SEG SEG Snapshot: Overview 1Q19 SaaS M&A Update · and established B2B software companies Exclusive...

SEG

Overview

SEG Snapshot:

1Q19 SaaS M&A Update

2Copyright © 2019 by SEG Capital Advisors, LLC. All Rights Reserved

3 Report Definitions

4 Brief SEG Overview

10 SEG Market Outlook

13 SaaS M&A Update

28 Appendix

Table of Contents


SaaSSaaS companies are defined as those companies that primarily offer their solutions via the cloud

and through a subscription or transaction-based pricing model

SoftwareSoftware companies are defined as those companies that are deemed to be license model

businesses or may be in the early stages of converting to subscription-based models

EV Enterprise Value

TTM Trailing Twelve Months

YoY Year-Over-Year

QoQ Quarter-Over-Quarter

Report Definitions

SEG Snapshot: 1Q19 SaaS M&A Update

Brief SEG Overview


Software Equity Group OverviewUnmatched Expertise | Extraordinary Results

25+Years of Experience

Billionsin Aggregate Transaction Value

1,000sof Buyer Relationships

▪ Software Equity Group (SEG) provides

unparalleled M&A advisory services for emerging

and established B2B software companies

▪ Exclusive focus on sell-side advisory services for

25+ years

▪ Services include:

▪ Strategic M&A

▪ Majority Recapitalizations

▪ Divestitures

▪ Board Advisory

BROAD NETWORK OF SOFTWARE INDUSTRY BUYERS & INVESTORS


SEG’s Recent Select Sell-Side M&A Activity


SEG

RESEARCHWe constantly track transactions and

buyer appetite to aggressively create

competitive markets for our clients’

businesses. As always, our research is

complimentary.

SEG Snapshot: 2019 Annual

Software Industry Report

SEG Snapshot: SaaS and

Software IPO Activity

SEG Snapshot: Supply Chain

Software M&A Activity

CLICK TO ACCESS RESEARCH

SEG Snapshot: 3Q18 SaaS M&A

Market Update

http://softwareequity.com/research/

https://softwareequity.com/seg-2019-annual-report/

http://softwareequity.com/seg-snapshot-ipo-activity/

https://softwareequity.com/seg-snapshot-supply-chain-software-ma-activity/

http://softwareequity.com/seg-snapshot-ipo-activity/

http://softwareequity.com/seg-snapshot-3q18-saas-ma-update/

http://softwareequity.com/research/

https://softwareequity.com/seg-snapshot-supply-chain-software-ma-activity/

http://softwareequity.com/seg-snapshot-3q18-saas-ma-update/

https://softwareequity.com/seg-2019-annual-report/


"After working with hundreds of vendors, suppliers, and

partners over the last 30 years, I consider my

experience with SEG to be the most enjoyable with the

best outcome. The SEG team was a source of guidance

and leadership and I knew I was in great hands the

entire way. Their incredible effort led to a wonderful

outcome for our customers, employees, and

shareholders. I appreciate that the team was highly

relatable, and we had fun working together. Hiring SEG

was the best decision I have made in my career.”

Todd Collins

Founder & CEO of HemaTerra

SEG served as exclusive advisor to HemaTerra in its

investment from The Riverside Company

“We couldn’t be happier. The SEG team was incredibly

efficient, always available to answer any questions

along the way, and worked hard to ensure a smooth

process. Their relationships and deal execution skills

were second to none and yielded a range of options

amongst the best possible buyers. We would

recommend SEG to any company looking for M&A

advice, strategy, and execution. They truly went above

and beyond.”

Dana Zeff (Founder & CEO) and

Steven Ozbun (President), LeaseLabs

SEG served as exclusive advisor to LeaseLabs in its

acquisition by RealPage

"After a thorough search, we decided to use SEG due to

their proven understanding of our business, deep

industry expertise, and proven track record of creating

very competitive processes. The SEG team did a

phenomenal job keeping buyers engaged and moving

aggressively through the process. All this resulted in a

hugely successful outcome for the shareholders of

Rentlytics with a 10x ARR multiple. SEG was the driver

behind this success. They created value well in excess

of their fee.”

Justin Alanis

Founder & CEO of Rentlytics

SEG served as exclusive advisor to Rentlytics in its

acquisition by RealPage

What Our Clients Say

https://softwareequity.com/portfolio-item/hematerra-technologies-received-investment-from-the-riverside-company/


http://softwareequity.com/portfolio-item/leaselabs-acquired-by-realpage/


https://softwareequity.com/portfolio-item/rentlytics-acquired-by-realpage/






SEG Client Videos are a unique way to gain insight into the M&A process from former SEG clients. Check out our

recent videos from SEG clients Nexternal, Bigfoot, and Indatus. Keep an eye out as we continue to build a broader

library throughout 2019.

