Sectorwatch: Cloud CRM Software - 7 Mile Advisors

Sectorwatch:Cloud CRM SoftwareApril 2019

2

Cloud CRM SoftwareApril 2019

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

3

Overview

7MA provides Investment Banking & Advisory Services to the Business Services and TechnologyIndustries globally. We advise on M&A and private capital transactions, and provide market assessmentsand benchmarking. As a close knit team with a long history together and a laser focus on our targetmarkets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. We publish our sectorwatch, a review of M&A and operational trends in the industries wefocus.

Dashboard• Summary metrics on the sector• Commentary on market momentum by

comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance• Summary valuation and operating metrics

for a basket of comparable public companies

Valuation Comparison• Graphical, detailed comparison of valuation

multiples for the public basket

Recent Deals• The most recently announced deals in the

sector

4

Dashboard

Operating Metrics

Valuation

Revenue Growth Momentum

0.3% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin Momentum

0.9% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability

-0.2% 1 - year EBITDA % compared to EBITDA % average for

last 3 years

Current revenue growth rate exceeds the average of the last 3 years by this

amount, indicating that market momentum is increasing

Current gross profit margin exceeds the average of the last 3 years gross profit

margin by this amount, indicating supplier pricing power

Current EBITDA margin is less than the average of the last 3 years EBITDA

margins, which may signal further consolidation

7.6%

21.1%

72.8%

0% 20% 40% 60% 80%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

5.1x

25.3x

29.1x

41.5x

0x 10x 20x 30x 40x 50x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median Price / LTM Earnings

Median TEV / LTM EBIT

5

Public Basket

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

MicroStrategy Incorporated 944 498 -1% 80% 1% 1.9 182.2 2,528 197

Neusoft Corporation 2,836 1,046 3% 32% 5% 2.6 58.1 16,706 63

Blackbaud, Inc. 4,262 849 8% 55% 16% 5.0 31.9 3,353 253

HubSpot, Inc. 6,800 513 37% 80% -7% 13.3 0.0 2,638 194

The Sage Group plc 11,090 2,408 8% 93% 27% 4.6 17.2 13,003 185

Veeva Systems Inc. 18,086 862 25% 72% 27% 21.0 76.3 2,553 338

salesforce.com, inc. 124,405 13,282 26% 74% 11% 9.4 81.6 35,000 379

SAP SE 141,809 28,288 5% 70% 27% 5.1 18.6 96,498 293

Oracle Corporation 201,617 39,831 1% 80% 41% 5.1 12.3 137,000 291

Microsoft Corporation 878,245 118,459 16% 65% 42% 7.4 17.7 131,000 904

Average 139,010 20,604 13% 70% 19% 7.5 49.6 44,028 310

Median 14,588 1,727 8% 73% 21% 5.1 25.3 14,855 272

share price as of 04Apr19

6

Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

0x

2x

4x

6x

8x

Jul-

14

Oct-

14

Jan-1

5

Apr-

15

Jul-

15

Oct-

15

Jan-1

6

Apr-

16

Jul-

16

Oct-

16

Jan-1

7

Apr-

17

Jul-

17

Oct-

17

Jan-1

8

Apr-

18

Jul-

18

Oct-

18

Jan-1

9

Apr-

19

TEV/Revenue - Median TEV/Revenue - Average

0x

6x

12x

18x

24x

30x

Jul-

14

Oct-

14

Jan-1

5

Apr-

15

Jul-

15

Oct-

15

Jan-1

6

Apr-

16

Jul-

16

Oct-

16

Jan-1

7

Apr-

17

Jul-

17

Oct-

17

Jan-1

8

Apr-

18

Jul-

18

Oct-

18

Jan-1

9

Apr-

19

TEV/EBITDA - Median TEV/EBITDA - Average20.0x

4.8x

0x

5x

10x

15x

20x

25x

30x

35x

Jul-

14

Oct-

14

Jan-1

5

Apr-

15

Jul-

15

Oct-

15

Jan-1

6

Apr-

16

Jul-

16

Oct-

16

Jan-1

7

Apr-

17

Jul-

17

Oct-

17

Jan-1

8

Apr-

18

Jul-

18

Oct-

18

Jan-1

9

Apr-

19

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

7

Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

(10%) - 10% 20% 30% 40% 50%

Median

HubSpot, Inc.

