<SUBMISSION>
<ACCESSION-NUMBER>0001193125-12-247289
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20120524
<ITEMS>1.01
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20120524
<DATE-OF-FILING-DATE-CHANGE>20120524
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Bazaarvoice Inc
<CIK>0001330421
<ASSIGNED-SIC>7372
<IRS-NUMBER>202908277
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0430
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-35433
<FILM-NUMBER>12868452
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3900 N. CAPITAL OF TEXAS HIGHWAY
<STREET2>SUITE 300
<CITY>AUSTIN
<STATE>TX
<ZIP>78746
<PHONE>512-732-9990
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3900 N. CAPITAL OF TEXAS HIGHWAY
<STREET2>SUITE 300
<CITY>AUSTIN
<STATE>TX
<ZIP>78746
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d358833d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, DC 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>The Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event reported) </B></FONT></P>
 <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>May&nbsp;24, 2012 </B></FONT></P>
 <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>BAZAARVOICE, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-35433</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>20-2908277</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3900 N. Capital of Texas Highway, Suite 300 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Austin, Texas 78746-3211 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices, including zip code) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(512)
551-6000 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Former name or former address, if changed since last report) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below): </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"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<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"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Entry into a Material Definitive Agreement. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;24, 2012, Bazaarvoice, Inc, a Delaware corporation (&#147;Bazaarvoice&#148;), entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) by and among PowerReviews, Inc., a
Delaware corporation (&#147;PowerReviews&#148;), Peloton Acquisition Corp., a newly-formed Delaware corporation and wholly owned subsidiary of Bazaarvoice (&#147;Merger Sub I&#148;), Peloton Acquisition LLC, a newly-formed Delaware limited liability
company and wholly owned subsidiary of Bazaarvoice (&#147;Merger Sub II&#148;), Shareholder Representative Services LLC, a Colorado limited liability company, as representative of the stockholders of PowerReviews (the &#147;PowerReviews
Stockholders&#148;) and U.S. Bank, National Association, as escrow agent. Pursuant to the Merger Agreement and subject to the conditions set forth therein, Merger Sub I will merge with and into PowerReviews, with PowerReviews continuing as the
interim surviving corporation and a wholly owned subsidiary of Bazaarvoice, and PowerReviews will then merge with and into Merger Sub II, with Merger Sub II continuing as the surviving limited liability company and a wholly owned subsidiary of
Bazaarvoice (the &#147;Merger&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the Merger Agreement, Bazaarvoice will pay up to approximately $31.0
million in cash, issue up to approximately 6.4&nbsp;million shares of common stock and assume vested and unvested options to purchase the common stock of PowerReviews equivalent to 1.6&nbsp;million options to purchase the common stock of
Bazaarvoice. At the closing share price on May&nbsp;23, 2012, the value of the transaction is approximately $151.9 million, including the assumption of vested and unvested options but excluding the potential cash proceeds that may arise from the
exercise of assumed options. Bazaarvoice will deposit shares of Bazaarvoice common stock equal to a portion of the cash payable and the stock issuable in connection with the Merger into an escrow account to serve as security for the benefit of
Bazaarvoice and its affiliates against the indemnification obligations of the PowerReviews Stockholders. Subject to any indemnification claims made on the escrow account, the escrow amount will be released to the PowerReviews Stockholders and
certain officers of PowerReviews one year after closing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Merger Agreement contains customary representations and
warranties and covenants of Bazaarvoice, PowerReviews, Merger Sub I and Merger Sub II as well as indemnification obligations by the PowerReviews equityholders in the event of a breach of such representations, warranties, covenants and certain
specified matters. The Merger Agreement also contains customary closing conditions, including, among other things, covenants by PowerReviews (i)&nbsp;not to solicit an alternative acquisition proposal and to notify Bazaarvoice of the receipt of an
unsolicited acquisition proposal and (ii)&nbsp;to conduct its business in the ordinary course of business between the date of the Merger Agreement and the closing date and to refrain from taking certain non-ordinary course actions during such
period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The completion of the Merger is subject to certain conditions, including, among others, (i)&nbsp;the absence of any
law or order prohibiting the closing or materially limiting or restricting the conduct of the business of Bazaarvoice or PowerReviews following the closing and (ii)&nbsp;no event or condition has occurred that has had or would be reasonably likely
to have a material adverse effect on PowerReviews or Bazaarvoice. The Merger Agreement may be terminated by each of Bazaarvoice and PowerReviews under specified circumstances, including if the Merger is not consummated by July&nbsp;24, 2012.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The representations, warranties and covenants contained in the Merger Agreement were made only for purposes of the Merger
