Software Sector Summary Report - GCA Altium...2 DEAL DASHBOARD Notes: Source: Capital IQ, PitchBook,...
Transcript of Software Sector Summary Report - GCA Altium...2 DEAL DASHBOARD Notes: Source: Capital IQ, PitchBook,...
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C O M P A N Y P R E S E N T A T I O NSoftware
Sector SummaryWeek of October 2, 2017
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DEAL DASHBOARD
Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 09/29/2017.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017.5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.
Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)
$Bn $Bn
Software
(61)%
9%
43%
36%
Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4)
Company Amount ($MM) Target Acquirer EV ($MM)
$270 $3,903
$250 $1,125
$70 $834
$45 $614
$35 $531
$35 $382
$32 $344
$26 $270
Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)
` Financing Activity by Quarter
$35.9 BillionFinancing Volume YTD (1)(2)
470Financing Transactions YTD (1)(2)
$29.1 BillionM&A Volume YTD (3)
76M&A Transactions YTD (3)
16%
30%
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17
SPX IGV
118103 111
127
94
123
156 160 154
Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
$6 $6
$9$10
$5 $6
$14$12
$11
Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
$24 $16
$6
$50
$41
$15 $12 $5
$12
Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
2429
14
2924
29 2621
29
Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
( )
( )
3.9x
3.1x
4.2x
3.6x 4.0x
4.6x
2.5x
4.7x
3.9x
5.3x
4.3x
3.7x
4.9x
2.5x 2.7x
2.2x
2.9x 2.9x
4.5x 4.1x
2.5x
0
1
2
3
4
5
6
2011 2012 2013 2014 2015 2016 2017
All Buyers Strategic Buyers PE Buyers
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GCA OVERVIEW
US Team
Steve FletcherManaging DirectorHead of Software
Jimmy OrozcoManaging [email protected]
Josh WepmanManaging Director
Software & Digital Media
The GCA Software Team
Clark CallanderManaging Director
Head of Investment [email protected]
Todd CarterCo-President & [email protected]
Executive Leadership Select Europe Team
*Sascha PfeifferCo-Head of European Technology & Media
*Adrian ReedManaging Director
*Stephen GeorgiadisManaging Director
*Raiko SteltenDirector
Select Asia Team
**Ryuichi KanemakiManaging [email protected]
**Tomohiko KubotaManaging Director
CEO of [email protected]
**Akikazu IdaCo-Head of Asian
Technology & [email protected]
Glen KrugerDirector
Mike JanovecVice President
Gautam GargVice President
Daniel AvrutskyManaging Director
Peter BangManaging DirectorFinancial ServicesFinancial [email protected]
Chris GoughManaging Director
Real Estate [email protected]
Sean MinnihanManaging Director
FinTechFinancial Software
Derek BellManaging DirectorBusiness [email protected]
JT HermanManaging Director
Industrial [email protected]
Arthur KirschManaging Director
Healthcare [email protected]
John LambrosManaging Director
Head of Digital [email protected]
Alex VitaleManaging Director
Auto [email protected]
*Phil AdamsCEO of GCA Altium
*Tobias SchultheissManaging Director
Sameer JindalManaging Director
Head of Indian [email protected]
Paul DiNardoManaging Director
*Adrian Reed, Phil Adams, Sascha Pfeiffer, Stephen Georgiadis and Tobias Schultheiss are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.*Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.**Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation.
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Index Performance
RECENT STOCK PERFORMANCE
Last 12 Months Last 3 Years
Notes:Source: Capital IQ. Market Data as of 09/29/2017.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV.
(35%)
(20%)
(5%)
10%
25%
40%
55%
70%
Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17
Sector 3 Months 1 Year 3 Years
Platform 4.9% 21.2% 43.6%
Security 7.9% 18.7% 37.5%
Infrastructure 11.8% 21.3% 26.7%
BI & Analytics 10.3% 21.1% 6.4%
Vertical 5.2% 15.9% 47.6%
SaaS / On Demand 9.2% 28.8% 65.9%
(15%)
(10%)
(5%)
0%
5%
10%
15%
20%
25%
30%
35%
Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17
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Valuation and Operational Metrics
TRADING COMPARABLES
Notes:Source: Capital IQ. Market Data as of 09/29/2017.Figures represent mean values of respective comp groups.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV.
