HW&Co. Industry Reader Template - Harris Williams & Co. · Loyal base of 60,000+ customers with 99%...

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Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

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EUROPEAN TECHNOLOGY

0

INDUSTRY UPDATE │ FEBRUARY 2017

PAGE |

www.harriswilliams.de

HARRIS WILLIAMS & CO. OVERVIEW

1

EUROPEAN TECHNOLOGY

INDUSTRY UPDATE │FEBRUARY 2017

CONTENTS

CASE STUDY

INDUSTRY INSIGHT

RECENT TRANSACTIONS

PUBLIC MARKET TRADING

SOFTWARE

IT SERVICES

COMMUNICATIONS

INTERNET AND DIGITAL MEDIA

TMT GROUP OVERVIEW

Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction leadership experience spans the software, digital media, IT Services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships with leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.

CONTACTS

EUROPE

Thierry MonjauzeManaging [email protected]+44 (0) 20 7518 8901

Jonathan [email protected]+44 (0) 20 7518 8909

UNITED STATES

Jeff BistrongManaging [email protected]+1 (617) 482-7501

Michael WilkinsManaging [email protected]+1 (415) 288-4260

Sam HendlerManaging [email protected]+1 (617) 654-2117

HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS

SELECT RECENT HW&CO. TMT TRANSACTIONS

Enterprise Software

Data and

Analytics

Infrastructure and

Security Software

IT and Tech-

enabled Services

Data Centre and

Managed Services

AdTech and

Marketing Solutions

Consumer Internet

Mobile

Digital Media and

Content

eCommerce

SOFTWARE / SAAS AND SERVICES INTERNET & DIGITAL MEDIA

INTRODUCTION

Harris Williams & Co. is pleased to present our European Technology Industry

Update for February 2017. This report provides commentary and analysis on

current trading market trends, and merger and acquisition dynamics within the

technology industry.

We hope you find this edition helpful and we would encourage you to reach out

to either Thierry Monjauze or Jonathan Organ if you would like to discuss our

perspective on current industry trends and M&A opportunities or our relevant

industry experience.

Harris Williams & Co. is a leading advisor to the TMT industry. Our global practice

has significant experience that covers a broad range of sub-sectors and verticals.

has acquired

a portfolio company of


has been acquired by





a majority stake in



has been recapitalised

by

has acquired






has received a growth

investment from



http://www.harriswilliams.com/

mailto:[email protected]





http://www.harriswilliams.com/person/thierry-monjauze

http://www.harriswilliams.com/person/jonathan-organ

http://www.leisurepassgroup.com/


PAGE |

674

189

352

562

819

2014 2015E 2016P 2017P 2018P 2019P

880

285

275

140

85

245

Giving

ChMS

Accounting

Background Checks

CMS

Messaging


NON-PROFIT & MEMBER MANAGEMENT CASE STUDY: MINISTRY BRANDS

EUROPEAN TECHNOLOGY

Harris Williams & Co. advises Ministry Brands on its investment from Insight Venture Partners

The church software market is expected to grow at 12%

annually through to 2020P, with e-giving and church

management software driving growth

Background checks are becoming more prominent in churches

and schools to screen potential employees and volunteers

Online giving increases and stabilises FBOs’ cash flow by

enabling automatic, recurring donations throughout all points of

the cycle

Increased mobile engagement continues to provide new

avenues for member-based participation

Strong demand for a single comprehensive, fully-integrated

cloud-based system versus disparate and expensive point-

solutions

Annual donations are highly stable and predictable, regardless

of the overall economic climate; overall digital giving grew

significantly during the last recession and continues to expand

as cash and cheques lose momentum

Cash and cheques are most widely used for giving, but

electronic tithing channels are becoming more popular and

are expected to continue growing over the next 3 years

Large Faith-Based Market

2

Continued Shift to Mobile and Cashless Payments

The only comprehensive, end-to-end SaaS and payment processing platform for faith-basedorganisations and K-12 private education institutions

Loyal base of 60,000+ customers with 99% monthly customer retention and 1,000+ new customersadded each month

Scalable SaaS model with the ability to seamlessly integrate new products

Proven acquisition platform with considerable opportunity for further consolidation

Over $5.7bn in annual giving volume processed and $240m+ cross-sell opportunity to existing customers

Outstanding financial profile characterised by rapid revenue growth, high visibility, strong profit marginsand high free cash flow conversion

NON-PROFIT & FAITH-BASED ORGANISATIONS INDUSTRY INSIGHT 1

ABOUT MINISTRY BRANDS

– Ministry Brands is a leading provider of an end-to-end, SaaS-

based technology platform to member-centric

organisations, including faith-based organisations (FBOs) and

K-12 private education institutions

– Comprehensive software solution suite manages every

aspect of customers’ operations including giving/payments,

member management and engagement (CRM), content

management/website, financial accounting, messaging,

learning management and mobile

$ in millions

Sources: Business Insider, 2015; Hartford Institute for Religion; 2016 Giving USA Annual Report; HW&Co. internal data


$1,910Total

Addressable

Market in

the US

US Mobile Payments ($ in billions)

PAGE |

(15%)

(13%)

(11%)

(9%)

(7%)

(5%)

(3%)

(1%)

1%

3%

5%

7%

13 Jan 19 Jan 25 Jan 31 Jan 06 Feb 12 Feb

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Feb 2016 May 2016 Aug 2016 Nov 2016 Feb 2017

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

SELECT RECENT TMT DEALS 2

3

EUROPEAN TECHNOLOGY


LAST TWELVE MONTHS

Stock Performance

LAST 30 DAYS

PUBLIC MARKET TRADING STATISTICS 3

41.6%

32.9%

28.3%

22.2%

17.0%

4.2%

7.3%

4.7%

4.5%

4.4%

2.3%

(10.7%)

Sources: Companies House and public accounts

1) Based on pro-forma revenues

2) Based on FY15 financials

3) Based on FY16 financials

4) Excludes an earn-out of £25m

Close EV EV

Country Acquirer Country Date Target Description EV (m) LTM Rev. LTM EBITDA

Pending Provider of application performance management for modern application architectures $3,700.0 17.9x NM

Pending Provider of computer-aided engineering solutions $834.0 3.6x N/A

Pending Online travel portal prov iding price comparisons £441.0 7.1x NM

Pending Tour operator £325.0 7.7x N/A

Pending Provider of fixed wireless broadband internet access serv ices £300.0 NM NM

12-Jan-17 Magazine publisher for adults, teenagers, and pre-teen and pre-school people £260.0 1.5x 7.6x

16-Feb-17 Provider of flight information and related analytical tools £172.0 5.7x 14.3x

Pending Provider of information solutions for the housing and mortgage industries £120.0 N/A 14.7x

15-Feb-17 Online travel agent specialising in long-haul holidays to the Caribbean, Mexico and Indian Ocean £6.5 N/A N/A

Pending Provider of IT consulting serv ices N/A N/A N/A

Pending Provider of search engine serv ices N/A N/A N/A

16-Feb-17 Provider of storage, server and specialist technology solutions and managed serv ices N/A N/A N/A

15-Feb-17 Provider of solutions to enable, integrate and operate cloud platforms N/A N/A N/A

05-Feb-17 Provider of conference and exhibition management and arrangement serv ices N/A N/A N/A

01-Feb-17 Provider of maritime supply chain management and trading software solutions N/A N/A N/A

31-Jan-17 Provider of web-based membership management N/A N/A N/A

31-Jan-17 Developer and provider of self-serv ice online ticketing software to event organiser N/A N/A N/A

25-Jan-17 Provider of cloud communications serv ices N/A N/A N/A

11-Jan-17 Provider of marketing automation SaaS solutions N/A N/A N/A

09-Jan-17 Provider of consulting serv ices and storage, v irtualisation, and networking information infrastructure solutions N/A N/A N/A

11-Jan-17 Provider of human resource planning and time management software solutions N/A N/A N/A

Target

(1)

(2)

(3)

(4)

(2)

(3)

(3)

HW&Co. Confidential

HW&Co. Confidential

(5)

5) Deal value

PAGE |

PUBLIC MARKET TRADING STATISTICS 3

4

EUROPEAN TECHNOLOGY

COMPARABLE TRADING SUMMARY

Rev. Growth EBITDA Margin CY17E CY18E CY17E CY18E CY17E CY18E

Software

European Large Cap. Software 8.4% 35.6% 5.3x 5.0x 15.4x 13.9x 23.5x 21.3x

Application Software 8.5% 28.8% 4.5x 4.1x 16.4x 14.3x 21.6x 23.5x

Infrastructure Software 2.3% 27.8% 3.2x 3.0x 11.3x 13.6x 18.8x 19.1x

Large Cap. SaaS 22.3% 17.7% 6.1x 5.1x 27.7x 24.8x 39.8x 42.1x

Small Cap. SaaS 9.5% 7.6% 2.4x 2.1x 25.8x 23.2x NM 30.7x

HCM/WFM 18.4% 15.0% 4.8x 3.9x 28.1x 24.5x 25.5x 26.0x

FinTech 11.6% 30.0% 5.2x 4.8x 16.6x 14.4x 24.9x NA

Healthcare IT 9.3% 19.3% 3.0x 2.8x 13.5x 12.3x 21.9x 19.5x

Data and Data Analytics 7.5% 23.4% 4.2x 3.9x 11.2x 17.4x 18.5x 17.5x

Security Software 12.1% 24.4% 4.4x 4.0x 18.5x 16.8x 22.8x 24.5x

CAx/PLM 6.9% 25.1% 5.5x 5.0x 17.9x 18.4x 28.2x 25.7x

IT Services

IT Services 5.0% 13.4% 1.1x 1.1x 8.3x 7.8x 15.4x 13.8x

Offshore IT Services 13.4% 23.3% 2.4x 2.2x 10.1x 9.2x 14.8x 13.4x

Managed Services, Colocation and Hosting (1.7%) 41.1% 3.2x 2.4x 8.4x 7.6x 17.5x 24.4x