MicroStrategy

Incorporated

Neusoft Corporation

salesforce.com, inc.

Blackbaud, Inc.

The Sage Group plc

SAP SE

Veeva Systems Inc.

Oracle Corporation

Microsoft Corporation

- 20% 40% 60% 80% 100%

Median

Neusoft Corporation

Blackbaud, Inc.


SAP SE

Veeva Systems Inc.


Oracle Corporation

MicroStrategy

Incorporated

HubSpot, Inc.

The Sage Group plc

8

Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

(10%) - 10% 20% 30% 40%

Median

MicroStrategy

Incorporated

Oracle Corporation

Neusoft Corporation

SAP SE

Blackbaud, Inc.

The Sage Group plc


Veeva Systems Inc.


HubSpot, Inc.

$- $200 $400 $600 $800 $1,000

Median

Neusoft Corporation

The Sage Group plc

HubSpot, Inc.

MicroStrategy

Incorporated

Blackbaud, Inc.

Oracle Corporation

SAP SE

Veeva Systems Inc.



9

Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 4x 8x 12x 16x 20x

Median

MicroStrategy Incorporated


Veeva Systems Inc.

SAP SE

Neusoft Corporation

The Sage Group plc


HubSpot, Inc.

Blackbaud, Inc.

Oracle Corporation

0 30 60 90 120 150

Median

Oracle Corporation

Blackbaud, Inc.

HubSpot, Inc.


The Sage Group plc

Neusoft Corporation

SAP SE

Veeva Systems Inc.



10

Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0x 10x 20x 30x

Median

MicroStrategy

Incorporated

Neusoft Corporation

The Sage Group plc

Blackbaud, Inc.

Oracle Corporation

SAP SE

Microsoft

Corporation


HubSpot, Inc.

Veeva Systems Inc.

0x 50x 100x 150x 200x

Median

Oracle Corporation

The Sage Group plc


SAP SE

Blackbaud, Inc.

Neusoft Corporation

Veeva Systems Inc.



11

Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 50x 100x 150x 200x 250x

Median

Oracle Corporation

The Sage Group plc

SAP SE


Blackbaud, Inc.

Veeva Systems Inc.

Neusoft Corporation



0x 30x 60x 90x 120x

Median

Neusoft Corporation

Oracle Corporation

The Sage Group plc


SAP SE


Blackbaud, Inc.

Veeva Systems Inc.


12

Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

12x 17x 18x 19x 32x 58x 76x 82x 182x

79.6%

93.0%

65.1%

69.8%

55.0%

31.8%

71.6%

74.0%

80.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0x

20x

40x

60x

80x

100x

120x

140x

160x

180x

200x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

12x 17x 18x 19x 32x 58x 76x 82x 182x

1.4%

7.6%

15.8%

5.3%

7.6%

2.6%

24.9% 26.0%

(1.2%)

-5%

0%

5%

10%

15%

20%

25%

30%

0x

20x

40x

60x

80x

100x

120x

140x

160x

180x

200x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

13

Recent Transactions

Date Target Buyer / Investor

Total Transaction

Value Target

Revenue TEV /

Revenue TEV /

EBITDA

6Feb19 Collact Serviços Digitais LTDA. StoneCo Ltd. - - - -

25Feb19 Contactually, Inc. Urban Compass, Inc. - - - -

8Jan19 Influence Health, Inc. Healthgrades Operating Company, Inc. - - - -

6Dec18 Lasso Data Systems Inc. ECi Software Solutions, Inc. - - - -

31Oct18 DealerMine Inc. Quorum Information Technologies Inc. 10.98 9.47 1.2x 18.6x

11Oct18 Tour de Force, Inc. Compass Sales Solutions - - - -

31Aug18 Seltis Technologies LLC/66.67% of Infodat International, Inc. Adroit Infotech Limited - - - -

