause (as defined in the
    agreement), we will continue to provide Mr. Sorenson's
    base salary for a period of six months following the termination
    of employment, conditioned upon the execution by
    Mr. Sorenson of a release of claims. In addition, our
    obligation to provide severance payments is limited if
    Mr. Sorenson secures compensation through any employment or
    consulting arrangements more than three months following a
    termination without cause, and the obligations completely cease
    if Mr. Sorenson breaches his Proprietary Information,
    Assignment of Inventions and Non-Competition Agreement.
In April 2010, we amended and restated Mr. Sorenson's
    employment agreement with our company, to take effect upon the
    consummation of the offering. Pursuant to the amended and
    restated employment agreement, we will pay living expenses for
    Mr. Sorenson and his family for up to $24,000 per year.
    Mr. Sorenson's employment agreement may be terminated,
    with or without cause, by him or by us at any time without
    notice by either party. If we terminate the agreement without
    cause, in addition to the severance payments that
    Mr. Sorenson will receive as described above,
    Mr. Sorenson will also receive any earned but unpaid bonus,
    and we will also reimburse Mr. Sorenson's COBRA
    payments during the period of his severance payment.
Employment
    Agreement with Leslie Bonney
In May 2005, we entered into an employment agreement with
    Mr. Bonney. Mr. Bonney currently serves as our Senior
    Vice President of Worldwide Sales. Under this agreement,
    Mr. Bonney's initial base salary was £130,000 per
    year (approximately $210,876 based on an assumed exchange rate
    of approximately $1.62 as of December 31, 2009) and
    the agreement initially provided for a bonus potential of up to
    £110,000 (approximately $178,433 based on an assumed
    exchange rate of approximately $1.62 as of December 31,
    2009). Our board of directors adjusts Mr. Bonney's
    salary and bonus potential from time to time.
    Mr. Bonney's current annual base salary is
    £170,000 per year (approximately $275,760 based on an
    assumed exchange rate of approximately $1.62 as of
    December 31, 2009), and Mr. Bonney is currently
    eligible to receive a cash bonus of up to £190,000 per year
    (approximately $308,203 based on an assumed exchange rate of
    approximately $1.62 as of December 31, 2009) based on
    performance. The employment agreement also provides that the
    board of directors would grant Mr. Bonney an option to
    purchase 614,040 shares of common stock. For a period of
    twelve months after his termination of employment,
    Mr. Bonney will be subject to certain restrictions on
    competition with us and on the solicitation of our employees,
    customers and clients. Mr. Bonney's employment
    agreement also provides that he is entitled to £1,000
    (approximately $1,622 based on an assumed exchange rate of
    approximately $1.62 as of December 31, 2009) per month
    for car expenses and he is also entitled to related expenses.
    Mr. Bonney's employment agreement provides that
    Mr. Bonney's employment agreement may be terminated at
    any time upon six months notice, unless the employment contract
    is breached.
Employment
    Agreement with Anthony Deighton
In January 2005, we entered into an employment agreement with
    Mr. Deighton. Mr. Deighton's employment agreement
    provides that he is an "at-will" employee and his
    employment may be terminated at any time by us or
    Mr. Deighton. Under this agreement,
    Mr. Deighton's initial base salary was $150,000 per
    year, and Mr. Deighton was initially eligible to receive a
    cash bonus of $75,000 based on performance. Our board of
    directors adjusts Mr. Deighton's salary and bonus
    potential from time to time. Mr. Deighton's current
    annual base salary is $220,000, and Mr. Deighton is
    eligible currently to receive a cash bonus of $135,000 based on
    performance. Pursuant to this agreement, Mr. Deighton
    received an option to purchase up to 722,400 shares of
    common stock. For a period of twelve months after his
    termination of employment, Mr. Deighton will be subject to
    certain restrictions on competition with us and on the
    solicitation of our employees, customers and clients.
    Mr. Deighton's employment agreement also provides that
    Mr. Deighton is eligible to participate in our general
    employee benefit plans in accordance with the terms and
    conditions of such plans.
In April 2010, we amended and restated Mr. Deighton's
    employment agreement with our company, to take effect upon the
    consummation of the offering. Pursuant to the amended and
    restated employment agreement, Mr. Deighton's
    employment agreement may be terminated, with or without cause,
    by him or by us at any time without notice by either party. If
    we terminate the agreement without cause (as defined in the
    agreement), we will continue to provide Mr. Deighton's
    base salary for a period of six months following the termination
    of employment, conditioned upon the execution by
    Mr. Deighton of a release of claims. In addition to this
    severance payment,
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Mr. Deighton will also receive any earned but unpaid bonus,
    and we will also reimburse Mr. Deighton's COBRA
    payments during the period of his severance payment.
Employment
    Agreement with Douglas Laird
In November 2008, we entered into an employment agreement with
    Mr. Laird, our Vice President of Marketing. Under this
    agreement, Mr. Laird's initial base salary was
    $180,000 per year, and Mr. Laird was initially eligible to
    receive a cash bonus of up to $90,000 subject to performance.
    Our board of directors adjusts Mr. Laird's salary and
    bonus potential from time to time. Mr. Laird's current
    annual base salary is $190,000, and Mr. Laird is eligible
    currently to receive a cash bonus of $110,000 based on
    performance. Pursuant to this agreement, Mr. Laird received
    an option to purchase up to 300,000 shares of common stock.
    For a period of twelve months after his termination of
    employment, Mr. Laird will be subject to certain
    restrictions on competition with us and on the solicitation of
    our employees, customers and clients. Mr. Laird's
    employment agreement also provides that Mr. Laird is
    eligible to participate in our general employee benefit plans in
    accordance with the terms and conditions of such plans.
In April 2010, we amended and restated Mr. Laird's
    employment agreement with our company, to take effect upon the
    consummation of the offering. Pursuant to the amended and
    restated employment agreement, Mr. Laird's employment
    agreement may be terminated, with or without cause, by him or by
    us at any time without notice by either party. If we terminate
    the agreement without cause, we will continue to provide
    Mr. Laird's base salary for a period of six months
    following the termination of employment, conditioned upon the
    execution by Mr. Laird of a release of claims. In addition
    to this severance payment, Mr. Laird will also receive any
    earned but unpaid bonus, and we will also reimburse
    Mr. Laird's COBRA payments during the period of his
    severance payment.
Potential
    Payments Upon Termination or Change in Control
See "Employment Agreements" and "Compensation
    Discussion and Analysis — Severance and Change in
    Control Benefits" above for a description of the severance
    and change in control arrangements for our named executive
    officers. The following table describes the potential payments
    and benefits upon termination of our named executive
    officers' employment before or after a change in control of
    our company, as if each officer's employment terminated as
    of December 31, 2009.
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Estimated
    Benefits and Payments Upon Termination of Employment
The following table describes the potential payments and
    benefits upon termination of our named executive officers'
    employment before or after a change in control of our company as
    described above, as if each officer's employment terminated
    as of December 31, 2009, the last business day of the 2009
    fiscal year, before giving effect to the April 2010 amendments
    to the terms of the employment agreements with our named
    executive officers discussed above.
Termination
Voluntary
Other than for
Termination
Resignation/
Cause or
Other than for
Termination
Disability
Cause or
Resignation for
for
Prior
Disability after a
Good Reason
Cause or
to Change in
Change in
after a Change in
Name
Benefit
Disability
Control
Control
Control
Lars Björk
Severance
$
—
$
75,000
$
75,000
$
—
Option Acceleration
—
—
—
COBRA Premiums
—
—
—
—
Vacation Payout
23,654
23,654
23,654
23,654
Total Value
$
23,654
$
98,654
$
$
23,654
William G. Sorenson
Severance
$
—
$
137,500
$
68,750
$
—
Option Acceleration
—
—
—
COBRA Premiums
—
—
—
—
Vacation Payout
15,865
15,865
15,865
15,865
Total Value
$
15,865
$
153,365
$
$
15,865
Leslie Bonney
Severance
£
—
£
72,500
(1)
£
72,500
(1)
£
—
Option Acceleration
—
—
—
COBRA Premiums
—
—
—
—
Vacation Payout
—
—
—
—
Total Value
£
—
£
72,500
(1)
£
£
—
Anthony Deighton
Severance
$
—
$
—
$
—
$
—
Option Acceleration
—
—
—
COBRA Premiums
—
—
—
—
Vacation Payout
8,013
8,013
8,013
8,013
Total Value
$
8,013
$
8,013
$
$
8,013
Douglas Laird
Severance
$
—
$
—
$
—
$
—
Option Acceleration
—
—
—
COBRA Premiums
—
—
—
—
Vacation Payout
8,495
8,495
8,495
8,495
Total Value
$
8,495
$
8,495
$
$
8,495
(1)
Approximately $117,604 based on an
    assumed exchange rate of approximately $1.62 as of
    December 31, 2009.
For purposes of valuing the severance and vacation payments in
    the table above, we used each executive officer's base
    salary in effect at the end of 2009 and the number of accrued
    but unused vacation days at the end of 2009.
The value of option acceleration shown in the tables above was
    calculated based on the assumption that the officer's
    employment was terminated and the change in control (if
    applicable) occurred on December 31, 2009 and that the fair
    market value of our common stock on that date was
    $      , which represents the midpoint
    of the range of the initial public offering price set forth on
    the cover page of this prospectus. The value of the vesting
    acceleration was calculated by multiplying the number of
    unvested shares subject to each option by the difference between
    the fair market value of our common stock as of
    December 31, 2009 and the exercise price of the option.
2009 Director
    Compensation
We have a policy of reimbursing all of our non-employee
    directors for their reasonable
out-of-pocket
expenses incurred in attending board and committee meetings. In
    April of 2009, we granted Mr. Wahl an option to purchase
    50,000 shares of our common stock at an exercise price of
    $1.65 per share. The option vests in full on April 1, 2010.
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The following table sets forth information regarding
    compensation earned by each of our non-employee directors during
    the fiscal year ended December 31, 2009.
Change in Pension
Value and
Nonqualified
Fees Earned
Non-Equity
Deferred
All Other
or Paid in
Stock
Option
Incentive Plan
Compensation
Compensation
Name
Cash ($)
Awards ($)
Awards
    ($)
(1)
Compensation ($)
Earnings ($)
($)
Total ($)
Claes
    Björk
(2)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Bruce Golden
—
—
—
—
—
—
—
Måns
    Hultman
(3)
269,867
(4
)
—
—
—
—
39,749
(5
)
309,616
(6)
Alexander Ott
—
—
—
—
—
—
—
Paul
    Wahl
(7)
—
—
49,099
—
—
—
49,099
(1)
The amounts in this column
    represent the aggregate grant date fair value of the stock
    option, computed in accordance with Accounting Standards
    Codification Topic 718 without consideration of forfeitures. See
    Note 13 of the notes to consolidated financial statements
    for a discussion of our assumptions in determining the values of
    our option awards.
(2)
Mr. Björk resigned from
    the board of directors effective December 2, 2009.
(3)
Mr. Hultman resigned from the
    board of directors effective March 15, 2010.
(4)
Includes $175,368 (based on
    director compensation of 1,248,000 Swedish kronor and an
    assumed exchange rate of approximately $0.14 as of
    December 31, 2009) and $94,499 (based on a bonus paid of
    672,500 Swedish kronor and an assumed exchange rate of
    approximately $0.14 as of December 31, 2009).
(5)
Includes $7,799 (based on payments
    of 55,500 Swedish kronor and an assumed exchange rate of
    approximately $0.14 as of December 31, 2009) paid by our
    company for the provision of a car for Mr. Hultman and
    $31,950 (based on contributions of 227,370 Swedish kronor
    and an assumed exchange rate of approximately $0.14 as of
    December 31, 2009) contributed by our company to
    Mr. Hultman's Swedish tax qualified contribution plan.
(6)
Approximately
    2,203,370 Swedish kronor based on an assumed exchange rate
    of approximately $0.14 as of December 31, 2009.
(7)
Mr. Wahl held options to
    purchase an aggregate of 50,000 shares of common stock as
    of December 31, 2009.
Mr. Gavin was appointed to the board of directors of our
    company effective February 11, 2010 and in connection with
    his appointment was granted during March 2010 an option to
    purchase 20,000 shares of our common stock. Following this
    offering, our non-employee directors will be eligible for cash
    compensation and for stock option grants under our 2010 Equity
    Incentive Plan. See "Management — Director
    Compensation" for additional information.
Equity
    Benefit Plans
2004
    Omnibus Stock Option and Award Plan
Our board of directors adopted and our stockholders approved the
    2004 Omnibus Stock Option and Award Plan (the "2004
    Plan") in November 2004. As of December 31, 2009,
    4,130,882 shares of common stock had been issued upon the
    exercise of options granted under the 2004 Plan, options to
    purchase 5,588,478 shares of common stock were outstanding
    at a weighted-average exercise price of $0.93 per share and no
    shares remained available for future grant. Following our
    adoption of the 2007 Plan on November 1, 2007, no further
    grants of stock options or awards were made under the 2004 Plan.
    The awards outstanding following such time under the 2004 Plan
    continue to be governed by their existing terms.
Administration.
The compensation committee of
    our board of directors administers the 2004 Plan. Our
    compensation committee has complete discretion to make all
    decisions relating to the plans.
Eligibility.
Employees of our company or its
    subsidiaries and non-employee members of our board of directors,
    as well as any other persons whose participation the
    compensation committee determine is in our best interest,
    subject to certain limitations, are eligible to participate in
    our 2004 Plan.
Types of Award.
Our 2004 Plan provide for the
    following types of award:
•
incentive and non-statutory stock options to purchase shares of
    our common stock;
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•
restricted shares of our common stock;
•
stock awards; and
•
stock units.
Change in Control.
In the event we experience
    a change in control, all awards granted under the 2004 Plan
    shall be subject to the agreement evidencing such change in
    control, and with respect to a stock option such agreement shall
    provide for one or more of the following:
•
the continuation or assumption of such outstanding stock options
    by the surviving corporation or its parent;
•
the substitution by the surviving corporation or its parent of
    new options for such outstanding stock options;
•
full acceleration of the vesting of such stock options; or
•
the cancellation of such stock options in exchange for a payment
    equal to the excess of the fair market value of the shares
    subject to such stock options (whether or not such stock options
    are then exercisable or such shares are then vested) over the
    exercise price of such stock options.
For purposes of the 2004 Plan, a change in control includes a
    merger or consolidation of our company with or into another
    entity where existing stockholders of our company immediately
    prior to the merger or consolidation do not hold a majority of
    the voting power of the capital stock of the surviving entity,
    the sale of all or substantially all of our assets and the
    dissolution, liquidation or winding up of our company.
Payment.
The exercise price for options
    granted under the 2004 Plan may not be less than 100% of the
    fair market value of our common stock on the grant date.
    Optionees may pay the exercise price of options by using:
•
cash or cash equivalents;
•
shares of common stock that the optionee already owns;
•
a full recourse promissory note, under certain
    circumstances; or
•
following this offering, an immediate sale of the option shares
    through a broker designated by us.
Shares and stock units may be awarded under the 2004 Plan in
    consideration of services rendered to us prior to the grant date
    of the award.
2007
    Omnibus Stock Option and Award Plan
Our board of directors adopted and our stockholders approved the
    2007 Omnibus Stock Option and Award Plan (the "2007
    Plan") in November 2007. As of December 31, 2009,
    103,548 shares of common stock had been issued upon the
    exercise of options granted under the 2007 Plan, options to
    purchase 6,752,996 shares of common stock were outstanding
    at a weighted-average exercise price of $2.00 per share and
    1,548,497 shares remained available for future grant. Upon
    the effective date of this offering, no further option grants
    will be made under the 2007 Plan. The awards outstanding after
    this offering under the 2007 Plan will continue to be governed
    by their existing terms.
Administration.
The compensation committee of
    our board of directors administers the 2007 Omnibus Stock Option
    and Award Plan. Our compensation committee has complete
    discretion to make all decisions relating to the plans.
Eligibility.
Employees of our company or its
    subsidiaries and non-employee members of our board of directors,
    as well as any other persons whose participation the
    compensation committee determine is in our best interest,
    subject to certain limitations, are eligible to participate in
    our 2007 Plan.
Types of Award.
Our 2007 Plan provide for the
    following types of award:
•
incentive and non-statutory stock options to purchase shares of
    our common stock;
•
restricted shares of our common stock;
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•
stock awards; and
•
stock units.
Change in Control.
In the event we experience
    a change in control, awards outstanding under the 2007 Plan are
    to be assumed by our acquirer. The compensation committee has
    the authority to determine the effect of any such transaction on
    outstanding options or awards. For purposes of our 2007 Plan, a
    change in control includes a merger involving our company, or
    any other corporate reorganization to which our company is a
    part that involves the exchange, conversion, adjustment or other
    modification of outstanding shares of our common stock.
Payment.
The exercise price for options and
    stock appreciation rights granted under the 2007 Plan may not be
    less than 100% of the fair market value of our common stock on
    the grant date. Optionees may pay the exercise price of options
    by using:
•
cash or cash equivalents;
•
shares of common stock that the optionee already owns;
•
a full recourse promissory note, under certain
    circumstances; or
•
following this offering, an immediate sale of the option shares
    through a broker designated by us.
Shares and stock units may be awarded under the 2007 Plan in
    consideration of services rendered to us prior to the grant date
    of the award.
Special
    considerations for Swedish Employees
Swedish tax law requires that Swedish plan participants purchase
    their stock options. Because such Swedish plan participants
    purchase their stock options pursuant to Swedish law, these
    participants keep these stock options or awards even if they
    leave our company. Pursuant to our non-qualified stock option
    award agreements with our Swedish employees, stock options and
    awards are subject to our right of repurchase upon a termination
    of service of the participant at a price equal to the fair
    market value on the date of termination of service. We have a
    right of first refusal to purchase any stock option or awards
    proposed to be transferred to any third parties which shall
    terminate upon the earlier to occur of a public offering of our
    shares of common stock at a price per share of not less than
    $3.15 and greater than $30,000,000 in the aggregate or the
    consummation of a liquidation event. Upon a change in control,
    our right to repurchase award shares in the event of a
    termination of service terminates if the participant is still
    actively employed by us on the date of the change of control and
    in such event the stock option and awards shall remain subject
    to our right of first refusal.
2010
    Equity Incentive Plan
Our board of directors adopted our 2010 Equity Incentive Plan
    (the "2010 Plan") during March 2010, and our
    stockholders approved it
    on          ,
    2010. The 2010 Plan will take effect on the effective date of
    the registration statement of which this prospectus is a part.
    Our 2010 Plan will replace our 2007 Plan, and no further grants
    will be made under such plan after this offering. However, the
    options outstanding after this offering under the 2007 Plan and
    the 2004 Plan will continue to be governed by their existing
    terms.
Shares Reserved.
We have reserved
    3,300,000 shares of our common stock for issuance under the
    2010 Equity Incentive Plan. The number of shares reserved for
    issuance under the plan will be increased automatically on
    January 1 of each year, starting with 2011, by a number equal to
    the smallest of:
•
3,300,000 shares;
•
3.75% of the shares of common stock outstanding at that
    time; or
•
the number of shares determined by our board of directors.
In general, to the extent that awards under the 2010 Plan are
    forfeited or lapse without the issuance of shares, if shares are
    applied to pay the purchase price or withholding amounts due in
    connection with awards or shares are otherwise not issued in
    connection with an award, then in each case the shares
    forfeited, withheld or otherwise not
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issued will again become available for awards. All share numbers
    described in this summary of the 2010 Plan are automatically
    adjusted in the event of a stock split, a stock dividend, or a
    reverse stock split.
Administration.
The compensation committee of
    our board of directors administers the 2010 Plan. The committee
    has the complete discretion to make all decisions relating to
    the plan and outstanding awards.
Eligibility.
Employees, members of our board
    of directors who are not employees, and consultants are eligible
    to participate in our 2010 Plan.
Types of Award.
Our 2010 Plan provides for the
    following types of award:
•
incentive and non-statutory stock options to purchase shares of
    our common stock;
•
stock appreciation rights;
•
restricted shares of our common stock; and
•
stock units.
Options and Stock Appreciation Rights.
The
    exercise price for options granted under the 2010 Plan may not
    be less than 100% of the fair market value of our common stock
    on the option grant date. Optionees may pay the exercise price
    by using, with the consent of the compensation committee in all
    cases except with respect to cash:
•
cash;
•
shares of common stock that the optionee already owns;
•
an immediate sale of the option shares through a broker approved
    by us; or
•
other methods permitted by applicable law and approved by the
    compensation committee.
A participant who exercises a stock appreciation right receives
    the increase in value of our common stock over the base price.
    The base price for stock appreciation rights may not be less
    than 100% of the fair market value of our common stock on the
    grant date. The settlement value of a stock appreciation right
    may be paid in cash or shares of common stock or a combination
    of both. Options and stock appreciation rights vest at the time
    or times determined by the compensation committee. In most
    cases, they will vest over a four-year period following the date
    of grant. Options and stock appreciation rights also expire at
    the time determined by the compensation committee but in no
    event more than 10 years after they are granted. They
    generally expire earlier if the participant's service
    terminates earlier. No participant may be granted, in aggregate
    during any fiscal year, options or stock appreciation rights
    under the 2010 Plan covering more than 800,000 shares of
    common stock.
Restricted Shares and Stock Units.