Data Centres 12.1% 53.3% 8.8x 7.9x 16.7x 14.8x 26.0x 32.4x

PaaS/IaaS 13.4% 26.6% 3.4x 2.9x 14.3x 11.8x 18.6x 20.4x

Communications

Digital Broadband 6.7% 7.3% 1.1x 1.0x 10.4x 8.8x 19.4x 16.6x

Diversified Communication Equipment 4.8% 11.4% 1.2x 1.1x 10.3x 9.2x 19.2x 15.9x

Mobile Content/Solutions Providers 8.0% 11.5% 1.4x 1.2x 11.8x 9.2x 29.9x 17.0x

Mobile Infrastructure Software 5.4% 29.6% 3.1x 3.4x 10.7x 9.6x 20.0x 16.4x

Internet and Digital Media

Global Internet Leaders 17.6% 36.1% 5.8x 5.0x 17.0x 14.5x 22.7x 18.6x

Chinese Internet Leaders 22.1% 22.8% 4.7x 3.7x 19.9x 13.0x 26.1x 21.9x

Online Classifieds 11.0% 33.1% 5.6x 5.0x 16.0x 12.4x 22.9x 20.1x

Content Providers/Communities 10.9% 14.8% 3.0x 2.6x 16.3x 17.0x 32.6x 32.2x

Ecommerce 18.6% 18.6% 3.8x 3.2x 16.1x 15.3x NA 24.1x

Interactive Entertainment 8.5% 29.6% 3.2x 3.0x 11.6x 9.7x 25.4x 21.2x

Intermediation and Comparison 5.7% 16.7% 2.7x 2.8x 15.2x 12.1x 17.5x 23.8x

Online Gambling 18.9% 34.3% 3.6x 3.3x 11.0x 9.9x 16.8x 15.0x

Digital Marketing 7.2% 14.5% 1.8x 1.7x 13.6x 10.5x 17.3x 17.5x

Online Travel 15.6% 19.8% 3.6x 3.1x 15.4x 12.1x 18.4x 19.1x

Educational Technology 13.4% 7.7% 2.4x 3.3x 11.8x 10.6x NM 18.7x

Internet Services 20.9% 17.7% 3.5x 2.9x 24.0x 13.4x 7.1x 19.6x

P / EEV / Revenue EV / EBITDACY2017E


PAGE |

(5%)

(2%)

1%

4%

7%

10%


Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

SOFTWARE 3

5

EUROPEAN TECHNOLOGY

LAST 30 DAYS PERFORMANCE

LAST TWELVE MONTHS PERFORMANCE

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%


Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

Security Software 9.7%

Infrastructure Software 9.4%

Small Cap. SaaS 6.1%

Data and Data Analytics 5.6%

CAx/PLM 5.4%

European Large Cap. Software 4.2%

Application Software 4.1%

HCM/WFM 3.3%

Fintech 2.5%

Large Cap. SaaS 1.8%

Healthcare IT (2.5%)

Small Cap. SaaS 84.1%

Infrastructure Software 55.9%

HCM/WFM 48.2%

Large Cap. SaaS 41.3%

CAx/PLM 40.1%

Security Software 30.6%

Fintech 29.4%

Application Software 24.6%

Data and Data Analytics 23.7%

European Large Cap. Software 23.7%

Healthcare IT (2.1%)


PAGE |

European Large Cap. Software

SAP 114,256 113,297 99.3% 25.6% 15.7% 8.3% 33.2% 4.5x 4.3x 13.7x 12.7x 20.6x 18.9x

Dassault Systemes 19,294 20,833 90.6% 9.5% 40.9% 8.9% 34.0% 5.5x 5.1x 16.1x 14.6x 28.2x 25.4x

Sage 9,013 8,582 80.0% (2.9%) 14.1% 12.8% 29.2% 4.0x 3.7x 13.6x 12.5x 19.3x 17.7x

Micro Focus 7,014 5,979 96.3% 39.1% 116.1% 4.9% 52.1% 5.0x 4.9x 9.5x 7.9x 14.6x 13.2x

Temenos 5,496 5,093 97.4% 68.3% 146.5% 9.2% 38.0% 7.9x 7.2x 20.9x 18.5x 30.6x 26.7x

Aveva 1,426 1,585 90.4% 34.4% (29.4%) 6.2% 27.4% 5.1x 4.9x 18.6x 17.3x 27.7x 25.9x

Mean 26,083 25,895 92.3% 29.0% 50.7% 8.4% 35.6% 5.3x 5.0x 15.4x 13.9x 23.5x 21.3x

Median 8,013 7,281 93.5% 30.0% 28.3% 8.6% 33.6% 5.0x 4.9x 14.9x 13.7x 24.2x 22.2x

Application Software

Microsoft 469,328 498,967 98.0% 27.9% 71.6% 6.0% 39.1% 4.7x 4.4x 12.0x 10.8x 20.7x 18.6x

Oracle 168,919 168,739 97.9% 15.6% 8.2% 2.4% 45.3% 4.4x 4.2x 9.7x 9.3x 15.2x 13.8x

SAP 114,256 113,297 99.3% 25.6% 15.7% 8.3% 33.2% 4.5x 4.3x 13.7x 12.7x 20.6x 18.9x

Intuit 31,156 30,503 98.6% 25.7% 65.8% 8.1% 38.9% 5.9x 5.4x 15.3x 13.4x 25.7x 22.4x

Constellation Software 9,536 9,547 92.9% 30.4% 97.4% 12.0% 26.0% 4.0x 3.5x 15.4x 13.5x 20.2x 17.9x

Sage 9,013 8,582 80.0% (2.9%) 14.1% 12.8% 29.2% 4.0x 3.7x 13.6x 12.5x 19.3x 17.7x

Tyler Technologies 6,035 5,698 88.5% 13.3% 65.2% 12.3% 29.7% 7.1x 6.4x 23.9x 20.9x NM 35.4x

Guidewire Software 3,507 4,050 86.1% 27.5% 10.2% 14.8% 19.4% 6.8x 5.8x 35.0x 25.4x NM 47.9x

Cegid 760 697 95.3% 48.9% 76.9% NA NA NA NA NA NA NA NA

SDL 478 493 96.0% 2.6% (5.6%) 4.0% 12.4% 1.4x 1.4x 11.6x 10.5x 18.4x 16.3x

American Software 235 301 86.1% 13.0% (6.6%) 4.1% 15.1% 2.0x 1.9x 13.3x NA 32.4x 26.0x

Mean 73,929 76,443 92.6% 20.7% 37.5% 8.5% 28.8% 4.5x 4.1x 16.4x 14.3x 21.6x 23.5x

Median 9,013 8,582 95.3% 25.6% 15.7% 8.2% 29.5% 4.5x 4.3x 13.6x 12.7x 20.4x 18.8x

Infrastructure Software

Hewlett-Packard Enterpise 43,806 36,792 99.0% NA NA (2.0%) 16.3% 0.9x 0.9x 5.5x 5.6x 10.8x 10.3x

VMware 31,937 37,005 99.7% 101.3% (4.8%) (1.7%) 36.4% 4.6x 4.0x 12.6x 11.1x 20.3x 17.4x

Red Hat 14,076 14,279 96.8% 24.9% 37.3% 13.2% 27.0% 5.3x 4.7x 19.6x 16.8x 31.6x 27.3x

CA Technologies 12,355 13,237 90.5% 14.3% (4.0%) (0.3%) 36.6% 3.1x 3.0x 8.4x 8.0x 12.9x 12.5x

Citrix Systems 12,142 12,310 82.3% 54.1% 73.5% (17.2%) 37.0% 4.3x 4.1x 11.6x 11.0x 17.0x 15.6x

F5 Networks 8,289 9,142 95.1% 60.7% 26.1% 7.0% 39.3% 3.8x 3.6x 9.7x 9.1x 16.5x 15.0x

Brocade 5,471 5,014 98.4% 58.0% 28.3% 8.5% 27.5% 2.1x 2.1x 7.7x 7.5x 12.1x 11.8x

Netscout Systems 3,327 3,364 98.8% 84.6% 1.7% 6.6% 26.7% 2.7x 2.6x 10.1x 9.1x 17.7x 15.8x

Pegasystems 3,069 3,087 100.0% 90.1% 80.6% 11.5% 16.9% 3.5x 3.1x 20.8x 17.8x 36.4x 31.4x

Software AG 2,680 2,858 82.5% 8.0% (4.1%) 3.6% 31.8% 2.8x 2.7x 8.9x 8.5x 13.8x 13.1x

Progress Software 1,308 1,401 88.5% 28.0% 16.4% (3.6%) 35.5% 3.3x NA 9.4x NA 17.3x NA

Radware 474 699 98.7% 55.8% (3.8%) 2.4% 2.3% 2.4x 2.2x NM 44.6x NM 39.9x

Mean 11,578 11,599 94.2% 52.7% 22.5% 2.3% 27.8% 3.2x 3.0x 11.3x 13.6x 18.8x 19.1x

