<SEC-DOCUMENT>0001193125-12-065024.txt : 20120326
<SEC-HEADER>0001193125-12-065024.hdr.sgml : 20120326
<ACCEPTANCE-DATETIME>20120216134143
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-12-065024
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bazaarvoice Inc
		CENTRAL INDEX KEY:			0001330421
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				202908277
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3900 N. CAPITAL OF TEXAS HIGHWAY
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78746
		BUSINESS PHONE:		512-732-9990

	MAIL ADDRESS:	
		STREET 1:		3900 N. CAPITAL OF TEXAS HIGHWAY
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78746
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>SEC Response Letter</TITLE>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">900 South Capital of Texas Highway</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="1">Las Cimas IV, Fifth Floor</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">Austin, Texas 78746-5546</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SMALL>PHONE</SMALL> 512.383.5400</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SMALL>FAX</SMALL> 512.338-5499</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>www.wsgr.com</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;16, 2012 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>VIA EDGAR AND OVERNIGHT DELIVERY </U></I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100
F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mail Stop 3010 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael McTiernan </FONT></TD></TR></TABLE>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wilson Lee </FONT></TD></TR></TABLE>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adam F. Turk </FONT></TD></TR></TABLE>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jonathan Wiggins </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Bazaarvoice, Inc. </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendment No.&nbsp;4 to Registration Statement on Form S-1 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed February&nbsp;9, 2012 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;333-176506 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and
Gentlemen: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are submitting this letter on behalf of Bazaarvoice, Inc. (the &#147;<B><I>Company</I></B>&#148;) in response to
comments from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) received by letter dated February&nbsp;13, 2012 (the &#147;<B><I>Staff Letter</I></B>&#148;) relating
to Amendment No.&nbsp;4 (&#147;<B><I>Amendment No.&nbsp;4</I></B>&#148;) to the Company&#146;s Registration Statement on Form S-1 (File No.&nbsp;333-176506) (the &#147;<B><I>Registration Statement</I></B>&#148;). At the Staff&#146;s request, we are
providing these responses supplementally and, at this time, the Company does not intend to further amend the Registration Statement based on the comments contained in the Staff Letter. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this letter, we have recited the comments from the Staff Letter in italicized, bold type and followed each comment with the
Company&#146;s response. Page references are to the corresponding pages of Amendment No.&nbsp;4. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>General </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>1.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>We note the concurrent private placement of shares by certain current shareholders. Please provide us a summary of the communications between the purchaser, the
company and the selling shareholders involved in this transaction. In particular, please provide a detailed summary of communications that occurred prior to the filing of the registration statement. </I></B></FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><SMALL>AUSTIN&nbsp;&nbsp;&nbsp;&nbsp;GEORGETOWN</SMALL>,&nbsp;<SMALL>DE&nbsp;&nbsp;&nbsp;&nbsp;HONG</SMALL>&nbsp;<SMALL>KONG&nbsp;&nbsp;
&nbsp;&nbsp;NEW</SMALL>&nbsp;<SMALL>YORK&nbsp;&nbsp;&nbsp;&nbsp;PALO</SMALL>&nbsp;<SMALL>ALTO&nbsp;&nbsp;&nbsp;&nbsp;SAN</SMALL>&nbsp;<SMALL>DIEGO&nbsp;&nbsp;&nbsp;&nbsp;SAN</SMALL>&nbsp;<SMALL>FRANCISCO&nbsp;&nbsp;&nbsp;&nbsp;SEATTLE&nbsp;&nbsp;
&nbsp;&nbsp;SHANGHAI&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON</SMALL>,&nbsp;<SMALL>DC</SMALL> </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re: Bazaarvoice, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 16, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has informed us that it first discussed a potential private placement with
General Atlantic in March 2011.&nbsp;Specifically, on March&nbsp;7, 2011, the Company entered into a nondisclosure agreement with General Atlantic as a precursor to discussions regarding a potential private placement.&nbsp;General Atlantic was one
of four private equity investors the Company contacted in March or April 2011 to discuss a potential private equity investment.&nbsp;These discussions commenced several months prior to August&nbsp;26, 2011, the date the Company first filed its
Registration Statement, and also preceded the Company&#146;s selection of managing underwriters, which occurred in late May 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">After preliminary discussions with General Atlantic and other private equity funds in March and April 2011, members of the Company&#146;s management, including Brett Hurt, updated the Company&#146;s Board
of Directors and representatives of Austin Ventures and Battery Ventures about the discussions with General Atlantic and the other private equity firms.&nbsp;It was during these reports from management that Austin Ventures and Battery Ventures first