Restricted
    shares and stock units may be awarded under the 2010 Plan in
    return for any lawful consideration, and participants who
    receive restricted shares or stock units generally are not
    required to pay for their awards in cash. In general, these
    awards will be subject to vesting. Vesting may be based on
    length of service, the attainment of performance-based
    milestones, or a combination of both, as determined by the
    compensation committee. No participant may be granted, in
    aggregate during any fiscal year, awards pursuant to the 2010
    Plan for restricted shares or stock units with performance-based
    vesting covering more than 200,000 shares of common stock.
    Settlement of vested stock units may be made in the form of
    cash, shares of common stock, or a combination of both.
Change in Control.
In the event we experience
    a change in control, outstanding awards granted under the 2010
    Plan will be subject to the terms of the definitive transaction
    agreement, which will provide that the awards will be continued
    (if we survive the transaction), assumed or substituted for
    equivalent awards by our acquirer, or cancelled including with
    respect to vested shares in exchange for a cash payment equal to
    the difference between the fair market value of the underlying
    stock less any applicable exercise or purchase price. The
    compensation committee has the discretion to provide that an
    award granted under the 2010 Plan will vest on an accelerated
    basis if a change in control of our company occurs or if the
    participant is subject to an involuntary termination after the
    change in control, and has already so provided with respect to
    certain of our executive officers as described above in
    "Compensation Discussion and Analysis" and
    "Employment Agreements."
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A change in control includes:
•
a merger after which our own stockholders own less than 50% of
    the surviving corporation or its parent company;
•
a sale of all or substantially all of our assets;
•
a proxy contest that results in the replacement of more than
    one-half of our directors over a
24-month
period; or
•
an acquisition of 50% or more of our outstanding stock by any
    person or group, other than a person related to our company,
    such as a holding company owned by our stockholders.
Amendments or Termination.
Our board of
    directors may amend or terminate the 2010 Plan at any time. If
    our board of directors amends the plan, it does not need to ask
    for stockholder approval of the amendment unless required by
    applicable law or exchange listing requirements. The 2010 Plan
    will continue in effect for 10 years, unless our board of
    directors decides to terminate the plan earlier or unless our
    board of directors and stockholders later approve an extension
    of this term.
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CERTAIN
    RELATIONSHIPS AND RELATED PERSONS TRANSACTIONS
In addition to the compensation arrangements with directors and
    executive officers and the registration rights described
    elsewhere in this prospectus, the following is a description of
    each transaction since January 1, 2007 and each currently
    proposed transaction in which:
•
we have been or are to be a participant;
•
the amount involved exceeds $120,000; and
•
any of our directors, executive officers or holders of more than
    5% of our capital stock, or any immediate family member of or
    person sharing the household with any of these individuals
    (other than tenants or employees), had or will have a direct or
    indirect material interest.
All of the transactions set forth below were approved by a
    majority of our board of directors, including a majority of the
    independent and disinterested members of our board of directors.
    We believe that we have executed all of the transactions set
    forth below on terms no less favorable to us than we could have
    obtained from unaffiliated third parties. It is our intention to
    ensure that all future transactions between us and our officers,
    directors and principal stockholders and their affiliates are
    approved by the audit committee and a majority of the members of
    our board of directors, including a majority of the independent
    and disinterested members of our board of directors, and are on
    terms no less favorable to us than those that we could obtain
    from unaffiliated third parties.
Investors'
    Rights Agreement
We have entered into an investors' rights agreement with
    the purchasers of our outstanding preferred stock, including
    entities with which certain of our directors are affiliated. As
    of December 31, 2009, the holders of 32,990,113 shares
    of our common stock, including the shares of common stock
    issuable upon the automatic conversion of our preferred stock,
    are entitled to rights with respect to the registration of their
    shares under the Securities Act of 1933 pursuant to the
    investors' rights agreement. Certain stockholders who are a
    party to this agreement are entitled to certain financial
    information regarding us and to visit and inspect our properties
    and books of account. These information and inspection rights
    will terminate upon the closing of this offering. In addition,
    stockholders who are a party to this agreement are provided
    rights to demand registration of shares of common stock issuable
    upon conversion of their preferred stock and to participate in a
    registration of our common stock that we may decide to do, from
    time to time. These registration rights will survive this
    offering and will terminate as to any holder at such time as
    such holder holds 1% or less of our company's outstanding
    common stock and all of such holders' securities (together
    with any affiliate of the holder with whom such holder must
    aggregate its sales) could be sold within a three month period
    without compliance with the registration requirements of the
    Securities Act of 1933 pursuant to Rule 144, but in any
    event no later than the five-year anniversary of this offering.
    These demand registration rights, however, may not be exercised
    until six months after this offering. All of the shares subject
    to this agreement are held by affiliates of certain of our
    directors and by holders of 5% of our capital stock.
In connection with a Loan Facility Agreement between our
    subsidiary, QlikTech International AB, and ETV Capital SA, we
    issued a warrant to purchase 260,082 shares of our
    Series A preferred stock to ETV Capital. This warrant
    provides that upon its exercise the holder shall have no demand
    registration rights but will have certain rights to participate
    in registrations of our common stock that we may decide to do,
    from time to time. Additionally, the holder of this warrant will
    be subject to the provisions regarding indemnification as set
    forth in the investors' rights agreement upon the exercise
    of this warrant. For more information regarding this agreement,
    please refer to the section titled "Description of Capital
    Stock — Registration Rights." This is not a
    complete description of this investors' rights agreement
    and is qualified by the full text of the investors' rights
    agreement which have been filed as exhibits to the registration
    statement of which this prospectus is a part.
Voting
    Agreement
The election of the members of our board of directors is
    governed by a voting agreement that we entered into with certain
    holders of our common stock and holders of our preferred stock
    and related provisions of our restated certificate of
    incorporation. The directorship of our board of directors
    designated by the holders of a majority of our Series AA
    preferred stock is filled by John Gavin, Jr. The holders of
    a majority of our Series A preferred stock have
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designated Bruce Golden and Erel N. Margalit for election to our
    board of directors. The holders of a majority of our common
    stock and preferred stock, voting together as a single class,
    have designated Lars Björk, Alexander Ott and Paul Wahl for
    election to our board of directors. Upon the closing of this
    offering, the voting agreement will terminate in its entirety
    and none of our stockholders will have any special rights
    regarding the election or designation of members of our board of
    directors.
Other
    Transactions with our Executive Officers, Directors, Key
    Employees and Significant Stockholders.
Debt Facility with Stiftelsen
    Industrifonden.
In June 2008 we entered into a
    60 million Swedish kronor (approximately $8.4 million
    as of December 31, 2009 based on an exchange rate of
    approximately 0.14) long-term note payable with Stiftelsen
    Industrifonden, one of our stockholders. This note has an
    interest rate of 10% per annum, and as of December 31,
    2009, we have made $2.3 million in principal payments and
    $400,000 in interest payments under this note. As of
    December 31, 2009, the long-term note payable had a balance
    of 49.7 million Swedish kronor (approximately
    $6.9 million based on an exchange rate of approximately
    0.14 as of December 31, 2009). Under the terms of the
    agreement, quarterly payments of principal and interest are
    required until the agreement matures in March 2012. The note is
    secured by 65% of the outstanding shares of QlikTech
    International, AB, our Swedish subsidiary and operating company.
    We currently intend to prepay all amounts owed under this
    agreement, including applicable prepayment fees, with the
    proceeds of this offering. The note is subject to a prepayment
    fee of an amount equal to interest on the amount prepaid from
    the date of prepayment through March 31, 2012 at a rate
    equal to
one-half
the
    Swedish Reference Rate (0.25% as of December 31, 2009)
    applicable on the date of prepayment. In connection with the
    debt facility, we issued a warrant to Stiftelsen Industrifonden
    to purchase 214,200 shares of our Series A preferred
    stock at an exercise price of $2.31 per share.
Indemnification Agreements.
Upon the closing
    of this offering, we will enter into indemnification agreements
    with each of our directors and executive officers. The form of
    agreement provides that we will indemnify each of our directors
    and executive officers against any and all expenses incurred by
    that director or executive officer because of his or her status
    as one of our directors or executive officers to the fullest
    extent permitted by Delaware law, our restated certificate of
    incorporation and our amended and restated bylaws (except in a
    proceeding initiated by such person without board approval). In
    addition, the form agreement provides that, to the fullest
    extent permitted by Delaware law, we will advance all expenses
    incurred by our directors and executive officers in connection
    with a legal proceeding in which they may be entitled to
    indemnification.
Stock Option Awards.
For information regarding
    stock options and stock awards granted to our named executive
    officers and directors, see "Management —
    Director Compensation" and "Management —
    Executive Compensation."
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PRINCIPAL
    AND SELLING STOCKHOLDERS
The following table provides information concerning beneficial
    ownership of our common stock as of December 31, 2009, and
    as adjusted to reflect the completion of this offering, for:
•
each stockholder, or group of affiliated stockholders, known to
    us to beneficially own more than 5% of our outstanding common
    stock;
•
each of the selling stockholders
•
each of our named executive officers;
•
each of our directors; and
•
all of our current executive officers and directors as a group.
The percentage ownership information shown in the table is based
    upon 63,350,570 shares of common stock outstanding as of
    December 31, 2009, assuming the reclassification of our
    Series A common stock into common stock, the conversion of
    all outstanding shares of our Series A preferred stock and
    Series AA preferred stock into shares of our common stock
    and all outstanding warrants to purchase preferred stock into
    warrants to purchase common stock upon completion of this
    offering, and the issuance
    of           shares
    of common stock in this offering. The percentage ownership
    information assumes no exercise of the underwriters'
    over-allotment option.
Information with respect to beneficial ownership has been
    furnished by each director, officer or beneficial owner of more
    than 5% of our common stock. We have determined beneficial
    ownership in accordance with the rules of the SEC. These rules
    generally attribute beneficial ownership of securities to
    persons who possess sole or shared voting power or investment
    power with respect to those securities. In addition, the rules
    include shares of common stock issuable pursuant to the exercise
    of stock options or warrants that are either immediately
    exercisable or exercisable on or before March 1, 2009,
    which is 60 days after December 31, 2009. These shares
    are deemed to be outstanding and beneficially owned by the
    person holding those options or warrants for the purpose of
    computing the percentage ownership of that person, but they are
    not treated as outstanding for the purpose of computing the
    percentage ownership of any other person. Unless otherwise
    indicated, the persons or entities identified in this table have
    sole voting and investment power with respect to all shares
    shown as beneficially owned by them, subject to applicable
    community property laws. Beneficial ownership representing less
    than one percent is denoted with an "*".
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Except as otherwise noted below, the principal address of each
    of the stockholders below is
c/o Qlik
Technologies Inc., 150 Radnor Chester Road, Suite E220,
    Radnor, Pennsylvania 19087.
Shares Beneficially
Shares Beneficially
Owned Prior to This
Number
Owned After to This
Offering
of Shares
Offering
Name of Beneficial
    Owner
Number
Percentage
Being Offered
Number
Percentage
5% Stockholders:
Accel Europe,
    L.P.
(1)
16,887,594
26.7
%
Jerusalem Venture Partners IV,
    L.P.
(2)
16,102,519
25.4
%
Stiftelsen
    Industrifonden
(3)
6,400,787
10.1
%
Måns
    Hultman
(4)
4,485,989
7.1
%
Directors and Named Executive Officers:
Erel N.
    Margalit
(2)(5)
16,102,519
25.4
%
Lars
    Björk
(6)
1,972,005
3.1
%
Alexander Ott
1,083,602
1.7
%
Anthony
    Deighton
(7)
772,400
1.2
%
Leslie
    Bonney
(8)
756,264
1.2
%
Paul
    Wahl
(9)
460,000
*
William G.
    Sorenson
(10)
242,344
*
Douglas
    Laird
(11)
75,000
*
John Gavin,
    Jr.
(12)
0
*
Bruce
    Golden
(13)
0
*
All current directors and executive officers as a
    group
    (11 persons)
(14)
22,279,984
33.79
%
(1)
Includes 16,492,423 shares
    held by Accel Europe L.P. and 395,171 shares held by Accel
    Europe Investors 2004 L.P. (collectively, the "Accel
    Funds"). Accel Europe Associates L.L.C. is the general
    partner of Accel Europe Associates L.P., which is the general
    partner of Accel Europe L.P. and has the sole voting and
    investment power. Accel Europe Associates L.L.C. is the general
    partner of Accel Europe Investors 2004 L.P. and has the sole
    voting and investing power. Voting and investment power over the
    shares beneficially owned by Accel Europe Associates L.L.C. is
    shared by its managing members, Kevin Comolli and James R.
    Swartz. The general partners and managing members disclaim
    beneficial ownership of the shares owned by the Accel Funds
    except to the extent of their proportionate pecuniary interest
    therein. The address for Accel Europe L.P. and Accel Europe
    Investors 2004 L.P. is 428 University Avenue, Palo Alto,
    California 94301.
(2)
Includes 14,827,461 shares
    held by held by Jerusalem Venture Partners IV, L.P.,
    126,561 shares held by Jerusalem Venture Partners IV-A,
    L.P., 132,815 shares held by Jerusalem Venture Partners
    Entrepreneurs Fund IV, L.P. and 658,936 shares held by
    JVP IV Annex Fund, L.P. and its affiliates (collectively,
    the "US JVP Funds") and 356,746 shares held by
    Jerusalem Venture Partners IV (Israel), L.P. JVP
    Corp IV is the general partner of JP Media V, L.P.,
    which is the general partner of JVP IV Annex Fund L.P.
    JVP Corp. IV is the general partner of Jerusalem Partners IV,
    L.P., which is the general partner of Jerusalem Venture Partners
    IV, L.P., Jerusalem Venture Partners IV-A, L.P. and Jerusalem
    Venture Partners Entrepreneurs Fund IV, L.P. JVP Corp. IV
    is the general partner of Jerusalem Partners IV —
    Venture Capital, L.P., which is the general partner of Jerusalem
    Venture Partners IV (Israel), L.P. Voting and investment
    power over the shares beneficially owned by JVP Corp. IV. is
    controlled by Erel Margalit, its managing member. The general
    partners and managing members disclaim beneficial ownership of
    the shares owned by the JVP Funds except to the extent of their
    proportionate pecuniary interest therein. The address for
    Jerusalem Venture Partners IV, L.P. is 156 Fifth Avenue,
    Suite 410, New York, NY 10010.
(3)
Includes 214,200 shares
    issuable upon exercise of a warrant at an exercise price of
    $2.31 per share that is exercisable within 60 days of
    December 31, 2009.
(4)
Includes 1,750,000 shares held
    by Sundet Investment AB. Mr. Hultman is a co-founder and
    co-owner of Sundet Investments. Voting and investment power over
    the shares beneficially owned by Sundet Investments is shared by
    Mr. Hultman and Mats Nilstoft. Includes options to purchase
    111,589 shares of our company's common stock that
    expires on June 18, 2010. The address for Sundet
    Investments is Sundet Investment AB, Norra Vallgatan 54, Box
    4107, SE-20312 Malmö, Sweden.
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(5)
Mr. Margalit is the managing
    member of JVP Corp. IV, and he disclaims beneficial ownership of
    any of the US JVP Funds' shares or Jerusalem Venture
    Partners IV (Israel), L.P.'s shares except to the
    extent of his proportionate pecuniary interest therein.
(6)
Includes 682,805 shares
    issuable upon exercise of options exercisable within
    60 days of December 31, 2009. Excludes
    450,802 shares subject to options that are not exercisable
    within 60 days of December 31, 2009.
(7)
Includes 772,400 shares
    issuable upon exercise of options exercisable within
    60 days of December 31, 2009. Excludes
    250,000 shares subject to options that are not exercisable
    within 60 days of December 31, 2009.
(8)
Includes 756,264 shares
    issuable upon exercise of options exercisable within
    60 days of December 31, 2009. Excludes
    310,618 shares subject to options that are not exercisable
    within 60 days of December 31, 2009.
(9)
Excludes 50,000 shares subject
    to options that are not exercisable within 60 days of
    December 31, 2009.
(10)
Includes 242,344 shares
    issuable upon exercise of options exercisable within
    60 days of December 31, 2009. Excludes
    533,156 shares subject to options that are not exercisable
    within 60 days of December 31, 2009.
(11)
Includes 75,000 shares
    issuable upon exercise of options exercisable within
    60 days of December 31, 2009. Excludes
    225,000 shares subject to options that are not exercisable
    within 60 days of December 31, 2009.
(12)
Excludes 20,000 shares subject to
    options that are not exercisable within 60 days of December 31,
    2009.
(13)
Mr. Golden is a partner of
    Accel Partners, and he disclaims beneficial ownership of any of
    the Accel Funds' shares except to the extent of his
    proportionate pecuniary interest therein. See footnote
    (1) of this table for further details of ownership by Accel
    Funds.
(14)
Includes 2,585,063 shares
    issuable upon exercise of options exercisable within
    60 days of December 31, 2009. Excludes
    1,883,326 shares subject to options that are not
    exercisable within 60 days of December 31, 2009.
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DESCRIPTION
    OF CAPITAL STOCK
General
Upon the closing of this offering and the filing of our restated
    certificate of incorporation, our authorized capital stock will
    consist
    of           shares
    of common stock, par value $0.0001 per share,
    and           shares
    of preferred stock, par value $0.0001 per share. The following
    summary of our capital stock and certain provisions of our
    restated certificate of incorporation and bylaws does not
    purport to be complete and is qualified in its entirety by the
    provisions of our restated certificate of incorporation and
    bylaws, copies of which have been filed as exhibits to the
    registration statement of which this prospectus is a part.
Common
    Stock
Outstanding Shares.
Based on
    63,350,570 shares of common stock outstanding as of
    December 31, 2009, assuming the reclassification of our
    Series A common stock into common stock, the conversion of
    all outstanding shares of our Series A preferred stock and
    Series AA preferred stock into shares of common stock
    immediately prior to the closing of this offering and the
    issuance
    of          shares
    of common stock in this offering, and no exercise of outstanding
    options or warrants, there will
    be           shares
    of common stock outstanding upon the closing of this offering.
    As of December 31, 2009, assuming the reclassification of
    our Series A common stock into common stock and the
    conversion of all outstanding shares of our Series A
    preferred stock and Series AA preferred stock into common
    stock upon the closing of this offering, we had approximately
    257 record holders of our common stock.
As of December 31, 2009, there were 12,341,473 shares
    of common stock subject to outstanding options.
Voting Rights.
Each holder of common stock is
    entitled to one vote for each share of common stock held on all
    matters submitted to a vote of the stockholders, including the
    election of directors. Our restated certificate of incorporation
    and amended and restated bylaws do not provide for cumulative
    voting rights. Because of this, the holders of a majority of the
    shares of common stock entitled to vote in any election of
    directors can elect all of the directors standing for election,
    if they should so choose.
Dividends.
Subject to preferences that may be
    applicable to any then outstanding preferred stock, the holders
    of our outstanding shares of common stock are entitled to
    receive dividends, if any, as may be declared from time to time
    by our board of directors out of legally available funds. At
    present, we have no plans to issue dividends. See the section
    titled "Dividend Policy".
Liquidation.
In the event of our liquidation,
    dissolution or winding up, holders of common stock will be
    entitled to share ratably in the net assets legally available
    for distribution to stockholders after the payment of all of our
    debts and other liabilities, subject to the satisfaction of any
    liquidation preference granted to the holders of any outstanding
    shares of preferred stock.
Other Rights and Preferences.
Holders of our
    common stock have no preemptive, conversion or subscription
    rights, and there are no redemption or sinking fund provisions
    applicable to our common stock. The rights, preferences and
    privileges of the holders of common stock are subject to, and
    may be adversely affected by, the rights of the holders of
    shares of any series of our preferred stock that we may
    designate and issue in the future.
Fully Paid and Nonassessable.
All of our
    outstanding shares of common stock are, and the shares of common
    stock to be issued in this offering will be, fully paid and
    nonassessable.
Preferred
    Stock
Upon the closing of this offering, we will have no shares of our
    preferred stock outstanding. Outstanding shares of
    Series AA preferred stock will be converted into
    26,875,145 shares of common stock and outstanding shares of
    Series A preferred stock will be converted into
    19,846,279 shares of common stock.
Our board of directors is authorized to issue preferred stock in
    one or more series, to establish the number of shares to be
    included in each such series and to fix the designation, powers,
    preferences and rights of such shares and any qualifications,
    limitations or restrictions thereof. The issuance of preferred
    stock may have the effect of delaying, deferring or preventing a
    change in control of our company without further action by the
    stockholders and
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may adversely affect the voting and other rights of the holders
    of common stock. The issuance of preferred stock with voting and
    conversion rights may adversely affect the voting power of the
    holders of common stock, including the loss of voting control to
    others. At present, we have no plans to issue any preferred
    stock.
Warrants
At December 31, 2009, assuming the reclassification of our
    Series A common stock into common stock and the conversion
    of all preferred stock into common stock upon the closing of
    this offering, we had warrants to purchase an aggregate of
    568,263 shares of our common stock at a weighted exercise
    price of approximately $1.43 per share.
The holder of a warrant exercisable to purchase
    93,981 shares of our common stock at an exercise price of
    $1.65 per share has the right to exercise such warrant until
    December 31, 2010 and to require us to purchase the
    acquired shares for an aggregate of €1.8 million less
    the exercise price of the warrant (approximately
    $2.4 million based on an assumed exchange rate of
    approximately $1.43 as of December 31, 2009). In the event
    the holder does not exercise this right to cause us to
    repurchase these shares, the warrant would remain outstanding
    and be exercisable until its expiration on December 31,
    2014.