Agreement and as of specified dates, were solely for the benefit of the parties to the Merger Agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged
between the parties in connection with the execution of the Merger Agreement. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;2.02</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Results of Operations and Financial Condition. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;24, 2012, Bazaarvoice also announced that it currently expects its revenue for the fiscal fourth quarter ended April&nbsp;30, 2012 to be in the range of $31.0 million to $31.5 million,
representing a year-over-year revenue growth of 60.8% to 63.4%. Bazaarvoice currently expects its revenue for the fiscal year ended April&nbsp;30, 2012 to be in the range of $105.7 million to $106.2 million, representing a year-over-year revenue
growth of 63.9% to 64.7%. Bazaarvoice plans to release its complete financial results for the fiscal fourth quarter and fiscal year ended April&nbsp;30, 2012 after the U.S. market close on June&nbsp;6, 2012. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, Bazaarvoice announced that it expects revenue for the fiscal year ending April&nbsp;30, 2013 to be between $137.0 million
and $139.0 million, and for the first fiscal quarter ending July&nbsp;31, 2012, to be between $32.5 and $33.0 million. This guidance excludes the impact of the acquisition of PowerReviews, and Bazaarvoice will update its guidance to include the
impact of the acquisition of PowerReviews after the closing of the transaction. </FONT></P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Regulation FD Disclosure. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;24, 2012, Bazaarvoice issued a press release announcing that is has entered into a definitive agreement for the acquisition of
PowerReviews and announcing its preliminary expectations for revenue in the fiscal fourth quarter ended April&nbsp;30, 2012 and for the fiscal year ended April&nbsp;30, 2012. A copy of the press release is furnished herewith as Exhibit 99.1. In
addition, on May&nbsp;24, 2012, Bazaarvoice will hold a conference call relating to the press release. The full text of the script of the conference call is furnished herewith as Exhibit 99.2. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(d) Exhibits. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bazaarvoice, Inc. Press Release dated May 24, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Script of May 24, 2012 Conference Call</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The information furnished in this Current Report under Item&nbsp;2.02 and 7.01 and Exhibits 99.1 and 99.2
attached hereto shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or incorporated by reference in any filing under the Securities of Act of 1933,
as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BAZAARVOICE, INC.</B></FONT></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Bryan C. Barksdale</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bryan C. Barksdale</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">General
Counsel and Secretary</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: May&nbsp;24, 2012 </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bazaarvoice, Inc. Press Release dated May&nbsp;24, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Script of May&nbsp;24, 2012 Conference Call</FONT></TD></TR>
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<DESCRIPTION>BAZAARVOICE, INC. PRESS RELEASE DATED MAY 24, 2012
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<TITLE>Bazaarvoice, Inc. Press Release dated May 24, 2012</TITLE>
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 <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Bazaarvoice, Inc. Signs Definitive Agreement to Acquire PowerReviews, Inc. and </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Announces Preliminary Expectations for Fourth Fiscal Quarter 2012 Revenue and Preliminary Revenue Guidance for Fiscal Year 2013 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Strategic combination extends the Bazaarvoice network and consumer reach and enhances value proposition for retailers, brands and consumers
</I></B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Bazaarvoice and PowerReviews technology platforms provides Bazaarvoice with a solution to serve companies of all sizes across major market
segments and geographies </I></B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Bazaarvoice expects to report fourth fiscal quarter revenue range of $31.0 million to $31.5 million, up 60.8% to 63.4% year-over-year
</I></B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AUSTIN, TX, May&nbsp;24, 2012 &#151; </B>Bazaarvoice, Inc. (NASDAQ:BV), a leading social software company, today
announced it has entered into a definitive agreement to acquire privately-held PowerReviews, Inc. Under the terms of the agreement, Bazaarvoice will pay up to approximately $31.0 million in cash, issue up to approximately 6.4&nbsp;million shares of
common stock and assume vested and unvested options to purchase the common stock of PowerReviews equivalent to 1.6&nbsp;million options to purchase the common stock of Bazaarvoice. At the closing share price on May&nbsp;23, 2012, the value of the
transaction is approximately $151.9 million, including the assumption of vested and unvested options but excluding the potential cash proceeds that may arise from the exercise of these assumed options. The transaction will be financed with cash on
hand and is expected to close during the first fiscal quarter ending July&nbsp;31, 2012 subject to customary closing conditions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Founded in
2006, PowerReviews provides a social platform that includes ratings and reviews, Q&amp;A, loyalty, discovery, and measurement capabilities. PowerReviews has built a client base of more than 1,100 retailers, primarily small and mid-size North