EV / 2017E Revenue EV / 2017E EBITDA
2017E / 2016A Revenue Growth 2017E EBITDA Margin
6.5x
5.6x 5.5x 5.3x
4.3x 4.1x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
SaaS Vertical Infrastructure Platform Security BI & Analytics
Median: 5.4x
37.2x
29.4x 29.3x 29.0x27.8x
14.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
SaaS Security Vertical BI & Analytics Infrastructure Platform
Median: 29.1x
25.0% 22.4%
17.8% 15.5% 15.3%
12.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
SaaS Infrastructure BI & Analytics Security Vertical Platform
Median: 16.7%
37.1%
24.6% 22.9%
21.2%
16.9% 14.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Platform Infrastructure Vertical Security SaaS BI & Analytics
Median: 22.0%
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Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 09/29/2017.
($MM, Except Per Share Data)
Stock Trading Statistics Operating Metrics
Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E
Platform
Microsoft Corporation $74.49 $573,740 ($40,403) $533,337 6.2x 5.3x 4.9x 19.2x 13.7x 12.7x 35.1x 22.6x 22.1x (2.7%) 16.8% 7.8% 32.4% 38.9% 39.1%
Oracle Corporation $48.35 201,788 (13,606) 188,182 5.1 4.8 4.7 12.9 10.5 9.8 23.1 16.8 15.7 (0.6%) 4.7% 3.8% 39.2% 46.1% 47.4%
International Business Machines Corporation $145.08 135,206 33,379 168,585 2.1 2.2 2.2 9.1 9.2 9.0 11.7 10.5 10.5 (2.2%) (2.5%) (0.1%) 23.2% 23.6% 24.2%
SAP SE $109.44 131,212 1,897 133,109 5.7 4.7 4.4 20.9 13.5 13.0 34.1 22.2 20.2 3.1% 21.0% 6.6% 27.4% 35.0% 34.1%
Adobe Systems Incorporated $149.18 73,537 (3,479) 70,058 12.0 9.7 8.1 38.4 23.0 19.0 64.3 35.4 28.7 22.1% 23.8% 19.7% 31.1% 42.0% 42.6%
Mean 6.2x 5.3x 4.9x 20.1x 14.0x 12.7x 33.7x 21.5x 19.4x 3.9% 12.8% 7.5% 30.7% 37.1% 37.5%
Median 5.7 4.8 4.7 19.2 13.5 12.7 34.1 22.2 20.2 (0.6%) 16.8% 6.6% 31.1% 38.9% 39.1%
Infastructure
VMware, Inc. $109.19 $44,636 ($6,485) $38,151 5.4x 4.9x 4.5x 20.6x 12.8x 12.5x 39.3x 21.5x 19.8x 6.7% 10.4% 18.2% 26.1% 38.2% 36.5%
ServiceNow, Inc. $117.53 20,064 (552) 19,512 14.0 10.2 7.8 NM 46.6 31.8 NM NM 66.0 38.3% 37.2% 30.4% NM 21.9% 24.6%
Red Hat, Inc. $110.86 19,673 (903) 18,771 8.1 6.8 5.9 47.1 25.1 21.3 84.6 42.0 35.4 17.9% 18.8% 15.7% 17.1% 27.1% 27.6%
Micro Focus International plc $32.00 13,924 1,411 15,335 11.3 6.1 3.6 29.3 15.1 9.3 43.0 17.6 15.6 9.3% 85.5% 67.9% 38.7% 40.5% 39.3%
CA, Inc. $33.38 14,062 (44) 14,018 3.5 3.4 3.3 10.9 9.2 8.6 17.8 14.0 13.3 (0.1%) 3.0% 2.5% 31.8% 36.8% 38.1%
Citrix Systems, Inc. $76.82 11,639 41 11,680 3.4 4.1 4.0 11.4 12.4 11.7 22.5 16.6 15.3 4.4% (17.5%) 3.9% 30.0% 33.4% 34.0%
Splunk Inc. $66.43 9,300 (1,003) 8,297 8.7 6.8 5.4 NM 59.5 41.0 NM NM 81.6 42.1% 28.0% 25.5% NM 11.5% 13.3%
Atlassian Corporation Plc $35.15 7,988 (550) 7,438 14.0 10.3 7.9 NM 40.8 29.3 NM 96.9 68.1 37.2% 35.6% 31.0% NM 25.3% 26.9%