Registration
    Rights
After the completion of this offering, holders
    of           shares
    of our common stock will be entitled to rights with respect to
    the registration of those shares under the Securities Act. Under
    the terms of the investors' rights agreement between us and
    the holders of these registrable securities, if we propose to
    register any of our securities under the Securities Act, either
    for our own account or for the account of other security holders
    exercising registration rights, these holders are entitled to
    notice of registration and are entitled to include their shares
    of common stock in the registration. The holders of these
    registrable securities are also entitled to specified demand
    registration rights under which they may require us to file a
    registration statement under the Securities Act at our expense
    with respect to our shares of common stock, and we are required
    to use our commercially reasonable efforts to effect this
    registration. Further, the holders of these registrable
    securities may require us to file additional registration
    statements on
Form S-3.
All of these registration rights are subject to conditions and
    limitations, among them the right of the underwriters of an
    offering to limit the number of shares included in the
    registration and our right not to effect a requested
    registration within six months following the initial offering of
    our securities, including this offering. This is not a complete
    description of this registration rights agreement and is
    qualified by the full text of the investors' rights
    agreement which has been filed as an exhibit to the registration
    statement of which this prospectus is a part.
In addition in connection with a Loan Facility Agreement between
    our subsidiary, QlikTech International AB, and ETV Capital SA,
    we issued a warrant to purchase 260,082 shares of our
    Series A preferred stock to ETV Capital. This warrant
    provides that upon its exercise the holder shall have no demand
    registration rights but will have certain rights to participate
    in registrations of our common stock that we may decide to do,
    from time to time. Additionally, the holder of this warrant will
    be subject to the provisions regarding indemnification as set
    forth in the investors' rights agreement upon the exercise
    of this warrant.
Anti-Takeover
    Effects of Our Certificate of Incorporation, Bylaws and Delaware
    Law
Some provisions of Delaware law and our restated certificate of
    incorporation and amended and restated bylaws could make the
    following transactions more difficult:
•
acquisition of our company by means of a tender offer, a proxy
    contest or otherwise; and
•
removal of our incumbent officers and directors.
These provisions of our restated certificate of incorporation
    and amended and restated bylaws, summarized below, are expected
    to discourage and prevent coercive takeover practices and
    inadequate takeover bids. These provisions are designed to
    encourage persons seeking to acquire control of our company to
    negotiate first with our board of directors. They are also
    intended to provide our management with the flexibility to
    enhance the likelihood of continuity and stability if our board
    of directors determines that a takeover is not in the best
    interests of our stockholders. These provisions, however, could
    have the effect of discouraging attempts to acquire us, which
    could
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deprive our stockholders of opportunities to sell their shares
    of common stock at prices higher than prevailing market prices.
Election and Removal of Directors.
Our
    restated certificate of incorporation and our amended and
    restated bylaws contain provisions that establish specific
    procedures for appointing and removing members of the board of
    directors. Under our restated certificate of incorporation and
    amended and restated bylaws, our board of directors will be
    classified into three classes of directors and directors will be
    elected by a plurality of the votes cast in each election. Only
    one class will stand for election at each annual meeting, and
    directors will be elected to serve three-year terms. In
    addition, our restated certificate of incorporation and amended
    and restated bylaws will provide that vacancies and newly
    created directorships on the board of directors may be filled
    only by a majority vote of the directors then serving on the
    board of directors (except as otherwise required by law or by
    resolution of the board). Under our restated certificate of
    incorporation and amended and restated bylaws, directors may be
    removed only for cause.
Special Stockholder Meetings.
Under our
    restated certificate of incorporation and amended and restated
    bylaws, only the chairman of the board, our chief executive
    officer and our board of directors may call special meetings of
    stockholders.
Requirements for Advance Notification of Stockholder
    Nominations and Proposals.
Our amended and
    restated bylaws establish advance notice procedures with respect
    to stockholder proposals and the nomination of candidates for
    election as directors, other than nominations made by or at the
    direction of the board of directors or a committee of the board
    of directors.
Delaware Anti-Takeover Law.
Following this
    offering, we will be subject to Section 203 of the Delaware
    General Corporation Law which is an anti-takeover law. In
    general, Section 203 prohibits a publicly held Delaware
    corporation from engaging in a business combination with an
    interested stockholder for a period of three years following the
    date that the person became an interested stockholder, unless
    the business combination or the transaction in which the person
    became an interested stockholder is approved in a prescribed
    manner. Generally, a business combination includes a merger,
    asset or stock sale, or another transaction resulting in a
    financial benefit to the interested stockholder. Generally, an
    interested stockholder is a person who, together with affiliates
    and associates, owns 15% or more of the corporation's
    voting stock. The existence of this provision may have an
    anti-takeover effect with respect to transactions that are not
    approved in advance by our board of directors, including
    discouraging attempts that might result in a premium over the
    market price for the shares of common stock held by stockholders.
Elimination of Stockholder Action by Written
    Consent.
Our restated certificate of
    incorporation and amended and restated bylaws eliminate the
    right of stockholders to act by written consent without a
    meeting after this offering.
No Cumulative Voting.
Under Delaware law,
    cumulative voting for the election of directors is not permitted
    unless a corporation's certificate of incorporation
    authorizes cumulative voting. Our restated certificate of
    incorporation and amended and restated bylaws do not provide for
    cumulative voting in the election of directors. Cumulative
    voting allows a minority stockholder to vote a portion or all of
    its shares for one or more candidates for seats on the board of
    directors. Without cumulative voting, a minority stockholder
    will not be able to gain as many seats on our board of directors
    based on the number of shares of our stock the stockholder holds
    as the stockholder would be able to gain if cumulative voting
    were permitted. The absence of cumulative voting makes it more
    difficult for a minority stockholder to gain a seat on our board
    of directors to influence our board's decision regarding a
    takeover.
Undesignated Preferred Stock.
The
    authorization of undesignated preferred stock makes it possible
    for our board of directors to issue preferred stock with voting
    or other rights or preferences that could impede the success of
    any attempt to change control of our company.
Amendment of Charter Provisions.
The amendment
    of most of the above provisions in our restated certificate of
    incorporation and our amended and restated bylaws requires
    approval by holders of at least two-thirds of our outstanding
    capital stock entitled to vote generally in the election of
    directors.
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These and other provisions could have the effect of discouraging
    others from attempting hostile takeovers and, as a consequence,
    they may also inhibit temporary fluctuations in the market price
    of our common stock that often result from actual or rumored
    hostile takeover attempts. These provisions may also have the
    effect of preventing changes in our management. It is possible
    that these provisions could make it more difficult to accomplish
    transactions that stockholders may otherwise deem to be in their
    best interests.
Transfer
    Agent and Registrar
The transfer agent and registrar for our common stock will be
    American Stock Transfer and Trust Company. Its telephone
    number is
1-800-937-5449.
Nasdaq
    Global Market Listing
We intend to apply to have our common stock approved for
    quotation on the Nasdaq Global Market under the symbol
    "QLIK".
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SHARES ELIGIBLE
    FOR FUTURE SALE
Prior to this offering, there has been no public market for our
    common stock, and we cannot assure you that a significant public
    market for our common stock will develop or be sustained after
    this offering. Future sales of substantial amounts of shares of
    our common stock, including shares issued upon the exercise of
    outstanding options, in the public market after this offering,
    or the possibility of these sales occurring, could adversely
    affect the prevailing market prices. Furthermore, since only a
    limited number of shares will be available for sale shortly
    after this offering because of contractual and legal
    restrictions on resale described below, sales of substantial
    amounts of common stock in the public market after the
    restrictions lapse could adversely affect the prevailing market
    price for our common stock, as well as our ability to raise
    equity capital in the future.
Based on the number of shares of common stock outstanding as of
    December 31, 2009, upon the completion of this
    offering,          shares
    of common stock will be outstanding, assuming no exercise of the
    underwriters' overallotment option and no exercise of
    outstanding options or warrants following December 31,
    2009. The shares to be sold in this offering will be freely
    tradable, except that any shares acquired by our affiliates, as
    that term is defined in Rule 144 under the Securities Act,
    in this offering may only be sold in compliance with the
    limitations described below. The remaining
    63,350,570 shares of common stock outstanding after this
    offering will be restricted as a result of securities laws or
lock-up
agreements as described below. Following the expiration of the
lock-up
period, all shares will be eligible for resale in compliance
    with Rule 144 or Rule 701. "Restricted
    securities" as defined under Rule 144 were issued and
    sold by us in reliance on exemptions from the registration
    requirements of the Securities Act. These shares may be sold in
    the public market only if registered or pursuant to an exemption
    from registration, such as Rule 144 or Rule 701 under
    the Securities Act.
Lock-Up
Agreements
We, the selling stockholders, all of our directors, our
    executive officers and substantially all of our other
    stockholders and optionholders have agreed with the underwriters
    that for a period of 180 days following the date of this
    prospectus we or they will not offer, sell, assign, transfer,
    pledge, contract to sell or otherwise dispose of or hedge any
    shares of our common stock or any securities convertible into or
    exchangeable for shares of common stock, subject to specified
    exceptions. Morgan Stanley & Co. Incorporated may, in
    its sole discretion, at any time without prior notice, release
    all or any portion of the shares from the restrictions in any
    such agreement.
The
180-day
restricted period described in the preceding paragraph will be
    extended if:
•
during the last 17 days of the
180-day
restricted period we issue a release regarding earnings or
    regarding material news or events relating to us; or
•
prior to the expiration of the
180-day
restricted period, we announce that we will release earnings
    results during the
16-day
period beginning on the last day of the
180-day
period, in which case the restrictions described in the
    preceding paragraph will continue to apply until the expiration
    of the
18-day
period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event.
This agreement is subject to certain exceptions, as set forth in
    the section entitled "Underwriters."
Rule 144
In general, under Rule 144 as currently in effect, once we
    have been subject to public company reporting requirements for
    at least 90 days, a person who is not deemed to have been
    one of our affiliates for purposes of the Securities Act at any
    time during 90 days preceding a sale and who has
    beneficially owned the shares proposed to be sold for at least
    six months, including the holding period of any prior owner
    other than our affiliates, is entitled to sell such shares
    without complying with the manner of sale, volume limitation or
    notice provisions of Rule 144 subject to compliance with
    the public information requirements of Rule 144. If such a
    person has beneficially owned the shares proposed to be sold for
    at least one year, including the holding period of any prior
    owner other than our affiliates, then such person is entitled to
    sell such shares without complying with any of the requirements
    of Rule 144.
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In general, under Rule 144, as currently in effect, our
    affiliates or persons selling shares on behalf of our affiliates
    are entitled to sell upon expiration of the
lock-up
agreements described above, within any three-month period
    beginning 90 days after the date of this prospectus, a
    number of shares that does not exceed the greater of:
•
1% of the number of shares of common stock then outstanding,
    which immediately after this offering will equal
    approximately           shares; or
•
the average weekly trading volume of the common stock during the
    four calendar weeks preceding the filing of a notice on
    Form 144 with respect to such sale.
Sales under Rule 144 by our affiliates or persons selling
    shares on behalf of our affiliates are also subject to certain
    manner of sale provisions and notice requirements and to the
    availability of current public information about us.
Rule 701
Rule 701 generally allows a stockholder who purchased
    shares of our common stock pursuant to a written compensatory
    plan or contract and who is not deemed to have been an affiliate
    of our company during the immediately preceding 90 days to
    sell these shares in reliance upon Rule 144, but without
    being required to comply with the public information, holding
    period, volume limitation, or notice provisions of
    Rule 144. Rule 701 also permits affiliates of our
    company to sell their Rule 701 shares under
    Rule 144 without complying with the holding period
    requirements of Rule 144. All holders of
    Rule 701 shares, however, are required to wait until
    90 days after the date of this prospectus before selling
    such shares pursuant to Rule 701.
Registration
    Rights
Upon completion of this offering, the holders
    of           shares
    of common stock and, upon exercise by the holder of a warrant to
    purchase 260,082 shares of our common stock, such holder,
    will be entitled to various rights with respect to the
    registration of these shares under the Securities Act.
    Registration of these shares under the Securities Act would
    result in these shares becoming fully tradable without
    restriction under the Securities Act immediately upon the
    effectiveness of the registration, except for shares purchased
    by affiliates. See "Description of Capital
    Stock — Registration Rights" for additional
    information. Shares covered by a registration statement will be
    eligible for sales in the public market upon the expiration or
    release from the terms of the
lock-up
agreement. Any sales of securities by these stockholders could
    have a material adverse effect on the trading price of our
    common stock.
Equity
    Incentive Plans
We intend to file a registration statement on
Form S-8
under the Securities Act following this offering to register all
    of the shares of common stock issued or reserved for issuance
    under our stock option plans. We expect to file this
    registration statement as soon as practicable after this
    offering. Shares covered by this registration statement will be
    eligible for sale in the public market, upon the expiration or
    release from the terms of the
lock-up
agreements, and subject to vesting of such shares.
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CERTAIN
    MATERIAL U.S. FEDERAL INCOME TAX
CONSIDERATIONS TO
NON-U.S.
HOLDERS
The following is a summary of the material United States federal
    income tax consequences of the ownership and disposition of our
    common stock to
non-U.S.
holders who are beneficial owners of our common stock acquired
    pursuant to this offering and who hold our common stock as a
    capital asset (generally, an asset held for investment
    purposes), but does not purport to be a complete analysis of all
    the potential tax considerations relating thereto. This summary
    is based upon the provisions of the Internal Revenue Code of
    1986, as amended (the "Code"), Treasury regulations
    promulgated thereunder, administrative rulings and judicial
    decisions, all as of the date hereof. These authorities may be
    changed, possibly retroactively, so as to result in United
    States federal income tax consequences different from those set
    forth below. We have not sought any ruling from the Internal
    Revenue Service, or the IRS, with respect to the statements made
    and the conclusions reached in the following summary, and there
    can be no assurance that the IRS will agree with such statements
    and conclusions.
This summary does not address the tax considerations arising
    under the laws of any foreign, state or local jurisdiction.
    Except to the limited extent below, this summary does not
    address tax considerations arising under estate or gift tax
    laws. In addition, this discussion does not address tax
    considerations applicable to an investor's particular
    circumstances or to investors that may be subject to special tax
    rules, including, without limitation:
•
banks, insurance companies or other financial institutions;
•
persons subject to the alternative minimum tax;
•
tax-exempt organizations;
•
dealers in securities or currencies;
•
traders in securities that elect to use a
mark-to-market
method of accounting for their securities holdings;
•
persons that own, or have owned, actually or constructively,
    more than five percent of our capital stock (except to the
    extent specifically set forth below);
•
certain former citizens or long-term residents of the United
    States;
•
persons who hold our common stock as a position in a hedging
    transaction, "straddle," "conversion
    transaction" or other risk reduction transaction; or
•
persons deemed to sell our common stock under the constructive
    sale provisions of the Code.
In addition, if a partnership (including any other entity
    classified as a partnership for United States federal income tax
    purposes) holds our common stock, the tax treatment of a partner
    generally will depend on the status of the partner and upon the
    activities of the partnership. Accordingly, this summary does
    not address tax considerations applicable to partnerships that
    hold our common stock, and partners in such partnerships should
    consult their tax advisors.
PROSPECTIVE PURCHASERS ARE URGED TO CONSULT THEIR OWN TAX
    ADVISORS WITH RESPECT TO THE APPLICATION OF THE UNITED STATES
    FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS, AS WELL
    AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND
    DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE UNITED STATES
    FEDERAL ESTATE OR GIFT TAX RULES OR UNDER THE LAWS OF ANY
    STATE, LOCAL, FOREIGN OR OTHER TAXING JURISDICTION OR UNDER ANY
    APPLICABLE TAX TREATY.
Non-U.S.
Holder Defined
For purposes of this discussion, you are a
non-U.S.
holder if you are any beneficial owner of our common stock,
    other than:
•
an individual citizen or resident of the United States;
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•
a corporation or other entity taxable as a corporation, created
    or organized in the United States or under the laws of the
    United States or any political subdivision thereof;
•
an estate whose income is subject to United States federal
    income tax regardless of its source; or
•
a trust (x) whose administration is subject to the primary
    supervision of a United States court and which has one or more
    United States persons who have the authority to control all
    substantial decisions of the trust or (y) which has in
    effect a valid election to be treated as a United States person.
•
An individual who is present in the United States for
    183 days or more in the taxable year of disposition or is
    otherwise a resident of the United States for federal income tax
    purposes. Such an individual is urged to consult his or her own
    tax advisor regarding United States federal income tax
    consequences of the ownership of our common stock.
Distributions
We have not made any distributions on our common stock, and we
    do not plan to make any distributions for the foreseeable
    future. However, if we do make distributions on our common
    stock, those payments will constitute dividends for United
    States tax purposes to the extent paid from our current or
    accumulated earnings and profits, as determined under United
    States federal income tax principles. To the extent those
    distributions exceed both our current and our accumulated
    earnings and profits, they will constitute a return of capital
    and will first reduce your basis in our common stock, but not
    below zero, and then will be treated as gain from the sale of
    stock.
Any dividend paid to you generally will be subject to United
    States withholding tax either at a rate of 30% of the gross
    amount of the dividend or such lower rate as may be specified by
    an applicable income tax treaty. Generally, in order for us or
    our paying agent to withhold tax at a lower treaty rate, a
non-United
States holder must certify its entitlement to treaty benefits. A
non-U.S. holder
generally can meet this certification requirement by providing a
Form W-8BEN
(or any successor form) or appropriate substitute form to us or
    our paying agent. If the holder holds the stock through a
    financial institution or other agent acting on the holder's
    behalf, the holder will be required to provide appropriate
    documentation to the agent. The holder's agent will then be
    required to provide certification to us or our paying agent,
    either directly or through other intermediaries. For payments
    made to a foreign partnership or other pass-through entity, the
    certification requirements generally apply to the partners or
    other owners rather than to the partnership or other entity, and
    the partnership or other entity must provide the partners'
    or other owners' documentation to us or our paying agent.
Dividends received by you that are effectively connected with
    your conduct of a United States trade or business are exempt
    from such withholding tax. In order to obtain this exemption,
    you must provide us with an applicable IRS
form W-8
(generally
Form W-8ECI)
properly certifying such exemption. Such effectively connected
    dividends, although not subject to withholding tax, are taxed at
    the same graduated rates applicable to United States persons,
    net of certain deductions and credits subject to an applicable
    income tax treaty providing otherwise. In addition, if you are a
    corporate
non-U.S. holder,
that portion of your earnings and profits that is effectively
    connected with your conduct of a United States trade or
    business, subject to certain adjustments, may also be subject to
    a branch profits tax at a rate of 30% or such lower rate as may
    be specified by an applicable income tax treaty.
If you are eligible for a reduced rate of withholding tax
    pursuant to a tax treaty, you may obtain a refund of any excess
    amounts currently withheld if you timely file an appropriate
    claim for refund with the IRS.
Gain on
    Disposition of Common Stock
You generally will not be subject to United States federal
    income tax on any gain realized upon the sale or other
    disposition of our common stock unless:
•
the gain is effectively connected with your conduct of a United
    States trade or business (and, if an income tax treaty so
    requires, the gain is attributable to a permanent United States
    establishment maintained by you); or
•
our common stock constitutes a United States real property
    interest by reason of our status as a "United States
    real property holding corporation" for United States
    federal income tax purposes, or a
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USRPHC, at any time within the shorter of the five-year period
    preceding the disposition or your holding period for our common
    stock.
We believe that we are not currently and will not become a
    USRPHC. However, because the determination of whether we are a
    USRPHC depends on the fair market value of our United States
    real property interests relative to the fair market value of our
    other business assets, there can be no assurance that we will
    not become a USRPHC in the future. Even if we become a USRPHC,
    however, as long as our common stock is regularly traded on an
    established securities market, such common stock will be treated
    as a United States real property interest only if you actually
    or constructively hold more than five percent of such regularly
    traded common stock at any time during the applicable period
    that is specified in the Internal Revenue Code.
If you are a
non-U.S.
holder described in the first bullet above, you will generally
    be required to pay tax on the net gain derived from the sale
    under regular graduated United States federal income tax rates,
    and corporate
non-U.S.
holders described in the first bullet above may be subject to
    the additional branch profits tax at a 30% rate or such lower
    rate as may be specified by an applicable income tax treaty. If
    you are an individual
non-U.S.
holder described in the second bullet above, you will be
    required to pay a flat 30% tax on the gain derived from the
    sale, which tax may be offset by United States source capital
    losses (even though you are not considered a resident of the
    United States). You should consult any applicable income tax or
    other treaties that may provide for different rules.
Federal
    Estate Tax
Our common stock that is held by an individual
non-U.S.
holder at the time of death will be included in such
    holder's gross estate for United States federal estate tax
    purposes, unless an applicable estate tax treaty provides
    otherwise.
Backup
    Withholding and Information Reporting
Generally, we must report annually to the IRS the amount of
    dividends paid to you, your name and address, and the amount of
    tax withheld, if any. A similar report will be sent to you.
    Pursuant to applicable income tax treaties or other agreements,
    the IRS may make these reports available to tax authorities in
    your country of residence.
Payments of dividends or of proceeds on the disposition of stock
    made to you may be subject to additional information reporting
    and backup withholding (currently at a rate of 28%) unless you
    establish an exemption, for example by properly certifying your
non-U.S.
status on a
Form W-8BEN
or another appropriate version of IRS
Form W-8.
