Narrow product set and limited scale in the insurance broker management software industry High level of recurring fee revenues One of the leading providers of third-party insurance broker management software Highly leveraged financial risk profile with forecast leverage of about 8x by the end of fiscal 2015 Free cash flow of about $50 million over the next 12 months Adequate liquidity The stable outlook reflects our view that, despite its elevated leverage profile, the company will generate roughly $50 million free cash flow and maintain adequate liquidity for fiscal 2015. We could lower the rating if revenue growth and profitability improvements expected in 2015 do not materialize, or if the company pursues debt-financed acquisitions or shareholder returns such that free