1May18 Buan Consulting Inc. Spaulding Ridge, LLC - - - -

18Apr18 Ardent Solutions Limited SHEA Solutions Inc. - - - -

11Jan18 Kenandy, Inc. The Danville Group, Inc. - - - -

2Jan18 CRM Software, Inc. AdvisorEngine, Inc. - - - -

15Dec17 CRMNow Pty Limited PrimeQ Pty Ltd. - - - -

5Sep17 Netwise Technology, Inc. PrismHR - - - -

18Jul17 Ticomix, Inc., CRM Group W-Systems Corp. - - - -

23Jun17 Giving.com Limited Blackbaud Global Ltd. 120.93 - - -

31May17 SA Desico Invemaco NV - - - -

17May17 Tembit Software GmbH Hanse Orga GmbH (nka:Serrala Group GmbH) - - - -

29Mar17 EUDONET SAS Quilvest Private Equity Ltd. - - - -

17Jan17 Luxor CRM Inc. Next Gear Solutions, Inc. - - - -

3Jan17 Sarl Solo Solution Autonome Visiativ SA - - - -

14

APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

Cloud CRM SoftwareApril 2019

15

Public Basket


MicroStrategy Incorporated provides enterprise softwareplatforms worldwide. It offers MicroStrategy Analytics platformthat delivers reports and dashboards, and enables users toconduct ad hoc analysis and share insights through mobiledevices or the Web; MicroStrategy Server, which providesanalytical processing and job management for variousreporting, analysis, and monitoring applications; MicroStrategyWeb, a primary reporting interface for analysts that offersinteractive reporting, dashboarding, and analysis through aWeb browser; and MicroStrategy Desktop, an on-premise andsingle-user tool for easy-to-use self-service visual datadiscovery. The company also provides MicroStrategy Mobile, avehicle for mobilizing an organization’s information systems,including its data warehouses, business intelligence, ERP, CRM,and Web applications that are accessible on the desktop; andUsher, a digital credential and identity intelligence that enablesorganizations to dematerialize the traditional forms of identityverification and replace them with a single mobile identitybadge. The company was founded in 1989 and isheadquartered in Tysons Corner, Virginia.

Date Key Development Headline1/16/18 Snowflake Computing Teams with MicroStrategy® Incorporated

to Deliver Fast Access and Rich Insight to Enterprise Data

0x

1x

2x

3x

4x

5x

Revenue Multiples - MicroStrategy

Incorporated

TEV/Revenue Average

0x

100x

200x

300x

EBITDA Multiples - MicroStrategy

Incorporated

TEV/EBITDA Average

0x

30x

60x

90x

120x

P/E Multiples - MicroStrategy Incorporated

P/E Average

16

Public Basket

Neusoft Corporation

Neusoft Corporation provides information technology (IT)solutions and services worldwide. The company offers productsand platforms, such as TalentBase human capital managementsystem; SkillBase, an e-learning system; group financialmanagement and control system; customer relationshipmanagement system; enterprise asset management system;super electronic archive system; business process contentmanagement platform; and UniOffice, an office managementsystem. Its products and platforms also include picture archivingand communication software system; digital signagenetwork/system; NetEye security operations center platform;NetPatrol, a network application monitoring and managementsystem; Aclome, a cloud management environment; UniEAP, aunified enterprise application practice application; OpenBASE, adatabase management system; mobile device managementsystem; navigation system; and rear view assistance system. Inaddition, it provides engineering services, such as applicationdevelopment and maintenance, ERP consulting andimplementation, software globalization and localization,professional testing and performance engineering, and ITinfrastructure services; on-demand services, such asTelemedicine, Xikang, and Telematics; and managementconsultation, business process outsourcing, and IT educationand training services. The company was founded in 1991 and isheadquartered in Shenyang, the People’s Republic of China.