Notwithstanding the foregoing, backup withholding and
    information reporting may apply if either we or our paying agent
    has actual knowledge, or reason to know, that you are a United
    States person.
Backup withholding is not an additional tax; rather, the United
    States income tax liability of persons subject to backup
    withholding will be reduced by the amount of tax withheld. If
    withholding results in an overpayment of taxes, a refund or
    credit may be obtained, provided that the required information
    is furnished to the IRS in a timely manner.
Recent legislation generally imposes a withholding tax of 30% on
    payments to certain foreign entities, after December 31,
    2012, of dividends on and the gross proceeds of dispositions of
    United States common stock, unless various United States
    information reporting and due diligence requirements that are
    different from, and in addition to, the beneficial owner
    certification requirements described above have been satisfied.
Non-U.S. holders
should consult their tax advisers regarding the possible
    implications of this legislation on their investment in our
    common stock.
THE PRECEDING DISCUSSION OF UNITED STATES FEDERAL TAX
    CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY. IT IS NOT TAX
    ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX
    ADVISOR REGARDING THE PARTICULAR UNITED STATES FEDERAL, STATE,
    LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING, HOLDING AND
    DISPOSING OF OUR COMMON STOCK, INCLUDING THE CONSEQUENCES OF ANY
    PROPOSED CHANGE IN APPLICABLE LAWS.
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UNDERWRITERS
Under the terms and subject to the conditions contained in an
    underwriting agreement dated the date of this prospectus, the
    underwriters named below, for whom Morgan Stanley &
    Co. Incorporated, Citigroup Global Markets Inc. and
    J.P. Morgan Securities Inc. are serving as the
    representatives, have severally agreed to purchase, and we and
    the selling stockholders have agreed to sell to them, severally,
    the number of shares indicated below:
Number of
Name
Shares
Morgan Stanley & Co. Incorporated
Citigroup Global Markets Inc.
J.P. Morgan Securities Inc.
Jefferies & Company, Inc.
Thomas Weisel Partners LLC
Total
The underwriters and the representatives are collectively
    referred to as the "underwriters" and the
    "representatives," respectively. The underwriters are
    offering the shares of common stock subject to their acceptance
    of the shares from us and the selling stockholders and subject
    to prior sale. The underwriting agreement provides that the
    obligations of the several underwriters to pay for and accept
    delivery of the shares of common stock offered by this
    prospectus are subject to the approval of certain legal matters
    by their counsel and to certain other conditions. The
    underwriters are obligated to take and pay for all of the shares
    of common stock offered by this prospectus if any such shares
    are taken. However, the underwriters are not required to take or
    pay for the shares covered by the underwriters'
    over-allotment option described below.
The underwriters initially propose to offer part of the shares
    of common stock directly to the public at the offering price
    listed on the cover page of this prospectus and part to certain
    dealers. After the initial offering of the shares of common
    stock, the offering price and other selling terms may from time
    to time be varied by the representatives.
We have granted to the underwriters an option, exercisable for
    30 days from the date of this prospectus, to purchase up
    to          
    additional shares of our common stock at the public offering
    price listed on the cover page of this prospectus, less
    underwriting discounts and commissions. The underwriters may
    exercise this option solely for the purpose of covering
    over-allotments, if any, made in connection with the offering of
    the shares of common stock offered by this prospectus. To the
    extent the option is exercised, each underwriter will become
    obligated, subject to certain conditions, to purchase about the
    same percentage of the additional shares of common stock as the
    number listed next to the underwriter's name in the
    preceding table bears to the total number of shares of common
    stock listed next to the names of all underwriters in the
    preceding table.
The following table shows the per share and total public
    offering price, underwriting discounts and commissions, and
    proceeds before expenses to us and the selling stockholders.
    These amounts are shown assuming both no exercise and full
    exercise of the underwriters' option to purchase up to an
    additional           shares
    of our common stock.
Total
No
Full
Per Share
Exercise
Exercise
Public offering price
$
$
$
Underwriting discounts and commissions to be paid by
Us
$
$
$
The selling stockholders
$
$
$
Proceeds, before expenses, to us
$
$
$
Proceeds, before expenses, to the selling stockholders
$
$
$
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Table of Contents
The estimated offering expenses payable by us, exclusive of the
    underwriting discounts and commissions, are approximately
    $      , which includes legal,
    accounting and printing costs and various other fees associated
    with the registration and listing of our common stock.
The underwriters have informed us that they do not intend sales
    to discretionary accounts to exceed 5% of the total number of
    shares of common stock offered by them.
We intend to apply to have our common stock listed on the Nasdaq
    Global Market under the symbol "QLIK".
We, all of our directors and officers, the selling stockholders
    and the holders of substantially all of our outstanding stock
    and stock options have agreed that, without the prior written
    consent of Morgan Stanley & Co. Incorporated on behalf
    of the underwriters, we and they will not, during the period
    ending 180 days after the date of this prospectus:
•
offer, pledge, sell, contract to sell, sell any option or
    contract to purchase, purchase any option or contract to sell,
    grant any option, right or warrant to purchase, lend or
    otherwise transfer or dispose of, directly or indirectly, any
    shares of common stock or any securities convertible into or
    exercisable or exchangeable for shares of common stock;
•
enter into any swap or other arrangement that transfers to
    another, in whole or in part, any of the economic consequences
    of ownership of the common stock; or
•
file any registration statement with the Securities and Exchange
    Commission relating to the offering of any shares of common
    stock or any securities convertible into or exercisable or
    exchangeable for common stock (other than a registration
    statement on
Form S-8);
whether any such transaction described in the first two bullet
    points above is to be settled by delivery of common stock or
    such other securities, in cash or otherwise. In addition, we and
    each such person agrees that, without the prior written consent
    of Morgan Stanley & Co. Incorporated, on behalf of the
    underwriters, it will not, during the period ending
    180 days after the date of this prospectus, make any demand
    for, or exercise any right with respect to, the registration of
    any shares of common stock or any security convertible into or
    exercisable or exchangeable for common stock.
The restrictions described in the immediately preceding
    paragraph do not apply to:
•
the sale of shares to the underwriters;
•
the issuance by us of shares of common stock upon the exercise
    of an option or a warrant or the conversion of a security
    outstanding on the date of this prospectus;
•
the establishment of a trading plan by certain persons pursuant
    to
Rule 10b5-1
under the Securities Exchange Act of 1934, as amended, provided
    that no transfers occur under such plan during the
180-day
restricted period and that the establishment of such plan will
    not result in any public filing or other public announcement of
    such plan by us or such persons during the
180-day
restricted period;
•
the issuance by us of up
    to           shares
    of common stock in connection with any strategic transaction,
    equipment loan or leasing arrangement, real property leasing
    arrangement or debt financing from a bank or similar financial
    institute, provided that any recipient agrees to the
    restrictions described in the immediately preceding paragraph;
•
transactions by any person other than us relating to shares of
    common stock or other securities acquired in open market
    transactions after the completion of the offering of the shares,
    provided that no filing under Section 16(a) of the
    Securities Exchange Act of 1934, as amended is required or
    voluntarily made in connection with subsequent sales of the
    common stock or other securities acquired in such open market
    transactions;
•
receipt by the stockholder of shares of common stock upon the
    exercise of an option or warrant or in connection with the
    vesting of restricted stock or restricted stock units, or the
    disposition of shares of common stock to us in a transaction
    exempt from Section 16(b) of the Exchange Act solely in
    connection with the payment of taxes due;
•
the exercise of options to acquire shares of common stock or the
    conversion of any security convertible into common stock,
    provided that any shares of common stock received upon such
    exercise or conversion shall be subject to the restrictions
    described in the immediately preceding paragraph;
110
Table of Contents
•
transfers of shares of common stock or any security convertible
    into common stock as a bona fide gift;
•
distributions of shares of common stock or any security
    convertible into common stock to partners, members or
    stockholders of the stockholder; or
•
transfers of shares of common stock or any security convertible
    into common stock to immediate relatives of the stockholder, to
    a trust of which the stockholder or his or her immediate
    relatives are the only beneficiaries, to a corporation or other
    entity of which the stockholder or his or her immediate
    relatives are at all times the direct or indirect legal and
    beneficial owners, or to a partnership, the partners of which
    are exclusively the stockholder or his or her immediate
    relatives;
provided that in the case of the transactions described in the
    last three bullet points above, each donee, distributee or
    transferee agrees to be subject to the restrictions described in
    the immediately preceding paragraph and in the case of the
    transactions described in the last five bullet points above, no
    filing under Section 16(a) of the Securities Exchange Act
    of 1934, as amended, is required or voluntarily made in
    connection with these transactions during the
180-day
restricted period.
The
180-day
restricted period described in the preceding paragraphs will be
    extended if:
•
during the last 17 days of the
180-day
restricted period, we issue an earnings release or material news
    or a material event relating to us occurs; or
•
prior to the expiration of the
180-day
restricted period, we announce that we will release earnings
    results during the
16-day
period beginning on the last day of the
180-day
period;
in which case the restrictions described in the preceding
    paragraphs will continue to apply until the expiration of the
18-day
period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event.
In order to facilitate the offering of the common stock, the
    underwriters may engage in transactions that stabilize, maintain
    or otherwise affect the price of the common stock. Specifically,
    the underwriters may sell more shares than they are obligated to
    purchase under the underwriting agreement, creating a short
    position. A short sale is covered if the short position is no
    greater than the number of shares available for purchase by the
    underwriters under the over-allotment option. The underwriters
    can close out a covered short sale by exercising the
    over-allotment option or purchasing shares in the open market.
    In determining the source of shares to close out a covered short
    sale, the underwriters will consider, among other things, the
    open market price of shares compared to the price available
    under the over-allotment option. The underwriters may also sell
    shares in excess of the over-allotment option, creating a naked
    short position. The underwriters must close out any naked short
    position by purchasing shares in the open market. A naked short
    position is more likely to be created if the underwriters are
    concerned that there may be downward pressure on the price of
    the common stock in the open market after pricing that could
    adversely affect investors who purchase in this offering. As an
    additional means of facilitating this offering, the underwriters
    may bid for, and purchase, shares of common stock in the open
    market to stabilize the price of the common stock. These
    activities may raise or maintain the market price of the common
    stock above independent market levels or prevent or retard a
    decline in the market price of the common stock. The
    underwriters are not required to engage in these activities and
    may end any of these activities at any time.
From time to time, certain of the underwriters
and/or
their
    respective affiliates may provide investment banking services to
    us. In addition, affiliates of Morgan Stanley & Co.
    Incorporated and Citigroup Global Markets Inc. are our customers
    and the contracts governing such relationships were entered into
    at arm's length and on customary terms.
We, the selling stockholders and the underwriters have agreed to
    indemnify each other against certain liabilities, including
    liabilities under the Securities Act.
A prospectus in electronic format may be made available on
    websites maintained by one or more underwriters, or selling
    group members, if any, participating in this offering. The
    representatives may agree to allocate a number of shares of
    common stock to underwriters for sale to their online brokerage
    account holders. Internet distributions will be allocated by the
    representatives to underwriters that may make Internet
    distributions on the same basis as other allocations.
111
Table of Contents
Pricing
    of the Offering
Prior to this offering, there has been no public market for our
    common stock. The initial public offering price was determined
    by negotiations among us, the selling stockholders and the
    representatives. Among the factors considered in determining the
    initial public offering price were our future prospects and
    those of our industry in general, our sales, earnings and
    certain other financial and operating information in recent
    periods, and the price-earnings ratios, price-sales ratios,
    market prices of securities, and certain financial and operating
    information of companies engaged in activities similar to ours.
    The estimated initial public offering price range set forth on
    the cover page of this preliminary prospectus is subject to
    change as a result of market conditions and other factors.
Directed
    Share Program
At our request, the underwriters have
    reserved          
    percent of the shares of common stock offered by this prospectus
    for sale, at the initial public offering price, to our
    directors, officers, employees, business associates and related
    persons. If purchased by these persons, these shares will be
    subject to a
180-day
lock-up
restriction. The number of shares of common stock available for
    sale to the general public will be reduced to the extent these
    individuals purchase such reserved shares. Any reserved shares
    that are not so purchased will be offered by the underwriters to
    the general public on the same basis as the other shares offered
    by this prospectus.
Selling
    Restrictions
European
    Economic Area
In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive, each Manager has
    represented and agreed that with effect from and including the
    date on which the Prospectus Directive is implemented in that
    Member State it has not made and will not make an offer of
    shares to the public in that Member State, except that it may,
    with effect from and including such date, make an offer of
    shares to the public in that Member State:
(a) at any time to legal entities which are authorised or
    regulated to operate in the financial markets or, if not so
    authorised or regulated, whose corporate purpose is solely to
    invest in securities;
(b) at any time to any legal entity which has two or more
    of (1) an average of at least 250 employees during the
    last financial year; (2) a total balance sheet of more than
    €43,000,000 and (3) an annual net turnover of more
    than €50,000,000, as shown in its last annual or
    consolidated accounts; or
(c) at any time in any other circumstances which do not
    require the publication by us of a prospectus pursuant to
    Article 3 of the Prospectus Directive.
For the purposes of the above, the expression an "offer of
    shares to the public" in relation to any shares in any
    Member State means the communication in any form and by any
    means of sufficient information on the terms of the offer and
    the shares to be offered so as to enable an investor to decide
    to purchase or subscribe the shares, as the same may be varied
    in that Member State by any measure implementing the Prospectus
    Directive in that Member State and the expression Prospectus
    Directive means Directive 2003/71/EC and includes any relevant
    implementing measure in that Member State.
United
    Kingdom
Each Manager has represented and agreed that it has only
    communicated or caused to be communicated and will only
    communicate or cause to be communicated an invitation or
    inducement to engage in investment activity (within the meaning
    of Section 21 of the Financial Services and Markets Act
    2000) in connection with the issue or sale of the shares in
    circumstances in which Section 21(1) of such Act does not
    apply to us and it has complied and will comply with all
    applicable provisions of such Act with respect to anything done
    by it in relation to any shares in, from or otherwise involving
    the United Kingdom.
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Table of Contents
LEGAL
    MATTERS
The validity of the common stock being offered will be passed
    upon for us by Gunderson Dettmer Stough Villeneuve
    Franklin & Hachigian, LLP, Waltham, Massachusetts. The
    underwriters are represented by Davis Polk &
    Wardwell LLP, New York, New York.
EXPERTS
The consolidated financial statements of Qlik Technologies Inc.
    at December 31, 2008 and 2009, and for each of the three
    years in the period ended December 31, 2009 appearing in
    this prospectus and the related registration statement have been
    audited by Ernst & Young LLP, independent registered
    public accounting firm, as set forth in their report thereon
    appearing elsewhere herein, and are included in reliance upon
    such report given on the authority of such firm as experts in
    accounting and auditing.
WHERE YOU
    CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on
Form S-1
under the Securities Act of 1933, as amended, with respect to
    the shares of common stock being offered by this prospectus.
    This prospectus does not contain all of the information in the
    registration statement and its exhibits. For further information
    with respect to us and the common stock offered by this
    prospectus, we refer you to the registration statement and its
    exhibits. Statements contained in this prospectus as to the
    contents of any contract or any other document referred to are
    not necessarily complete, and in each instance, we refer you to
    the copy of the contract or other document filed as an exhibit
    to the registration statement. Each of these statements is
    qualified in all respects by this reference.
You can read our SEC filings, including the registration
    statement, over the Internet at the SEC's website at
http://www.sec.gov.
You may also read and copy any document we file with the SEC at
    its public reference facilities at 100 F Street NE,
    Washington, D.C. 20549. You may also obtain copies of these
    documents at prescribed rates by writing to the Public Reference
    Section of the SEC at 100 F Street NE,
    Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330
for further information on the operation of the public reference
    facilities.
Upon the closing of this offering, we will be subject to the
    information reporting requirements of the Securities Exchange
    Act of 1934, as amended, and we will file reports, proxy
    statements and other information with the SEC. These reports,
    proxy statements and other information will be available for
    inspection and copying at the public reference room and website
    of the SEC referred to above. We also maintain a website at
    www.qlikview.com, at which you may access these materials free
    of charge as soon as reasonably practicable after they are
    electronically filed with, or furnished to, the SEC. The
    information contained in, or that can be accessed through, our
    website is not part of this prospectus.
113
Table of Contents
QLIK
    TECHNOLOGIES INC.
CONSOLIDATED FINANCIAL STATEMENTS
Contents
Page
Report of Independent Registered Public
    Accounting Firm
F-2
Consolidated Balance Sheets
F-3
Consolidated Statements of Operations
F-4
Consolidated Statements of Convertible Preferred
    Stock and Stockholders' Equity (Deficit)
F-5
Consolidated Statements of Cash Flows
F-6
Notes to Consolidated Financial Statements
F-7
F-1
Table of Contents
REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Qlik Technologies Inc. and
    Subsidiaries
We have audited the accompanying consolidated balance sheets of
    Qlik Technologies Inc. and subsidiaries as of December 31,
    2008 and 2009, and the related consolidated statements of
    operations, convertible preferred stock and stockholders'
    equity (deficit), and cash flows for each of the three years in
    the period ended December 31, 2009. These financial
    statements are the responsibility of the Company's
    management. Our responsibility is to express an opinion on these
    financial statements based on our audits.
We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audits to obtain
    reasonable assurance about whether the consolidated financial
    statements are free of material misstatement. We were not
    engaged to perform an audit of the Company's internal
    control over financial reporting. Our audits included
    consideration of internal control over financial reporting as a
    basis for designing audit procedures that are appropriate in the
    circumstances, but not for the purpose of expressing an opinion
    on the effectiveness of the Company's internal control over
    financial reporting. Accordingly, we express no such opinion. An
    audit also includes examining, on a test basis, evidence
    supporting the amounts and disclosures in the financial
    statements, assessing the accounting principles used and
    significant estimates made by management, and evaluating the
    overall financial statement presentation. We believe that our
    audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
    present fairly, in all material respects, the consolidated
    financial position of Qlik Technologies Inc. and subsidiaries as
    of December 31, 2008 and 2009, and the consolidated results
    of their operations and their cash flows for each of the three
    years in the period ended December 31, 2009, in conformity
    with U.S. generally accepted accounting principles.