American retailers, as well as large retail companies, such as Gap, REI, Staples and Toys &#145;R&#146; Us. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;We are entering a new era where business growth is a direct result of your ability to connect with
customers in the ways that are most meaningful to them. The insights derived from these conversations help leaders accelerate business growth, speed up the innovation cycle and drive brand equity through a consistent and authentic brand
experience,&#148; said Brett Hurt, founder and CEO of Bazaarvoice. &#147;Together, our companies can create tremendous value for retailers and brands and help us to achieve our purpose of putting the voice of consumers at the center of their
business. We are incredibly excited about the opportunity to work together with PowerReviews as part of the Bazaarvoice family.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
acquisition will establish Bazaarvoice in the small to medium sized market and expands the Bazaarvoice network to over 1,800 clients globally, including nearly half of the Internet Retailer 500 companies. The expanded client base will create new
opportunities to syndicate authentic online word of mouth content across an expanded global network and enhance the ability of both brands and retailers to connect directly with their customers to generate new insights into consumer sentiment.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Because online word of mouth content is so critical to consumers&#146; purchasing decisions, brands place tremendous value on the
consumer reach we provide through the Bazaarvoice network, and the acquisition of PowerReviews will significantly extend this reach,&#148; said Stephen Collins, chief financial officer and chief innovation officer of Bazaarvoice. &#147;Our combined
company will count nearly half of the Internet Retailer 500 retailers as clients, which will enhance our ability to deliver value to brands of all sizes and across all geographies and allow us to meaningfully increase our consumer reach to more than
1.8 billion visitors each month across our combined Internet Retailer 500 clients alone. The bottom line is that this combination will help us create more value for retailers and brands and consumers, as well.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">By leveraging the best of each company&#146;s technology platform, content and data, the combined company can more efficiently and effectively serve
clients across segments of the market based on size and geography. Bazaarvoice&#146;s technology platform is highly customizable and focused on larger online retailers and brands, while the technology platform of PowerReviews provides a self-service
turnkey solution that is often more appealing to medium and smaller sized online retailers. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The PowerReviews team is incredibly pleased to come together with Bazaarvoice for the benefit of all
our clients and consumers,&#148; said Ken Comee, CEO of PowerReviews. &#147;One of the exciting aspects of this combination is our opportunity to drive innovation by bringing together our technology platforms and our great teams of technology
professionals. We believe that our ability to innovate to lead the market will be greatly enhanced by this acquisition.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Preliminary
Fourth Fiscal Quarter 2012 Results and Fiscal Year 2013 Revenue Guidance </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bazaarvoice currently expects its revenue for the fourth fiscal
quarter ended April&nbsp;30, 2012 to be in the range of $31.0 million to $31.5 million, representing year-over-year revenue growth of 60.8% to 63.4%. Bazaarvoice currently expects its revenue for the fiscal year ended April&nbsp;30, 2012 to be in
the range of $105.7 million to $106.2 million, representing year-over-year revenue growth of 63.9% to 64.7%. Bazaarvoice plans to release its complete financial results for the fourth fiscal quarter and fiscal year ended April&nbsp;30, 2012 after
the U.S. market close on June&nbsp;6, 2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bazaarvoice expects its revenue for the first fiscal quarter ending July&nbsp;31, 2012 to be in
the range of $32.5 million to $33.0 million and for the fiscal year ending April&nbsp;30, 2013 to be in the range of $137.0 million to $139.0 million. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Details Regarding the Acquisition </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the definitive agreement, Bazaarvoice will
acquire PowerReviews through a reverse triangular merger. As a result of the merger, the stockholders of PowerReviews will receive up to approximately $31.0 million in cash and 6.4&nbsp;million shares of Bazaarvoice common stock, and Bazaarvoice
will assume options of PowerReviews that will be converted into the right to acquire upon exercise up to 1.6&nbsp;million shares of Bazaarvoice common stock. The definitive agreement contains customary representations and warranties and covenants of
Bazaarvoice and PowerReviews, as well as indemnification obligations by the PowerReviews equityholders in the event of a breach of such representations, warranties, covenants and certain specified matters. The completion of the acquisition is
subject to certain conditions, and may be terminated by each of Bazaarvoice and PowerReviews under specified circumstances, including if the Merger is not consummated by July&nbsp;24, 2012. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Conference Call </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In conjunction with this announcement, Bazaarvoice will host a conference call today, May&nbsp;24, 2012 at 5:00 p.m. Eastern Time. To access this call, dial (888)&nbsp;211-0193 from the United States or