SEG Client Videos

http://softwareequity.ontraport.com/tl/7




SEG Market Outlook


Key Observations: 1Q19 SaaS M&A

• The broader software industry M&A bull market trend continued through 1Q19. In particular, the SaaS

M&A market boomed, reaching an all-time quarterly record of 277 transactions.

• SaaS valuations remained buoyant, with 12 of the past 13 quarters posting a revenue multiple above

the nine-year median of 4.0x EV/Revenue. 1Q19’s revenue multiple of 4.5x EV/Revenue was well

above this median as well.

• Private equity buyers continued to have a strong appetite for SaaS companies and comprised the

majority of SaaS acquisitions in the market.

High-level review of the following 1Q19 SaaS M&A report.


Summary: 1Q19 SaaS M&A

• Buyer appetite for small and medium sized SaaS targets (SMBs) remained strong in 1Q19.

• The highest percent of SaaS targets in 1Q19 were SMBs with less than 100 employees (56.5% of targets),

were founded five to nine years ago (33.8% of targets), and were bootstrapped (66.3% of targets).

• About a third of transactions in 1Q19 had a revenue multiple greater than 6.0x EV/Revenue. Targets with revenue of

$50-$100M posted the highest median revenue multiple of 5.3x EV/Revenue, while targets with revenue of $100M or

greater posted the second highest revenue multiple of 5.0x EV/Revenue.

• In terms of deal count, CRM & Marketing led all other product categories, posting 37 transactions, while Healthcare

software led vertical targets, comprising 22.9% of all vertical deals in 1Q19.

• The high demand for Healthcare software is due to the market’s large total addressable market, as the

traditionally lagging industry is now catching up to speed in terms of implementing tech solutions.

• Numerous FinTech targets remained among notable high-profile transactions (greater than $500M), including the

acquisition of EllieMae, eFront, and PIETech. This segment comprised 8.6% of all vertical SaaS deals in 1Q19.

• HR & Talent Management software deals remained among other notable transactions and included deals such as

Ultimate Software Group, Jobvite, and Sage Payroll Business.

• As the U.S. continues to experience all-time low unemployment rates, software solutions are in high demand to

manage recruiting processes, employees, payroll and benefits, etc.

Summary of discovered trends in the following 1Q19 SaaS M&A report.

Please enjoy the report and feel free to reach out with any questions or to discuss our relevant market insights.


SaaS M&A Market Update


Historical Software Industry M&A Volume

656

Num

ber

of

Deals

(T

TM

Avera

ge)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Num

ber

of

Deals

Q1 Q2 Q3 Q4SEG

Estimate(2)

(1) Includes SaaS, on-premise license model, internet, and mobile transactions.

(2) SEG Estimate is based on the growth rate from 2017 to 2018 of 11%. .

(3) Rolling average deal volume is a TTM average.

In the broader software industry(1), the bull market trend continued through the first quarter of 2019.

Software Industry M&A Deal Volume Rolling Average Deal Volume(3)


1Q19 SaaS M&A Highlights: Deal Volume

-2.0%

3.0%

8.0%

13.0%

18.0%

23.0%

28.0%

33.0%

38.0%

0

200

400

600

800

1,000

1,200

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Perc

ent o

f Tota

l Softw

are

M&

A D

eals

Num

ber

of

SaaS

M&

A D

eals

Q1 Q2 Q3 Q4 Percent of Total Software M&A Deals

SEG Estimate(1)

SaaS M&A volume continues to be extremely strong as 1Q19 posted the highest quarterly deal volume on a historical basis.

(1) SEG Estimate is an annualized figure based on 1Q19. We expect 2019 to reach 1,100 to 1,200 deals.


4.5x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19

Media

n T

TM

EV

/Revenue M

ultip

le(2

)

1Q19 SaaS M&A Highlights: Valuation(1)

(1) Values are on a median TTM basis, indicating that each quarter includes 12 months of data in order to obtain a larger dataset.

(2) Median and average values are based on data from 1Q10 to 1Q19.

Median (4.0x)(2)

Average (3.9x)(2)

M&A valuations remained strong and consistent with past quarters, of which 12 of the past 13 quarters remained above the median(1).


1Q19 SaaS M&A Highlights: By Product Category

8.8x

6.7x

6.5x

5.6x

5.3x

eCommerce Enablement Software(3)

Storage & Systems Management

Engineering & PLM

Analytics & Business

Intelligence

Data Management &

Integration

37

30

28

27

21

Analytics & Business Intelligence(1)

CRM & Marketing

HR & Talent Management

Content / Document Management &

BPM

Security

CRM & Marketing accounted for the highest deal count, while eCommerce Enablement Software outperformed other product categories with

the highest revenue multiple.