/s/  Ernst & Young LLP
Philadelphia, Pennsylvania
April 1, 2010
F-2
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED
    BALANCE SHEETS
Pro Forma
December 31,
December 31,
2008
2009
2009
(unaudited)
(in thousands, except for share and per share data)
Assets
Current assets:
Cash and cash equivalents
$
14,800
$
24,852
$
24,852
Accounts receivable, net of allowance for doubtful accounts of
    $868 and $1,171, respectively
41,110
63,729
63,729
Prepaid expenses and other current assets
3,539
3,970
3,878
Deferred income taxes
312
810
810
Total current assets
59,761
93,361
93,269
Property and equipment, net
2,028
3,244
3,244
Intangible assets, net
562
417
417
Goodwill
1,268
1,308
1,308
Deferred income taxes
3,056
4,207
4,207
Deposits and other noncurrent assets
343
430
430
Total assets
$
67,018
$
102,967
$
102,875
Liabilities, convertible preferred stock, and
    stockholders' equity (deficit)
Current liabilities:
Current portion of long-term debt
$
1,900
$
3,022
$
3,022
Line of credit
—
242
242
Income taxes payable
499
3,203
3,203
Accounts payable
4,496
5,232
5,232
Deferred revenues
22,143
35,575
35,575
Accrued payroll and other related costs
12,012
18,818
18,818
Accrued expenses
6,556
10,015
10,015
Stock warrant liability
—
2,425
2,425
Total current liabilities
47,606
78,532
78,532
Long-term liabilities:
Long-term debt
6,178
3,777
3,777
Deferred taxes
766
326
326
Other long-term liabilities
3,251
3,322
3,322
Stock warrant liability
2,684
2,212
—
Total liabilities
60,485
88,169
85,957
Commitments and contingencies
Convertible preferred stock:
Series A convertible preferred stock, $0.0001 par
    value, 20,320,561 shares authorized; 19,846,279 issued and
    outstanding (liquidation preference of $12,499 at
    December 31, 2009)
12,082
12,082
—
Series AA convertible preferred stock, $0.0001 par
    value, 26,875,145 shares authorized, issued and outstanding
    (liquidation preference of $16,926 at December 31, 2009)
11,819
11,819
—
Total convertible preferred stock
23,901
23,901
—
Stockholders' equity (deficit):
Series A common stock, $0.0001 par value,
    78,068,237 shares authorized; 16,629,146 and 15,978,930
    issued and outstanding at December 31, 2009 and 2008,
    respectively
2
2
—
Common stock, $0.0001 par value, 63,350,570 shares
    issued and outstanding at December 31, 2009, pro forma
—
—
6
Additional paid-in capital
4,014
5,743
31,760
Accumulated deficit
(20,244
)
(13,383
)
(13,383
)
Accumulated other comprehensive loss
(1,140
)
(1,465
)
(1,465
)
Total stockholders' equity (deficit)
(17,368
)
(9,103
)
16,918
Total liabilities, convertible preferred stock and
    stockholders' equity (deficit)
$
67,018
$
102,967
$
102,875
See notes to consolidated financial statements
F-3
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED
    STATEMENTS OF OPERATIONS
Year Ended December 31,
2007
2008
2009
(in thousands, except for share
and per share data)
Revenue:
License revenue
$
51,482
$
74,446
$
99,864
Maintenance revenue
17,747
29,401
41,390
Professional services revenue
11,357
14,417
16,105
Total revenue
80,586
118,264
157,359
Cost of revenue:
License revenue
2,949
3,071
3,663
Maintenance revenue
580
1,365
1,635
Professional services revenue
8,177
9,562
11,802
Total cost of revenue
11,706
13,998
17,100
Gross profit
68,880
104,266
140,259
Operating expenses:
Sales and marketing
48,249
74,267
93,349
Research and development
5,419
8,258
8,735
General and administrative
15,154
20,190
25,009
Total operating expenses
68,822
102,715
127,093
Income from operations
58
1,551
13,166
Other income (expense):
Interest expense
(269
)
(653
)
(976
)
Interest income
72
292
35
Change in fair value of warrants
(451
)
(463
)
(1,953
)
Foreign exchange gain (loss)
195
4,230
(1,635
)
Other income (expense), net
(10
)
(102
)
—
Total other income (expense)
(463
)
3,304
(4,529
)
Income (loss) before income taxes
(405
)
4,855
8,637
Benefit (provision) for income taxes
40
(1,860
)
(1,776
)
Net income (loss)
$
(365
)
$
2,995
$
6,861
Net income (loss) per common share:
Basic
$
(0.03
)
$
0.01
$
0.07
Diluted
$
(0.03
)
$
0.01
$
0.06
Weighted average number of common shares:
Basic
13,526,926
14,552,999
16,267,186
Diluted
13,526,926
16,523,443
20,778,448
Unaudited pro forma net income per common share:
Basic
$
0.13
Diluted
$
0.12
Unaudited pro forma weighted average number of common shares:
Basic
62,988,610
Diluted
67,606,341
See notes to consolidated financial statements
F-4
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED
    STOCK
AND STOCKHOLDERS' EQUITY (DEFICIT)
(in thousands, except for share data)
Convertible Preferred Stock
Stockholders' Equity (Deficit)
Accumulated
Other
Additional
Comprehensive
Series A Preferred
Series AA Preferred
Series A Common
Paid-in
Accumulated
Income
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
(Loss)
Total
Balance at January 1, 2007
19,846,279
$
12,082
26,875,145
$
11,819
13,504,483
$
1
$
1,107
$
(22,874
)
$
505
(21,261
)
Exercise of stock options
—
—
—
—
91,051
—
57
—
—
57
Stock-based compensation
—
—
—
—
—
—
190
—
—
190
Payments for stock options
—
—
—
—
—
—
293
—
—
293
Net loss
—
—
—
—
—
—
—
(365
)
—
(365
)
Foreign currency translation adjustment
—
—
—
—
—
—
—
—
209
209
Comprehensive loss
—
—
—
—
—
—
—
—
—
(156
)
Balance at December 31, 2007
19,846,279
12,082
26,875,145
11,819
13,595,534
1
1,647
(23,239
)
714
(20,877
)
Exercise of stock options
—
—
—
—
2,383,396
1
1,553
—
—
1,554
Stock-based compensation
—
—
—
—
—
—
731
—
—
731
Payments for stock options
—
—
—
—
—
—
83
—
—
83
Net income
—
—
—
—
—
—
—
2,995
—
2,995
Foreign currency translation adjustment
—
—
—
—
—
—
—
—
(1,854
)
(1,854
)
Comprehensive income
—
—
—
—
—
—
—
—
—
1,141
Balance at December 31, 2008
19,846,279
12,082
26,875,145
11,819
15,978,930
2
4,014
(20,244
)
(1,140
)
(17,368
)
Exercise of stock options
—
—
—
—
650,216
—
513
—
—
513
Stock-based compensation
—
—
—
—
—
—
1,479
—
—
1,479
Excess tax benefit from stock-based compensation
—
—
—
—
—
—
53
—
—
53
Payments for stock options
—
—
—
—
—
—
123
—
—
123
Repurchase of stock options
—
—
—
—
—
—
(439
)
—
—
(439
)
Net income
—
—
—
—
—
—
—
6,861
—
6,861
Foreign currency translation adjustment
—
—
—
—
—
—
—
—
(325
)
(325
)
Comprehensive income
—
—
—
—
—
—
—
—
—
6,536
Balance at December 31, 2009
19,846,279
$
12,082
26,875,145
$
11,819
16,629,146
$
2
$
5,743
$
(13,383
)
$
(1,465
)
$
(9,103
)
See notes to consolidated financial statements.
F-5
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED
    STATEMENTS OF CASH FLOWS
Year Ended December 31,
2007
2008
2009
(in thousands)
Cash flows from operating activities
Net income (loss)
$
(365
)
$
2,995
$
6,861
Adjustments to reconcile net income (loss) to net cash provided
    by operating activities:
Non-cash interest expense
24
498
60
Depreciation and amortization
430
793
1,108
Stock based compensation expense
190
731
1,479
Deferred income taxes
(317
)
866
(1,998
)
Excess tax benefit from stock-based compensation
—
—
(53
)
Provision for bad debts
233
826
837
Change in fair value of warrants
451
463
1,953
Unrealized foreign currency loss (gain), net
34
(2,298
)
(201
)
Changes in assets and liabilities:
Accounts receivable
(12,694
)
(13,118
)
(20,692
)
Prepaid expenses and other assets
(1,210
)
(1,970
)
(101
)
Other noncurrent assets
(47
)
(102
)
(75
)
Accounts payable
1,610
1,275
298
Deferred revenues
6,709
7,445
12,007
Accrued expenses and other liabilities
7,808
4,227
11,553
Net cash provided by operating activities
2,856
2,631
13,036
Cash flows from investing activities
Acquisitions, net of cash acquired
(283
)
(442
)
—
Purchase of property and equipment
(739
)
(1,716
)
(2,128
)
Net cash used in investing activities
(1,022
)
(2,158
)
(2,128
)
Cash flows from financing activities
(Payments) borrowings on line of credit, net
2,962
(3,691
)
229
Payments on long-term debt
(832
)
(1,020
)
(2,270
)
Borrowings of long-term debt
—
10,000
—
Excess tax benefit from stock-based compensation
—
—
53
Proceeds from issuance of stock options
293
83
123
Repurchase of stock options
—
—
(439
)
Proceeds from exercise of common stock options
57
1,554
513
Net cash provided by (used in) financing activities
2,480
6,926
(1,791
)
Effect of exchange rates on cash
499
(1,813
)
935
Net increase in cash and cash equivalents
4,813
5,586
10,052
Cash and cash equivalents at beginning of year
4,401
9,214
14,800
Cash and cash equivalents at end of year
$
9,214
$
14,800
$
24,852
Supplemental cash flow information
Cash paid for interest
$
251
$
148
$
977
Cash paid for income taxes
$
160
$
670
$
822
Non-cash investing activities:
Warrants issued for acquisition of business
$
—
$
1,492
$
—
See notes to consolidated financial statements
F-6
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES
    TO CONSOLIDATED FINANCIAL STATEMENTS
1.
Description
    of Business
QlikTech International AB ("QlikTech Sweden") was
    founded in Sweden in 1993. From 1993 until 1999, QlikTech
    Sweden's activities were focused on software research and
    development that resulted in the core technology for
    "QlikView", software for business intelligence and
    data analysis. From 1999 until 2004, QlikTech Sweden focused on
    the commercialization of this technology primarily in the Nordic
    market and limited regions of Europe. In 2004, Qlik Technologies
    Inc. (the "Company") was incorporated in Delaware,
    acquired all of the outstanding securities of QlikTech Sweden
    and began to broaden these marketing and sales activities in the
    United States and to continue this expansion in Europe. Through
    its wholly owned subsidiaries, the Company sells software
    solutions that deliver fast, powerful and affordable data
    analysis and reporting solutions. QlikView is built upon
    techniques which offer greater flexibility for the user than
    traditional analysis software.
2.
Significant
    Accounting Policies
Basis
    of Presentation and Consolidation
The accompanying consolidated financial statements include the
    accounts of the Company and its wholly owned subsidiaries. All
    material intercompany balances and transactions have been
    eliminated.
Unaudited
    Pro Forma Balance Sheet Presentation
The unaudited pro forma balance sheet as of December 31,
    2009, reflects the reclassification of 16,629,146 outstanding
    shares of Series A common stock into 16,629,146 outstanding
    shares of common stock and the conversion of
    19,846,279 shares of Series A preferred stock and
    26,875,145 shares of Series AA preferred stock into
    46,721,424 shares of common stock as though the completion
    of the initial public offering ("IPO") contemplated by
    the filing of the Company's prospectus had occurred on
    December 31, 2009. The shares of common stock issued in the
    IPO and any related estimated net proceeds are excluded from
    such pro forma information. In addition, the Company has
    outstanding warrants to purchase 474,282 shares of
    Series A preferred stock, which will automatically convert
    into warrants to purchase 474,282 shares of common stock.
    The liability related to these warrants has been reclassified to
    additional paid in capital as these warrants will no longer be
    exercisable for preferred shares which are considered
    contingently redeemable.
Use of
    Estimates
The preparation of consolidated financial statements in
    conformity with accounting principles generally accepted in the
    United States requires management to make estimates and
    assumptions that affect the reported amounts of assets and
    liabilities and disclosures of contingent assets and liabilities
    at the date of the financial statements and the reported amounts
    of revenue and expenses during the reporting period. Actual
    results could differ from those estimates.
On an ongoing basis, the Company evaluates its estimates,
    including those related to the accounts receivable allowance,
    useful lives of long-lived assets, the recoverability of
    goodwill and other intangible assets, the value of common stock
    and assumptions used for the purpose of determining stock-based
    compensation, the value of common and preferred stock warrants,
    and income taxes, among others. The Company bases its estimates
    on historical experience and on various other assumptions that
    are believed to be reasonable, the results of which forms the
    basis for making judgments about the carrying value of assets
    and liabilities as well as reported revenue and expenses during
    the periods presented.
Foreign
    Currency Translation
The financial statements of the Company's foreign
    operations are measured using the local currency as the
    functional currency. The local currency assets and liabilities
    are translated at the rate of exchange to the U.S. dollar
    on the balance sheet date and the local currency revenues and
    expenses are translated at average rates of exchange to
F-7
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
the U.S. dollar during the reporting periods. Foreign
    currency transaction gains (losses) have been reflected as a
    component of the Company's results from operations and
    foreign currency translation gains (losses) have been included
    as a component of accumulated other comprehensive income (loss).
    Gains and losses from foreign currency transactions are included
    as a component of other income (expense).
Cash
    and Cash Equivalents
The Company considers all highly liquid investments having an
    original maturity of three months or less when purchased to be
    cash equivalents. The Company maintains deposits with financial
    institutions, the balances of which from time to time exceed the
    federally insured amount.
Fair
    Value of Financial Instruments
The carrying amount of cash and cash equivalents, accounts
    receivable, other current assets and accounts payable
    approximate fair value, due to their short-term nature. The
    carrying value of the warrant liability is the estimated fair
    value of the liability (See Note 5).
Accounts
    Receivable
The Company makes estimates regarding the collectability of
    accounts receivable. When the Company evaluates the adequacy of
    its allowance for doubtful accounts, it considers multiple
    factors, including historical write-off experience, the need for
    specific customer reserves, the aging of receivables, customer
    creditworthiness and changes in customer payment cycles.
    Historically, the allowance for doubtful accounts has been
    adequate based on actual results. If any of the factors used to
    calculate the allowance for doubtful accounts change or if the
    allowance does not reflect the Company's future ability to
    collect outstanding receivables, additional provisions for
    doubtful accounts may be needed, and future results of
    operations could be materially affected.
The following table summarizes the changes in the Company's
    allowance for doubtful accounts for the period indicated
    (dollars in thousands):
Year Ended December 31,
2007
2008
2009
Balance at the beginning of the period
$
108
$
285
$
868
Amounts to expense
$
233
$
826
$
837
Accounts written off
$
(56
)
$
(243
)
$
(534
)
Balance at the end of the period
$
285
$
868
$
1,171
Concentration
    of Credit Risk
The Company's principal financial instruments subject to
    potential concentration of credit risk are cash and cash
    equivalents and accounts receivable, which are unsecured. The
    Company's cash and cash equivalents are maintained at
    various financial institutions across different geographies.
    Deposits held with banks may at times exceed the amount of
    insurance provided on such deposits. Generally, these deposits
    may be redeemed upon demand and, therefore, management believes
    they bear minimal risk. Concentration of credit risk with
    respect to trade accounts receivables is generally limited by a
    large customer base and its geographic dispersion. The Company
    has a wide customer base consisting of Fortune 500 corporations,
    universities, large international companies and other smaller
    businesses. As of and for the years ended December 31,
    2007, 2008 or 2009, there were no significant concentrations
    with respect to the Company's consolidated revenue or
    accounts receivable.
F-8
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Property
    and Equipment
Property and equipment are recorded at cost. Depreciation is
    computed using the straight-line method over estimated useful
    lives of the assets. The depreciation of assets under capital
    leases is included with depreciation on Company-owned assets.
Expenditures for major additions and improvements are
    capitalized, while minor replacements, maintenance and repairs
    are charged to expense as incurred. When property is retired or
    otherwise disposed of, the costs and accumulated depreciation
    are removed from the accounts. Any resulting gain or loss is
    recognized currently.
Long-Lived
    Assets
The Company considers whether indicators of impairment of
    long-lived assets, including identified intangible assets, held
    for use are present. If such indicators are present, the Company
    determines whether the sum of the estimated undiscounted future
    cash flows attributable to such assets is less than their
    carrying amount, and if so, the Company recognizes an impairment
    loss based on the excess of the carrying amount of the assets
    over their fair value.
Goodwill
    and Other Intangible Assets
The Company amortizes intangible assets over their estimated
    useful lives unless the lives are determined to be indefinite.
    Goodwill is the excess of the purchase price paid over the fair
    value of the net assets of businesses acquired. Goodwill is not
    amortized but is subject to tests for impairment at least
    annually on October 1st of each year or whenever
    events or changes in circumstances indicate an impairment may
    have occurred, by comparing the fair value of the recorded
    assets to their carrying amount. If the carrying amount of the
    goodwill exceeds its fair value, an impairment loss is
    recognized. The annual evaluation of goodwill requires the use
    of estimates about future operating results of its reporting
    unit in order to determine their estimated fair value.
Revenue
    Recognition
The Company derives its revenues from three sources: (i) license
    revenues; (ii) maintenance revenues; and (iii) professional
    services. The majority of license revenue is from the sale of
    perpetual licenses to customers or resellers. Maintenance, which
    generally has a contractual term of 12 months, includes
    telephone and web-based support, software updates and rights to
    software upgrades on a when-and-if-available basis. Professional
    services include training, implementation, consulting and expert
    services.
For each arrangement, we recognize revenue when: (a) persuasive
    evidence of an arrangement exists (e.g., a signed contract or
    purchase order); (b) delivery of the product has occurred and
    there are no remaining obligations or substantive customer
    acceptance provisions; (c) the fee is fixed or determinable; and
    (d) collection of the fee is deemed reasonably assured. Delivery
    is considered to have occurred upon electronic transfer of the
    license key that provides immediate availability of the product
    to the purchaser.
As substantially all of the Company's software licenses are
    sold in multiple-element arrangements that include either
    maintenance or both maintenance and professional services, the
    Company uses the residual method to determine the amount of
    license revenue to be recognized. Under the residual method,
    consideration is allocated to undelivered elements based upon
    vendor-specific objective evidence ("VSOE") of the
    fair value of those elements, with the residual of the
    arrangement fee allocated to and recognized as license revenue.
    The Company has established VSOE of the fair value of
    maintenance through independent maintenance renewals, which
    demonstrate a consistent relationship of maintenance pricing as
    a percentage of the contractual license fee. Maintenance revenue
    is deferred and recognized ratably over the contractual period
    of the maintenance arrangement, which is generally 12 months.
    Arrangements that include other professional services are
    evaluated to determine whether those services are essential to
    the functionality of other elements of the arrangement. The
    Company has determined that these services are not considered
    essential and the amounts allocated to the services are
    recognized as revenue when the
F-9
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
services are performed. The VSOE of fair value of the
    Company's professional services is based on the price for
    these same services when they are sold separately. Revenue for
    services that are sold either on a stand-alone basis or included
    in multiple-element arrangements is recognized as the services
    are performed.
For sales through resellers, the Company recognizes revenue upon
    the shipment of the product only if those resellers provide the
    Company, at the time of placing their order, with the identity
    of the end-user customer to whom the product has been sold. The
    Company's resellers do not carry inventory of its software.
    Sales through resellers are evidenced by a reseller agreement,
    together with purchase orders on a transaction-by-transaction
    basis.
The Company also sells software licenses to original equipment
    manufacturers ("OEMs") who integrate the
    Company's product for distribution with their applications.
    The OEM's end-user customer is licensed to use the
    Company's products solely in conjunction with the
    OEM's application. In OEM arrangements, key delivery is
    required as the basis for revenue recognition. However,
    depending upon the OEM partner's business model the Company
    recognize revenues either up-front or over time in subscription
    or royalty based models.
The Company offers a standard 30-day money back guarantee on
    license sales to its customers. The Company considers its
    history of sales returns in determining the amount of sales
    return allowance to be recorded. To date, sales returns have not
    been material in any period presented.
The Company records taxes collected on revenue-producing
    activities on a net basis.
Deferred
    Revenue
Deferred revenue primarily consists of billings or payments
    received in advance of revenue recognition from the
    Company's maintenance agreements described above and is
    recognized as the revenue recognition criteria are met. The
    Company generally invoices its customers in annual installments.
    Accordingly, the deferred revenue balance does not represent the
    total contract value of annual maintenance agreements.
Cost
    of License and Maintenance Revenue
Cost of license revenue is primarily comprised of distribution
    costs for initial product licenses and referral fees paid to
    third parties in connection with software license sales.
Cost of maintenance revenue is primarily comprised of the costs
    associated with the customer support and research and
    development personnel that provide maintenance and support
    services to the Company's customers.
Product
    Warranties
Substantially all of the Company's software products are
    covered by a standard 90 day warranty. In the event of a
    failure of software covered by this warranty, the Company must
    repair or replace the software or, if those remedies are
    insufficient, provide a refund. To date, the Company has not
    been required to record any reserve or revise any of the
    Company's assumptions or estimates used in determining its
    warranty allowance. If the historical data the Company uses to
    calculate the adequacy of the warranty allowance is not
    indicative of future requirements, a warranty reserve may be
    required.
Commissions
The Company records commission expense for orders that include
    products in the same period in which the product revenue is
    recognized. Commission expense is recorded for arrangements that
    consist solely of service in the period in which the
    non-cancelable order for the services is received.
F-10
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Research
    and Development
Software development costs are expensed as incurred until
    technological feasibility has been established, at which time
    such costs are capitalized to the extent that the capitalizable
    costs do not exceed the realizable value of such costs, until
    the product is available for general release to customers. Based
    on the Company's product development process, technological
    feasibility is established upon the completion of a working
    model of the software product that has been tested to be
    consistent with the product design specifications and that is
    free of any uncertainties related to high-risk development
    issues. Costs incurred by the Company between completion of the
    working model and the point at which the product is ready for
    general release have been insignificant. Accordingly, the
    Company has charged all such costs to research and development
    expense in the accompanying statements of operations.
Advertising
Advertising costs are charged to operations as incurred and
    include direct marketing, events, public relations, sales
    collateral materials and partner programs. Advertising expense
    was approximately $7.5 million, $11.9 million and
    $15.1 million for the years ended December 31, 2007,
    2008 and 2009, respectively.
Income
    Taxes
Deferred tax assets and liabilities are recognized for the
    future tax consequences attributable to differences between the
    financial statement carrying amounts of existing assets and
    liabilities and their respective tax bases and operating loss
    and tax credit carryforwards. These deferred tax assets and
    liabilities are measured using enacted tax rates expected to
    apply to taxable income in the years in which those temporary
    differences are expected to be reversed or utilized. The effect
    on deferred tax assets and liabilities of a change in tax rates
    is recognized in income in the period that includes the
    enactment date. Deferred tax assets are reduced by a valuation
    allowance when, in the opinion of management, it is more likely
    than not that some portion or all of the deferred tax assets
    will not be realized.
The Company uses a more-likely-than-not recognition threshold
    based on the technical merits of tax positions taken. Tax
    positions that meet the more-likely-than-not recognition
    threshold are measured as the largest amount of the tax
    benefits, determined on a cumulative probability basis, which is
    more likely than not to be realized upon ultimate settlement in
    the financial statements. The Company recognizes interest and
    penalties related to income tax matters in income tax expense.
Stock-Based
    Compensation
The Company recognizes the cost of employee services received in
    exchange for stock option awards, based on the fair value of
    those awards at the date of grant over the requisite service
    period. The Company uses the Black-Scholes-Merton
    ("Black-Scholes") option pricing model to determine
    the fair value of stock-option awards. Stock-based compensation
    plans, related expenses and assumptions used in the
    Black-Scholes option pricing model are more fully described in
    Note 13. The estimated fair value of stock options on the
    date of grant is amortized on a straight-line basis over the
    requisite service period. Stock-based compensation expense is
    recorded within cost of revenue and selling, general and
    administrative expenses and totaled $0.2 million,
    $0.7 million and $1.5 million for the years ended
    December 31, 2007, 2008 and 2009, respectively.
