Dollinger index

Software Innovation Inc. 535

DateAnnouncedApr-04Mar-04Jan-04Dec-03Oct-03Oct-03Oct-03Sep-03Jul-03

EffectiveDatePendingPending3/1/2004Mar-04Dec-03PendingDec-03Sep-03Dec-03

AcquirorSybaseSS&C TechVignetteThe Sage GroupMacromediaOpen TextEMCLawson SoftwareBusiness Objects

TargetXcelleNetOMR SystemsTower TechnologyACCPACeHelpIXOSDocumentumClosedLoopCrystal Decisions

Transaction Value $MM

$ 95.2 20.0 125.0 106.2 65.7 239.01,700.0

$4.2

820.0

LT M

Sales $MM

$ 30.0

20.040.088.725.0136.6274.71.8270.0

TV/LTMSales

3.2x1.0x3.1x1.2x2.6x1.8x6.2x2.3x3.0x

ConsiderationCashCashCash & StockCashCash & StockCash & StockStockCashCash & Stock

EXHIBIT 4 Valuation Metrics

Selected Software M&A Transactions

SectorERP Do./Content MgtTechnical

CompanyOracleSybaseSAPPeoplesoftSage GroupLawsonOpen TextFileNetVignetteDassaultAutodeskParametric

Enterprise

Value

$52,983.0

1,129.047,398.05,232.02,422.0

459.0

$1,000.0

872.0246.0

$4,555.04,007.0

875.0

EV/2004Revenue

4.6x1.4x6.3x1.8x3.5x1.2x2.7x2.1x1.3x5.8x3.6x1.3x

Selected Publicly Traded Software Companies as of mid-June 2004

P/E est.

2005 18x15x

8x18x16x32x 22x35x43x 31x23x19x

SOURCE:

Internal company files