Top SaaS Product Categories by Deal Volume (1Q19)SaaS Categories by Median TTM EV/Revenue

(Last 3 Years)(2)

(1) This category dipped in deal count compared to previous quarters. This is because Governance, Risk, and Compliance deals were separated and placed in its

individual category. GRC has been a growing category, with 13 deals in 1Q19, thus they were separated from Analytics & BI.

(2) Data is a median of the last three years to obtain a larger data sample.

(3) eCommerce included a couple deals with highly valued targets, including Adobe’s acquisition of Magento (11.2x), Square’s acquisition of Weebly (7.2x), and

Salesforce’s acquisition of Demandware (10.5x).


1Q19 SaaS M&A Highlights: Business Model Type

Horizontal62%

Vertical38%

Select

Vertical

SaaS

Targets

22.9%

15.2%

10.5%

8.6%

4.8% 4.8%

Healthcare Education Real Estate Finance Retail Public Sector

Perc

ent

of

Tota

l V

ert

ical D

eals

Healthcare, Education, and Real Estate accounted for the highest percent of all vertical SaaS deals in 1Q19.

Business Model Type(1) Top Vertical Deals(2)

(1) Business model type indicates the focus of the target. The target can either be horizontal and serving multiple industries, or serving a specific

vertical market.

(2) Top vertical deals as a percent of all vertical SaaS deals in 1Q19.


Healthcare

Real Estate

Education

Financial Services

Retail

Hospitality

Other

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

1Q19 SaaS M&A Highlights: Deal Count by Vertical (Last 3 Years)Over the past three years, Healthcare, Real Estate, and Education remained the top verticals in terms of deal count.(1)

(1) With the exception of the “Other” category. The “Other” vertical includes all verticals with less than 40 deals over the past three years.

396

162

132

112

92

40

48


Revenue Multiples – Last 3 Years

3.5x

4.6x

4.2x

5.3x

5.0x

<=$10M >$10M <=$20M >$20M <=$50M >$50M <=$100M >$100M

Media

n E

V/R

evenue M

ultip

le

Target Revenue(1) Last 3 years as of March 2018.

(2) Typically, larger targets post a higher revenue multiple, however this category (>$100M) only posted 5.0x EV/Revenue due to select acquisitions of large, low growth public companies.

Medium to large sized targets (posting $50-$100M revenue) posted the greatest EV/Revenue, while a third of SaaS targets posted an

EV/Revenue greater than 6.0x EV/Revenue.

Revenue Multiple by Seller Revenue Revenue Multiple Distribution

4.1%

13.4% 13.4%

16.1%

11.5%

6.9%

34.6%

<= 1.0x > 1.0x &<= 2.0x

> 2.0x & <=3.0x

> 3.0x & <=4.0x

> 4.0x & <=5.0x

> 5.0x & <=6.0x

> 6.0x

Perc

ent

of

Deals

-Last

3 Y

ears

TTM Revenue Exit Multiple Bins

(2)


1Q19 SaaS M&A Highlights: Buyer & Target Backing

Publicly Traded Strategic

36.1%

Equity Backed Strategic

38.6%

Private Equity Direct15.9%

Private Strategic

9.4%

(1) Private Equity Buyers includes Private Equity Direct and Equity Backed Strategic

(2) Private Equity Direct includes private equity firms making platform acquisitions

(3) Equity Backed Strategic includes all strategic buyers backed by a private equity firm

Private equity buyers(1) accounted for the highest percent of SaaS M&A deals, while the majority of targets had no VC funding.

Bootstrapped66.3%

VC Funding33.7%

SaaS M&A Activity by Buyer Type SaaS M&A Activity by Target Ownership


SaaS M&A Activity by Employee Count & Company Age (1Q19)

(1) 30.7% of SaaS targets reported its employee count.

(2) 94.9% of SaaS targets reported its founding year.

11.0%

33.8%

15.2%

12.2%13.7%

7.2% 6.8%

1-4 5-9 10-14 15-19 20-24 25-29 >29

# of Years Since Company Founding

41.2%

15.3%

9.4%

9.4%

3.5%

2.4%

1.2%

2.4%

15.3%

1-50

51-100

101-150

151-200

201-250

251-300

301-350

351-400

>401

The highest percent of targets were SMBs with less than 100 employees and were founded between 2010 and 2014.