Net
    Income (Loss) Attributable to Common Shares
The Company uses the two-class method to compute net income
    (loss) per common share because the Company has issued
    securities, other than common stock, that contractually entitle
    the holders to participate in dividends and earnings of the
    company. The two class method requires earnings available to
    common stockholders for the period, after an allocation of
    earnings to participating securities, to be allocated between
    common and
F-11
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
participating securities based upon their respective rights to
    receive distributed and undistributed earnings. The
    Company's Series A and Series AA preferred stock
    are each entitled to receive annual non-cumulative dividends of
    $0.0504 per share, payable prior and in preference to holders of
    Series A common stock (hereinafter referred to as
    "Common Stock") when and if declared by the Board. In
    the event a dividend is paid on Common Stock, holders of
    Series A and Series AA preferred stock are entitled to
    a proportionate share of any such dividend as if they were
    holders of common shares (on an as-if converted basis).
For periods with net income, net income per common share
    information is computed using the two-class method. Under the
    two-class method, basic net income per common share is computed
    by dividing the net income attributable to common stockholders
    by the weighted average number of shares of Common Stock
    outstanding during the period. Basic net income attributable to
    common stockholders is computed by an adjustment to subtract
    from net income the portion of current year earnings that the
    preferred shareholders would have been entitled to receive
    pursuant to their dividend rights had all of the year's
    earnings been distributed. No such adjustment to earnings is
    made during periods with a net loss, as the holders of the
    convertible preferred shares have no obligation to fund losses.
    Diluted net income (loss) per common share is computed by using
    the weighted-average number of shares of Common Stock
    outstanding, plus, for periods with net income attributable to
    common stock, the dilutive effects of stock options and
    warrants. Potential dilutive shares consist of incremental
    Common Stock issuable upon the exercise of stock options and
    warrants.
F-12
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The following table sets forth the computation of basic and
    diluted net income (loss) per share for the periods indicated
    (dollars in thousands except per share data):
Year Ended
Year Ended December 31,
December 31,
2007
2008
2009
2009 (Pro forma)
(unaudited)
Basic net income (loss) per common share
    calculation:
Net income (loss)
$
(365
)
$
2,995
$
6,861
$
6,861
Less: Undistributed earnings allocated to participating
    securities
—
(2,843
)
(5,697
)
—
Plus: Charges related to preferred stock warrant liability
—
—
—
1,372
Net income (loss) attributable to common shares — basic
(365
)
152
1,164
8,233
Basic weighted average common shares outstanding
13,526,926
14,552,999
16,267,186
62,988,610
Basic net income (loss) per share
$
(0.03
)
$
0.01
$
0.07
$
0.13
Diluted net income (loss) per common share
    calculation:
Net income (loss)
$
(365
)
$
2,995
$
6,861
$
6,861
Less: Undistributed earnings allocated to participating
    securities
—
(2,843
)
(5,697
)
—
Plus: Charges related to preferred stock warrant liability
—
—
—
1,372
Net income (loss) attributable to common shares —
    diluted
(365
)
152
1,164
8,233
Weighted average shares used to compute basic net income (loss)
    per share
13,526,926
14,552,999
16,267,186
62,988,610
Effect of potentially dilutive securities:
Employee stock options
—
1,970,444
4,511,262
4,511,262
Warrants
—
—
—
106,469
Weighted average shares used to compute diluted net income
    (loss) per share
13,526,926
16,523,443
20,778,448
67,606,341
Diluted net income (loss) per share
$
(0.03
)
$
0.01
$
0.06
$
0.12
F-13
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Diluted net (loss) income per share for the years presented do
    not reflect the following potential common shares, as the effect
    would be antidilutive:
Pro Forma
December 31,
December 31,
2007
2008
2009
2009
(unaudited)
Stock options and warrants
13,417,220
1,520,757
1,578,834
1,104,552
The pro forma net income per share is computed using the
    weighted-average number of shares of Common Stock outstanding
    and assumes the conversion of all outstanding shares of
    preferred stock into an aggregate of 46,721,424 shares of
    common stock upon completion of the Company's planned IPO,
    as if such conversion had occurred at the beginning of the
    period. In addition, pro forma net income per share assumes that
    the preferred stock warrants have been automatically converted
    to common stock warrants at the beginning of the period.
    Accordingly, the charges recorded to mark the preferred stock
    warrants to market have been added back to net income to arrive
    at net income attributable to common shares — pro
    forma. The Company believes the unaudited pro forma net income
    per share provides material information to investors, as the
    conversion of the Company's preferred stock to common stock
    is expected to occur upon the closing of an IPO and the
    preferred stock warrants will be converted to common stock
    warrants upon the closing of an IPO, and therefore the
    disclosure of pro forma net income per share thus provides an
    indication of net income per share that is comparable to what
    will be reported by the Company as a public company. Pro forma
    net income attributable to common shares — basic and
    diluted is higher than basic and diluted net income attributable
    to common shares as there would only be one class of stock
    outstanding for purposes of computing earnings per share on a
    pro forma basis.
Recent
    Accounting Pronouncements
In December 2007, the FASB issued new accounting guidance on
    business combinations. While retaining the fundamental
    requirements of the previous U.S. generally accepted
    accounting principles, this new statement makes various
    modifications to the accounting for contingent consideration,
    preacquisition contingencies, purchased in-process research and
    development, acquisition-related transaction costs,
    acquisition-related restructuring costs, and changes in tax
    valuation allowances and tax uncertainty accruals. The Company
    adopted this guidance effective January 1, 2009. The impact
    of adopting the guidance will depend on the nature and terms of
    business combinations that the Company consummates on or after
    January 1, 2009.
In June 2008, the FASB issued new guidance related to assessing
    whether an equity-linked financial instrument (or embedded
    feature) is indexed to an entity's own stock for the
    purposes of determining whether such equity-linked financial
    instrument (or embedded feature) is subject to derivative
    accounting. The Company adopted this new guidance effective
    January 1, 2009. The adoption of this guidance did not have
    a material impact on the Company's consolidated financial
    statements.
In May 2009, the FASB issued a standard that sets forth the
    period after the balance sheet date during which management of a
    reporting entity should evaluate events or transactions that may
    occur for potential recognition or disclosure in the financial
    statements; the circumstances under which an entity should
    recognize events or transactions occurring after the balance
    sheet date in its financial statements; and the disclosures that
    an entity should make about events or transactions that occurred
    after the balance sheet date. This standard is effective for
    interim and annual periods ending after June 15, 2009. The
    Company adopted this standard in the year ended
    December 31, 2009, and it did not impact the Company's
    consolidated financial results.
In June 2009, FASB Accounting Standards Codification
    (Codification) was issued, effective for financial statements
    issued for interim and annual periods ending after
    September 15, 2009. The Codification supersedes literature
    of the FASB, Emerging Issues Task Force and other sources. The
    Codification did not change
F-14
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
U.S. generally accepted accounting principles. The
    implementation of this standard did not have a material impact
    on the Company's consolidated financial statements.
In October 2009, the FASB clarified the accounting guidance for
    sales of tangible products containing both software and hardware
    elements and issued new guidance that amends the criteria for
    evaluating the individual items in a multiple deliverable
    revenue arrangement and how to allocate the consideration
    received to the individual items. The guidance is effective for
    revenue arrangements entered into or materially modified in
    fiscal years beginning on or after June 15, 2010, with
    early adoption permitted. The Company has evaluated the
    potential impact of the revised guidance on the Company's
    financial position and results of operations and has concluded
    that they will not have a material impact on its consolidated
    financial statements.
3.
Acquisitions
On January 1, 2008, the Company acquired the operations and
    tangible assets related to QlikView of PC Business Intelligence,
    S.L. ("PCB"), a referral partner in Madrid, Spain. The
    acquisition is part of the Company's strategy to establish
    a local presence in key markets and further develop the direct
    sales and reseller networks. The Company paid consideration of
    $1.9 million, which includes $0.4 million in cash and
    $1.5 million in a warrant to purchase shares of the
    Company's Common Stock. The acquisition was accounted for
    under the purchase method of accounting. The assets acquired and
    liabilities assumed were recorded at their fair values as of
    January 1, 2008. Of the total estimated purchase price,
    approximately $0.6 million has been allocated to definite
    lived intangible assets acquired, which consist principally of
    the value assigned to PCB's customer relationships, and
    approximately $1.3 million has been allocated to goodwill,
    none of which is tax deductible.
In connection with this acquisition, PCB was granted a warrant
    (the "PCB warrant") to purchase 93,981 shares of
    the Company's Common Stock at a purchase price of $1.65 per
    share. Because the IPO did not occur on or before
    February 1, 2010, PCB has the right (the "Put
    Right") to exercise the PCB warrant and on or before
    December 31, 2010 require the Company to purchase the
    shares acquired upon exercise for an aggregate purchase price,
    not to exceed €1.8 million, equal to 50% of the Gross
    Sales (as defined in the purchase agreement related to the PCB
    warrant) of QlikTech Ibérica S.L. (the Company's
    Spanish subsidiary) during the fiscal year ended
    December 31, 2009 (the "Put Right Purchase
    Price"). The estimated fair value of the PCB warrant of
    $1.5 million was recorded as purchase price on the date of
    the PCB acquisition. As of December 31, 2008, the estimated
    fair value of the PCB warrant of $1.8 million is classified
    in other long-term liabilities on the accompanying consolidated
    balance sheet. As of December 31, 2009, the fair value of
    the PCB warrant of $2.4 million is classified in current
    liabilities as the warrant holder has the ability to exercise
    the Put Right by December 31, 2010. Subsequent changes in
    the fair value of the warrant are recorded as a component of
    other income (expense) in the accompanying consolidated
    statement of operations. Refer to Note 5 for fair value
    measurement considerations.
4.
Goodwill
    and other Intangible Assets
The following table provides information regarding the
    Company's intangible assets subject to amortization
    (dollars in thousands):
December 31,
2008
2009
Gross
Accumulated
Net
Gross
Accumulated
Net
Amount
Amortization
Amount
Amount
Amortization
Amount
Purchased technology
$
172
$
(69
)
$
103
$
189
$
(114
)
$
75
Customer relationships and other identified intangible assets
554
(95
)
459
571
(229
)
342
Total
$
726
$
(164
)
$
562
$
760
$
(343
)
$
417
F-15
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The cost of definite-lived intangible assets is amortized on a
    straight-line basis over the estimated useful lives of five
    years. Amortization of intangible assets amounted to
    $0.1 million, $0.1 million and $0.2 million for
    the years ended December 31, 2007, 2008 and 2009,
    respectively. The estimated aggregate amortization expense for
    each of the succeeding years is as follows: $0.2 million in
    2010; $0.2 million in 2011; and $0.1 million in 2012.
The change in goodwill in the consolidated balance sheet during
    2009 was due to foreign currency translation.
5.
Fair
    Value Measurements
Fair value is defined as the price that would be received from
    selling an asset or paid to transfer a liability in an orderly
    transaction between market participants at the measurement date.
    When determining the fair value measurements for assets and
    liabilities required or permitted to be recorded at fair value,
    the Company considers the principal or most advantageous market
    in which it would transact and it considers assumptions that
    market participants would use when pricing the asset or
    liability. The Company evaluates the fair value of certain
    assets and liabilities using the following fair value hierarchy
    which ranks the quality and reliability of inputs, or
    assumptions, used in the determination of fair value:
•
Level 1 — quoted prices in active markets for
    identical assets and liabilities
•
Level 2 — inputs other than Level 1 quoted
    prices that are directly or indirectly observable
•
Level 3 — unobservable inputs that are not
    corroborated by market data
The Company evaluates assets and liabilities subject to fair
    value measurements on a recurring and nonrecurring basis to
    determine the appropriate level to classify them for each
    reporting period. This determination requires significant
    judgments to be made by the Company. The following table sets
    forth the Company's assets and liabilities that were
    measured at fair value as of December 31, 2008 and 2009, by
    level within the fair value hierarchy (dollars in thousands):
Amounts at
Fair Value Measurement Using
Fair Value
Level 1
Level 2
Level 3
As of December 31, 2008
Assets
Cash and cash equivalents
$
14,800
$
14,800
$
—
$—
Liabilities
Stock warrant liability
$2,684
$—
$
—
$
2,684
As of December 31, 2009
Assets
Cash and cash equivalents
$
24,852
$
24,852
$
—
$—
Liabilities
Stock warrant liability
$4,637
$—
$
—
$
4,637
Assets and liabilities that are measured at fair value on a
    non-recurring basis include intangible assets and goodwill.
    These items are recognized at fair value when they are
    considered to be impaired. During the year ended
    December 31, 2009, there were no fair value adjustments for
    assets and liabilities measured on a non-recurring basis.
The fair value of the long-term debt at December 31, 2008
    and 2009 is approximately $8.6 million and
    $7.2 million, respectively, compared to its carrying value
    of $8.1 million and $6.8 million, respectively. The
    Company estimates the fair value of its long-term debt using a
    combination of quoted market prices for similar
F-16
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
financing arrangements and expected future payments discounted
    at risk-adjusted rates, which are considered level 2 inputs.
In January 2008, the Company granted a warrant to PCB to
    purchase 93,981 shares of the Company's Common Stock,
    in connection with a business acquisition which is more fully
    described in Note 3.
In March 2006, in connection with the Company's note
    payable, the Company granted a warrant (the "ETV
    warrant") to ETV Capital S.A. to purchase
    260,082 shares of the Company's Series A
    preferred stock at $0.6298 per share. The value of the ETV
    warrant at the date of grant of $0.1 million was recorded
    as a warrant liability with the offset to debt discount. The
    debt discount is being amortized to interest expense over the
    term of the note payable.
In June 2008, in connection with the Company's note
    payable, the Company granted a warrant (the "Industrifonden
    warrant") to Stiftelsen Industrifonden
    ("Industrifonden") to purchase 214,200 shares of
    the Company's Series A preferred stock at $2.31 per
    share. The value of the Industrifonden warrant at the grant date
    was $0.2 million and was recorded as a warrant liability,
    with the offset to debt discount. The debt discount is being
    amortized to interest expense over the term of the note payable.
The ETV warrant and Industrifonden warrant are classified as
    liabilities on the accompanying balance sheets as the warrant
    entitles the holder to purchase preferred stock which is
    considered contingently redeemable. The PCB warrant is
    classified as warrant liability as this warrant contains a put
    feature and, accordingly, the warrant may be settled in cash.
The fair value of the stock warrant liability is based on
    Level 3 inputs. For this liability, the Company developed
    its own assumptions that do not have observable inputs or
    available market data to support the fair value. The Company
    estimated the fair value of the PCB warrant at both the issuance
    date of the warrant in January 2008 and at December 31,
    2008 and 2009 by utilizing a fair value methodology which
    incorporates both the Black Scholes pricing model, as well as
    the probability of an IPO occurring by February 1, 2010,
    estimates of the level of Gross Sales of QlikTech Ibérica
    S.L. for 2009, and an estimated discount rate. The Company
    estimated the fair value of the ETV warrant and the
    Industrifonden warrant by utilizing a Black Scholes based option
    pricing model, which considered the estimated fair value of
    these preferred stock warrants in both an IPO scenario
    ("IPO scenario"), in which the warrants have
    attributes of common stock warrants, and a merger and
    acquisition scenario ("M&A scenario"), in which
    the warrants have attributes of preferred stock warrants. In the
    IPO scenario, the inputs in the Black Scholes model included an
    expected term equal to the remaining contractual life of the
    warrant, a risk free rate commensurate with the remaining term
    of the warrant, volatility of comparable companies for a period
    consistent with the expected term, and a dividend yield of 0% as
    the Company has never paid dividends. In the M&A scenario,
    the Company's Black Scholes model included an expected term
    commensurate with the estimated timing of a liquidity event, a
    risk free rate commensurate with the expected term, volatility
    of comparable companies for a period consistent with the
    expected term, and a dividend yield of 0%. The estimates of the
    fair value of the PCB warrant, the ETV warrant and the
    Industrifonden warrant require a significant amount of judgment.
F-17
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The reconciliation of the stock warrant liability measured at
    fair value on a recurring basis using significant unobservable
    inputs (Level 3) is as follows (dollars in thousands):
Stock
Warrant
Liability
Balance at January 1, 2008
$
523
Issuance of PCB warrant
1,492
Issuance of Industrifonden warrant
206
Change in fair value of stock warrant liability
463
Balance at December 31, 2008
2,684
Change in fair value of stock warrant liability
$
1,953
Balance at December 31, 2009
$
4,637
As reported in balance sheet:
Current
$
2,425
Non-current
$
2,212
6.
Property
    and Equipment
The following is a summary of property and equipment, net
    (dollars in thousands) and the related lives:
December 31,
Lives
2008
2009
Computers and equipment
3 years
$
1,725
$
3,061
Furniture and fixtures
5 years
1,537
1,998
Leasehold improvements
3 years
181
506
3,443
5,565
Less accumulated depreciation
1,415
2,321
$
2,028
$
3,244
Depreciation and amortization expense totaled $0.4 million,
    $0.7 million and $0.9 million for the years ended
    December 31, 2007, 2008 and 2009, respectively.
7.
Line of
    Credit
During 2008 and 2009, a wholly owned subsidiary of the Company
    in Sweden had an agreement with a bank in Sweden from which it
    may borrow up to a maximum of 60 million Swedish kronor
    ("SEK") (approximately $8.4 million based on the
    December 31, 2009 exchange rate of 0.1393). At
    December 31, 2008 and 2009, the amounts outstanding were $0
    and $0.2 million, respectively. The maximum borrowing is
    collateralized by the subsidiary's total assets. The terms
    of this agreement require payment of an unused credit line fee
    equal to 0.5% of the unused portion and a variable interest rate
    equivalent to the Swedish Riksbank Repo Rate (0.25% at
    December 31, 2009) plus 1.75% of the outstanding
    balance. The line of credit agreement expires on June 30,
    2010.
F-18
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
8.
Long-Term
    Debt
On June 16, 2008, the Company entered into a
    60.0 million SEK note payable to Industrifonden, a
    stockholder of the Company, which bears interest at a fixed 10%
    rate per annum through March 2012. The loan agreement stipulates
    that interest accrued between the loan initiation and first
    scheduled payment on June 30, 2009 will be capitalized and
    added to the principal amount of the loan. The total principal
    as of June 30, 2009 (approximately 66.2 million SEK)
    will be paid off in 12 equal quarterly payments, including
    accrued interest. Borrowings under the loan are collateralized
    by shares of the Company's wholly owned Swedish subsidiary.
    As the note payable is denominated in SEK, the impact of
    exchange rate changes on the principal and interest of the note
    is recorded as gain/(loss) in the consolidated statement of
    operations. The gain/(loss) recorded during the years ended
    December 31, 2008 and 2009 are $2.4 million and
    $0.8 million, respectively.
On March 10, 2006, the Company signed a
    €2.0 million note payable to ETV Capital S.A., payable
    in 36 monthly installments of €0.1 million, which
    bore interest at a fixed 9% interest rate through March 2009.
    This loan was satisfied in March 2009.
The following table summarizes notes payable held by the Company
    (dollars in thousands):
December 31,
2008
2009
Note payable to Industrifonden
$8,019
$6,921
Note payable to ETV Capital S.A.
243
—
Less current portion
(1,900
)
(3,022
)
Less unaccreted discount
(184
)
(122
)
Total noncurrent borrowings
$6,178
$3,777
Aggregate maturities required on long-term debt obligations at
    December 31, 2009 are due in future years as follows
    (dollars in thousands):
2010
$
3,076
2011
3,076
2012
769
Total
$
6,921
9.
Income
    Taxes
The effective tax rates for the years ended December 31,
    2007, 2008 and 2009 were 9.9%, 38.3% and 20.6% respectively. It
    is anticipated that the Company's effective tax rate may
    fluctuate in the future due to the mix of foreign and domestic
    pre-tax earnings.
Income (loss) before (provision) benefit for income taxes is
    allocated as follows for the years ended December 31 (dollars in
    thousands):
2007
2008
2009
U.S. operations
$
(1,153
)
$
565
$
(4,611
)
Foreign operations
748
4,290
13,248
$
(405
)
$
4,855
$
8,637
F-19
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
(Provision for) benefit from income taxes is comprised of the
    following (dollars in thousands):
Current
Deferred
Total
Year ended December 31, 2007:
U.S. federal
$
(112
)
$
—
$
(112
)
State and local
(22
)
—
(22
)
Foreign
(143
)
317
174
$
(277
)
$
317
$
40
Year ended December 31, 2008:
U.S. federal
$
90
$
(577
)
$
(487
)
State and local
(22
)
(8
)
(30
)
Foreign
(1,039
)
(304
)
(1,343
)
$
(971
)
$
(889
)
$
(1,860
)
Year ended December 31, 2009:
U.S. federal
$
(1
)
$
1,535
$
1,534
State and local
(36
)
123
87
Foreign
(3,598
)
201
(3,397
)
$
(3,635
)
$
1,859
$
(1,776
)
The (provision for) benefit from income taxes differs from the
    amount of taxes determined by applying the U.S. federal
    statutory rate to income (loss) before (provision for) benefit
    from income taxes as a result of the following for the years
    ended December 31 (dollars in thousands):
2007
2008
2009
Statutory federal income tax
$
137
$
(1,651
)
$
(2,937
)
Increase (reduction) in income taxes resulting from:
Foreign tax benefit for income taxed at lower rates
47
389
1,611
Foreign withholding taxes
(273
)
(504
)
Foreign tax credit
—
—
180
Change in the valuation allowance
107
62
916
State and local income taxes, net of federal income tax benefit
(22
)
(22
)
100
Permanent differences - warrant liability
(153
)
(38
)
(719
)
Permanent differences - other
28
(302
)
(392
)
Other
(104
)
(25
)
(31
)
Total
$
40
$
(1,860
)
$
(1,776
)
Deferred tax assets and liabilities reflect the net tax effects
    of temporary differences between the carrying amount of assets
    and liabilities for financial reporting purposes and the amounts
    used for income tax purposes.