0x

2x

4x

6x

Revenue Multiples - Neusoft Corporation

TEV/Revenue Average

0x

50x

100x

150x

200x

EBITDA Multiples - Neusoft Corporation

TEV/EBITDA Average

0x

50x

100x

150x

200x

P/E Multiples - Neusoft Corporation

P/E Average

17

Public Basket

Blackbaud, Inc. provides cloud software solutions to nonprofits,foundations, corporations, education institutions, healthcareorganizations, and other charitable giving entities primarily inthe United States, Canada, the United Kingdom, and Australia.The company offers Raiser's Edge NXT and Blackbaud CRM(constituent relationship management), which are fundraisingand relationship management solutions; Luminate CRM forcampaign management, constituent relations, businessintelligence, and analytics; eTapestry, a cloud fundraising anddonor management solution; everydayhero, a cloudcrowdfundraising solution; and JustGiving, a social platform forgiving. It also provides solutions for Luminate Online that buildsonline fundraising campaigns; Blackbaud Online Express, acloud fundraising and marketing tool; and BlackbaudNetCommunity, an online marketing and communications tool.In addition, the company offers Financial Edge NXT, a cloudaccounting solution; GIFTS Online, a cloud solution; FIMS, afoundation management system; and Blackbaud Outcomes thatempowers funders and nonprofits. Blackbaud, Inc. was foundedin 1981 and is headquartered in Charleston, South Carolina.

Blackbaud, Inc.

Date Key Development Headline5/1/18 Blackbaud Seeks Acquisitions

4/30/18 Blackbaud, Inc. (NasdaqGS:BLKB) acquired Reeher LLC.

0x

2x

4x

6x

8xRevenue Multiples - Blackbaud, Inc.

TEV/Revenue Average

0x

15x

30x

45x

EBITDA Multiples - Blackbaud, Inc.

TEV/EBITDA Average

0x

30x

60x

90x

120x

150x

P/E Multiples - Blackbaud, Inc.

P/E Average

18

Public Basket

HubSpot, Inc.

HubSpot, Inc. provides a cloud-based marketing and salessoftware platform for businesses in the Americas, Europe, andthe Asia Pacific. Its software platform includes integratedapplications, such as social media, search engine optimization,blogging, Website content management, marketingautomation, email, sales productivity, CRM, analytics, andreporting. The company also offers professional, and phoneand email-based support services. It serves mid-marketbusiness-to-business, and B2B companies. The companymarkets its product through inbound go-to-market approach,marketing agency, and sales partners. HubSpot, Inc. wasfounded in 2005 and is headquartered in Cambridge,Massachusetts.

0x

5x

10x

15x

20xRevenue Multiples - HubSpot, Inc.

TEV/Revenue Average

19

Public Basket

Veeva Systems Inc.

Veeva Systems Inc. provides cloud-based software for the lifesciences industry in North America, Europe, the Asia Pacific,and internationally. The company offers Veeva CommercialCloud, a suite of multichannel customer relationshipmanagement applications, data solutions, and master datamanagement solutions; and Veeva Vault, a cloud-basedenterprise content management applications for managingcommercial functions, including medical, sales, and marketing,as well as research and development functions, such as clinical,regulatory, quality, and safety. It also provides professional andsupport services in the areas of implementation anddeployment planning and project management; requirementsanalysis, solution design, and configuration; systemsenvironment management and deployment services; servicesfocused on advancing or transforming business and operatingprocesses related to Veeva solutions; technical consultingservices related to data migration and systems integrations;training on its solutions; and ongoing managed services thatinclude outsourced systems administration. The company wasformerly known as Verticals onDemand, Inc. and changed itsname to Veeva Systems Inc. in April 2009. Veeva Systems Inc.was founded in 2007 and is headquartered in Pleasanton,California.

0x

10x

20x

30xRevenue Multiples - Veeva Systems Inc.

TEV/Revenue Average

0x

30x

60x

90x

120xEBITDA Multiples - Veeva Systems Inc.

TEV/EBITDA Average

0x

50x

100x

150x

200xP/E Multiples - Veeva Systems Inc.