Employee Count of Target Company Lifespan of Target Company


67.9% / 75.8%

24.5% / 16.2%

Target Region / Acquirer Region

Region(1) Target Acquirer

North America 67.9% 75.8%

Europe 24.5% 16.2%

Rest of World 7.6% 7.9%

SaaS M&A Activity: By Region (1Q19)

(1) Values indicate the percent of acquisitions of both the target region and the acquirer region. Regions are based on the headquarters for each company.

North America and Europe continued to dominate the SaaS M&A market in 1Q19.


Other Select Active Buyers (3+ Transactions)

SaaS Sellers(1)Buyer

Select Most Active Buyers of SaaS (Last 12 Months)

(1) Transactions listed may not include all deals by the buyer.


Notable High Profile SaaS Deals (1Q19)

SaaS SellerBuyer

Envestnet, a provider of intelligent systems for wealth management and financial wellness, acquired PIEtech for $500M.

PIEtech is a provider of collaborate financial planning SaaS, including MoneyGuide, a goals-based financial planning

application used by financial advisors. The acquisition will position Envestnet as a leader in financial planning solutions

as it compliments Envestnet’s existing solutions and provides clients with access to a more comprehensive application

stack.

Private equity firm, Thoma Bravo, acquired Ellie Mae for $3.7B (7.5x EV/Revenue). Ellie Mae is a leading provider of

cloud-based mortgage loan origination software for the financial sector. The investment will enable Ellie Mae to remain

committed to its customer’s success, innovation, and growth of the Encompass Digital Lending Platform, while reaching

the next phase of growth as a company.

Private equity firm, Hellman & Friedman, acquired Ultimate Software Group for $11B (9.9x EV/Revenue). Ultimate

Software Group is a provider of cloud-based human capital management software for businesses, including human

resources, payroll and benefits management, and workforce management. The acquisition supports Ultimate Software’s

vision of serving the global HR market and will allow the company to utilize financial and strategic advice to bring new

features and services to the market more quickly.

BlackRock, a provider of investment portfolio management advisory services, acquired eFront for $1.3B (9.3x

EV/Revenue). eFront is a provider of technology solutions for managing the alternatives investment lifecycle, from due

diligence and portfolio planning to performance and risk analysis, across a range of alternative asset classes. The

acquisition, combined with BlackRock’s existing investment operating platform, Aladdin, will create an industry-leading

comprehensive whole portfolio investment operating platform.

(1) Includes select deals greater than $500M EV.


Cision, a provider of marketing campaign software, acquired TrendKite for $225 (8.9x EV/Revenue). TrendKite is a

provider of AI-based digital PR management and analytics SaaS for brands and media companies globally. The

transaction represents Cision’s third acquisition in six months, and will extend its leadership in communications

measurement and attribution.

Dropbox, a provider of subscription-based file storage, acquired HelloSign, a provider of e-signature automation, e-fax

and document workflow management SaaS to businesses for $230M. The acquisition will add additional functionalities

to the Dropbox offering, including new e-signature capabilities, e-fax features and workflow management functionality.

Major credit card provider, Visa, acquired Earthport, a provider of cross-border payment software and services for

$269.4M (6.7x EV/Revenue). The acquisition will contribute to the development of Visa’s payment solutions, especially

as Visa launches B2B Connect, its blockchain-based cross-boarder payment service, later this year.

Zix, a provider of security software solutions to healthcare and financial services companies, acquired AppRiver from

Marlin Equity Partners for $275M (2.8x EV/Revenue). AppRiver is a leading provider of cloud-based email security and

managed messaging software. The acquisition will expand Zix’ customer base, positioning it as a leading cloud-based

email security provider to SMBs.

Descartes, a provider of supply chain management software and SaaS, acquired Visual Compliance for $250M. Visual

Compliance is a provider of foreign trade compliance software. The acquisition will be combined with Descartes’ MK

Data denied parties screening business and Global Logistics Network to better help customers navigate the trade

compliance landscape while managing the full lifecycle of their shipments.

Notable Mid Market SaaS Deals (1Q19)

SaaS SellerBuyer

(1) Includes select deals greater than between $200M and $300M EV.


iSolved, a provider of HR Management SaaS, acquired Sage Payroll Solutions from The Sage Group for $94M (1.9x

EV/Revenue). Sage’s payroll processing SaaS solutions will accelerate iSolved’s growth in HCM industry, specifically

targeted toward the midmarket, while increasing its licensee and partner network as well.

Private equity firm, K1 Investment Management, acquired Jobvite, a provider of analytics-based recruitment management

SaaS for businesses. K1 and Jobvite also announced the acquisition of Talemetry, RolePoint, and Canvas. The investment

by K1 and acquisitions will enable Jobvite to create a comprehensive, end-to-end talent acquisition platform.