F-20
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Significant components of the Company's deferred tax assets
    and liabilities are as follows as of December 31 (dollars in
    thousands):
2008
2009
Deferred tax assets:
Accrued expenses
$
694
$
501
Foreign tax credits
—
273
Other tax credits
35
15
Other assets
175
604
Net operating loss carryforwards
5,502
5,444
Total gross deferred tax assets
6,406
6,837
Less: valuation allowance
(3,038
)
(1,741
)
Net deferred tax assets
3,368
5,096
Deferred tax liabilities
Exchange gains/losses
(766
)
(326
)
Other
—
(79
)
Total deferred tax liabilities
(766
)
(405
)
Total net deferred tax assets
$
2,602
$
4,691
As reported
Deferred tax assets, current
$
312
$
810
Deferred tax assets, non-current
3,056
4,207
Deferred tax liabilities, current
—
—
Deferred tax liabilities, non-current
(766
)
(326
)
Total net deferred tax assets
$
2,602
$
4,691
In assessing the realizability of deferred tax assets,
    management considers whether it is more likely than not that
    some portion or all of the deferred tax assets will not be
    realized. The ultimate realization of deferred tax assets is
    dependent upon the generation of future taxable income during
    the periods in which those temporary differences become
    deductible. Based upon the level of historical taxable income
    and projections for future taxable income over the periods in
    which the deferred tax assets are deductible as of
    December 31, 2009, management believes it is more likely
    than not that the Company will realize the benefits of these
    deductible differences, with the exception of foreign net
    operating losses. The amount of the deferred tax asset
    considered realizable, however, could be reduced in the near
    term if estimates of future taxable income during the carry
    forward period are reduced.
Section 382 of the Internal Revenue Code limits the
    utilization of net operating losses when ownership changes, as
    defined by that section, occur. The Company has performed an
    analysis to identify its Section 382 ownership changes.
    Because of the ownership changes, the utilization of some of its
    United States federal and state net operating loss carryforwards
    may be limited. The Company has not completed the analysis to
    determine the annual Section 382 limitation, but estimates
    that approximately $2.0 million of its United States
    federal and state net operating loss carryforwards may be
    limited. Therefore, no federal or state tax benefit has been
    recorded on that portion of the net operating loss. Such
    limitations may have an impact on the ultimate realization of
    the Company's carry forwards and future tax deductions.
F-21
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
At December 31, 2008 and 2009, there were approximately
    $7.6 million and $7.2 million of United States federal
    and $6.2 million and $6.1 million of state net
    operating loss carry forwards, respectively. The majority of
    these net operating loss carryforwards will expire, if unused,
    between 2020 and 2029. A valuation allowance
    of $2.0 million and $0.8 million was recorded at
    December 31, 2008 and 2009, respectively, in relation to
    the deferred tax assets attributable to these net operating
    losses.
In addition, at December 31, 2008 and 2009, there were
    approximately $8.9 million and $7.3 million of gross
    foreign net operating loss carryforwards, respectively. The
    majority of these net operating loss carryforwards have an
    indefinite carryforward period. A valuation allowance of
    $1.0 million and $0.6 million was recorded at
    December 31, 2008 and 2009, respectively, in relation to
    the foreign net operating losses.
The Company has made no provision for United States taxes
    on cumulative earnings of $20.7 million of foreign
    subsidiaries as those earnings are intended to be reinvested for
    an indefinite period of time. Upon distribution of these
    earnings in the form of dividends or otherwise, the Company may
    be subject to United States income taxes and foreign
    withholding taxes. It is not practical, however, to estimate the
    amount of taxes that may be payable on the eventual repatriation
    of these earnings.
As a result of the adoption of FIN 48 (codified in
    ASC 740) effective January 1, 2007, the Company
    analyzed its tax return filing positions in all of the federal,
    state and foreign filing jurisdictions where it is required to
    file income tax returns, as well as all open years in those
    jurisdictions, and concluded that there are no uncertain tax
    positions which would require a cumulative effect adjustment to
    retained earnings.
The following table indicates the changes to the Company's
    uncertain tax positions for the years ended December 31 (dollars
    in thousands):
2007
2008
2009
Beginning balance
$
2,745
$
3,438
$
3,251
Expiration of statute of limitations for the assessment of taxes
—
—
—
Increase (decrease) related to current tax year
693
(187
)
71
Payment to taxing authorities
—
—
—
Ending balance
$
3,438
$
3,251
$
3,322
All of the Company's unrecognized tax benefit liability
    would affect the Company's effective tax rate if
    recognized. Because of the existence of net operating loss
    carryforwards, the resultant unfavorable resolution of any of
    the Company's uncertain tax positions would not result in
    material interest and penalties. Accordingly, the Company did
    not record any interest and penalties related to unrecognized
    tax benefit liability for the years ended December 31, 2008
    and 2009. For the year ended December 31, 2007, less than
    $0.1 million of the $0.7 million increase caused an
    increase in foreign tax expense. The remainder of the 2007
    increase caused a decrease in the valuation allowance of an
    equal amount. The Company does not expect its unrecognized tax
    benefit liability to change significantly over the next
    12 months.
Although the Company believes that the estimates and assumptions
    supporting its assessments are reasonable, the final
    determination of tax audits and any related litigation could be
    materially different than that which is reflected in the
    historical income tax provision and recorded assets and
    liabilities. Based on the results of an audit or litigation,
    there could be a material effect on the Company's income
    tax provision, net income (loss) or cash flows in the period or
    periods for which that determination is made.
As of December 31, 2009, the Company is subject to U.S.
    Federal Income Tax examination for the tax years 2006 through
    2009, and to non-U.S. income tax examination for the tax years
    2001 through 2009. In addition, because of net operating losses,
    the Company's U.S. federal tax returns for 2003 and
    later years will remain subject to examination until the losses
    are utilized.
F-22
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
10.
Capital
    Structure
Series A
    Common Stock
Voting
    Rights
The holders of Common Stock shall have one vote per share.
Liquidation
    Preference
After payment in full of the Series A and AA Liquidation
    Preferences (discussed below), the holders of Common Stock are
    entitled to the remaining assets and funds of the Company on a
    pro rata basis. The holders of Series A and Series AA
    preferred stock are treated as holders of Common Stock (on an
    as-converted basis) for purposes of any distributions.
Convertible
    Preferred Stock
Voting
    Rights
Holders of Series A and Series AA preferred stock (the
    "Preferred Stock") have the number of votes equal to
    the number of common shares to which the Preferred Stock are
    convertible and shall vote with the Common Stock as a single
    class, except with respect to certain corporate actions (such as
    a public offering or a change in rights, preferences or
    privileges of any series of preferred stock) that require
    approval of certain series of preferred stock, as defined in the
    Company's Restated Certificate of Incorporation.
Dividends
No dividends shall be paid on Common Stock unless an equivalent
    dividend for such year has been declared and paid on the
    Preferred Stock. Dividends on the preferred stock shall accrue
    and be payable when and if declared by the Board of Directors at
    an annual rate of $0.0504 per share on a non-cumulative basis.
    The Preferred Stock has preference with respect to dividends
    over the common stock. There have been no dividends accrued or
    paid as of December 31, 2009.
Conversion
Each share of Preferred Stock is convertible to Common Stock, at
    the option of the holder, initially on a
one-for-one
basis, adjusted for splits, stock dividends, consolidation,
    merger and other noncash dilutive events as if the
    investor's interest were a common stock equity interest.
    The initial conversion prices for Series A and
    Series AA Preferred Stock are $0.6298. The conversion
    prices are adjusted for certain events that result in dilution
    of the initial conversion prices.
The Preferred Stock automatically converts into Common Stock
    upon (i) the election of a "Voting Threshold" of
    the outstanding shares of Preferred Stock voting as a class or
    (ii) consummation of underwritten public offering with
    aggregate proceeds in excess of $30.0 million, at an
    original issue price of not less than five times the original
    Series A per share purchase price (a "Qualified Public
    Offering").
Liquidation
    Preference
In the event of liquidation or dissolution of the Company, the
    holders of the Preferred Stock shall be entitled to receive
    prior and in preference to any distribution of any of the assets
    or surplus funds of the Company to the holders of Common Stock
    an amount equal to $0.6298 per share (as adjusted for any
    combination, consolidation, stock distribution or stock dividend
    with respect to such shares), plus all (or any) declared but
    unpaid dividends thereon (the "Series A and AA
    Liquidation Preference"). Any remaining proceeds shall be
    paid pro rata to the holders of Common Stock and Preferred
    Stock, on an as-converted basis.
F-23
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QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Redemption Rights
The Preferred Stock is subject to redemption under certain
    "deemed liquidation" events, as defined, and as such,
    the Preferred Stock is considered contingently redeemable for
    financial accounting purposes.
11.
Commitments
    and Contingencies
Litigation
From time to time, the Company is involved in disputes or legal
    actions arising in the ordinary course of business. Management
    does not believe the outcome of such legal actions will have a
    material adverse effect on the Company's financial
    position, results of operations or cash flows.
Leases
The Company conducts its operations in leased facilities under
    leases expiring at various dates to 2015. Rent expense was
    approximately $2.0 million, $3.5 million and
    $4.0 million for the years ended December 31, 2007,
    2008 and 2009, respectively.
The future minimum lease payments under noncancelable operating
    leases are as follows (dollars in thousands):
Year ending December 31:
2010
$
5,522
2011
4,174
2012
2,993
2013
2,139
2014
1,225
Thereafter
609
Total future minimum lease payments
$
16,662
12.
Business
    and Geographic Segment Information
The Company currently operates in one business segment, namely,
    the development, commercialization and implementation of
    software products and related services. The Company is managed
    and operated as one business. A single management team that
    reports to the chief operating decision maker comprehensively
    manages the entire business. The Company does not operate any
    material separate lines of business or separate business
    entities with respect to its products or product development.
    Accordingly, the Company views its business and manages its
    operations as one reportable segment.
The Company's revenues were generated in the following
    geographic regions (dollars in thousands):
Year Ended December 31,
2007
2008
2009
United States
$
18,660
$
27,737
$
35,899
Europe
54,843
76,180
103,824
Other
7,083
14,347
17,636
Consolidated total
$
80,586
$
118,264
$
157,359
F-24
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
During the years ended December 31, 2007, 2008 and 2009,
    sales from customers in Sweden were $18.4 million,
    $21.4 million and $23.2 million, respectively. During
    the years ended December 31, 2007, 2008 and 2009, sales
    from customers in Germany were $12.3 million,
    $13.7 million and $20.1 million, respectively.
Long-lived assets by geographic area consist of property and
    equipment and are as follows (dollars in thousands):
As of December 31,
2008
2009
United States
$
398
$
623
Europe
1,630
2,621
Consolidated total
$
2,028
$
3,244
As of December 31, 2008 and 2009, long-lived assets held in
    Sweden were $0.8 million and $1.8 million,
    respectively. As of December 31, 2008 and 2009, long-lived
    assets held in Germany were $0.3 million.
13.
Stock
    Option Plan
In 2004, the Company's Board of Directors and stockholders
    approved the Company's 2004 Stock Option and Award Plan
    providing for the granting of either incentive or nonqualified
    stock options to purchase up to 11,124,400 shares of the
    Company's Common Stock. In 2007, the Company's Board
    of Directors and stockholders approved the Company's 2007
    Omnibus Stock Option and Award Plan (the "2007 Plan").
    The 2007 Plan provides for the granting of either incentive
    stock options or nonqualified stock options to purchase up to
    18,124,400 shares of the Company's Common Stock. The
    plan provides for stock-based awards to employees, directors and
    advisors. Stock options are granted at a strike price not less
    than the estimated fair market value at the date of grant as
    determined by the Board of Directors.
The 2007 Plan is designed to help attract and retain the Company
    and its subsidiaries' personnel, to reward employees and
    directors for past services and to motivate such individuals
    through added incentives to further contribute to the success of
    the Company. The maximum term for the options granted is four
    years to Swedish employees, directors and advisors and ten years
    for all others. Options granted pursuant to the 2007 Plan
    generally vest at 25% after the first year and then vest 6.25%
    each quarter over the remaining three years. Swedish tax law
    requires that Swedish plan participants purchase their stock
    options at a purchase price equal to the estimated fair value of
    the options on the date of grant. Accordingly, payments received
    for the grant of Swedish stock options were $0.3 million,
    $0.1 million and $0.1 million for the years ended
    December 31, 2007, 2008 and 2009, respectively.
Pursuant to our non-qualified stock option award agreements with
    our Swedish employees, stock options are subject to the
    Company's right of repurchase upon a termination of service
    to the participant at a price equal to the fair market value on
    the date of termination of service. Total proceeds from options
    repurchased by the Company were $0, $0 and $0.4 million in
    2007, 2008 and 2009, respectively. The Company does not intend
    to repurchase any additional options granted in the future.
The Company uses the Black-Scholes option-pricing model to value
    stock option awards. The Black-Scholes option-pricing model
    requires the input of subjective assumptions, including the
    expected life of the share-based payment awards and stock price
    volatility. The Company does not have sufficient historical
    volatility for the expected term of the options. Prior to 2008,
    the Company established the expected volatility assumption by
    determining an appropriate industry sector that was
    representative of the nature of its operations as well as its
    market capitalization size (mid-cap software industry). As of
    January 1, 2008 and forward, the Company uses comparable
    public companies as a basis for its expected volatility to
    calculate the fair value of option grants and
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QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
intends to continue to consistently apply this process using
    comparable companies until a sufficient amount of historical
    information regarding the volatility of the Company's share
    price becomes available. The expected term for all Swedish
    option grants is four years based on the contractual expiration
    date of the option and based on the history of option exercise
    behavior. The expected term for all other option grants is based
    on the simplified method provided by SEC guidance. The risk-free
    interest rate is based on U.S. Treasury yield curve with a
    remaining term equal to the expected life assumed at grant. The
    assumptions used in calculating the fair value of share-based
    payment awards represent management's best estimate and
    involve inherent uncertainties and the application of
    management's judgment. As a result, if factors change and
    management uses different assumptions, share-based compensation
    expense could be materially different in the future.
Common
    Stock Valuations
For all option grants during 2007, 2008 and 2009, the fair value
    of the Common Stock underlying the option grants was determined
    by the Company's Board of Directors, with the assistance of
    management, which intended all options granted to be exercisable
    at a price per share not less than the per share fair value of
    the Company's Common Stock underlying those options on the
    date of grant. The Company utilized the guidance set forth by
    the American Institute of Certified Public Accountants, or the
    AICPA, in the AICPA Technical Practice Aid, "
Valuation
    of Privately-Held-Company Equity Securities Issued as
    Compensation"
, referred to herein as the AICPA Practice
    Aid, when estimating the fair value of common stock at each
    grant date.
The Board of Directors, with the assistance of management, used
    the market approach and the income approach in order to estimate
    the fair value of Common Stock underlying the Company's
    option grants during 2007, 2008 and 2009. The Company believes
    both of these approaches are appropriate methodologies given its
    stage of development. For the market approach, the Company
    utilized the guideline company method by analyzing a population
    of comparable companies and selected those technology companies
    that it considered to be the most comparable in terms of product
    offerings, revenues, margins, and growth. Under the market
    approach, the Company then use these guideline companies to
    develop relevant market multiples and ratios, which are then
    applied to its corresponding financial metrics to estimate the
    Company's equity value. For the income approach, the
    Company performed discounted cash flow analyses which utilize
    projected cash flows as well as a residual value, which are then
    discounted to the present in order to arrive at its current
    equity value. In 2007 and 2008, the Company used an option
    pricing model to allocate the estimated equity value to the
    various securities outstanding. In 2009, the Company utilized a
    probability weighted expected return model (PWERM) to allocate
    value to the various securities outstanding in the
    Company's capital structure.
The significant input assumptions used in the valuation models
    during 2007 through 2009 are based on subjective future
    expectations combined with management judgment, including:
Income approach assumptions:
•
expected revenue, operating performance and cash flows for the
    current and future years, determined as of the valuation date
    based on the Company's estimates;
•
a discount rate, which is applied to discretely forecasted
    future cash flows in order to calculate the present value of
    those cash flows; and
•
a terminal value multiple, which is applied to the last year of
    discretely forecasted cash flows to calculate the residual value
    of the Company's future cash flows.
Assumptions utilized in the market approach are:
•
expected revenue, operating performance and cash flows for the
    current and future years, determined as of the valuation date
    based on the Company's estimates;
F-26
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QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
•
multiples of market value to trailing revenues, determined as of
    the valuation date, based on a group of comparable public
    companies identified; and
•
multiples of market value to expected future revenues,
    determined as of the valuation date, based on the same group of
    comparable public companies.
The following provides a summary of the option activity for the
    Company:
Weighted-
Weighted-
Average
Average
Remaining
Available for
Number
Exercise
Contractual
Grant
of Shares
Price
Term (Years)
Outstanding at January 1, 2007
2,802,921
9,199,694
$
0.63
8.70
Authorized
5,000,000
—
$
—
—
Granted
(4,230,900
)
4,230,900
$
1.49
—
Exercised
—
(91,051
)
$
0.63
—
Forfeited
194,338
(182,405
)
$
0.63
—
Outstanding at December 31, 2007
3,766,359
13,157,138
$
0.91
8.26
Authorized
—
—
$
—
—
Granted
(3,372,225
)
3,372,225
$
1.65
—
Exercised
—
(2,383,311
)
$
0.65
—
Forfeited
2,008,003
(2,008,003
)
$
0.73
—
Outstanding at December 31, 2008
2,402,137
12,138,049
$
1.19
8.26
Authorized
—
Granted
(2,709,754
)
2,709,754
$
2.53
—
Exercised
(650,216
)
$
0.79
—
Forfeited
1,856,114
(1,856,114
)
$
1.14
—
Outstanding at December 31, 2009
1,548,497
12,341,473
$
1.51
6.83
Exercisable at December 31, 2009
6,566,745
$
1.10
6.27
Vested and expected to vest at December 31, 2009
11,719,354
During 2007, 2008 and 2009, the Company issued options
    exercisable for 4,230,900, 3,372,225 and 2,709,754 shares
    of Common Stock, respectively, to employees and non-employee
    directors. The grant date weighted-average fair value per option
    for the years ended December 31, 2007, 2008 and 2009 was
    $0.34, $1.00 and $1.23, respectively.
The total intrinsic value of options exercised during 2007, 2008
    and 2009 was $0.1 million, $2.4 million and
    $1.3 million, respectively. The aggregate intrinsic value
    of options outstanding and fully vested as of December 31,
    2008 and December 31, 2009 is $26.8 million and
    $45.2 million, respectively.
F-27
Table of Contents
QLIK
    TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The assumptions used in the Black-Scholes option pricing model
    are:
2007
2008
2009
Expected dividend yield
0.00%
0.00%
0.00%
Risk-free interest rate
3.7% - 4.8%
1.2% - 3.1%
1.5% - 2.4%
Expected volatility
18.5% - 21.8%
48.0% - 88.8%
44.7%-62.4%
Expected life (Swedish grants, in years)
4
4
4
Expected life (all other grants, in years)
6.25
6.25
6.25
Estimated fair value of common stock (per share)
$0.63 - $1.65
$1.63-$1.65
$1.65-$3.81
For the years ended December 31, 2007, 2008 and 2009, the
    Company recorded stock-based compensation expense for stock
    options to employees and non-employees of $0.2 million,
    $0.7 million and $1.5 million, respectively.
As of December 31, 2009, there was $4.3 million of
    total unrecognized compensation cost, net of estimated
    forfeitures, related to non-vested employee and non-employee
    director stock options. That remaining cost is expected to be
    recognized over a weighted-average period of approximately
    1.54 years.
14.
Shares Reserved
    for Future Issuance
At December 31, 2009, the Company had reserved a total of
    its authorized shares of Common Stock for stock options and
    conversion of other classes of stock for future issuance as
    follows:
Granted and outstanding stock options
12,341,473
Future issuance of stock options
1,548,497
Conversion of Series A preferred
19,846,279
Conversion of Series AA preferred
26,875,145
Conversion of Series A preferred warrants
474,282
Conversion of Series A common warrants
93,981
61,179,657
15.
Benefit
    Plans
The Company sponsors a 401(k) savings plan covering
    substantially all U.S. employees who meet certain age and
    employment criteria. Employees may contribute up to the Internal
    Revenue Service maximum employee contribution each year. The
    Company has contributed a 3% non-elective contribution based on
    eligible employee earnings which is made in the first quarter
    following the end of the plan year. There is no vesting period
    for non-elective contributions. In the foreign entities, the
    Company has a defined contribution plan for the employees'
    retirements who meet certain age, employment and salary
    criteria. The Company's benefit plans expense was
    approximately $1.4 million, $2.4 million and
    $2.3 million for the years ended December 31, 2007,
    2008 and 2009, respectively.
16.
Subsequent
    event
On January 22, 2010, the Company acquired the outstanding
    stock of Syllogic Corporation, a Japanese reseller, for
    120,000 shares of its Series A common stock plus
    contingent consideration not to exceed $0.8 million.
F-28
Table of Contents
Table of Contents
PART II
Information
    Not Required in Prospectus
Item 13.