(913)&nbsp;312-0693 internationally with conference ID 1824136. A live webcast of the conference call can be accessed from the investor relations page of Bazaarvoice&#146;s company website at investors.bazaarvoice.com.&nbsp;Following the completion
of the call, a recorded replay will be available on the company&#146;s website, and a telephone replay will be available through June&nbsp;7, 2012 by dialing (877)&nbsp;870-5176 from the United States or (858)&nbsp;384-5517 internationally with
recording access code 1824136. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About Bazaarvoice </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Bazaarvoice, a leading social software company, brings the voice of customers to the center of business strategy for more than 700 clients globally. Bazaarvoice helps clients create social communities on
their brand websites and Facebook pages where customers can engage in conversations.&nbsp;These conversations can be syndicated across Bazaarvoice&#146;s global network of client websites and mobile devices, which allows manufactures to connect
directly with customers.&nbsp;The social data derived from online word of mouth translates into actionable insights that improve marketing, sales, customer service, and product development. Headquartered in Austin, Texas, Bazaarvoice has offices in
Amsterdam, London, Munich, New York City, Paris, Stockholm, and Sydney. For more information, visit <U>www.bazaarvoice.com</U>, read the blog at <U>www.bazaarvoice.com/blog</U>, and follow on Twitter at <U>www.twitter.com/bazaarvoice.</U>
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About PowerReviews </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Founded
in 2006, PowerReviews provides a social platform that includes ratings and reviews, Q&amp;A, loyalty, discovery, and measurement capabilities. PowerReviews has built a client base of more than 1,100 retailers, primarily small and mid-size North
American retailers, as well as large retail companies, such as Gap, REI, Staples and Toys &#145;R&#146; Us. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Forward-looking Statements
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than
statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements.
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
The words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;plan,&#148; &#147;will,&#148; &#147;would&#148;,
similar and &#147;target&#148; expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements
about, management&#146;s estimates regarding future revenue and financial performance and other statements about management&#146;s beliefs, intentions or goals. Bazaarvoice may not actually achieve the expectations disclosed in the forward-looking
statements, and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in
the forward-looking statements, including, but not limited to, the ability of the parties to consummate the proposed transaction and the satisfaction of the conditions precedent to consummation of the proposed transaction; the ability of Bazaarvoice
to successfully integrate PowerReview&#146;s operations, products and technology; the ability of Bazaarvoice to implement its plans, forecasts and other expectations with respect to PowerReview&#146;s business after completion of the transaction and
realize additional opportunities for growth and innovation; and other risks and potential factors that could affect Bazaarvoice&#146;s business and financial results identified in Bazaarvoice&#146;s S-1 as filed with the Securities and Exchange
Commission on February&nbsp;24, 2012. Additional information will also be set forth in Bazaarvoice&#146;s future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that Bazaarvoice makes with the Securities and Exchange
Commission. Bazaarvoice does not intend and undertakes no duty to release publicly any updates or revisions to any forward-looking statements contained herein. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Bazaarvoice Investor Relations Contact: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bazaarvoice Investor Relations </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Seth Potter </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ICR, Inc. on behalf of Bazaarvoice,
Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">646-277-1230 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">seth.potter@icrinc.com </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Media Contact:
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Emily Brady </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brady PR on behalf
of Bazaarvoice, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">650-692-6107 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">emily@bradypr.com </FONT></P>
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<DESCRIPTION>SCRIPT OF MAY 24, 2012 CONFERENCE CALL
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>OPERATOR </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thank you for joining the Bazaarvoice conference call. Please remember that
certain statements made during this call, including those concerning the business outlook, growth plan, innovation and opportunities and the ability to capitalize on opportunities, are forward-looking statements. These statements are subject to a
number of risks, uncertainties and assumptions described in Bazaarvoice&#146;s SEC filings. Should any of the risks or uncertainties materialize, or should any of the assumptions prove to be incorrect, actual accompanying results could differ
materially and adversely from those anticipated in these forward-looking statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">These statements are also based on currently available
information, and Bazaarvoice undertakes no duty to update this information, except as required by law. Cautionary statements regarding these forward-looking statements are further described in today&#146;s press release. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">All numbers and other information related to PowerReviews&#146;s business (whether alone or combined with the Bazaarvoice business) were derived from