learned of General Atlantic&#146;s interest in acquiring shares from them and other stockholders of the Company in a private placement transaction.&nbsp;Neither the Company&#146;s Board of Directors nor its major stockholders, including Brett Hurt,
Austin Ventures or Battery Ventures, expressed an interest at that time in pursuing a transaction. Instead, the Company decided to proceed in earnest in preparing for an initial public offering.&nbsp;From April through November 2011, General
Atlantic periodically contacted the Company to encourage the Company and its stockholders to consider a private placement in lieu of or concurrently with the Company&#146;s initial public offering. During this period, management of the Company
reiterated to General Atlantic that the Company and its major investors, including Austin Ventures and Battery Ventures, were focused on consummating an initial public offering.</FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In November 2011, the Company decided, subject to market conditions, to target early 2012 for the commencement of the Company&#146;s
initial public offering.&nbsp;In December 2011, the Company&#146;s management, Board of Directors and major stockholders, including Austin Ventures and Battery Ventures, agreed that it would be appropriate for management to explore with General
Atlantic a potential private placement transaction involving the Company and its stockholders. The Company contacted General Atlantic to discuss a potential transaction. As a precursor to these negotiations, General Atlantic entered into a
standstill agreement with the Company prohibiting General Atlantic from purchasing shares in the Company&#146;s public offering without the Company&#146;s consent.&nbsp;In these conversations, General Atlantic continued to express interest in a
private equity financing, including a secondary component. In January 2012, the Company&#146;s Board of Directors, Austin Ventures and Battery Ventures decided that the Company should pursue an initial public offering without a private equity
transaction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In late January and early February, General Atlantic continued to encourage a private placement.&nbsp;In early
February 2012, General Atlantic outlined the basic terms of a potential private placement, including a minimum transaction size.&nbsp;General Atlantic again indicated that it was indifferent whether the transaction involved a purchase of shares from
the Company, from the Company&#146;s stockholders or both. <I></I>Based in part on feedback from representatives of the </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re: Bazaarvoice, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 16, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">
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 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Company&#146;s Board of Directors and representatives of Austin Ventures and Battery Ventures, the Company&#146;s management informed General Atlantic that there was insufficient interest to
fulfill General Atlantic&#146;s stated minimum transaction size.&nbsp;In response, General Atlantic asked management for permission to contact Austin Ventures and Battery Ventures directly, rather than communicating through
management.&nbsp;Management sought and obtained permission from representatives of Austin Ventures and Battery Ventures to facilitate direct communications with General Atlantic&nbsp;regarding a potential private placement. A representative of
General Atlantic then contacted representatives of Austin Ventures and Battery Ventures.&nbsp;After those conversations, on February&nbsp;7, 2012, General Atlantic expressed interest in acquiring three million shares of the Company&#146;s capital
stock, and Brett Hurt and representatives of Austin Ventures, Battery Ventures and the BAH Trust expressed interest in accepting General Atlantic&#146;s offer, subject to the negotiation and execution of definitive agreements. On February&nbsp;8 and
9, 2012, representatives of and legal counsel for General Atlantic, on the one hand, and representatives of and legal counsel for the Company, Brett Hurt, Austin Ventures, Battery Ventures and BAH Trust, on the other hand, negotiated the related
transaction documents that are described in Amendment No.&nbsp;4, which were executed on February&nbsp;9, 2012. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Contractual Obligations
and Commitments, page 59 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>2.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>We note that you are in compliance with the financial covenants of the amended loan agreement. With a view to disclosure, please provide us your most recent
calculations for adjusted revenue and the cash/cash burn ratio. </I></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the Company&#146;s Loan and
Security Agreement with Comerica Bank (&#147;<B><I>Comerica</I></B>&#148;), dated July&nbsp;18, 2007, as amended through and including the Fifth Amendment to Loan and Security Agreement dated January&nbsp;31, 2012 (and filed as Exhibits 10.30
through 10.34.1 to the Registration Statement (the &#147;<B><I>Loan Agreement</I></B>&#148;)), the Company is required to comply with the financial covenants only during any period prior to an initial public offering of at least $50 million in which
the amount outstanding under the Loan Agreement exceeds $15 million. As described on page 59 of Amendment No.&nbsp;4, as of January&nbsp;31, 2012, we had no borrowings and only a $1.8 million letter of credit was outstanding under the Loan
Agreement, and, therefore, the Company was not required to comply with the financial covenants. If the Company were to borrow under the Loan Agreement, to the extent that it would be required to comply with the financial covenants, the following