Other
    Expenses of Issuance and Distribution
The following table presents the costs and expenses, other than
    underwriting discounts and commissions, payable by us in
    connection with the sale of common stock being registered. All
    amounts are estimates except the SEC registration fee, the FINRA
    filing fees and the Nasdaq Global Market listing fee.
SEC registration fee
$
7,130
FINRA filing fee
$
10,500
Nasdaq Global Market listing fee
*
Printing and engraving expenses
*
Legal fees and expenses
*
Accounting fees and expenses
*
Blue sky fees and expenses (including related legal fees)
*
Transfer agent and registrar fees
*
Miscellaneous fees and expenses
*
Total
$
*
*
To be completed in subsequent
    amendment
Item 14.
Indemnification
    of Directors and Officers
Section 145 of the Delaware General Corporation Law
    authorizes a corporation's board of directors to grant, and
    authorizes a court to award, indemnity to officers, directors
    and other corporate agents.
As permitted by Section 102(b)(7) of the Delaware General
    Corporation Law, or DGCL, the registrant's certificate of
    incorporation to be in effect upon the closing of this offering
    includes provisions that eliminate the personal liability of its
    directors and officers for monetary damages for breach of their
    fiduciary duty as directors and officers.
In addition, as permitted by Section 145 of the DGCL, the
    bylaws of the registrant to be effective upon completion of this
    offering provide that:
•
The registrant shall indemnify its directors and officers for
    serving the registrant in those capacities or for serving other
    business enterprises at the registrant's request, to the
    fullest extent permitted by Delaware law. Delaware law provides
    that a corporation may indemnify such person if such person
    acted in good faith and in a manner such person reasonably
    believed to be in or not opposed to the best interests of the
    registrant and, with respect to any criminal proceeding, had no
    reasonable cause to believe such person's conduct was
    unlawful.
•
The registrant may, in its discretion, indemnify employees and
    agents in those circumstances where indemnification is permitted
    by applicable law.
•
The registrant is required to advance expenses, as incurred, to
    its directors and officers in connection with defending a
    proceeding, except that such director or officer shall undertake
    to repay such advances if it is ultimately determined that such
    person is not entitled to indemnification.
•
The registrant will not be obligated pursuant to the bylaws to
    indemnify a person with respect to proceedings initiated by that
    person, except with respect to proceedings authorized by the
    registrant's board of directors or brought to enforce a
    right to indemnification.
II-1
Table of Contents
•
The rights conferred in the bylaws are not exclusive, and the
    registrant is authorized to enter into indemnification
    agreements with its directors, officers, employees and agents
    and to obtain insurance to indemnify such persons.
•
The registrant may not retroactively amend the bylaw provisions
    to reduce its indemnification obligations to directors,
    officers, employees and agents.
•
The registrant's policy is to enter into separate
    indemnification agreements with each of its directors and
    officers that provide the maximum indemnity allowed to directors
    and executive officers by Section 145 of the DGCL and also
    provides for certain additional procedural protections. The
    registrant also maintains directors and officers insurance to
    insure such persons against certain liabilities.
•
These indemnification provisions and the indemnification
    agreements entered into between the registrant and its officers
    and directors may be sufficiently broad to permit
    indemnification of the registrant's officers and directors
    for liabilities (including reimbursement of expenses incurred)
    arising under the Securities Act.
•
The underwriting agreement filed as Exhibit 1.1 to this
    registration statement provides for indemnification by the
    underwriters of the registrant and its officers and directors
    for certain liabilities arising under the Securities Act and
    otherwise.
Item 15.
Recent
    Sales of Unregistered Securities
During the last three years, the Registrant made sales of the
    following unregistered securities:
(1) From April 1, 2007 through March 31, 2010,
    the Registrant sold and issued to its employees and service
    providers an aggregate of 3,369,683 shares of its
    Series A common stock pursuant to option exercises under
    Registrant's 2004 Omnibus Stock Option and Award Plan and
    Registrant's 2007 Omnibus Stock Option and Award Plan at
    prices ranging from $0.6298 to $1.65 per share for an aggregate
    purchase price of $2,309,455.19.
(2) From April 1, 2007 through March 31, 2010,
    the Registrant granted to its employees and service providers
    options to purchase an aggregate of 10,219,179 shares of
    its Series A common stock under the Registrant's 2004
    Omnibus Stock Option and Award Plan and 2007 Omnibus Stock
    Option and Award Plan at prices ranging from $1.65 to $5.18 per
    share for an aggregate purchase price of $21,201,207.42.
(3) On March 23, 2006, the Registrant issued a warrant
    to purchase an aggregate of 260,082 shares of the
    Registrant's Series A preferred stock at an exercise
    price of $0.6298 per share to ETV Capital (Jersey) Limited. The
    warrant may be exercised at any time prior to its termination
    date of March 23, 2016.
(4) On January 21, 2008, the Registrant issued a
    warrant to purchase an aggregate of 93,981 shares of the
    Registrant's Series A common stock at an exercise
    price of $1.65 per share to PC Compatible Business Intelligence,
    S.L. The warrant may be exercised at any time prior to its
    termination date of December 31, 2014.
(5) On June 16, 2008, the Registrant issued a warrant
    to purchase an aggregate of 214,200 shares of the
    Registrant's Series A preferred stock at an exercise
    price of $2.31 per share to Stiftelsen Industrifonden. The
    warrant may be exercised at any time prior to its termination
    date of June 16, 2018.
(6) On January 22, 2010, the Registrant issued an
    aggregate of 120,000 shares of the Registrant's
    Series A common stock at a price of $3.81 per share to
    three individuals in connection with the acquisition of Syllogic
    Corporation.
No underwriters were involved in the foregoing sales of
    securities. The issuances of the securities described above were
    deemed to be exempt from registration under the Securities Act
    in reliance on Section 4(2) of the Securities Act,
    Rule 701 promulgated under Section 3(b) of the
    Securities Act or Regulation S under the Securities Act.
    The recipients of securities in each such transaction
    represented their intention to acquire the securities for
    investment only and not with a view to or for sale in connection
    with any distribution thereof and appropriate legends were
    affixed to the stock certificates, warrant agreements and option
    agreements issued in such transactions.
II-2
Table of Contents
Item 16.
Exhibits
    and Financial Statement Schedules
(a)
Exhibits
Exhibit
Number
Description
1
.1*
Form of Underwriting Agreement
3
.1
Restated Certificate of Incorporation of Registrant, as amended
    on various dates
3
.2
Form of Restated Certificate of Incorporation to be effective
    upon closing
3
.3
Amended and Restated Bylaws of the Registrant
3
.4
Amended and Restated Bylaws of the Registrant to be effective
    upon closing
4
.1
Reference is made to Exhibits 3.1, 3.2, 3.3 and 3.4
4
.2*
Form of Registrant's Common Stock Certificate
4
.3
Investors' Rights Agreement, dated November 17, 2004
    and as amended on various dates, by and among the Registrant,
    certain stockholders and the investors listed on the signature
    pages thereto
4
.4
First Refusal and Co-Sale Agreement, dated November 17,
    2004 and as amended on various dates, by and among the
    Registrant, certain stockholders and the investors listed on the
    signature pages thereto
4
.5
Voting Agreement, dated November 17, 2004 and as amended on
    various dates, by and among the Registrant, certain stockholders
    and the investors listed on the signature pages thereto
4
.6
First Amendment to Voting Agreement, dated October 10,
    2007, by and among the Registrant, QlikTech International AB and
    certain stockholders
5
.1*
Opinion of Gunderson Dettmer Stough Villeneuve
    Franklin & Hachigian, LLP
10
.1†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Lars Björk
10
.2†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and John Gavin, Jr.
10
.3†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Bruce Golden
10
.4†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Erel Margalit
10
.5†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Alexander Ott
10
.6†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Paul Wahl
10
.7†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and William G. Sorenson
10
.8†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Leslie Bonney
10
.9†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Anthony Deighton
10
.10†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Douglas Laird
10
.11†*
Amended and Restated Employment Agreement, dated
    April   , 2010, by and between the Registrant and
    Lars Björk
10
.12†*
Amended and Restated Employment Agreement, dated
    April   , 2010, by and between the Registrant and
    William Sorenson
10
.13†*
Employment Agreement, dated May 2, 2005, by and between the
    Registrant and Leslie Bonney
10
.14†*
Amended and Restated Employment Offer Letter, dated
    April   , 2010, by and between the Registrant and
    Anthony Deighton
10
.15†*
Amended and Restated Employment Offer Letter, dated
    April   , 2010, by and between the Registrant and
    Douglas Laird
10
.16†
Amended and Restated Consulting Agreement, dated
    September 1, 2005, by and between the Registrant and Paul
    Wahl
10
.17†
Consulting Agreement, dated October 1, 2004, by and between
    the Registrant and Alexander Ott
10
.18†
2004 Omnibus Stock Option and Award Plan
10
.19†
2007 Omnibus Stock Option and Award Plan
10
.20†
2010 Equity Incentive Plan (to be effective upon closing of the
    offering)
10
.21†
Form of Notice of Stock Option Grant and Stock Option Agreement
    under 2010 Equity Incentive Plan
II-3
Table of Contents
Exhibit
Number
Description
10
.22
Translation of Agreement by and between the Registrant, QlikTech
    International AB and Svenska Handelsbanken AB dated as of
    July 11, 2008
10
.23
Translation of Amendment Agreement by and between the
    Registrant, QlikTech International AB and Svenska
    Handelsbanken AB dated as of July 13, 2009
10
.24†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Alexander Ott under the 2004 Omnibus
    Stock Option and Award Plan
10
.25†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Anthony Deighton under the 2004
    Omnibus Stock Option and Award Plan and under the 2007 Omnibus
    Stock Option and Award Plan, and Side letter, dated November
    2006, between the Registrant and Anthony Deighton
10
.26†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Douglas Laird under the 2007 Omnibus
    Stock Option and Award Plan
10
.27†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Lars Björk under the 2004
    Omnibus Stock Option and Award Plan and the 2007 Omnibus Stock
    Option and Award Plan
10
.28†
2004, 2005 and 2009 Omnibus Stock Option and Award Plans and
Sub-Plans
for the UK Agreements granted to Leslie Bonney
10
.29†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Paul Wahl under the 2004
    Omnibus Stock Option and Award Plan and 2007 Omnibus Stock
    Option and Award Plan
10
.30†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to William Sorenson under the 2007
    Omnibus Stock Option and Award Plan
10
.31†*
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to John Gavin, Jr. under the 2007
    Omnibus Stock Option and Award Plan
10
.32
Term Loan Facility Agreement, dated June 16, 2008, between
    the Registrant and Stiftelsen Industrifonden
10
.33
Warrant to Purchase Shares of Preferred Stock, dated
    June 16, 2008, issued by the Registrant to Stiftelsen
    Industrifonden
10
.34
Share Pledge Agreement, dated June 16, 2008, between the
    Registrant and Stiftelsen Industrifonden
10
.35
Stock Purchase Agreement, dated November 17, 2004, between
    the Registrant, QlikTech International AB and the Investors (as
    defined therein)
10
.36
Lease, dated November 15, 2005, between the Registrant and
    Radnor Properties-SDC, L.P.
10
.37
First Amendment to Lease, dated March 13, 2009, between the
    Registrant and Radnor Properties-SDC, L.P.
10
.38*
Translation of "Hyreskontrakt for local," dated
    May 22, 2007, between QlikTech International AB and Ideon AB
10
.39
Reference is made to Exhibits 4.3, 4.4, 4.5 and 4.6
21
.1
List of subsidiaries of the Registrant (including jurisdiction
    of organization and names under which subsidiaries do business)
23
.1
Consent of Ernst & Young LLP, Independent Registered
    Public Accounting Firm
23
.2*
Consent of Gunderson Dettmer Stough Villeneuve
    Franklin & Hachigian, LLP (contained in
    Exhibit 5.1)
24
.1
Powers of Attorney (included in the signature pages to the
    registration statement)
†
Compensation arrangement
*
To be filed by amendment
II-4
Table of Contents
(b)
Financial
    Statement Schedules
All schedules have been omitted as they are not required, not
    applicable, or the required information is otherwise included in
    the Notes to the consolidated financial statements.
Item 17.
Undertakings
The undersigned Registrant hereby undertakes to provide to the
    underwriters at the closing specified in the underwriting
    agreement certificates in such denominations and registered in
    such names as required by the underwriters to permit prompt
    delivery to each purchaser.
Insofar as indemnification for liabilities arising under the
    Securities Act of 1933 may be permitted to directors,
    officers and controlling persons of the Registrant pursuant to
    the provisions described in Item 14 above, or otherwise,
    the Registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the Registrant of expenses incurred or paid by a director,
    officer or controlling person of the Registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the Registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act and will be governed by the final
    adjudication of such issue.
The undersigned Registrant hereby undertakes that:
(1) For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule 430A and contained in a form of
    prospectus filed by the Registrant pursuant to
    Rule 424(b)(1) or (4) or 497(h) under the Securities
    Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.
(2) For purposes of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
II-5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
    Registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Radnor, Commonwealth of Pennsylvania,
    on this 1st day of April, 2010.
QLIK TECHNOLOGIES INC.
By:
/s/  Lars
    Björk
Lars Björk
President and Chief Executive Officer (Principal Executive
    Officer)
II-6
Table of Contents
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
    appears below constitutes and appoints Lars Björk and
    William G. Sorenson, and each of them, his true and lawful
    attorneys-in-fact and agents, with full power to act separately
    and full power of substitution and resubstitution, for him and
    in his name, place and stead, in any and all capacities, to sign
    any and all amendments (including post-effective amendments) to
    this registration statement and all additional registration
    statements pursuant to Rule 462(b) of the Securities Act of
    1933, as amended, and to file the same, with all exhibits
    thereto, and all other documents in connection therewith, with
    the Securities and Exchange Commission, granting unto each said
    attorney-in-fact and agent full power and authority to do and
    perform each and every act in person, hereby ratifying and
    confirming all that said attorneys-in-fact and agents or either
    of them or his or their substitute or substitutes may lawfully
    do or cause to be done by virtue hereof.
This Power of Attorney shall not revoke any powers of attorney
    previously executed by the undersigned. This Power of Attorney
    shall not be revoked by any subsequent power of attorney that
    the undersigned may execute, unless such subsequent power of
    attorney specifically provides that it revokes this Power of
    Attorney by referring to the date of the undersigned's
    execution of this Power of Attorney. For the avoidance of doubt,
    whenever two or more powers of attorney granting the powers
    specified herein are valid, the agents appointed on each shall
    act separately unless otherwise specified.
Pursuant to the requirements of the Securities Act of 1933, as
    amended, this registration statement has been signed by the
    following persons on behalf of the Registrant and in the
    capacities and on the dates indicated.
Signature
Title
Date
/s/  Lars
    Björk
Lars
    Björk
President, Chief Executive Officer and Director (Principal
    Executive Officer)
April 1, 2010
/s/  William
    G. Sorenson
William
    G. Sorenson
Chief Financial Officer (Principal Accounting and Financial
    Officer)
April 1, 2010
/s/  John
    Gavin, Jr.
John
    Gavin, Jr.
Director
April 1, 2010
/s/  Bruce
    Golden
Bruce
    Golden
Director
April 1, 2010
/s/  Erel
    Margalit
Erel
    Margalit
Director
April 1, 2010
/s/  Alexander
    Ott
Alexander
    Ott
Director
April 1, 2010
/s/  Paul
    Wahl
Paul
    Wahl
Director
April 1, 2010
II-7
Table of Contents
INDEX TO
    EXHIBITS
Exhibit
Number
Description
1
.1*
Form of Underwriting Agreement
3
.1
Restated Certificate of Incorporation of Registrant, as amended
    on various dates
3
.2
Form of Restated Certificate of Incorporation to be effective
    upon closing
3
.3
Amended and Restated Bylaws of the Registrant
3
.4
Amended and Restated Bylaws of the Registrant to be effective
    upon closing
4
.1
Reference is made to Exhibits 3.1, 3.2, 3.3 and 3.4
4
.2*
Form of Registrant's Common Stock Certificate
4
.3
Investors' Rights Agreement, dated November 17, 2004
    and as amended on various dates, by and among the Registrant,
    certain stockholders and the investors listed on the signature
    pages thereto
4
.4
First Refusal and Co-Sale Agreement, dated November 17,
    2004 and as amended on various dates, by and among the
    Registrant, certain stockholders and the investors listed on the
    signature pages thereto
4
.5
Voting Agreement, dated November 17, 2004 and as amended on
    various dates, by and among the Registrant, certain stockholders
    and the investors listed on the signature pages thereto
4
.6
First Amendment to Voting Agreement, dated October 10,
    2007, by and among the Registrant, QlikTech International AB and
    certain stockholders
5
.1*
Opinion of Gunderson Dettmer Stough Villeneuve
    Franklin & Hachigian, LLP
10
.1†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Lars Björk
10
.2†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and John Gavin, Jr.
10
.3†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Bruce Golden
10
.4†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Erel Margalit
10
.5†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Alexander Ott
10
.6†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Paul Wahl
10
.7†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and William G. Sorenson
10
.8†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Leslie Bonney
10
.9†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Anthony Deighton
10
.10†*
Indemnification Agreement,
    dated          ,
    2010, between the Registrant and Douglas Laird
10
.11†*
Amended and Restated Employment Agreement, dated
    April   , 2010, by and between the Registrant and
    Lars Björk
10
.12†*
Amended and Restated Employment Agreement, dated
    April   , 2010, by and between the Registrant and
    William Sorenson
10
.13†*
Employment Agreement, dated May 2, 2005, by and between the
    Registrant and Leslie Bonney
10
.14†*
Amended and Restated Employment Offer Letter, dated
    April   , 2010, by and between the Registrant and
    Anthony Deighton
10
.15†*
Amended and Restated Employment Offer Letter, dated
    April   , 2010, by and between the Registrant and
    Douglas Laird
10
.16†
Amended and Restated Consulting Agreement, dated
    September 1, 2005, by and between the Registrant and Paul
    Wahl
10
.17†
Consulting Agreement, dated October 1, 2004, by and between
    the Registrant and Alexander Ott
10
.18†
2004 Omnibus Stock Option and Award Plan
10
.19†
2007 Omnibus Stock Option and Award Plan
10
.20†
2010 Equity Incentive Plan (to be effective upon closing of the
    offering)
10
.21†
Form of Notice of Stock Option Grant and Stock Option Agreement
    under 2010 Equity Incentive Plan
10
.22
Translation of Agreement by and between the Registrant, QlikTech
    International AB and Svenska Handelsbanken AB dated as of
    July 11, 2008
Table of Contents
Exhibit
Number
Description
10
.23
Translation of Amendment Agreement by and between the
    Registrant, QlikTech International AB and Svenska
    Handelsbanken AB dated as of July 13, 2009
10
.24†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Alexander Ott under the 2004 Omnibus
    Stock Option and Award Plan
10
.25†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Anthony Deighton under the 2004
    Omnibus Stock Option and Award Plan and under the 2007 Omnibus
    Stock Option and Award Plan, and Side letter, dated November
    2006, between the Registrant and Anthony Deighton
10
.26†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to Douglas Laird under the 2007 Omnibus
    Stock Option and Award Plan
10
.27†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Lars Björk under the 2004
    Omnibus Stock Option and Award Plan and the 2007 Omnibus Stock
    Option and Award Plan
10
.28†
2004, 2005 and 2009 Omnibus Stock Option and Award Plans and
Sub-Plans
for the UK Agreements granted to Leslie Bonney
10
.29†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreements granted to Paul Wahl under the 2004
    Omnibus Stock Option and Award Plan and 2007 Omnibus Stock
    Option and Award Plan
10
.30†
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to William Sorenson under the 2007
    Omnibus Stock Option and Award Plan
10
.31†*
Omnibus Stock Option and Award Plan Non-Qualified Stock Option
    Award Agreement granted to John Gavin, Jr. under the 2007
    Omnibus Stock Option and Award Plan
10
.32
Term Loan Facility Agreement, dated June 16, 2008, between
    the Registrant and Stiftelsen Industrifonden
10
.33
Warrant to Purchase Shares of Preferred Stock, dated
    June 16, 2008, issued by the Registrant to Stiftelsen
    Industrifonden
10
.34
Share Pledge Agreement, dated June 16, 2008, between the
    Registrant and Stiftelsen Industrifonden
10
.35
Stock Purchase Agreement, dated November 17, 2004, between
    the Registrant, QlikTech International AB and the Investors (as
    defined therein)
10
.36
Lease, dated November 15, 2005, between the Registrant and
    Radnor Properties-SDC, L.P.
10
.37
First Amendment to Lease, dated March 13, 2009, between the
    Registrant and Radnor Properties-SDC, L.P.
10
.38*
Translation of "Hyreskontrakt for local," dated
    May 22, 2007, between QlikTech International AB and Ideon AB
10
.39
Reference is made to Exhibits 4.3, 4.4, 4.5 and 4.6
21
.1
List of subsidiaries of the Registrant (including jurisdiction
    of organization and names under which subsidiaries do business)
23
.1
Consent of Ernst & Young LLP, Independent Registered
    Public Accounting Firm
23
.2*
Consent of Gunderson Dettmer Stough Villeneuve
    Franklin & Hachigian, LLP (contained in
    Exhibit 5.1)
24
.1
Powers of Attorney (included in the signature pages to the
    registration statement)
†
Compensation arrangement
*
To be filed by amendment