Median 6,880 7,078 97.6% 55.8% 16.4% 3.0% 29.6% 3.2x 3.0x 9.7x 9.1x 17.0x 15.6x

Large Cap. SaaS

Salesforce 57,188 56,377 95.8% 35.6% 28.9% 21.5% 21.1% 5.7x 4.8x 27.0x 23.2x NM 49.9x

Workday 15,817 17,334 92.4% 75.1% (10.9%) 28.0% 10.8% 8.1x 6.4x NM 49.5x NM NM

Veeva Systems 5,973 5,961 91.7% 111.2% 28.5% 21.3% 31.2% 9.3x 7.8x 29.8x 25.2x NM 46.3x

The Ultimate Software Group 5,889 5,692 87.6% 23.0% 19.9% 24.0% 24.2% 6.1x 5.0x 25.1x 20.1x NM 39.9x

Athenahealth 4,748 4,538 79.8% (2.8%) (39.2%) 19.0% 23.8% 3.7x 3.2x 15.5x 13.0x NM 37.9x

Guidewire Software 3,507 4,050 86.1% 27.5% 10.2% 14.8% 19.4% 6.8x 5.8x 35.0x 25.4x NM 47.9x

Medidata Solutions 3,165 3,304 97.4% 74.3% (2.0%) 19.1% 24.6% 5.7x 4.9x 23.3x 19.0x NM 37.7x

Cornerstone OnDemand 2,250 2,338 87.1% 64.4% (26.9%) 13.7% 10.3% 4.7x 4.0x 45.5x 26.3x NM NM

LogMeIn 2,217 4,950 85.7% 109.5% 133.1% 15.0% 27.8% 5.7x 5.1x 20.7x 18.2x 39.8x 35.5x

Xero 1,757 1,875 89.7% 52.3% (59.4%) 42.6% (2.1%) 6.4x 5.0x NM NM NM NM

Paylocity 1,751 1,835 71.9% 41.4% NA 26.3% 3.3% 5.2x 4.3x NM 27.7x NM NM

Mean 9,478 9,841 87.7% 55.6% 8.2% 22.3% 17.7% 6.1x 5.1x 27.7x 24.8x 39.8x 42.1x

Median 3,507 4,538 87.6% 52.3% 4.1% 21.3% 21.1% 5.7x 5.0x 26.1x 24.2x 39.8x 39.9x

SOFTWARE 3

6

EUROPEAN TECHNOLOGY

(1)

(1) Micro Focus has agreed to merge with Hewlett Packard Enterprise’s Software Business Segment; share price as at 7th September 2016

(1)

Enterprise Market As a 1-Year 3-Year CY17E EV/ EV/ Price /

Value Cap. percent of Stock Stock Rev. EBITDA Revenue EBITDA Earnings

($m) ($m) 52-wk High Perf. Perf. Growth Margin CY17E CY18E CY17E CY18E CY17E CY18E


PAGE |

SOFTWARE 3

7

EUROPEAN TECHNOLOGY

Small Cap. SaaS

Callidus 1,016 1,298 95.4% 60.4% 70.4% 18.1% 12.3% 4.2x 3.5x 33.8x 25.7x NM NM

Benefitfocus 863 848 63.6% 16.0% (56.4%) 18.3% 3.9% 3.1x 2.6x NM 31.0x NM NM

SPS Commerce 832 962 75.2% 36.9% (13.8%) 14.7% 14.4% 3.8x 3.3x 26.0x 21.3x NM NM

JIVE 225 336 93.7% 38.7% (43.6%) (0.1%) 6.6% 1.1x 1.1x 16.6x 14.6x NM 30.7x

Channel Advisors 215 283 68.5% (4.1%) (72.3%) 9.6% 5.4% 1.7x 1.6x 32.2x 21.8x NM NM

Marin Software 55 89 66.9% (15.4%) (81.2%) (3.5%) 2.8% 0.6x 0.5x 20.7x NA NM NA

Mean 534 636 77.2% 22.1% (52.7%) 9.5% 7.6% 2.4x 2.1x 25.9x 22.9x NM 30.7x

Median 528 592 71.9% 26.5% (58.0%) 12.2% 6.0% 2.4x 2.1x 26.0x 21.8x NM 30.7x

HCM/WFM

Workday 15,651 17,167 91.5% 73.4% (11.8%) 27.9% 10.8% 8.0x 6.3x NM 49.0x NM NM

The Ultimate Software Group 5,821 5,627 86.6% 21.6% 18.6% 24.0% 24.2% 6.0x 4.9x 24.8x 19.9x NM 39.4x

Cornerstone OnDemand 2,238 2,249 83.8% 58.1% (29.7%) 13.8% 10.3% 4.6x 4.0x 45.3x 26.2x NM NM

Paylocity 1,696 1,780 69.7% 37.1% NA 26.3% 14.5% 5.1x 4.1x 35.1x 26.8x NM NM

Benefitfocus 863 848 63.6% 16.0% (56.4%) 18.3% 3.9% 3.1x 2.6x NM 31.0x NM NM

ATOSS Software 263 275 81.6% 11.3% 72.6% 11.7% 28.9% 4.5x 4.0x 15.6x 13.9x 25.7x 23.0x

Halogen 137 169 98.1% 55.7% (37.8%) 5.9% 11.8% 1.8x 1.6x 15.2x 13.7x NM 23.9x

Invision Software 78 81 68.0% (22.9%) (27.2%) 18.8% 16.0% 5.0x 3.1x 31.3x 12.2x NM 17.6x

Mean 3,343 3,525 80.4% 31.3% (10.2%) 18.3% 15.1% 4.8x 3.9x 27.9x 24.1x 25.7x 26.0x

Median 1,280 1,314 82.7% 29.3% (27.2%) 18.6% 13.1% 4.8x 4.0x 28.1x 23.0x 25.7x 23.5x

Healthcare IT

McKesson 39,349 29,791 70.4% (7.0%) (20.0%) 0.4% 2.2% 0.2x 0.2x 9.1x 8.9x 11.7x 10.6x

Cerner 18,256 17,317 77.8% (4.3%) (12.7%) 7.8% 33.3% 3.5x 3.3x 10.6x 9.7x 21.0x 19.0x

Sysmex 11,307 11,744 73.8% 14.2% 104.1% 11.4% 27.5% 4.7x 4.2x 16.9x 15.3x 30.4x 27.9x

Allscripts Healthcare Solutions 3,824 2,236 79.6% (3.6%) (27.6%) 8.8% 18.8% 2.2x 2.1x 11.9x 11.0x 18.7x 16.2x

CompuGroup 2,365 2,156 86.7% 11.7% 49.6% 14.0% 22.8% 3.5x 3.1x 15.4x 12.6x 19.7x 15.9x

EMIS 716 715 72.0% (20.7%) 14.2% 5.8% 31.0% 3.4x 3.3x 11.0x 10.9x 17.7x 16.6x

Sectra 653 650 96.4% 44.0% 57.5% 10.1% 21.6% 4.8x 4.5x 22.0x 20.6x 37.5x 34.7x

Cegedim 621 380 84.2% 13.4% (26.2%) 5.5% 15.9% 1.3x 1.2x 8.0x 6.9x 15.1x 11.6x

Computer Programs & Systems 502 359 46.2% (51.4%) (62.1%) 1.7% 18.2% 1.8x 1.8x 10.2x 9.2x 15.5x 14.1x

Craneware 384 430 90.8% 44.1% 56.7% 13.6% 31.5% 6.3x 5.6x 20.0x 17.7x 31.8x 28.3x

Castlight Health 208 327 57.3% 18.4% NA 24.7% (9.8%) 1.7x 1.3x NM 48.3x NM NM

Mean 7,108 6,009 75.9% 5.3% 13.4% 9.4% 19.4% 3.0x 2.8x 13.5x 15.6x 21.9x 19.5x

Median 716 715 77.8% 11.7% 0.8% 8.8% 21.6% 3.4x 3.1x 11.4x 11.0x 19.2x 16.4x

Security Software

Symantec 19,580 17,983 99.0% 51.7% 36.1% 10.9% 47.0% 4.5x 4.2x 9.5x 8.6x 18.1x 15.3x

Check Point 16,120 17,655 99.2% 28.3% 50.8% 7.4% 53.8% 8.6x 8.1x 16.0x 15.1x 19.5x 17.8x

Palo Alto Networks 13,207 14,324 94.3% 26.3% 114.6% 29.5% 24.8% 6.5x 5.2x 26.4x 19.8x NM 37.6x

Verisign 10,749 8,546 90.1% 7.7% 52.1% 0.8% 70.2% 9.3x 9.1x 13.3x 12.8x 21.5x 19.7x

Fortinet 5,580 6,541 98.6% 56.8% 71.4% 16.1% 20.1% 3.8x 3.3x 18.8x 16.1x NM 35.3x

Gemalto 5,554 5,261 77.7% 1.0% (50.2%) 5.7% 19.3% 1.6x 1.5x 8.3x 7.6x 13.7x 12.2x

Trend Micro 4,080 5,433 92.7% 11.4% 28.1% 11.0% 32.1% 3.3x 3.2x 10.2x 9.5x 25.7x 23.9x