Blackbaud, provider of cloud-based non-profit management software, acquired YourCause for $157M. YourCause is a

provider of cloud-based software for organizations to organize and track charitable donations and volunteer activities by

employees. The acquisition positions Blackbaud as an industry leader in providing solutions to both non-profit

organizations and for-profit companies committed to social issues. The combination will enable companies to create a

culture that engages and inspires employees and customers, while driving business success and powering measurable

outcomes.

Atlassian, a provider of team collaboration and productivity software, acquired AgileCraft for $166M. AgileCraft is a

provider of cloud-based AI-enabled project and portfolio management SaaS that enables organizations to scale agile by

unifying and synchronizing work across programs and portfolios. The acquisition enables Atlassian to offer a unified

solution for executives to align work across their organization.

Healthcare technology company, Tabula Rasa HealthCare, acquired PrescribeWellness for $150M (5.2x EV/Revenue).

PrescribeWellness is a cloud-based provider of patient relationship management solutions that facilitates collaboration

between pharmacies and patients, payers, providers and pharmaceutical companies. The acquisition supports Tabula

Rasa’s mission of expanding medication risk mitigation programs in community pharmacies.

Notable Mid & Lower Market SaaS Deals (1Q19)

SaaS SellerBuyer

(1) Includes select deals less than $200M EV.


APPENDIX


DATE BUYER SELLER

ENTERPRISE VALUE

(M)

03/29/2019 ARZ Haan IT Concept -

03/28/2019 Resideo Technologies Buoy Labs -

03/28/2019 insightsoftware.com International Unlimited BizNet Software -

03/28/2019 TPC Training Intelivert -

03/28/2019 Doxim MessagingDirect -

03/27/2019 The SimplyBiz Group Defaqto $94.0

03/27/2019 Orolia Skydel Solutions -

03/27/2019 ClearCourse Partnership Circdata -

03/26/2019 Unit4 Intuo -

03/26/2019 F24 Criticall -

03/26/2019 Aquicore Entic -

03/26/2019 TPG Capital Entertainment Partners -

03/26/2019 Apiary Capital G3 Comms -

03/25/2019 ZYUS Life Sciences Ehave (certain assets) $2.4

03/25/2019 Netmeds Marketplace Limited Kivi Technologies $10.0

03/25/2019 Constellation HomeBuilder Systems NHGateway -

03/25/2019 McDonalds Dynamic Yield -

03/25/2019 Oakley Capital Private Equity UNIT4 Business Software Iberica -

03/25/2019 Vista Equity Partners Management PlanSource Holdings -

03/22/2019 BlackRock eFront $1,300.0

03/22/2019 Clinigence QualMetrix -

03/21/2019 Axway Software Streamdata.io -

1Q19 Select SaaS Transactions

(1) Source: Financial data provided by 451 M&A Knowledgebase (missing values represent data not applicable or publicly available).


DATE BUYER SELLER

ENTERPRISE VALUE

(M)

03/21/2019 ClickDimensions Sweetspot Data Solutions -

03/20/2019 Aurora Mobile Shanghai Hunting Information Technology (certain assets) -

03/20/2019 Evolv Technology Solutions Sentient Technologies Holdings (certain assets) -

03/19/2019 Pine Labs Qwikcilver Solutions $110.0

03/19/2019 Webedia Partoo -

03/19/2019 Conversocial Assist Megacorp -

03/19/2019 Vattenfall Senfal Energie Nederland -

03/18/2019 Atlassian AgileCraft $166.0

03/18/2019 Henry Schein Lighthouse 360 -

03/18/2019 Via ID S UbiGo Innovation -

03/18/2019 MUIS Software Ctrl -

03/18/2019 iPipeline BlueSun -

03/18/2019 ParkerGale LightYear Dealer Technologies -

03/15/2019 LogMeIn NoPassword -

03/14/2019 Bridgeline Digital Stantive Technologies Group (certain assets) $5.2

03/14/2019 Envestnet PIEtech $500.0

03/14/2019 Bruker Corporation Arxspan -

03/14/2019 Omnitracs Blue Dot Solutions -

03/14/2019 Apse Capital Kallidus -

03/13/2019 HMS Industrial Networks WEBfactory -

03/13/2019 ICT Group BNV Mobility -

03/13/2019 The Pursuant Group ADVIZOR Solutions -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