analysis would apply. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As used in the Loan Agreement, the following terms have the meanings set forth below (capitalized terms
used but not defined below have the meanings ascribed to such terms in the Loan Agreement): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Cash Burn&#148; shall mean
as of any date of determination, EBITDA of Borrower for the three month period ending on such date of determination, less any Capitalized Software Expenses made during such period, plus (or minus) the increase (or decrease) in Deferred Revenue
during such period, all as determined in accordance with GAAP. For the avoidance of doubt, if the result of the above formula is a positive number, Cash Burn shall be equal to zero; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re: Bazaarvoice, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 16, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">
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 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;EBITDA&#148; means with respect to any fiscal period an amount equal to the sum of
(a)&nbsp;Consolidated Net Income of a Person and its Subsidiaries for such fiscal period, plus (b)&nbsp;in each case to the extent deducted in the calculation of such Person&#146;s Consolidated Net Income and without duplication,
(i)&nbsp;depreciation and amortization for such period, plus (ii)&nbsp;income tax expense for such period, plus (iii)&nbsp;interest expense paid or accrued during such period, plus (iv)&nbsp;non-cash expense associated with incentive equity
compensation and issuances of equity securities without consideration, plus (v)&nbsp;non-cash expenses that are non-recurring, all as determined in accordance with GAAP; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Adjusted Revenue&#148; is defined as the Company&#146;s trailing 12-month revenue, adjusted for any change in deferred revenue. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As described on page 59 of Amendment No.&nbsp;4, the Loan Agreement contains financial covenants requiring the Company to maintain
Adjusted Revenue of $75.0 million through April&nbsp;29, 2012 and $100.0 million on April&nbsp;30, 2012 and thereafter, and the Company is also required to maintain a minimum amount of cash in its accounts with Comerica equal to its trailing
three-month Cash Burn. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the period ended January&nbsp;31, 2012, the Company&#146;s calculation of Adjusted Revenue was
$108.2 million, based on the following (dollars in thousands): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">$93,986 + $42,124 &#150; $27,912 = $108,198 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Where: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trailing 12 months revenue = $93,986
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred Revenue at January&nbsp;31, 2011 = $27,912 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Deferred Revenue at January&nbsp;31, 2012 = $42,124 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the period ended
January&nbsp;31, 2012, the Company&#146;s calculation of its Cash Burn was $(0.9) million, based on the following (dollars in thousands): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">-$2,985 &#150; $670 + $42,124 &#150; $39,361 = $(892) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Where: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">EBITDA&nbsp;= ($2,985) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Capitalized R&amp;D for
quarter ended January&nbsp;31, 2012 = $670 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred Revenue at October&nbsp;31, 2011 = $39,361 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred Revenue at January&nbsp;31, 2012 = $42,124 </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re: Bazaarvoice, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 16, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Page
 5
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of January&nbsp;31, 2012, the amount of cash in the Company&#146;s accounts with
Comerica was $9.3 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on the foregoing, the Company was in compliance with the covenants in the Loan Agreement
regarding Adjusted Revenue and Cash Burn as of January&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">****** </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re: Bazaarvoice, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 16, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Page
 6
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please direct your questions or comments regarding this letter or Amendment No.&nbsp;4
to the undersigned by telephone to 512.338.5401 or by facsimile to 512.338.5499. Thank you for your assistance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Respectfully submitted, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WILSON SONISINI GOODRICH&nbsp;&amp;
ROSATI, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Professional Corporation </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Paul R. Tobias </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Paul R. Tobias </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brett A. Hurt, Bazaarvoice, Inc. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bryan C. Barksdale, Bazaarvoice, Inc. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenneth R. McVay, Gunderson Dettmer Stough </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Villeneuve Franklin&nbsp;&amp; Hachigian, LLP </FONT></TD></TR></TABLE>
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