Proofpoint 3,403 3,528 93.2% 105.0% 107.5% 31.1% 10.8% 6.9x 5.4x NM 38.9x NM NM

Sophos 1,824 1,640 97.4% 33.1% NA 14.3% 16.0% 3.0x 2.7x NM 17.2x 37.7x 28.4x

FireEye 1,726 2,012 59.9% (2.0%) (84.2%) 1.7% 2.8% 2.4x 2.2x NM 20.2x NM NM

Imperva 1,226 1,512 80.5% 27.9% (20.5%) 19.8% 8.7% 3.9x 3.3x 44.7x 30.2x NM NM

Qualys 1,103 1,253 88.5% 69.2% 30.5% 14.6% 32.3% 4.9x 4.2x 15.0x 12.6x NM 33.6x

Barracuda Networks 1,098 1,259 89.4% 120.9% (28.2%) 7.7% 21.9% 2.9x 2.7x 13.4x 11.0x 30.3x 28.0x

Vasco Data Security 474 621 80.1% 13.1% 128.6% 1.6% 14.0% 2.4x 2.2x 17.2x 13.6x NM 28.6x

F-Secure 456 563 86.9% 34.8% 22.8% 7.7% 18.4% 2.6x 2.4x 13.9x 11.2x 28.5x 21.7x

Intercede 29 32 33.1% (60.7%) (78.4%) 20.8% (2.9%) 1.9x NA NM NA NM NA

Mean 5,388 5,510 85.0% 32.8% 25.4% 12.5% 24.3% 4.3x 4.0x 17.2x 16.3x 24.4x 25.2x

Median 2,613 2,770 89.8% 28.1% 30.5% 11.0% 19.7% 3.5x 3.3x 14.5x 13.6x 23.6x 25.9x





PAGE |

SOFTWARE 3

8

EUROPEAN TECHNOLOGY

Fintech

Fidelity Information Services 36,599 26,557 99.1% 40.5% 50.2% 0.5% 32.6% 3.9x 3.7x 11.9x 11.0x 19.0x 16.9x

Intuit 31,042 30,390 98.2% 25.2% 65.2% 8.1% 38.8% 5.9x 5.4x 15.2x 13.4x 25.7x 22.3x

Fiserv 28,913 23,898 98.7% 18.3% 96.2% 5.3% 35.4% 5.0x 4.8x 14.1x 13.3x 21.6x 19.3x

Paychex 21,218 21,186 95.0% 20.6% 42.0% 7.0% 43.0% 6.4x 6.0x 15.0x 13.9x 25.4x 23.4x

MSCI 11,033 8,734 97.9% 38.0% 117.1% 7.4% 51.0% 8.9x 8.3x 17.5x 15.9x 26.1x 22.4x

SS&C Technologies 9,114 6,604 95.2% 22.8% 65.7% 9.6% 41.5% 5.5x 5.2x 13.2x 12.2x 16.9x 15.1x

Jack Henry 7,138 7,102 99.7% 15.4% 58.8% 5.7% 35.5% 4.9x NA 13.7x NA 28.2x NA

Temenos 5,504 5,101 97.5% 68.6% 146.9% 9.0% 38.0% 8.0x 7.3x 21.2x 18.9x 31.1x 27.1x

Fair Isaac 4,657 3,937 95.4% 36.3% 137.4% 5.1% 29.5% 5.0x NA 16.8x NA 32.0x 28.6x

Guidewire 3,480 4,022 85.5% 26.6% 9.4% 14.8% 19.4% 6.8x 5.8x 34.8x 25.2x NM 47.6x

Paycom 3,027 2,972 97.9% 113.1% NA 28.5% 27.1% 7.2x 5.7x 26.4x 20.2x NM 38.7x

Ellie Mae 2,773 3,282 88.6% 32.4% 232.8% 21.8% 33.1% 6.3x 5.3x 19.1x 14.6x NM 39.5x

Ebix 2,042 1,870 91.6% 80.8% 292.0% 8.7% 38.2% 6.4x NA 16.7x NA 19.9x NA

SimCorp 2,034 2,130 86.5% 19.2% 29.3% 6.1% 24.5% 6.2x 5.7x 25.5x 21.8x 35.3x 29.9x

Envestnet 1,856 1,623 90.9% 78.8% (11.2%) 16.1% 19.7% 2.8x 2.4x 14.1x 10.9x 28.1x 20.9x

Iress 1,501 1,466 89.7% 38.6% 1.7% 19.6% 30.7% 4.4x 4.0x 14.4x 12.8x 21.0x 18.3x

Q2 Holdings 1,177 1,280 95.8% 74.2% NA 28.5% 3.6% 6.1x 4.9x NM NM NM NM

Bottomline Technologies 1,045 1,057 82.6% (2.0%) (23.5%) 4.5% 21.5% 2.9x NA 13.4x NA 26.1x 20.5x

Fidessa 1,031 1,144 81.2% 15.8% (23.6%) 6.5% 25.8% 2.4x 2.2x 9.2x 9.2x 25.5x 23.4x

Linedata 395 385 98.6% 52.1% 80.4% 18.0% 27.6% 1.9x 1.9x 6.9x 6.8x 13.8x 13.2x

StatPro 89 74 75.8% 8.9% (18.3%) 11.2% 14.4% 1.8x 1.7x 12.8x 10.5x 25.8x 17.8x

Mean 8,365 7,372 92.4% 39.2% 71.0% 11.5% 30.0% 5.2x 4.7x 16.6x 14.4x 24.8x 24.7x

Median 3,027 3,282 95.2% 32.4% 58.8% 8.7% 30.7% 5.5x 5.2x 14.7x 13.3x 25.7x 22.3x

Data and Data Analytics

Nielsen 24,216 16,073 80.4% (4.9%) (1.0%) 4.5% 30.7% 3.7x 3.5x 11.9x 11.3x 16.8x 15.3x

Experian 21,732 18,386 93.2% 22.3% 9.0% 4.0% 34.5% 4.5x 4.3x 13.0x 12.3x 20.4x 18.5x

Equifax 18,359 15,601 95.0% 33.5% 86.4% 8.2% 36.5% 5.4x 5.0x 14.8x 13.5x 21.5x 19.5x

Verisk 16,704 14,227 98.8% 24.8% 29.4% 5.9% 50.8% 7.9x 7.5x 15.6x 14.7x 25.3x 23.1x

Splunk 7,334 8,422 94.4% 98.2% (27.9%) 27.8% 11.0% 6.3x 4.9x NM 42.1x NM NM

Tableau Software 3,136 4,094 86.1% 33.7% (45.1%) 6.7% 6.1% 3.6x 3.3x NM 39.8x NM NM

Convergys 2,812 2,398 81.3% 2.8% 27.0% 2.7% 12.8% 0.9x 0.9x 7.3x 7.0x 12.9x 11.8x

Neustar 2,620 1,842 97.4% 59.3% (4.0%) 6.1% 45.5% 2.0x 2.5x 4.5x 6.1x 6.3x 10.1x

Microstrategy 1,613 2,188 92.3% 26.0% 47.0% 2.5% 27.0% 3.1x 3.0x 11.4x 9.9x 25.9x 24.1x

PROS 689 705 89.8% 127.2% (38.6%) 6.6% (19.9%) 4.2x 3.7x NM NM NM NM

Mean 9,921 8,394 90.9% 42.3% 8.2% 7.5% 23.5% 4.2x 3.9x 11.2x 17.4x 18.4x 17.5x

Median 5,235 6,258 92.7% 29.7% 4.0% 6.0% 28.9% 3.9x 3.6x 11.9x 12.3x 20.4x 18.5x

CAx/PLM

Dassault Systems 19,378 20,916 91.0% 10.0% 41.5% 8.7% 34.0% 5.5x 5.1x 16.2x 14.7x 28.4x 25.6x

Autodesk 18,256 18,757 99.0% 87.6% 55.6% 4.7% 4.6% 8.4x 6.8x NM 34.9x NM NM

Ansys 7,778 8,408 98.2% 15.6% 18.6% 5.6% 50.1% 7.5x 7.1x 14.9x 13.7x 25.7x 23.9x

PTC 6,765 6,284 98.6% 89.7% 43.7% 3.3% 22.6% 5.7x 5.3x 25.1x 20.7x NM 30.8x

Nemetschek 2,171 2,168 84.9% 38.8% 207.6% 17.5% 26.8% 5.2x 4.6x 19.3x 16.7x 35.4x 29.6x

Aveva 1,432 1,590 90.7% 34.9% (29.1%) 6.5% 27.9% 5.1x 4.9x 18.3x 17.2x 27.5x 25.8x

Mensch und Maschine 245 224 78.0% 50.7% 82.6% 7.2% 10.7% 1.3x 1.2x 12.1x 10.1x 20.5x 16.8x

Mean 8,004 8,335 91.5% 46.8% 60.1% 7.6% 25.3% 5.5x 5.0x 17.7x 18.3x 27.5x 25.4x

Median 6,765 6,284 91.0% 38.8% 43.7% 6.5% 26.8% 5.5x 5.1x 17.3x 16.7x 27.5x 25.7x





PAGE |

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%


Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

(10%)

0%

10%

20%

30%

40%

50%

Feb 2016 May 2016 Aug 2016 Nov 2016 Feb 2017Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

IT SERVICES 3

9

EUROPEAN TECHNOLOGY



PaaS/IaaS 43.5%

Data Centres 36.2%

Managed Services, Colocation and Hosting 16.2%

IT Services 14.3%

Offshore IT Services 4.0%

Data Centres 4.9%

Offshore IT Services 3.8%

PaaS/IaaS 2.9%

IT Services (0.3%)

Managed Services, Colocation and Hosting (1.4%)


PAGE |

IT Services

Accenture 76,215 74,716 95.5% 26.7% 46.1% 5.6% 16.9% 2.2x 2.0x 12.7x 11.8x 19.8x 18.2x