03/13/2019 Zucchetti Data Management -

03/12/2019 Mastercard Ethoca -

03/12/2019 Technology Partners ProviderAlly -

03/12/2019 Bitrise Outlyer -

03/11/2019 Hill-Rom Holdings Voalte $180.0

03/11/2019 F5 Networks NGINX $670.0

03/11/2019 EVO Payments International Way2Pay Limited -

03/11/2019 OneTrust Cecile Park Publishing -

03/10/2019 Appen Figure Eight $175.0

03/08/2019 Navis Cetus Labs -

03/08/2019 Ignite Technologies Synoptos -

03/08/2019 Daxko GroupEx PRO -

03/08/2019 Providence Equity Partners OpusCapita Solutions -

03/08/2019 Elemica EMNS -

03/07/2019 Okta Azuqua $52.5

03/07/2019 Royal Philips Carestream Health (certain assets) -

03/07/2019 Affle Holdings Shoffr -

03/07/2019 Cube Logic FERDEC -

03/07/2019 Mortgage Brain Criteria Hub -

03/07/2019 CRIF Inventia -

03/06/2019 Ceridian Clearview Logix (certain assets) -

03/06/2019 The Boeing Company ForeFlight -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

03/06/2019 Weld North Assessment Technology -

03/06/2019 Veritas Technologies Corporation APTARE -

03/06/2019 Advance Publications iParadigms -

03/05/2019 Tabula Rasa HealthCare Prescribe Wellness $150.0

03/05/2019 NTT Security WhiteHat Security -

03/05/2019 FleetCor Technologies Nvoicepay -

03/05/2019 VITEC Software Group Avoine -

03/05/2019 Ag Growth International IntelliFarms -

03/05/2019 Certify Chrome River Technologies -

03/05/2019 The Access Group Volcanic -

03/05/2019 DiscoverOrg NeverBounce -

03/04/2019 Juniper Networks Mist Systems $405.0

03/04/2019 ZOLL Medical Corporation Golden Hour Data Systems -

03/04/2019 Global Payments Sentral -

03/04/2019 Comcast BluVector -

03/04/2019 Nintex Group Pty EnableSoft -

03/04/2019 Certica Solutions K-12 Dynamics (certain assets) -

03/04/2019 CoSo Cloud eSyncTraining -

03/04/2019 World First Currency Technologies -

03/04/2019 i3 Verticals iGov Solutions -

03/02/2019 Reliance Industries C-Square Info Solutions $3.1

03/01/2019 Verizon Communications ProtectWise -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

03/01/2019 NTT Communications Transatel -

03/01/2019 Bankruptcy Management Solutions Credit Infonet -

03/01/2019 Vance Street Capital Measurand -

02/28/2019 ACI Worldwide Speedpay $750.0

02/28/2019 Informatica AllSight -

02/28/2019 MailChimp LemonStand eCommerce (certain assets) -

02/27/2019 Royal Dutch Shell Limejump -

02/27/2019 WalmartLabs Trilldata Technologies (certain assets) -

02/27/2019 WellSky Health Care Software -

02/27/2019 Agility Recovery Solutions Preparis -

02/27/2019 Compass.com Contactually -

02/27/2019 Formstack Bedrock Data -

02/27/2019 TA Associates Aptean -

02/26/2019 WiseTech Global Container Chain $65.6

02/26/2019 ServiceMax Zinc -

02/26/2019 Kohlberg Kravis Roberts & Co. Exact Software -

02/25/2019 Ideanomics SolidOpinion (certain assets) -

02/25/2019 Verisk Analytics SAP SE (certain assets) -

02/25/2019 Hexagon Thermopylae Sciences and Technology -

02/25/2019 Walmart Aspectiva -

02/25/2019 Thoma Bravo ConnectWise -

02/22/2019 Fullsteam Operations Euclid Technology -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

02/22/2019 Entrust Datacard nCipher Corporation -

02/21/2019 AMN Healthcare Services Silversheet -

02/21/2019 QlikTech Attunity $548.2

02/21/2019 Keywords Studios GetSocial -

02/21/2019 JFrog Shippable -

02/21/2019 Tamarac Schwab Performance Technologies (certain assets) -

02/21/2019 Hyphen Solutions HomeFront Software -

02/20/2019 GetSwift Delivery Biz Pro -

02/20/2019 GetSwift Web Software -

02/20/2019 DoubleVerify Zentrick -

02/20/2019 symplr API Healthcare -

02/20/2019 Causeway Technologies Donseed UK -

02/19/2019 Palo Alto Networks Demisto $560.0

02/19/2019 Alphabet Alooma -

02/19/2019 Kibo Software Certona -

02/19/2019 Quad Partners SchoolAdmin -

02/18/2019 CompuGroup Medical Qualizorg -

02/15/2019 Micro Focus International Interset -

02/15/2019 Apple PullString -

02/14/2019 Enghouse Systems ProOpti -

02/14/2019 Avetta BROWZ -

02/14/2019 Alpine Investors Cyfe -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