F5 Networks, Inc. $120.56 7,661 (1,014) 6,647 3.3 3.2 3.0 10.9 8.0 7.4 21.8 14.5 13.4 3.9% 4.1% 4.9% 30.2% 39.5% 40.8%
LogMeIn, Inc. $110.05 5,803 (285) 5,517 5.5 5.5 4.7 NM 15.3 12.4 NM 27.2 22.7 23.7% 5.6% 15.2% 12.2% 35.6% 38.1%
Nutanix, Inc. $22.39 3,469 (349) 3,120 5.2 3.2 2.3 NM NM NM NM NM NM 83.4% 60.1% 38.8% NM NM NM
Pure Storage, Inc. $15.99 3,382 (523) 2,859 3.9 2.8 2.2 NM NM 32.8 NM NM NM 65.3% 38.5% 30.6% NM 1.6% 6.6%
NetScout Systems, Inc. $32.35 2,897 (100) 2,796 2.5 2.4 2.3 14.6 10.2 8.1 NM 18.5 13.7 43.1% 1.5% 8.3% 17.0% 24.0% 27.9%
Commvault Systems, Inc. $60.80 2,767 (481) 2,286 3.6 3.3 3.0 NM 24.2 18.5 NM 54.9 43.0 8.6% 8.8% 9.9% 2.6% 13.6% 16.3%
New Relic, Inc. $49.80 2,715 (227) 2,488 10.3 7.7 6.0 NM NM 77.1 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8%
MuleSoft, Inc. $20.14 2,597 (256) 2,341 12.5 8.4 6.2 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM
Progress Software Corporation $38.17 1,843 (68) 1,775 4.4 4.5 4.4 16.3 10.6 10.5 NM 20.7 20.4 7.4% (2.2%) 1.1% 26.9% 42.3% 42.0%
Appian Corporation $28.46 1,711 (78) 1,633 12.3 10.0 8.6 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM
A10 Networks, Inc. $7.56 535 (132) 403 1.8 1.7 1.6 NM 99.3 38.3 NM NM NM 15.6% 2.7% 7.9% NM 1.7% 4.1%
Mean 7.0x 5.5x 4.6x 20.1x 27.8x 23.2x 38.2x 31.3x 32.9x 28.7% 22.4% 20.5% 23.3% 24.6% 26.5%
Median 5.4 4.9 4.4 15.4 15.2 15.5 30.9 20.7 20.4 19.5% 18.8% 16.8% 26.5% 26.2% 27.8%
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Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 09/29/2017.
($MM, Except Per Share Data)
Stock Trading Statistics Operating Metrics
Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E
Security
Symantec Corporation $32.81 $20,163 $3,888 $24,051 6.4x 4.8x 4.5x 27.0x 10.8x 9.4x NM 21.2x 16.1x 4.2% 32.6% 7.9% 23.6% 44.6% 47.5%
Check Point Software Technologies Ltd. $114.02 18,636 (1,599) 17,037 9.8 9.1 8.5 19.7 16.4 15.3 27.3 22.0 20.1 6.8% 7.5% 7.0% 49.7% 55.6% 55.5%
Palo Alto Networks, Inc. $144.10 13,234 (850) 12,384 7.9 6.4 5.3 NM 26.6 20.4 NM 48.2 38.9 36.3% 24.4% 20.7% NM 23.9% 25.8%
Splunk Inc. $66.43 9,300 (1,003) 8,297 8.7 6.8 5.4 NM 59.5 41.0 NM NM 81.6 42.1% 28.0% 25.5% NM 11.5% 13.3%
Trend Micro Incorporated $49.20 6,764 (1,190) 5,574 4.9 4.3 4.0 14.3 12.8 11.5 32.1 30.8 27.3 9.3% 15.2% 7.4% 34.5% 33.4% 34.7%
Fortinet, Inc. $35.84 6,302 (1,207) 5,095 4.0 3.4 3.0 53.2 16.9 13.7 NM 37.6 31.4 26.4% 16.9% 14.6% 7.5% 20.3% 21.8%
Proofpoint, Inc. $87.22 3,875 (52) 3,823 10.2 7.6 5.9 NM 63.6 42.0 NM NM 86.8 41.5% 34.4% 28.6% NM 11.9% 14.0%
FireEye, Inc. $16.77 3,055 (110) 2,945 4.1 4.0 3.7 NM 37.0 33.7 NM NM NM 14.6% 3.9% 8.3% NM 10.7% 10.9%
Qualys, Inc. $51.80 1,944 (279) 1,665 8.4 7.3 6.3 34.8 22.1 18.9 NM 57.5 50.2 20.5% 15.0% 16.0% 24.2% 33.1% 33.3%