information provided to Bazaarvoice by PowerReviews, and Bazaarvoice has not independently verified or audited any such numbers or information. In addition, some of the numbers during this call will be presented on a non-GAAP basis, and calculation
of these non-GAAP financial measures are explained in Bazaarvoice&#146;s SEC filings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I would now like to turn the call over to Brett Hurt,
CEO of Bazaarvoice. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Brett Hurt, Founder, President and Chief Executive Officer of Bazaarvoice </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Good afternoon. I would like to thank everyone for joining our call today on short notice. I have some very exciting news to share with you before our
first public earnings call on June&nbsp;6. To get right to the point, I am extremely proud to announce that Bazaarvoice and PowerReviews have entered into a definitive agreement for Bazaarvoice to acquire PowerReviews. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I&#146;ll tell you why we are so excited about this combination, and then I&#146;ll have Stephen walk you through some of the financial details,
including our fourth fiscal quarter revenue results and guidance for our fiscal year 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We believe the strategic rationale for this
acquisition is compelling because of the positive impact it will have on our client base and our network, which is measured by the consumer audience reach that our brand clients need. We also expect that value will be created by the enhancement of
our technology platform and the joining of our great teams of people. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bazaarvoice&#146;s success has been driven by our ability to realize tremendous ROI for our clients from
using our technology platform and leveraging our network. So when contemplating this combination, we asked the question whether or not the combination would enable us to increase our ability to deliver more value&#133;more ROI&#133;to the
marketplace and to our clients. We believe the answer to that question is a resounding &#147;yes.&#148; We want our clients to achieve windfall results in terms of ROI, and together with PowerReviews, we believe that we can better realize our vision
of changing the world one authentic conversation at a time and build a very valuable and long-term business as a result. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is very important
to keep in mind that our marketplace is highly dynamic and it is changing very rapidly due to multiple disruptive forces, including social, mobile, cloud, and big data. Our market is really quite new &#150; it is like online advertising back in 1997
when that market was $1 billion versus the $70 billion it is today. We believe our market is just beginning a long period of increasing spend as marketing continues to experience the effects of these disruptive forces. Our clients are looking to us
to help them navigate this challenging environment. By bringing our clients together with PowerReviews&#146; clients, we believe that we can create even more value for retailers, brands, and consumers by expanding our network reach to collect and
distribute more authentic word of mouth content to more consumers around the world. We believe that building a leading portfolio of global retail clients is one of our key strategic objectives because it drives the network effect that attracts the
brands to our technology platform. Simply put, the more retailers that are live on the Bazaarvoice Network, the more we attract the brands, and the more brands that are live on it, the more we attract the retailers. The larger the network, the more
it positively impacts all participants &#150; brands, retailers, and consumers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As you can imagine, innovation is critical to our ability to
grow and to grow profitability over time. By bringing together our technology platform, which we&#146;ve oriented to larger retailers and global brands, with PowerReviews technology platform, which they&#146;ve oriented more to mid-size and smaller
retailers, we can efficiently serve all segments of the retail and brand market. We can create a turnkey, self-service, and low cost of ownership technology platform in PowerReviews&#146; Express product and that will give us more options to expand
quickly, such as in emerging markets around the world. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Now I&#146;ll highlight some of the key metrics that we think are important. Please
keep in mind that the transaction isn&#146;t closed and these numbers were provided by PowerReviews and are subject to further review prior to closing. Post closing, the Bazaarvoice client base will increase from our 737 live clients that we
reported as of January&nbsp;31, 2012 to over 1,800 clients around the world. PowerReviews&#146; client base consists of more than 1,100 clients. Approximately 350 of their clients are on their enterprise-level platform and approximately 800 of their
smaller clients are on their self-service platform &#150; what PowerReviews calls Express. Of PowerReviews enterprise-level clients, approximately 80 of those are included in the Internet Retailer 500 ranking of the top U.S. online retailers. From
here on out on this call, I&#146;ll refer to the Internet Retailer 500 ranking as the IR 500 for brevity. As we last reported in our S-1, we had 154 IR 500 retailers as of </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
January&nbsp;31, 2012. So together we will be serving close to half of the largest online retailers in the US. Some of PowerReviews top clients include Gap, REI, Staples, and Toys R Us. They will
be absolutely fantastic additions to the Bazaarvoice client family, which includes Best Buy, OfficeMax, Wal-Mart, and Walgreens. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As I