KDDI 72,708 67,811 77.6% 7.3% 42.4% 6.3% 32.1% 1.7x 1.7x 5.3x 5.2x 12.4x 11.6x

Capgemini 17,423 14,249 82.2% 6.7% 12.2% 4.4% 13.5% 1.3x 1.2x 9.3x 8.7x 13.5x 12.4x

NTT Group 17,146 13,237 83.5% (2.7%) 26.5% 14.9% 15.2% 1.0x 1.0x 6.8x 6.6x 24.2x 21.2x

CGI 16,185 14,631 96.4% 22.2% 51.3% 4.1% 18.6% 1.9x 1.9x 10.4x 10.0x 16.9x 15.9x

Fujitsu 14,858 11,721 89.8% 79.2% (5.1%) (5.7%) 8.3% 0.4x 0.4x 4.8x 4.5x 11.5x 9.9x

CSC 12,257 9,893 97.7% 153.9% 169.7% 2.5% 17.3% 1.6x 1.6x 9.1x 8.6x 22.8x 20.3x

Atos Origin 11,537 11,650 99.5% 57.1% 18.3% 5.9% 12.6% 0.9x 0.9x 7.0x 6.6x 13.1x 12.5x

NEC 9,192 6,146 82.1% 6.4% (19.9%) 7.3% 5.9% 0.4x 0.4x 6.1x 5.5x 12.6x 11.5x

Capita 7,264 4,381 40.4% (57.7%) (62.6%) (1.8%) 14.2% 1.2x 1.2x 8.7x 8.5x 9.2x 8.8x

Sopra 3,273 2,488 89.0% 23.7% 5.8% 3.1% 9.7% 0.8x 0.8x 8.3x 7.7x 12.2x 11.0x

Indra Sistemas 2,592 1,916 83.3% 32.2% (36.3%) 4.2% 9.9% 0.9x 0.8x 8.7x 7.5x 14.3x 11.4x

Tieto 2,129 2,019 85.2% 6.2% 11.8% 3.8% 13.7% 1.3x 1.3x 9.5x 9.1x 15.5x 14.9x

Bechtle 2,093 2,182 88.4% 22.6% 32.0% 8.0% 5.8% 0.6x 0.6x 10.4x 9.6x 17.8x 16.3x

GFI Informatique 648 577 86.8% (8.3%) 35.0% 12.7% 7.5% 0.5x 0.5x 7.2x 6.7x 14.3x 11.3x

Mean 17,701 15,841 85.2% 25.0% 21.8% 5.0% 13.4% 1.1x 1.1x 8.3x 7.8x 15.4x 13.8x

Median 11,537 9,893 86.8% 22.2% 18.3% 4.4% 13.5% 1.0x 1.0x 8.7x 7.7x 14.3x 12.4x

Offshore IT Services

Tata 65,038 70,727 87.5% 10.0% 2.9% 11.1% 27.5% 3.4x 3.1x 12.4x 11.4x 16.9x 15.6x

Cognizant 30,699 34,801 90.7% 6.5% 14.3% 9.1% 19.8% 2.1x 1.9x 10.5x 9.2x 15.7x 13.4x

Infosys 29,209 33,875 77.4% (7.2%) 0.5% 10.6% 27.2% 2.7x 2.4x 9.8x 8.8x 14.9x 13.7x

HCL 16,001 17,503 95.5% 6.0% 2.9% 28.7% 21.8% 2.1x 1.9x 9.5x 8.7x 13.4x 12.3x

Wipro 14,543 17,244 77.4% (6.5%) (21.9%) 7.7% 20.4% 1.7x 1.6x 8.3x 7.7x 13.1x 12.0x

Mean 31,098 34,830 85.7% 1.8% (0.3%) 13.4% 23.3% 2.4x 2.2x 10.1x 9.2x 14.8x 13.4x

Median 29,209 33,875 87.5% 6.0% 2.9% 10.6% 21.8% 2.1x 1.9x 9.8x 8.8x 14.9x 13.4x

Managed Services, Colocation and Hosting

Level 3 28,866 19,432 93.9% 6.1% 100.0% 1.5% 35.4% 3.5x 3.4x 9.8x 9.4x 34.5x 29.9x

Windstream 10,507 686 68.2% 27.5% (42.5%) (1.1%) 34.4% 2.0x 2.0x 5.7x 5.8x NM NM

United Internet 10,121 8,229 77.7% (13.8%) (13.3%) 7.3% 22.0% 2.3x 2.1x 10.2x 9.4x 15.5x 13.7x

GoDaddy 3,519 3,218 97.2% 46.2% NA 18.4% 23.9% 1.6x 1.4x 6.7x 5.4x NM 41.4x

Interxion 3,349 2,687 96.5% 28.5% 54.3% 12.1% 45.8% 6.8x 6.1x 14.8x 12.9x NM 45.4x

Endurance 3,042 1,153 68.7% 0.7% (37.9%) 4.5% 28.2% 2.6x 2.5x 9.3x 8.9x NM NM

Internap 458 104 56.3% (39.7%) (77.8%) (2.3%) 28.6% 1.6x 1.4x 5.5x 4.5x NM NM

iomart 432 400 88.1% 4.8% (17.0%) 11.2% 41.5% 3.7x 3.4x 8.9x 8.2x 15.9x 15.3x

Redcentric 208 159 36.0% (59.4%) (41.6%) 5.6% 19.3% 1.4x NA 7.5x NA 11.7x NA

Proact 183 184 97.1% 38.3% 44.3% 12.9% 6.8% 0.5x 0.5x 7.4x 6.8x 12.5x 11.9x

Melbourne IT 155 149 94.2% 10.2% 28.1% (88.4%) 165.8% 9.8x 0.9x 5.9x 5.0x 14.6x 12.9x

Mean 5,531 3,309 79.4% 4.5% (0.3%) (1.7%) 41.1% 3.2x 2.4x 8.4x 7.6x 17.5x 24.4x

Median 3,042 686 88.1% 6.1% (15.2%) 5.6% 28.6% 2.3x 2.1x 7.5x 7.5x 15.1x 15.3x

Data Centres

Equinix 33,090 27,312 97.8% 34.3% 98.0% 11.2% 47.0% 8.2x 7.4x 17.5x 15.4x NM NM

Digital Realty Trust 22,744 16,736 93.0% 32.9% 97.2% 6.4% 57.7% 10.0x 9.3x 17.3x 16.1x NM NM

DuPont Fabros 5,648 3,731 98.3% 48.7% 89.5% 12.1% 62.5% 9.6x 8.6x 15.4x 13.7x 26.0x 23.1x

QTS 3,809 2,438 85.8% 22.1% 127.6% 12.4% 45.4% 8.4x 7.3x 18.6x 15.7x NM NM

Coresite 3,753 2,893 92.8% 40.6% 171.6% 18.7% 54.0% 7.9x 7.1x 14.6x 13.1x NM 41.8x

Mean 13,809 10,622 93.5% 35.7% 116.8% 12.1% 53.3% 8.8x 7.9x 16.7x 14.8x 26.0x 32.4x

Median 5,648 3,731 93.0% 34.3% 98.0% 12.1% 54.0% 8.4x 7.4x 17.3x 15.4x 26.0x 32.4x

PaaS/IaaS

ServiceNow 14,892 15,421 99.6% 85.5% 37.6% 32.2% 21.7% 8.1x 6.3x 37.3x 25.8x NM NM

Akamai 11,002 11,013 88.7% 25.2% 5.9% 8.8% 39.1% 4.3x 3.9x 11.1x 9.9x 22.7x 19.9x

Netapp 8,350 10,883 99.0% 80.5% (2.9%) 0.6% 21.6% 1.5x 1.5x 7.0x 6.7x 13.4x 12.6x

Commvault Systems 1,854 2,290 88.3% 44.7% (26.4%) 7.3% 13.9% 2.7x 2.5x 19.7x 16.0x NM 39.0x

Synchronoss 1,595 1,530 67.6% 43.9% 3.9% 33.1% 34.8% 2.0x 1.6x 5.6x 4.5x 13.3x 10.0x

Progress Software 1,308 1,401 88.5% 28.0% 16.4% (3.6%) 35.5% 3.3x NA 9.4x NA 17.3x NA

Carbonite 470 534 92.0% 170.7% 92.0% 15.1% 19.3% 2.0x 1.8x 10.2x 8.1x 26.1x 20.2x

Mean 5,639 6,153 89.1% 68.4% 18.0% 13.4% 26.6% 3.4x 2.9x 14.3x 11.8x 18.6x 20.4x

Median 1,854 2,290 88.7% 44.7% 5.9% 8.8% 21.7% 2.7x 2.1x 10.2x 9.0x 17.3x 19.9x

10

IT SERVICES 3

EUROPEAN TECHNOLOGY

(1)

(1) CenturyLink has agreed to acquire Level 3 Communications; share price as at 28th October 2016





PAGE |

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

COMMUNICATIONS 3

11

EUROPEAN TECHNOLOGY



Digital Broadband 37.1%

Mobile Infrastructure Software 20.6%

Mobile Content / Solutions Providers (3.0%)

Diversified Communication Equipment (14.4%)

(30%)

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

Digital Broadband 7.3%

Diversified Communication Equipment 0.6%

Mobile Content / Solutions Providers (5.5%)

Mobile Infrastructure Software (21.2%)


PAGE |

COMMUNICATIONS 3

12

EUROPEAN TECHNOLOGY

Digital Broadband

Logitech 4,391 5,118 98.8% 110.0% 82.1% 7.1% 11.8% 1.9x 1.8x 16.1x 14.7x 21.8x 19.6x