Mimecast Limited $28.42 1,616 (98) 1,518 8.9 6.5 5.2 NM 74.3 48.9 NM NM NM 26.1% 36.8% 24.2% NM 8.7% 10.7%
Imperva, Inc. $43.40 1,468 (320) 1,148 4.3 3.6 3.0 NM 28.1 20.4 NM 53.9 46.4 12.9% 21.5% 18.2% NM 12.7% 14.8%
CyberArk Software Ltd. $41.00 1,424 (261) 1,164 5.4 4.6 3.8 27.4 21.5 16.8 52.6 39.4 31.3 34.7% 17.5% 20.1% 19.6% 21.2% 22.7%
Barracuda Networks, Inc. $24.23 1,283 (203) 1,080 3.1 2.9 2.7 31.0 16.2 13.0 NM 33.0 28.6 12.5% 7.0% 7.7% 10.0% 17.9% 20.8%
SecureWorks Corp. $12.35 1,001 (98) 903 2.1 1.9 1.8 NM NM NM NM NM NM 26.5% 8.2% 9.9% NM NM 0.0%
F-Secure Oyj $5.05 791 (92) 699 4.2 3.4 3.1 29.3 34.5 20.5 47.8 52.6 37.0 4.2% 21.8% 10.3% 14.3% 10.0% 15.2%
Rapid7, Inc. $17.60 766 (84) 682 4.3 3.5 2.9 NM NM NM NM NM NM 42.4% 25.1% 20.6% NM NM NM
VASCO Data Security International, Inc. $12.05 481 (156) 324 1.7 1.7 1.6 20.0 22.5 16.1 45.3 38.9 30.9 (20.4%) (2.5%) 9.1% 8.4% 7.7% 9.8%
MobileIron, Inc. $3.70 348 (89) 259 1.6 1.4 1.3 NM NM NM NM NM NM 9.8% 9.8% 11.1% NM NM NM
Zix Corporation $4.89 270 (30) 241 4.0 3.6 3.3 20.2 13.0 11.3 45.1 17.5 14.8 9.9% 10.4% 10.4% 19.8% 27.9% 28.9%
Absolute Software Corporation $6.20 245 (33) 212 2.4 2.3 2.1 19.0 24.8 17.5 NM NM 63.5 (4.2%) 6.0% 8.9% 12.6% 9.1% 11.8%
iPass Inc. $0.66 44 (10) 34 0.5 0.6 0.5 NM NM NM NM NM NM 1.1% (13.8%) 17.3% NM NM NM
Mean 5.1x 4.3x 3.7x 26.9x 29.4x 21.8x 41.7x 37.7x 40.3x 17.0% 15.5% 14.5% 20.4% 21.2% 21.8%
Median 4.3 3.6 3.3 27.0 22.5 17.5 45.2 38.2 31.4 12.9% 15.2% 11.1% 19.6% 17.9% 18.0%
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Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 09/29/2017.
($MM, Except Per Share Data)
Stock Trading Statistics Operating Metrics
Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E
SaaS
Salesforce.com, inc. $93.42 $67,141 ($919) $66,222 7.9x 6.4x 5.3x NM 29.5x 23.8x NM 71.0x 54.9x 25.9% 23.9% 19.8% 6.0% 21.6% 22.4%
Workday, Inc. $105.39 21,921 (1,549) 20,372 13.0 9.7 7.7 NM 63.8 45.3 NM NM 96.8 35.0% 34.0% 25.6% NM 15.2% 17.0%
ServiceNow, Inc. $117.53 20,064 (552) 19,512 14.0 10.2 7.8 NM 46.6 31.8 NM NM 66.0 38.3% 37.2% 30.4% NM 21.9% 24.6%
Shopify Inc. $116.49 11,537 (932) 10,605 27.2 16.3 11.4 NM NM NM NM NM NM 89.7% 67.1% 43.4% NM 1.8% 4.9%
Veeva Systems Inc. $56.41 7,932 (725) 7,208 13.2 10.7 9.0 59.2 32.9 27.2 NM 65.1 55.9 32.9% 23.8% 19.5% 22.4% 32.6% 32.9%
LogMeIn, Inc. $110.05 5,803 (285) 5,517 5.5 5.5 4.7 NM 15.3 12.4 NM 27.2 22.7 23.7% 5.6% 15.2% 12.2% 35.6% 38.1%
The Ultimate Software Group, Inc. $189.60 5,655 (101) 5,554 7.1 5.9 4.9 82.2 26.3 20.8 NM 53.7 43.3 26.4% 19.8% 20.0% 8.7% 22.6% 23.8%
Aspen Technology, Inc. $62.81 4,591 38 4,629 9.8 9.5 9.2 21.0 19.7 18.9 36.4 27.4 29.9 1.7% 3.0% 3.8% 46.7% 48.3% 48.3%