mentioned earlier, a very important strategic aspect of this combination is that we significantly expand our consumer reach through the Bazaarvoice Network. I want to take some time to discuss this in detail because it is really important. Brands
spend $550 billion on market research, advertising, and promotions to reach consumers in the $12 trillion retail channel globally. In other words, brands represent a huge portion of our total available market opportunity. In 2011, our combined IR
500 clients had approximately 1.8 billion visits per month and nearly $100 billion in online retail sales, approximately half of all retail sales online in the US. Of course, these figures do not include our clients outside of the US or our many
clients in other market verticals, such as American Express in financial services, Starwood in hotels, and P&amp;G in consumer packaged goods. Another way to think about this is to think about the massive offline impact that online word of mouth
offers. Many of our US retail clients on the IR 500 do the majority of their sales in their stores and increasingly the authentic content we collect is being used to make purchase decisions no matter where the consumer is shopping due to mobile,
kiosks, in-store displays, and other means. Our brand clients, who sell through these retailers, get tremendous value by using our technology platform to collect authentic word of mouth content and then distributing that content to their consumers
through the Bazaarvoice network. A brand such as 3M that sells through Staples, who is a PowerReviews client, as well as OfficeMax, who is a Bazaarvoice client, can now much more efficiently distribute content and interact with their consumers using
our solutions. For the PowerReviews retail clients, we can now bring them much more authentic word of mouth content to help their consumers and drive more sales for both the brands and the retailers. The bottom line is that our clients&#151;and by
that I mean Bazaarvoice and PowerReviews&#151;want us to deliver consumer reach at the greatest scale possible. They want us to amplify that content to the greatest number of consumers globally through content syndication to our retail clients.
Independent research shows how much consumers trust this content and they want as much of it as possible to help them in their purchase decisions, no matter where they shop. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Both of the management teams of Bazaarvoice and PowerReviews see a much greater opportunity to create value for the marketplace through our combination. Our clients expect us to lead the way and help them
constantly innovate in this very disruptive and nascent space, which is at the intersection of so many important trends and offers so many opportunities for all. We believe that by working together we can do that even better and more quickly.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I want to conclude by welcoming all of the employees of PowerReviews to the Bazaarvoice family. Culture is incredibly important to our
success and our ability to serve clients at the level of performance that they expect. We definitely share the same cultural values and commitment to building an exceptional company for the long-term and everyone is extremely excited about the
future. Together we will change the world one authentic conversation at a time. Together we will drive more value for our clients, consumers, and the marketplace overall. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I&#146;m now going to turn the call over to our chief financial officer and chief innovation officer,
Stephen Collins, to discuss our preliminary financial results and the details of the transaction. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Stephen Collins, Chief Financial Officer
and Chief Innovation Officer of Bazaarvoice </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thanks, Brett. Brett has covered the strategic rationale for the acquisition, so I&#146;m
going to focus my time on the financial details. Then, I will provide information about our preliminary fourth fiscal quarter revenue results, fiscal year 2013 revenue guidance and some directional comments about the impact of the PowerReviews
acquisition on fiscal year 2013 non-GAAP operating results. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the terms of the definitive agreement that we signed today, PowerReviews
shareholders will receive up to approximately $31.0 million in cash and 6.4&nbsp;million shares of Bazaarvoice common stock. At yesterday&#146;s closing share price of $15.12, the consideration in cash and stock is valued at approximately $128
million. These shares are subject to a 180-day lock-up that begins upon closing. In addition, we will assume vested and unvested options to purchase the common stock of PowerReviews that are equivalent to 1.6&nbsp;million options to purchase the
common stock of Bazaarvoice. Including the vested and unvested options, the total consideration is approximately $152 million, excluding the potential cash proceeds that may arise from the exercise of these assumed options which would total up to
approximately $4.7 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The transaction is structured as a reverse triangular merger. The definitive agreement contains customary
representations and warranties and covenants of Bazaarvoice and PowerReviews, as well as indemnification obligations by the PowerReviews equity holders. The completion of acquisition is subject to certain conditions and may be terminated by either
party under specified circumstances including if the merger is not consummated by July&nbsp;24, 2012. Accordingly we anticipate that the transaction will be completed and closed during the current fiscal quarter ending on July&nbsp;31, 2012.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">From a financial perspective, PowerReviews generated $11.5 million in revenue for the 2011 calendar year while operating at a non-GAAP loss.