Technicolor 3,277 1,805 60.9% (24.5%) (25.3%) (2.3%) 10.5% 0.7x 0.6x 6.2x 5.5x 12.6x 8.6x

TomTom 1,796 1,914 79.8% 2.7% 35.2% (0.3%) 15.4% 1.7x 1.7x 11.2x 9.5x 30.1x 22.0x

Kudelski 1,284 1,013 83.0% 49.4% 20.8% 8.9% 12.3% 1.2x 1.1x 9.4x 8.5x 16.0x 14.2x

Extreme Networks 611 622 98.7% 130.5% (3.0%) 12.0% 12.9% 1.0x NA 7.5x NA 12.6x NA

Parrot 18 274 37.2% (53.9%) (57.3%) 12.0% (16.9%) NM NM NM 4.7x NM NM

Mean 1,896 1,791 76.4% 35.7% 8.7% 6.2% 7.7% 1.3x 1.3x 10.1x 8.6x 18.6x 16.1x

Median 1,540 1,409 81.4% 26.1% 8.9% 8.0% 12.1% 1.2x 1.4x 9.4x 8.5x 16.0x 16.9x

Diversified Communication Equipment

LM Ericsson Telephone 16,439 19,133 55.9% (33.6%) (54.3%) (3.5%) 9.7% 0.7x 0.7x 7.2x 5.9x 20.2x 15.4x

CIENA 4,085 3,607 99.3% 39.7% 2.2% 7.6% 14.8% 1.4x 1.4x 9.8x 8.8x 14.5x 12.5x

ADTRAN 963 1,048 91.2% 21.3% (16.2%) 9.8% 9.9% 1.4x 1.3x 14.0x 12.9x 23.2x 20.2x

Mean 7,163 7,930 82.1% 9.1% (22.8%) 4.6% 11.4% 1.2x 1.1x 10.3x 9.2x 19.3x 16.0x

Median 4,085 3,607 91.2% 21.3% (16.2%) 7.6% 9.9% 1.4x 1.3x 9.8x 8.8x 20.2x 15.4x

Mobile Infrastructure Software

QUALCOMM 82,983 81,134 76.7% 23.3% (28.0%) 1.9% 37.4% 3.4x 3.3x 9.2x 8.5x 11.8x 11.3x

VeriSign 10,749 8,546 90.1% 7.7% 52.1% 0.8% 70.2% 9.3x 9.1x 13.3x 12.8x 21.5x 19.7x

Amdocs 7,890 8,735 97.0% 8.3% 35.1% 3.9% 19.1% 2.0x 1.9x 10.6x 10.3x 15.4x 14.3x

Synchronoss Technologies 1,611 1,547 68.3% 45.5% 5.0% 33.1% 34.8% 2.0x 1.6x 5.7x 4.5x 13.5x 10.1x

Sonus Networks 249 332 67.1% 26.0% (57.7%) 3.4% 9.2% 1.0x 0.9x 10.3x NA 25.1x 27.2x

Redknee Solutions 152 131 57.6% 13.0% (78.9%) (6.5%) 9.7% 1.0x NA 10.0x NA NM NA

Mean 17,272 16,738 76.2% 20.6% (12.1%) 6.1% 30.1% 3.1x 3.4x 9.8x 9.0x 17.4x 16.5x

Median 4,750 5,047 72.5% 18.1% (11.5%) 2.7% 26.9% 2.0x 1.9x 10.1x 9.4x 15.4x 14.3x

Mobile Content / Solutions Providers

Opera Software 843 654 52.6% (23.2%) (56.4%) 8.0% 11.5% 1.4x 1.2x 11.8x 9.2x 30.0x 17.0x

Mean 843 654 52.6% (23.2%) (56.4%) 8.0% 11.5% 1.4x 1.2x 11.8x 9.2x 30.0x 17.0x

Median 843 654 52.6% (23.2%) (56.4%) 8.0% 11.5% 1.4x 1.2x 11.8x 9.2x 30.0x 17.0x





PAGE |

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%


Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology

INTERNET AND DIGITAL MEDIA 3

13

EUROPEAN TECHNOLOGY



(10%)

(5%)

0%

5%

10%

15%

20%


Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology

Online Gambling 15.2%

Chinese Internet Leaders 11.8%

Internet Services 10.8%

Global Internet Leaders 8.5%

eCommerce 7.2%

Digital Marketing 5.0%

Interactive Entertainment 4.9%

Online Travel 4.1%

Educational Technology 0.6%

Intermediation and Comparison 0.5%

Online Classifieds (0.2%)

Content Providers / Communities (5.0%)

eCommerce 60.8%

Interactive Entertainment 51.8%

Internet Services 50.9%

Chinese Internet Leaders 49.1%

Digital Marketing 47.9%

Educational Technology 44.3%

Global Internet Leaders 36.9%

Content Providers / Communities 33.7%

Online Gambling 32.4%

Online Travel 32.2%

Online Classifieds 21.1%

Intermediation and Comparison 10.7%


PAGE |

Global Internet Leaders

Apple 737,265 700,495 99.6% 41.8% 71.5% 6.0% 32.2% 3.2x 3.0x 9.9x 9.2x 14.5x 13.0x

Google 503,788 570,562 96.8% 18.7% 39.4% 18.7% 49.4% 5.8x 5.0x 11.7x 10.0x 25.1x 21.5x

Microsoft 467,449 497,112 97.6% 27.4% 71.0% 6.0% 39.1% 4.7x 4.3x 11.9x 10.8x 20.6x 18.4x

Amazon 399,310 399,168 98.7% 65.0% 134.1% 21.5% 11.8% 2.4x 2.0x 20.4x 15.7x NM NM

Facebook 362,647 387,829 98.9% 31.4% 99.8% 36.9% 62.1% 9.6x 7.6x 15.4x 12.1x 24.7x 19.9x

Alibaba 264,192 250,551 93.8% 69.3% NA 36.2% 46.1% 9.4x 7.4x 20.4x 15.8x 25.1x 19.9x

Baidu 59,021 63,939 91.7% 20.7% 10.0% 22.1% 23.3% 4.7x 3.9x 20.4x 14.8x 30.1x 21.8x

eBay 40,467 36,731 99.1% 50.2% 46.6% 4.7% 37.4% 4.3x 4.1x 11.5x 10.8x 16.7x 15.1x

Yahoo! 32,267 37,408 99.0% 0.4% 43.9% (1.1%) 25.4% 9.3x 9.3x 36.5x 35.0x NM NM

Yandex 6,818 7,392 96.2% 77.4% (43.0%) 25.9% 35.3% 4.4x 3.7x 12.5x 10.2x 24.5x 18.8x

Mean 287,322 295,119 97.2% 40.2% 52.6% 17.7% 36.2% 5.8x 5.0x 17.1x 14.4x 22.7x 18.5x

Median 313,420 319,190 98.2% 36.6% 46.6% 20.1% 36.4% 4.7x 4.2x 14.0x 11.4x 24.6x 19.3x

Ecommerce

Amazon 399,310 399,168 98.7% 65.0% 134.1% 21.5% 11.8% 2.4x 2.0x 20.4x 15.7x NM NM

Alibaba 264,192 250,551 93.8% 69.3% NA 36.2% 46.1% 9.4x 7.4x 20.4x 15.8x 25.1x 19.9x

Naspers 72,312 70,107 88.1% 45.6% 42.3% 7.2% 10.3% 11.1x 10.0x NM NM 31.4x 23.0x

Netflix 64,475 61,635 98.1% 63.8% 130.2% 27.2% 9.6% 5.7x 4.8x NM 36.8x NM NM

JD.com 40,998 42,607 98.4% 27.6% NA 34.5% 1.2% 0.8x 0.7x NM 32.9x NM NM

eBay 40,467 36,731 99.1% 50.2% 46.6% 4.7% 37.4% 4.3x 4.1x 11.5x 10.8x 16.7x 15.1x

Zalando 9,296 9,892 89.1% 29.6% NA 23.6% 7.6% 2.0x 1.6x 25.9x 19.7x NM 38.0x

Mercadolibre 8,450 8,616 99.1% 112.2% 104.7% 33.0% 24.8% 7.6x 5.9x 30.6x 23.1x NM 34.5x

IAC 6,354 6,064 98.7% 84.3% 11.9% (0.8%) 18.5% 2.0x 1.8x 11.0x 8.9x 22.7x 17.3x

JUST EAT 4,222 4,353 82.1% 34.6% NA 33.0% 32.3% 6.9x 5.7x 21.4x 15.9x 31.8x 23.0x

Cimpress 3,764 2,610 80.6% 6.6% 66.4% 18.0% 13.6% 1.7x 1.4x 12.2x 9.9x NM 26.5x

Mail.ru 3,632 3,964 78.6% (8.1%) (54.6%) 20.1% 44.0% 4.6x 4.0x 10.4x 9.0x 16.0x 14.5x

GrubHub 2,838 3,141 82.3% 75.3% NA 30.7% 28.0% 4.4x 3.6x 15.7x 12.6x 33.3x 26.8x

Ocado 2,191 2,037 64.6% (8.4%) (66.6%) 16.5% 6.7% 1.2x 1.0x 17.7x 15.2x NM NM

Shutterstock 1,624 1,877 82.0% 91.8% (33.0%) 15.8% 20.5% 2.8x 2.6x 13.7x 11.2x 31.4x 26.4x

Groupon 1,589 2,042 59.9% 23.2% (66.1%) 2.9% 6.8% 0.5x 0.5x 7.3x 5.7x 37.6x 21.8x