02/14/2019 Alpine Investors SERPs -

02/14/2019 Alpine Investors Reputation Loop -

02/14/2019 Alpine Investors Reputology Holdings -

02/14/2019 Alpine Investors Social Report -

02/14/2019 Aine Investors AuthorityLabs -

02/14/2019 Partner One Capital Assima -

02/13/2019 Brightcove Ooyala (certain assets) $15.5

02/12/2019 Thoma Bravo Ellie Mae $3,566.4

02/12/2019 Symantec Luminate Security -

02/12/2019 Qualys Adya (certain assets) -

02/12/2019 mTAB Slideworx -

02/12/2019 Logi Analytics Jinfonet Software -

02/12/2019 Celero Commerce RazorSync -

02/12/2019 Corcentric Netsend -

02/12/2019 Datadog Madumbo -

02/11/2019 SeaChange International Xstream A/S $5.5

02/11/2019 Corcentric Determine $34.2

02/11/2019 Morgan Stanley Private Equity Solium Capital $732.1

02/11/2019 K1 Investment Management Jobvite -

02/11/2019 SAI Global BWise -

02/11/2019 Jobvite Canvas Talent -

02/11/2019 Jobvite RolePoint -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

02/11/2019 Jobvite Talemetry -

02/11/2019 Critical Alert Systems Sphere 3 Consulting -

02/08/2019 Ecolab Lobster International -

02/08/2019 Facebook GrokStyle -

02/07/2019 Carbonite Webroot Software $618.5

02/07/2019 Tyler Technologies Civic -

02/07/2019 MRI Software CTM Software -

02/07/2019 EBSCO Information Services Stacks -

02/07/2019 Solera Holdings in4mo -

02/07/2019 WeWork Euclid -

02/07/2019 Kohlberg Kravis Roberts & Co. OneStream Software -

02/06/2019 New Relic SignifAI $37.0

02/06/2019 OTC Markets Group Qaravan -

02/06/2019 Spotify Anchor FM -

02/06/2019 HelpSystems SecureAuth (certain assets) -

02/06/2019 GPSTrackIt Fleet Trax -

02/06/2019 GPSTrackIt Tracking Solutions Corporation -

02/05/2019 Pegasystems Infruid Labs -

02/05/2019 JAMF Software ZuluDesk -

02/04/2019 Ribbon Communications Anova Data $18.5

02/04/2019 Kofax Limited Top Image Systems $22.2

02/04/2019 Hellman & Friedman-led private equity consortium Ultimate Software Group $10,867.3




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

02/04/2019 CBRE Group Romonet -

02/04/2019 Microsoft BrightBytes (certain assets) -

02/04/2019 SchoolMint Vericom Technologies (certain assets) -

02/04/2019 SchoolMint Vericom Technologies (certain assets) -

02/04/2019 QSR International Pty Planet Software Pty -

02/04/2019 ACL Services Relational Security Corporation -

02/01/2019 Tyler Technologies MicroPact $185.0

02/01/2019 Barracuda Networks Avast Software (certain assets) -

01/31/2019 I.D. Systems CarrierWeb Services (certain assets) $3.5

01/31/2019 OpenText Corporation Catalyst Repository Systems $75.0

01/31/2019 Iatric Systems Haystack Informatics -

01/31/2019 Augury Alluvium -

01/30/2019 Ruffalo Noel Levitz . Funderful SIA -

01/30/2019 XSEED Education Pte Report Bee Edusys -

01/29/2019 Propertybase BoldLeads.com -

01/29/2019 Prenetics SOMA Analytics -

01/29/2019 HgCapital Transporeon -

01/28/2019 BioTelemetry Geneva Healthcare $45.0

01/28/2019 Dropbox HelloSign $230.0

01/28/2019 The Carlyle Group SER Solutions International -

01/28/2019 salesforce.com Griddable.io -

01/25/2019 Morgan Stanley Private Equity Clarity Software Solutions -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

01/25/2019 Auction Mobility Paid Labs -

01/24/2019 Black Mountain Systems Mariana Systems -

01/24/2019 nextSource management nextSource -

01/23/2019 Cision TrendKite $225.0

01/23/2019 Avalara Compli -

01/23/2019 Adobe Allegorithmic -

01/22/2019 Insight Venture Partners Keyfactor $77.0

01/22/2019 Thunder Bridge Acquisition Repay Holdings $600.0

01/22/2019 Advent International Prisma Medios de Pago $724.2

01/22/2019 Bridgestone TomTom NV (certain assets) $1,033.9

01/22/2019 heidelpay UNIVERSUM Inkasso -

01/22/2019 Dynata Reimagine Holdings Group -

01/22/2019 SpotOn Transact Lifeyo.com -

01/22/2019 Adjust Unbotify -

01/18/2019 Verdane Capital Scanmarket A/S -

01/17/2019 Hexagon j5 International -

01/17/2019 Tendril Networks EEme -

01/17/2019 Arsenal Capital Partners Accumen -

01/17/2019 Enterprise Holdings Deem -

01/16/2019 vAuto iReconCars -

01/16/2019 GlobalTranz Enterprises Our Freight Guy -

01/16/2019 Urban Airship Accengage -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