P/E Average

20

Public Basket

The Sage Group plc

The Sage Group plc provides business management softwareand services for small and medium sized companies. It offerssoftware and services for accounting and payroll, enterpriseresource planning, customer relationship management, andpayments. The company serves business owners, bookkeepers,and finance directors. It operates primarily in Northern Europe,Central and Southern Europe, North America, andinternationally. The Sage Group plc was founded in 1981 and isbased in Newcastle upon Tyne, the United Kingdom.

0x

2x

4x

6x

8xRevenue Multiples - The Sage Group plc

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - The Sage Group plc

TEV/EBITDA Average

0x

15x

30x

45x

60xP/E Multiples - The Sage Group plc

P/E Average

21

Public Basket


salesforce.com, inc. develops enterprise cloud computingsolutions with a focus on customer relationship management.The company offers Sales Cloud to store data, monitor leadsand progress, forecast opportunities, and gain insights throughanalytics and relationship intelligence, as well as deliver quotes,contracts, and invoices. It also provides Service Cloud, whichenables companies to deliver personalized customer serviceand support, as well as a field service solution that enablescompanies to connect agents, dispatchers, and mobileemployees through a centralized platform, which helps toschedule and dispatch work, and track and manage jobs inreal-time. The company was founded in 1999 and isheadquartered in San Francisco, California.

Date Key Development Headline10/30/18 Vonage Holdings Corp. (NYSE:VG) completed the acquisition of

NewVoiceMedia Limited from a consortium of sellers.

10/4/18 salesforce.com, inc. (NYSE:CRM) entered into a definitive agreement to acquire Rebel.

9/25/18 Salesforce and Amazon Web Services, Inc. Expand Global Strategic Alliance to Accelerate Enterprises' Digital Transformations

9/24/18 Apple and Salesforce Announce Strategic Partnership

9/19/18 Vonage Holdings Corp. (NYSE:VG) entered into an agreement to acquire NewVoiceMedia Limited for $340 million.

0x

3x

6x

9x

12x

15xRevenue Multiples - salesforce.com, inc.

TEV/Revenue Average

0x

100x

200x

300x

400xEBITDA Multiples - salesforce.com, inc.

TEV/EBITDA Average

0x

100x

200x

300xP/E Multiples - salesforce.com, inc.

P/E Average

22

Public Basket

SAP SE

SAP SE operates as an enterprise application software, and analyticsand business intelligence company worldwide. It offers SAP HANA,which enables businesses to process and analyze live data; SAP DataHub, a solution that enables businesses to manage data from varioussources; SAP Cloud Platform, which enables businesses to connect andintegrate applications; SAP BW/4HANA, a data warehouse solution;SAP Leonardo, a system that enables customers to make businesssense and opportunity of disruptive technologies; and SAP AnalyticsCloud, which leverages the intersection of business intelligence,planning, and predictive analytics. The company also provides SAPS/4HANA, an enterprise resource planning (ERP) suite for theintelligent enterprise; SAP Integrated Business Planning solutions thatdeliver real-time supply chain planning capabilities. SAP SE wasfounded in 1972 and is headquartered in Walldorf, Germany.

Date Key Development Headline9/18/18 Accenture Teams with SAP to Develop Cloud Solution to

Digitally Transform Oil and Gas Upstream Operations

8/15/18 Metalloinvest Opens Innovation Centre and Signs Memorandums of Cooperation with SAP and Accenture

6/4/18 SAP SE (DB:SAP) acquired Coresystems AG.