Coupons.com 923 1,149 90.9% 76.8% NA 13.8% 14.4% 2.9x 2.6x 20.4x 15.1x NM 31.8x

Overstock 331 458 87.8% 33.0% (3.3%) 8.0% 1.3% 0.2x 0.2x 12.9x 12.4x NM NM

Blue Nile 318 354 78.1% (20.3%) (27.0%) 1.5% NA 0.7x NA NA NA 32.7x NA

RetailMeNot 275 434 69.2% 37.1% (78.7%) 5.5% 20.0% 0.9x 0.9x 4.6x 4.4x 15.9x 15.5x

Mean 46,378 45,389 86.0% 44.5% 14.8% 17.7% 18.7% 3.6x 3.2x 16.0x 15.3x 26.8x 23.9x

Median 3,993 4,159 87.9% 41.3% 4.3% 17.2% 14.4% 2.6x 2.6x 14.7x 13.9x 31.4x 23.0x

Online Travel

The Priceline Group 85,231 81,366 99.6% 55.6% 28.6% 15.6% 38.1% 6.9x 6.0x 18.0x 15.6x 22.4x 19.4x

Ctrip 23,750 22,561 90.6% 21.1% 96.2% 39.3% 14.9% 6.1x 4.7x 41.0x 24.6x NM 26.5x

Amadeus 22,314 20,031 89.9% 18.9% 6.5% 7.9% 38.0% 4.4x 4.2x 11.6x 10.9x 20.1x 18.8x

Expedia 21,297 17,902 89.5% 16.9% 54.9% 14.3% 18.3% 2.1x 1.9x 11.6x 9.6x 22.1x 17.3x

Sabre Corporation 9,381 6,241 74.8% (14.0%) NA 6.1% 31.3% 2.6x 2.5x 8.4x 7.9x 16.0x 14.6x

Tripadvisor 6,934 7,485 71.7% (14.2%) (43.7%) 10.5% 23.4% 4.2x 3.8x 18.0x 15.0x 33.0x 27.7x

Travelport 3,986 1,758 93.5% 48.5% NA 5.5% 24.2% 1.6x 1.5x 6.6x 6.2x 10.3x 8.9x

MakeMyTrip 1,656 3,073 92.4% 120.8% 37.0% 51.6% (26.3%) 4.1x 2.9x NM NM NM NM

Hostelworld Group 241 262 62.8% (10.1%) NA 3.2% 29.7% 2.8x 2.7x 9.5x 9.0x 13.0x 12.8x

Travelzoo 103 129 70.1% 25.8% (59.1%) (2.5%) 8.7% 0.8x 0.8x 9.5x 6.8x 23.8x 18.8x

Mean 17,489 16,081 83.5% 31.0% 17.2% 15.2% 20.0% 3.6x 3.1x 14.9x 11.7x 20.1x 18.3x

Median 8,158 6,863 89.7% 20.0% 28.6% 9.2% 23.8% 3.5x 2.8x 11.6x 9.6x 21.1x 18.8x


14

EUROPEAN TECHNOLOGY

(1)

(1) Verizon has agreed to acquire Yahoo's operating business; share price as at 22nd July 2016





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Digital Marketing

Criteo 2,630 2,924 95.9% 33.4% 16.6% 27.8% 30.2% 2.9x 2.4x 9.5x 7.1x 18.9x 14.7x

Callidus Software 1,016 1,298 95.4% 60.4% 70.4% 18.1% 12.3% 4.2x 3.5x 33.8x 25.7x NM NM

Bazaarvoice 336 388 75.8% 58.7% (33.6%) 4.2% 9.0% 1.6x 1.5x 17.8x 12.2x NM 36.7x

TechTarget 267 255 99.0% 48.1% 28.2% 8.7% 22.0% 2.3x 2.1x 10.5x NA 22.4x 14.5x

The Rubicon Project 205 401 40.2% (32.7%) NA (2.5%) 24.2% 0.8x 0.8x 3.4x 3.3x 12.4x 12.6x

Dotdigital 196 219 77.1% 8.9% 45.7% 22.6% 30.7% 4.4x 3.6x 14.2x NA 24.2x 21.3x

Harte-Hanks 152 98 42.6% (53.8%) (79.6%) 0.8% 3.4% 0.3x NA 9.6x NA NM NA

Matomy Media 151 127 79.5% (12.3%) NA 13.3% 7.3% 0.5x 0.4x 6.7x 5.7x 10.6x 8.6x

1000mercis 123 144 92.2% 12.9% (32.9%) 16.9% 23.1% 1.7x 1.4x 7.4x 6.2x 14.9x 12.3x

Marin Software 55 89 66.9% (15.4%) (81.2%) (3.5%) 2.8% 0.6x 0.5x 20.7x NA NM NA

Marchex 39 132 65.4% (17.7%) (67.8%) (14.0%) (0.2%) 0.4x NA NM NA NM NA

Mean 470 552 75.5% 8.2% (14.9%) 8.4% 15.0% 1.8x 1.8x 13.4x 10.0x 17.2x 17.3x

Median 196 219 77.1% 8.9% (32.9%) 8.7% 12.3% 1.6x 1.5x 10.1x 6.7x 16.9x 14.5x

Content Providers / Communities

Twitter 9,013 11,303 62.6% (0.4%) (72.5%) (4.1%) 25.7% 3.7x 3.5x 14.5x 12.4x NM 34.3x

JustEat 4,222 4,353 82.1% 34.6% NA 33.0% 32.3% 6.9x 5.7x 21.4x 15.9x 31.8x 23.0x

Pandora Media 2,904 3,054 87.4% 63.6% (63.8%) 17.3% (3.0%) 1.8x 1.4x NM 40.0x NM NM

WebMD Health 2,870 1,907 75.9% 4.8% 5.8% 5.5% 33.3% 3.9x 3.7x 11.6x 10.9x 25.6x 24.6x

GoPro 1,044 1,272 51.2% (12.2%) NA 5.6% (6.1%) 0.8x 0.8x NM NM NM NM

XING 980 1,079 87.2% 23.5% 68.2% 18.8% 33.1% 5.3x 4.6x 16.1x 13.3x 33.7x 26.8x

XO Group 371 486 87.5% 29.8% 47.4% 10.3% 21.0% 2.2x 2.0x 10.5x 8.7x 39.8x 31.7x

Brightcove 201 238 51.1% 25.7% (24.8%) 9.5% 6.5% 1.2x NA 18.9x NA NM NA

Demand Media 95 147 98.7% 56.8% (32.8%) 7.9% (7.8%) 0.8x 0.7x NM NM NM NM

Mean 2,411 2,649 76.0% 25.1% (10.4%) 11.5% 15.0% 3.0x 2.8x 15.5x 16.9x 32.7x 28.1x

Median 1,044 1,272 82.1% 25.7% (24.8%) 9.5% 21.0% 2.2x 2.8x 15.3x 12.8x 32.8x 26.8x

Intermediation and Comparison

Zillow 6,127 6,337 87.0% 84.4% 37.8% 23.8% 20.1% 5.8x 4.9x 29.1x 20.6x NM 43.7x

Moneysupermarket 2,348 2,356 86.5% (6.8%) 47.4% 8.2% 39.3% 5.6x 5.2x 14.1x 13.2x 20.4x 18.8x

Bankrate 1,146 1,000 85.8% (7.9%) (46.6%) 13.2% 24.9% 2.3x 2.1x 9.2x 8.3x 16.1x 13.3x

Gruppo MutuiOnline 396 390 94.5% 24.3% 69.3% 9.1% 28.6% 2.7x 2.4x 9.3x 7.9x 15.8x 12.9x

Angie's List 380 358 56.2% (37.2%) (59.4%) 0.1% 11.1% 1.2x 1.1x 10.6x 8.7x NM 46.5x

Liquidity Services 145 273 75.7% 93.3% (64.6%) 3.2% (1.8%) 0.4x NA NM NA NM NA

eHealth 137 205 73.8% 13.6% (76.7%) (9.0%) (3.5%) 0.8x 0.7x NM 10.4x NM 27.9x

Mean 1,526 1,560 79.9% 23.4% (13.3%) 6.9% 16.9% 2.7x 2.7x 14.5x 11.5x 17.4x 27.2x

Median 396 390 85.8% 13.6% (46.6%) 8.2% 20.1% 2.3x 2.2x 10.6x 9.5x 16.1x 23.3x

Online Classifieds

Rightmove 5,056 4,950 83.9% 8.9% 17.0% 10.7% 76.0% 17.0x 15.5x 22.3x 20.3x 27.5x 24.6x

SEEK 4,510 4,026 88.8% 32.2% (2.7%) 13.7% 38.3% 5.5x 5.0x 14.3x 12.8x 24.1x 20.9x

Yelp 2,264 2,788 81.9% 128.4% (60.4%) 24.7% 18.1% 2.5x 2.1x 14.0x 10.4x NM NM

Zoopla 2,179 2,085 94.9% 49.4% NA 15.1% 39.3% 7.5x 6.7x 19.0x 16.6x 25.9x 22.3x

SouFun 1,556 1,563 52.1% (29.9%) (78.5%) 3.0% 5.8% 1.6x 1.3x 26.8x 11.6x NM 20.0x

51job 1,427 2,136 96.8% 27.7% (10.3%) 16.0% 31.8% 3.7x 3.2x 11.6x 10.1x 18.9x 16.6x