Paycom Software, Inc. $74.96 4,466 (33) 4,432 13.5 10.3 8.2 65.2 35.7 28.1 NM 65.2 52.2 46.5% 31.1% 24.9% 20.7% 28.7% 29.2%
Blackbaud, Inc. $87.80 4,123 370 4,493 6.1 5.7 5.2 36.0 23.4 21.4 99.8 41.1 37.0 14.6% 7.6% 8.9% 17.1% 24.4% 24.5%
j2 Global, Inc. $73.88 3,571 912 4,483 5.1 3.9 3.6 12.1 9.4 8.4 23.6 12.8 11.7 21.3% 30.6% 7.6% 42.3% 41.9% 43.4%
RealPage, Inc. $39.90 3,298 71 3,369 5.9 5.0 4.2 41.4 NA NA NM 42.9 33.5 21.3% 18.2% 20.1% 14.3% NA NA
RingCentral, Inc. $41.75 3,199 (167) 3,032 8.0 6.2 5.0 NM 97.6 65.8 NM NM NM 28.2% 29.7% 22.2% NM 6.3% 7.7%
HubSpot, Inc. $84.05 3,112 (203) 2,909 10.7 7.9 6.3 NM NM 92.6 NM NM NM 48.9% 35.6% 25.9% NM 4.9% 6.8%
Zendesk, Inc. $29.11 2,926 (240) 2,685 8.6 6.3 4.9 NM NM 96.7 NM NM NM 49.4% 35.5% 29.5% NM 3.1% 5.1%
2U, Inc. $56.04 2,913 (22) 2,891 14.0 10.2 7.4 NM NM NM NM NM NM 37.1% 38.1% 37.2% NM 3.7% 5.4%
Okta, Inc. $28.21 2,696 (213) 2,483 15.5 10.1 7.5 NM NM NM NM NM NM 86.6% 52.7% 35.3% NM NM NM
MuleSoft, Inc. $20.14 2,597 (256) 2,341 12.5 8.4 6.2 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM
Box, Inc. $19.32 2,584 (82) 2,502 6.3 4.9 4.0 NM NM NM NM NM NM 31.7% 26.8% 23.3% NM NM 3.9%
New Relic, Inc. $49.80 2,715 (227) 2,488 10.3 7.7 6.0 NM NM 77.1 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8%
Paylocity Holding Corporation $48.82 2,526 (103) 2,423 9.2 7.3 6.0 NM 37.7 30.3 NM 67.4 55.4 40.8% 25.7% 22.3% 2.7% 19.4% 19.7%
Cornerstone OnDemand, Inc. $40.61 2,338 (67) 2,272 5.4 4.7 4.1 NM 35.3 25.0 NM NM 55.0 24.6% 13.7% 15.6% NM 13.4% 16.3%
Cloudera, Inc. $16.62 2,315 (395) 1,920 7.4 5.4 4.2 NM NM NM NM NM NM 57.2% 37.4% 26.3% NM NM NM
Qualys, Inc. $51.80 1,944 (279) 1,665 8.4 7.3 6.3 34.8 22.1 18.9 NM 57.5 50.2 20.5% 15.0% 16.0% 24.2% 33.1% 33.3%
Appian Corporation $28.46 1,711 (78) 1,633 12.3 10.0 8.6 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM
Coupa Software Incorporated $31.15 1,670 (208) 1,461 10.9 8.2 6.6 NM NM NM NM NM NM 59.9% 33.4% 25.0% NM NM NM
Callidus Software Inc. $24.65 1,667 (172) 1,495 7.2 6.1 5.1 NM 48.0 33.6 NM 75.9 53.7 19.4% 19.4% 19.1% NM 12.6% 15.1%
Mimecast Limited $28.42 1,616 (98) 1,518 8.9 6.5 5.2 NM 74.3 48.9 NM NM NM 26.1% 36.8% 24.2% NM 8.7% 10.7%
Five9, Inc. $23.90 1,317 (11) 1,306 8.1 6.7 5.7 NM NM 67.6 NM NM NM 25.8% 20.2% 17.6% 1.1% 6.5% 8.4%
Yext, Inc. $13.28 1,198 (127) 1,071 8.6 6.3 4.8 NM NM NM NM NM NM 38.5% 36.8% 32.6% NM NM NM
Alteryx, Inc. $20.37 1,196 (153) 1,043 12.2 8.3 6.1 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM
Benefitfocus, Inc. $33.65 1,049 53 1,102 4.7 4.3 3.8 NM 68.5 40.4 NM NM NM 26.0% 9.8% 25.7% NM 6.3% 9.3%
SPS Commerce, Inc. $56.71 977 (159) 818 4.2 3.7 3.2 43.4 25.5 20.8 NM 64.7 53.9 21.9% 14.3% 14.5% 9.8% 14.5% 15.6%
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99
Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 09/29/2017.