01/16/2019 Integrate.com SR Solutions -

01/16/2019 Onapsis Virtual Forge -

01/16/2019 PerfectServe Telmediq Systems -

01/15/2019 iSolved HCM The Sage Group Plc (certain assets) $93.7

01/15/2019 Zix AppRiver $275.0

01/15/2019 Konica Minolta Business Solutions USA ThoughtTrace (certain assets) -

01/15/2019 Amazon Web Services TSO Logic -

01/15/2019 Drilling Info MineralSoft -

01/15/2019 KPA Compli -

01/15/2019 CM Group Liveclicker -

01/15/2019 CM Group Sailthru -

01/15/2019 ESW Capital SLI Systems -

01/15/2019 Houghton Mifflin Harcourt PV Waggle -

01/15/2019 Stefanini Consultoria e Assessoria em InformÃ¡tica SA Intelligenti -

01/14/2019 Ideagen Plc Scannell Solutions $4.5

01/14/2019 RingCentral Connect First -

01/14/2019 Check Point Software Technologies ForceNock Security -

01/14/2019 Salesforce.org roundCorner -

01/14/2019 Vista Equity Partners Management QuickBase -

01/13/2019 VTEX UniteU Technologies -

01/12/2019 Bose ZiipRoom -

01/11/2019 Nemetschek Group Axxerion Group $86.2




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

01/11/2019 Norvestor Equity AS Wellit AS -

01/10/2019 Planbox Imaginatik $1.9

01/10/2019 HealthStream Providigm $18.0

01/10/2019 Healthgrades Operating Company Influence Health -

01/10/2019 Luminate Capital Partners LiquidFrameworks -

01/09/2019 Adapt IT Holdings Wisenet Information Systems Pty $3.8

01/09/2019 Elavon CenPOS -

01/09/2019 ZOLL Medical Corporation Payor Logic -

01/09/2019 MRI Software Rental History Reports -

01/09/2019 Gladson ItemMaster -

01/09/2019 Nordic Capital BOARD International -

01/09/2019 OutMatch Wepow -

01/08/2019 The RTL Group Yospace Technologies $33.0

01/08/2019 Sony Interactive Entertainment Audiokinetic -

01/08/2019 Sophos Avid Secure -

01/08/2019 Paya First Billing Services -

01/08/2019 Sphera Solutions Petrotechnics -

01/08/2019 Vector-Solutions.com Callback Staffing Solutions -

01/08/2019 AppFolio Dynasty Marketplace -

01/08/2019 Smile SensioLabs -

01/08/2019 Alpina Partners ORSOFT -

01/07/2019 Akamai Technologies Janrain -




DATE BUYER SELLER

ENTERPRISE VALUE

(M)

01/07/2019 Radware Limited Kaalbi Technologies -

01/07/2019 Gladson EdgeAQ -

01/07/2019 DaySmart Software PupKeep -

01/07/2019 Rizing Synchrony Global -

01/04/2019 Spectrum Equity Management Payer Compass -

01/03/2019 Issuer Direct Corporation Onstream Media Corporation (certain assets) $2.8

01/03/2019 Cision Falcon.io $125.9

01/03/2019 Deltek Avitru -

01/03/2019 Nationwide Mutual Insurance E-Risk Services -

01/02/2019 Blackbaud YourCause $157.0

01/02/2019 Vector Capital Aspect Software -

01/02/2019 Proxibid Wavebid -

01/01/2019 Magnitude Software Z Option -




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Marketing Associate

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accuracy, completeness or fairness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to

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About Our Firm:

SEG provides unparalleled M&A advisory services for emerging and established software companies. By focusing

exclusively on this underserved market segment for over 25 years, we have the knowledge and experience to

quickly determine clients’ business value drivers, position them well among our deep network of industry buyers

and investors, and aggressively negotiate top-tier valuations. These skills together with our commitment to

excellence results in exceptional outcomes for our clients’ shareholders, employees, and customers.

Strategic M&A: Sell-side representation of emerging and established software companies.

Majority Recapitalizations: Majority investments from software-focused private equity investors that look to

provide shareholder liquidity and growth capital to established software companies.

Divestitures: Sell-side representation of divisions of public and large private software companies.

Board Advisory: Strategic guidance and advice to business owners preparing for a future liquidity event,

whether that be months or years down the road.

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