Dice 291 236 56.3% (35.6%) (32.2%) (4.2%) 22.7% 1.3x 1.3x 5.9x 5.8x 17.4x 16.6x

Mean 2,469 2,541 79.2% 25.9% (27.8%) 11.3% 33.2% 5.6x 5.0x 16.3x 12.5x 22.8x 20.1x

Median 2,179 2,136 83.9% 27.7% (21.3%) 13.7% 31.8% 3.7x 3.2x 14.3x 11.6x 24.1x 20.4x


15

EUROPEAN TECHNOLOGY





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16

EUROPEAN TECHNOLOGY

Internet Services

Wix.com 2,113 2,248 93.1% 178.2% 82.3% 33.1% 19.4% 5.5x 4.4x 28.4x 17.3x NM NM

LendingClub 1,955 2,634 68.2% (5.1%) NA 20.4% 8.9% 3.3x 2.7x 37.3x 17.6x NM 33.4x

Web.com 1,689 1,046 92.4% 15.8% (40.3%) 3.6% 25.2% 2.2x 2.1x 8.9x 8.1x 7.2x 6.6x

Mean 1,919 1,976 84.6% 63.0% 21.0% 19.0% 17.8% 3.7x 3.1x 24.8x 14.3x 7.2x 20.0x

Median 1,955 2,248 92.4% 15.8% 21.0% 20.4% 19.4% 3.3x 2.7x 28.4x 17.3x 7.2x 20.0x

Educational Technology

Graham 2,437 2,982 96.9% 12.8% 33.4% NA NA NA NA NA NA NA NA

2U 1,488 1,650 90.1% 119.5% NA 30.8% 3.1% 5.6x 4.3x NM NM NM NM

Chegg 593 676 86.3% 52.3% 19.9% (9.0%) 14.9% 2.6x 2.1x 17.1x 10.4x 35.7x 18.8x

K12 551 748 89.0% 87.7% (15.3%) 3.4% 11.8% 0.6x NA 5.1x NA NM NA

Cambium Learning 321 228 84.7% 27.2% 157.0% NA NA NA NA NA NA NA NA

Rosetta Stone 145 176 85.8% 10.6% (33.2%) 3.3% 1.1% 0.7x NA NM NA NM NA

Mean 922 1,077 88.8% 51.7% 32.4% 7.1% 7.7% 2.4x 3.2x 11.1x 10.4x 35.7x 18.8x

Median 572 712 87.7% 39.7% 19.9% 3.4% 7.4% 1.7x 3.2x 11.1x 10.4x 35.7x 18.8x

Chinese Internet Leaders

Tencent 248,830 247,699 91.8% 52.7% 84.8% 35.0% 39.2% 8.5x 7.0x 21.6x 17.6x 30.8x 24.4x

Baidu 59,021 63,939 91.7% 20.7% 10.0% 22.1% 23.3% 4.7x 3.9x 20.4x 14.8x 30.1x 21.8x

Netease 30,101 34,580 95.7% 88.4% 255.7% 28.6% 33.2% 4.4x 3.6x 13.1x 11.1x 17.8x 15.6x

Weibo Corporation 11,701 11,570 97.2% 349.9% NA 46.7% 31.4% 12.2x 9.0x 39.0x 26.0x NM 28.7x

58.com 4,629 4,735 53.1% (26.1%) (9.5%) 20.6% 15.3% 3.4x 2.7x 22.1x 12.4x NM 26.6x

Sina 4,613 5,305 87.8% 88.6% 12.8% 27.6% 22.4% 3.5x 2.8x 15.8x 9.3x 33.5x 22.4x

Autohome 3,406 3,927 99.4% 45.8% 0.7% (0.3%) 31.1% 3.9x 3.4x 12.7x 10.4x 19.1x 16.0x

SouFun 1,556 1,563 52.1% (29.9%) (78.5%) 3.0% 5.8% 1.6x 1.3x 26.8x 11.6x NM 20.0x

Sohu 740 1,549 75.0% (9.6%) (43.0%) 8.6% 6.0% 0.4x 0.4x 6.9x 4.2x NM NM

Renren 555 547 45.2% (41.1%) (52.4%) NA NA NA NA NA NA NA NA

Mean 36,515 37,541 78.9% 53.9% 20.1% 21.3% 23.1% 4.7x 3.8x 19.8x 13.0x 26.3x 21.9x

Median 4,621 5,020 89.7% 33.3% 0.7% 22.1% 23.3% 3.9x 3.4x 20.4x 11.6x 30.1x 22.1x

Online Gambling

Betfair 8,168 8,961 70.2% (17.5%) 32.3% 12.0% 27.3% 3.8x 3.5x 13.9x 12.4x 21.7x 19.0x

Playtech 3,246 3,514 88.1% 6.4% (9.8%) 25.0% 41.2% 3.4x 3.1x 8.2x 7.5x 12.2x 11.1x

Mean 5,707 6,238 79.1% (5.6%) 11.3% 18.5% 34.2% 3.6x 3.3x 11.1x 9.9x 17.0x 15.1x

Median 5,707 6,238 79.1% (5.6%) 11.3% 18.5% 34.2% 3.6x 3.3x 11.1x 9.9x 17.0x 15.1x

Interactive Entertainment

Activision 36,100 33,965 95.9% 62.5% 130.8% (2.8%) 34.4% 5.6x 5.1x 16.4x 13.2x 23.4x 19.3x

Electronic Arts 22,926 26,609 98.7% 45.7% 213.0% 6.0% 34.5% 4.4x 4.2x 12.9x 11.3x 21.1x 18.4x

Ubisoft Entertainment 4,352 4,231 86.7% 73.7% 130.4% 13.2% 46.2% 2.4x 2.1x 5.3x 4.3x 22.2x 16.8x

Take-Two Interactive 3,819 5,924 99.4% 71.2% 205.7% 19.4% 19.8% 1.8x 1.8x 9.0x 8.4x 22.4x 21.1x

Zynga 1,453 2,346 85.4% 43.7% (46.0%) 6.2% 12.7% 1.8x 1.7x 14.2x 11.0x 36.9x 29.9x

Mean 13,730 14,615 93.2% 59.4% 126.8% 8.4% 29.5% 3.2x 3.0x 11.6x 9.6x 25.2x 21.1x

Median 4,352 5,924 95.9% 62.5% 130.8% 6.2% 34.4% 2.4x 2.1x 12.9x 11.0x 22.4x 19.3x





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has acquired

TECHNOLOGY, MEDIA AND TELECOM

17

EUROPEAN TECHNOLOGY

has been acquiredby

has received ainvestment from

has been acquiredby

DIGITAL

MEDIA

has merged with

DIGITAL

MEDIA

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

DATA

ANALYTICS

has been acquiredby

ERP / BUSINESS

MANAGEMENT

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

APPLICATION

SOFTWARE

has been acquiredby

REAL ESTATE

SOFTWARE

has been acquiredby

EDUCATION

TECHNOLOGY

has been acquiredby

MARKETING

ANALYTICS

ERP / BUSINESS

MANAGEMENT

HEALTHCARE

TECHNOLOGY

has been acquiredby

NON-PROFIT

SOFTWARE

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

LEGAL

TECHNOLOGY

has been acquiredby

MARKETING

TECHNOLOGY

has been acquiredby

HCM

SOFTWARE

has been acquiredby

HEALTHCARE

TECHNOLOGY

has merged with

SUPPLY CHAIN

SOFTWARE

has been acquiredby

INFRASTRUCTURE

SOFTWARE

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been

recapitalised by

SUPPLY CHAIN

SOFTWARE

has been acquiredby

EDUCATION

TECHNOLOGY

has been acquiredby

INFRASTRUCTURE

SOFTWARE

has become a

wholly- owned

subsidiary of

ENERGY

TECHNOLOGY

has been acquiredby

ECOMMERCE

RETAIL

has been acquiredby

DATA

ANALYTICS

has been acquiredby

FINANCIAL

TECHNOLOGY

has acquired

HEALTHCARE

TECHNOLOGY

has been acquiredby

MANAGED

SERVICES

has been acquiredby

HEALTHCARE

TECHNOLOGY

has received a

majority equity

investment from

PUBLIC SECTOR

SOFTWARE

has received a

majority investment

from

MARKETING

ANALYTICS

has been acquiredby

TECH-ENABLED

SERVICES

has received a

minority investment

from

ENERGY

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HCM

SOFTWARE

has beenRecapitalised by

NON-PROFIT

SOFTWARE

a majority stake in

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been recapitalised by

APPLICATION

SOFTWARE

has acquired

HCM

SOFTWARE

has been acquiredby

NON-PROFIT

SOFTWARE

has been acquiredby

CONSUMER

TECHNOLOGY


has received a

growth investmentfrom

SCM

SOFTWARE

has been acquiredby

NON-PROFIT

SOFTWARE

http://www.aderant.com/

http://www.aderant.com/

http://www.meddatahealth.com/our_business/index.html

http://www.meddatahealth.com/our_business/index.html



Energy, Power & Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 202-207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.

Technology, Media & Telecom

18

EUROPEAN TECHNOLOGY


OUR FIRM

PAGE |

HARRIS WILLIAMS & CO.

1. Business Insider, 2015; Hartford Institute for Religion; 2016 Giving USA Annual Report; HW&Co. internal data

2. Companies House and public accounts

3. FactSet as of 14th February 2017, broker reports and various industry news outlets

19

SOURCES

EUROPEAN TECHNOLOGY

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2017 Harris Williams & Co., all rights reserved.

DISCLOSURES


http://www.harriswilliams.com/

http://www.harriswilliams.de/

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