EXHIBIT 12.1

CONNECTURE, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

	Year Ended December 31,															Three Months Ended March 31,
	2016			2015			2014			2013			2012			2017
				(dollars in thousands)
Earnings:
Income / (loss) before taxes	$	(26,594	)	$	(7,292	)	$	(10,127	)	$	(27,284	)	$	(16,759	)	$	(3,700	)
Interest expense		3,485			5,665			5,937			4,644			1,992			723
Estimated interest component of rental expense		266			261			238			215			117			72
Total earnings available	$	(22,843	)	$	(1,366	)	$	(3,952	)	$	(22,425	)	$	(14,650	)	$	(2,905	)
Fixed Charges:
Interest expense	$	3,485		$	5,665		$	5,937		$	4,644		$	1,992		$	723
Estimated interest component of rental expense		266			261			238			215			117			72
Total fixed charges	$	3,751		$	5,926		$	6,175		$	4,859		$	2,109		$	795
Preferred Stock Dividends:	$	2,643		$	—		$	3,830		$	3,685		$	2,262		$	1,169
Combined Fixed Charges and Preferred Dividends	$	6,394		$	5,926		$	10,005		$	8,544		$	4,371		$	1,964
Ratio of Earnings to Fixed Charges		(6.09	)		(0.23	)		(0.64	)		(4.62	)		(6.95	)		(3.65	)
Insufficient Coverage Interest	$	26,594		$	7,292		$	10,127		$	27,284		$	16,759		$	3,700
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		(3.57	)		(0.23	)		(0.40	)		(2.62	)		(3.35	)		(1.48	)
Insufficient Coverage	$	29,237		$	7,292		$	13,957		$	30,969		$	19,021		$	4,869