($MM, Except Per Share Data)
Stock Trading Statistics Operating Metrics
Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E
SaaS (Cont'd)
Instructure, Inc. $33.15 $974 ($26) $948 8.6x 6.2x 4.7x NM NM NM NM NM NM 51.5% 39.6% 80.4% NM NM NM
Workiva Inc. $20.85 872 (53) 820 4.6 4.0 3.5 NM NM NM NM NM NM 23.0% 15.6% 31.5% NM NM NM
LivePerson, Inc. $13.55 798 (54) 744 3.3 3.5 3.2 83.2 36.6 29.9 NM NM 95.8 (6.8%) (3.5%) 3.6% 4.0% 9.4% 10.8%
Apptio, Inc. $18.47 738 (124) 614 3.8 3.4 2.9 NM NM NM NM NM NM 24.2% 15.2% 31.0% NM NM 2.2%
Carbonite, Inc. $22.00 612 (16) 595 2.9 2.4 2.2 42.1 12.5 9.8 NM 28.8 21.8 51.5% 17.7% 29.6% 6.8% 19.5% 22.5%
Castlight Health, Inc. $4.30 566 (90) 476 4.7 3.6 2.8 NM NM NM NM NM NM 35.0% 31.1% 66.8% NM NM NM
Bazaarvoice, Inc. $4.95 417 (58) 360 1.8 1.8 1.7 NM 17.9 13.7 NM 99.0 37.1 2.2% 1.5% 6.7% NM 9.8% 12.2%
ChannelAdvisor Corporation $11.50 304 (57) 247 2.2 2.0 1.8 NM 38.8 25.9 NM NM NM 12.5% 9.3% 21.6% NM 5.1% 6.9%
Brightcove Inc. $7.20 247 (28) 220 1.5 1.4 1.3 NM NM 35.4 NM NM NM 11.6% 1.8% 8.3% NM NM 3.8%
Park City Group, Inc. $12.15 236 (9) 227 13.9 10.4 7.9 67.2 NA 22.3 NM 63.9 32.0 21.6% NA 76.3% 20.6% NA 35.3%
Amber Road, Inc. $7.68 209 12 221 3.0 2.8 2.5 NM NM 77.0 NM NM NM 9.0% 10.2% 22.9% NM NM 3.2%
Marin Software Incorporated $1.75 69 (29) 40 0.4 NA NA NM NA NA NM NA NA (8.0%) NA NA NM NA NA
Mean 8.5x 6.5x 5.3x 49.0x 37.2x 36.9x 53.3x 54.0x 47.9x 32.1% 25.0% 26.0% 16.2% 16.9% 17.3%
Median 8.1 6.2 5.1 42.7 34.1 28.1 36.4 60.7 51.2 26.1% 23.9% 23.8% 13.3% 14.0% 15.1%
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1010
Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 09/29/2017.
($MM, Except Per Share Data)
Stock Trading Statistics Operating Metrics
Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E
Business Intelligence & Analytics
Splunk Inc. $66.43 $9,300 ($1,003) $8,297 8.7x 6.8x 5.4x NM 59.5x 41.0x NM NM 81.6x 42.1% 30.5% 60.7% NM 11.5% 13.3%
Tableau Software, Inc. $74.89 5,923 (993) 4,931 6.0 5.6 5.1 NM 71.9 57.6 NM NM NM 26.5% 9.4% 16.4% NM 7.8% 8.9%
Teradata Corporation $33.79 4,423 (532) 3,891 1.7 1.8 1.9 10.2 10.8 10.7 35.6 27.2 26.2 (8.2%) (6.9%) (9.9%) 16.4% 17.1% 17.3%
Fair Isaac Corporation $140.50 4,304 481 4,785 5.3 5.1 4.7 23.1 19.8 17.5 35.5 27.7 23.5 6.1% 5.6% 11.8% 23.0% 25.6% 27.2%
Verint Systems Inc. $41.85 2,667 395 3,062 2.9 2.7 2.5 31.4 11.9 10.6 NM 15.2 13.6 (6.0%) 6.9% 13.7% 9.2% 22.6% 23.9%
Cloudera, Inc. $16.62 2,235 (395) 1,840 7.1 5.1 4.1 NM NM NM NM NM NM 57.2% NA 73.5% NM NM NM
MicroStrategy Incorporated $127.71 1,462 (632) 830 1.6 1.6 1.6 7.2 9.6 12.8 16.2 27.1 32.3 (3.3%) (1.9%) 0.2% 22.6% 17.2% 12.7%
Alteryx, Inc. $20.37 1,196 (153) 1,043 12.2 8.3 6.1 NM NM NM NM NM NM 59.4% NA 98.9% NM NM NM
Hortonworks, Inc. $16.95 1,137 (72) 1,066 5.8 4.3 3.4 NM NM 68.0 NM NM NM 51.3% 37.1% 70.8% NM NM 5.0%
Gridsum Holding Inc. $10.30 316 (16) 300 5.2 3.2 2.0 NM NM 7.8 NM NM 15.9 59.4% 65.1% 157.7% NM 2.7% 26.0%
Datawatch Corporation $11.55 141 (29) 111 3.5 3.0 NA NM NM NA NM NM NA 4.4% 16.8% NA NM NM NA
Attunity Ltd. $6.71 114 (10) 104 1.9 1.7 1.4 NM 19.2 16.4 NM NM 26.8 13.1% 15.7% 33.2% NM 8.8% 8.8%