For comparative purposes, we will use our 12-month period ended January&nbsp;31, 2012 as an approximation of calendar year 2011 results. During that period, our revenues were $94.0 million. On a combined basis, pro-forma calendar 2011 revenue was
$105.5 million with PowerReviews revenue constituting approximately 11.0% of the total. The 6.4&nbsp;million shares of common stock that will be issued at closing to current equity holders of PowerReviews will represent approximately 9.9% of the pro
forma basic outstanding shares of Bazaarvoice. And giving effect to the assumed 1.3&nbsp;million vested options, if those shares were exercised upon closing as well, the equity consideration would represent 11.7% of the pro forma outstanding shares
of Bazaarvoice. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As Brett described, we believe that this combination has significant long-term value because one of our key
strategic objectives is to be the leader in online word of mouth technology solutions for retailers. Now, all future innovations for retailers can be readily marketed to a much larger client base, across all market segments, thereby increasing the
return on our R&amp;D investments. Furthermore, we are significantly increasing the consumer reach of the Bazaarvoice network. What&#146;s important and very valuable about the increase in consumer reach is that we can deliver more value to our
brand clients by helping them collect more online word of mouth content and then increase the number of consumers who use that content. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Considering the proximity of our PowerReviews announcement to our financial results conference call scheduled for June&nbsp;6th, we felt that it would be
appropriate to share our anticipated quarterly revenue results at this time. Please note that these results are preliminary and subject to completion of our audit. Further, since this is our first conference call as a public company, and we have not
previously communicated guidance, for your reference and convenience, we will compare our results and guidance to current analyst consensus estimates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For the fiscal fourth quarter ended April&nbsp;30, 2012, we expect to report revenue between $31.0 million and $31.5 million, representing a year-over-year growth rate of approximately 61% to 63%. This
result compares to the analyst consensus estimate of $28.2 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Looking to our current 2013 fiscal year beginning this quarter and ending
April&nbsp;30, 2013, we expect revenue to be between $137.0 million and $139.0 million, as compared to the analyst consensus estimate of $131.2 million. For our current fiscal quarter ending July&nbsp;31, 2012, we expect revenue to be between $32.5
million and $33.0 million, as compared to the analyst consensus estimate of $29.7 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please note that this revenue guidance excludes
the impact of the acquisition of PowerReviews. We will update our guidance to include PowerReviews revenue after the transaction closes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Before I leave the subject of fiscal 2013 guidance, I&#146;d like to make a point about the impact of PowerReviews on our non-GAAP operating loss. As is
typical, we expect to incur some one-time transaction costs that will be primarily recognized in the first fiscal quarter and to some extent in the second fiscal quarter, but otherwise, we expect the acquisition to be neutral to our expectations for
our non-GAAP operating loss in fiscal 2013. Currently, the analyst consensus estimate for our fiscal 2013 non-GAAP operating loss stands at $23.7 million. While we will get into all the details of our fiscal 2012 fourth quarter results and fiscal
2013 guidance on June&nbsp;6th, what I can tell you at this time is that we expect our fourth fiscal quarter non-GAAP operating loss to be at least consistent with or better than the current analyst consensus estimate and that we also
</FONT></P>

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expect that our full year fiscal 2013 non-GAAP operating loss will be at least consistent with the current analyst consensus estimate, inclusive of PowerReviews ongoing operations but excluding
the impact of one-time transaction costs. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With that, we would now like to open the call for questions. </FONT></P>
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