6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in Target Industries

5/8/18 Accenture plc Teams with SAP SE to Help High-Tech Companies Create Digital As-A-Service Business Models Quickly and Easily

0x

2x

4x

6x

8x

10x

Revenue Multiples - SAP SE

TEV/Revenue Average

0x

10x

20x

30x

EBITDA Multiples - SAP SE

TEV/EBITDA Average

0x

10x

20x

30x

40x

50xP/E Multiples - SAP SE

P/E Average

23

Public Basket

Oracle Corporation

Oracle Corporation develops, manufactures, markets, sells, hosts, andsupports application, platform, and infrastructure solutions forinformation technology (IT) environments worldwide. The companyprovides services in three primary layers of the cloud: Software as aService, Platform as a Service, and Infrastructure as a Service. It offershuman capital and talent management, enterprise resource planning,customer experience and relationship management, procurement,supply chain management, project portfolio management, businessanalytics and enterprise performance management, and industry-specific application software, as well as financial management andgovernance, and risk and compliance applications. The company alsolicenses its Oracle Database for storage, retrieval, and manipulation ofdata; and Oracle Fusion Middleware software to build, deploy, secure,access, extend, and integrate business applications, as well asautomate business processes. Oracle Corporation was founded in 1977and is headquartered in Redwood City, California.

Date Key Development Headline10/21/18 Oracle Corporation (NYSE:ORCL) signed an agreement to

acquire DataFox Intelligence, Inc.

10/16/18 Oracle Corporation (NYSE:ORCL) entered into an agreement to acquire goBalto, Inc.

9/25/18 Oracle Corporation (NYSE:ORCL) acquired an unknown minority stake in Screening Room Inc. for $2.5 million.

9/19/18 Oracle Corporation (NYSE:ORCL) signed an agreement to acquire Iridize Ltd.

6/19/18 Oracle Mulls Acquisitions

0x

2x

4x

6x

8x

Revenue Multiples - Oracle Corporation

TEV/Revenue Average

0x

5x

10x

15x

20x

EBITDA Multiples - Oracle Corporation

TEV/EBITDA Average

0x

20x

40x

60x

80x

P/E Multiples - Oracle Corporation

P/E Average

24

Public Basket


Microsoft Corporation develops, licenses, and supportssoftware, services, devices, and solutions worldwide. Thecompany operates through Productivity and BusinessProcesses, Intelligent Cloud, and More Personal Computingsegments. The Productivity and Business Processes segmentoffers Office 365 commercial products and services forbusinesses, such as Office, Exchange, SharePoint, Skype forBusiness, Microsoft Teams, and related Client Access Licenses(CALs); Office 365 consumer services, including Skype,Outlook.com, and OneDrive; LinkedIn online professionalnetwork; and Dynamics business solutions comprising financialmanagement. The company was founded in 1975 and isheadquartered in Redmond, Washington.

Date Key Development Headline11/5/18 Walmart and Microsoft Announce Extension of Strategic

Partnership

10/24/18 Microsoft Corporation (NasdaqGS:MSFT) completed the acquisition of GitHub, Inc. from Sequoia Capital, SV Angel, Andreessen Horowitz, Thrive Capital and Institutional Venture Partners.

10/24/18 Hexaware Technologies Limited Announces Global Collaboration with Microsoft to Accelerate Cloud Adoption

10/15/18 Microsoft Genomics and Eagle Genomics Ltd Announces Their Partnership

9/27/18 Accela Announces Collaboration with Microsoft

9/25/18 E.ON Develops Highly-Secure Smart and Efficient Connected Home Solution in Collaboration with Microsoft

0x

2x

4x

6x

8x

10xRevenue Multiples - Microsoft Corporation

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Microsoft Corporation

TEV/EBITDA Average

0x

20x

40x

60x

80x

100x P/E Multiples - Microsoft Corporation

P/E Average

25

CONTACT INFO7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&Aand private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history togetherand a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

Jeff Stoecklein, Managing Director 312.796.9330 [email protected]

Mark Landry, Managing Director 561.972.0609 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Neil Churman, Director 281.742.9340 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Nicholas Prendergast, Financial Analyst 704.973.3995 [email protected]

Ariail Siggins, Marketing Director 704.981.2908 [email protected]

Sydney Larese, Associate 704.973.3998 [email protected]

Marty Johnson, Associate 704.973.3999 [email protected]

Rory Julyan, Associate 704.981.2520 [email protected]

Garth Martin, Associate 704.973.3997 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Emily Halstenberg 704.409.9912 [email protected]

Sectorwatch: Cloud CRM Software - 7 Mile Advisors

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