Mean 5.2x 4.1x 3.5x 18.0x 29.0x 26.9x 29.1x 24.3x 31.4x 25.2% 17.8% 47.9% 17.8% 14.2% 15.9%
Median 5.3 3.8 3.4 16.7 19.2 16.4 35.5 27.1 26.2 19.8% 12.5% 33.2% 19.5% 14.3% 13.3%
Vertical
Cerner Corporation $71.32 $23,648 ($94) $23,555 5.0x 4.5x 4.2x 17.9x 13.8x 12.5x 38.6x 28.5x 25.7x 8.2% 8.5% 19.8% 27.9% 32.9% 33.4%
Constellation Software Inc. $544.64 11,542 (70) 11,472 5.4 4.7 4.2 28.2 18.1 15.8 55.8 24.8 21.3 15.6% 13.7% 29.4% 19.2% 26.2% 26.4%
Veeva Systems Inc. $56.41 7,932 (725) 7,208 13.2 10.7 9.0 59.2 32.9 27.2 NM 65.1 55.9 32.9% 24.8% 47.9% 22.4% 32.6% 32.9%
SS&C Technologies Holdings, Inc. $40.15 8,248 2,209 10,457 7.1 6.2 5.9 20.3 15.2 13.8 62.7 20.7 18.4 48.1% 10.8% 19.6% 34.7% 40.8% 42.9%
Guidewire Software, Inc. $77.86 5,840 (573) 5,267 11.7 9.6 8.0 NM 48.3 35.5 NM 89.7 68.0 13.6% 23.6% 46.8% 4.3% 19.9% 22.5%
athenahealth, Inc. $124.36 4,966 209 5,174 4.8 4.2 3.7 48.3 19.4 16.5 NM 65.0 50.6 17.1% 11.6% 28.5% 9.9% 21.7% 22.5%
Medidata Solutions, Inc. $78.06 4,567 (96) 4,470 9.6 8.1 6.8 68.2 32.8 26.5 NM 60.7 51.5 18.1% 19.5% 41.1% 14.1% 24.6% 25.8%
Blackbaud, Inc. $87.80 4,123 370 4,493 6.1 5.7 5.2 36.0 23.4 21.4 99.8 41.1 37.0 14.6% 7.7% 17.1% 17.1% 24.4% 24.5%
CoreLogic, Inc. $46.22 3,897 1,552 5,449 2.8 2.9 2.8 13.0 11.7 10.9 37.6 19.9 17.9 27.8% (4.0%) (1.7%) 21.5% 25.1% 26.1%
RealPage, Inc. $39.90 3,298 71 3,369 5.9 5.0 4.2 41.4 NA NA NM 42.9 33.5 21.3% 18.2% 42.0% 14.3% NA NA
Ellie Mae, Inc. $82.13 2,824 (334) 2,490 6.9 6.2 5.1 34.0 21.1 16.4 71.4 55.3 45.1 41.9% 14.2% 34.5% 20.3% 29.2% 31.4%
Allscripts Healthcare Solutions, Inc. $14.23 2,570 1,264 3,834 2.5 2.1 1.8 25.2 10.4 9.2 NM 23.1 19.1 11.8% 15.5% 34.9% 9.8% 20.7% 19.9%
Inovalon Holdings, Inc. $17.05 2,486 (280) 2,206 5.2 4.9 4.5 29.7 20.1 17.6 95.0 54.0 45.7 (2.2%) 5.8% 15.0% 17.3% 24.3% 25.4%
AppFolio, Inc. $47.95 1,626 (32) 1,594 15.1 11.4 9.0 NM 67.3 51.2 NM NM NM 40.8% 33.1% 67.0% NM 17.0% 17.7%
Instructure, Inc. $33.15 974 (26) 948 8.6 6.2 4.7 NM NM NM NM NM NM 51.5% 39.6% 80.4% NM NM NM
Silver Spring Networks, Inc. $16.17 873 (118) 755 2.4 2.5 2.3 NM 64.2 20.6 NM NM 59.1 (36.5%) 3.6% 7.5% NM 3.8% 11.0%
HealthStream, Inc. $23.37 745 (116) 630 2.8 2.5 2.3 29.9 17.3 14.7 NM NM 80.6 8.1% 8.4% 19.6% 9.3% 14.7% 15.8%
Castlight Health, Inc. $4.30 566 (90) 476 4.7 3.6 2.8 NM NM NM NM NM NM 35.0% 31.1% 66.8% NM NM NM
Exa Corporation $24.18 365 (17) 348 4.8 4.5 4.1 77.9 53.1 35.8 NM NM NM 10.9% 4.6% 17.6% 6.2% 8.6% 11.4%
Mean 6.6x 5.6x 4.8x 37.8x 29.3x 21.6x 65.8x 45.5x 42.0x 19.9% 15.3% 33.4% 16.6% 22.9% 24.4%
Median 5.4 4.9 4.2 32.0 20.6 17.1 62.7 42.9 45.1 17.1% 13.7% 29.4% 17.1% 24.4% 25.0%
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1111Notes:
Source: Capital IQ as of 09/29/2017. Consensus Estimates used for CY2018E figures.
Estimates for MRIN are not available.
Ente
rpri
se V
alu
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CY
20
18
E R
eve
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CY 2018E Revenue Growth % + CY 2018E FCF Margin %
Valuation Correlation to Growth & Free Cash FlowValuation Correlation to Growth
Ente
rpri
se V
alu
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CY
20
18
E R
eve
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CY2018E Revenue Growth
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW
AZPN
BV
BLKB
BOX
CALD
CARB
CSLT
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CSOD
FIVN
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MIME
NEWR
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RP
RNG
CRM
NOW
SHOP
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AMBR
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WK
ZEN
WDAY
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BNFT
TWOU
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MULE AYX
YEXT
OKTA
APTI
CLDRLOGM
APPNPCYG
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
0% 10% 20% 30% 40% 50%
R = 0.54
AZPN
BV
BLKB
BOX
CALD
CARB
CSLT
ECOM
CSOD
FIVNHUBS
INST
LPSN
MIME
NEWR
PAYC
PCTY QLYS
RP
CRM
NOW
SHOP
SPSC
ULTI
VEEV
WDAY
WK
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BNFT
AMBR
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BCOV
COUP
APTI
MULE
LOGM
AYX
OKTA
YEXTCLDR
APPN
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
0% 10% 20% 30% 40% 50% 60%
R = 0.69
![Page 12: Software Sector Summary Report - GCA Altium...2 DEAL DASHBOARD Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 09/29/2017. 1) Criteria based on](https://reader034.fdocuments.in/reader034/viewer/2022042909/5f3dc4eeb55e723fcf47f03d/html5/thumbnails/12.jpg)
1212
Select Software M&A Transactions
RECENT ACQUISITIONS
Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
9/28/17 Application Software $382 5.3x 4.7x 258.2x 42.9xProvides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and
gas sectors globally
9/27/17 Application Software $180 4.0x NA NA NA Provides marketing cross-channel attribution SaaS that enables media and video ad performance analytics and optimization
9/26/17 Application Software $807 NA NA NA NA Provides online and mobile commerce logistics software for shipping companies globally
9/26/17 Application Software $392 NA NA NA NA Provides marketing automation and behavior prediction analytics SaaS for the automotive dealership industry
9/25/17 (VelocityEHS and BOLT
Solutions assets)
Application Software $354 NA NA NA NAThe VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance
and incident management software and SaaS for HR professionals
9/25/17 Application Software $195 NA 4.9x NA NA Provides Web-based wealth management SaaS for financial markets
9/20/17 Security $225 6.4x NA NA NA Provides authentication, single sign-on and user identity management SaaS for enterprises
9/6/17 Application Software $475 NA NA NA NAProvides e-commerce and order management software and services for retailers and businesses. Also provides web hosting,
design and integration services
9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the United States
9/5/17 Application Software $713 2.7x NA 13.3x NA Provides manufacturing plant project management and design software for businesses in the industrial industries
8/31/17 Application Software $128 NA NA NA NA Provides sales acceleration and lead management SaaS for the mortgage, insurance, technology and education industries
8/30/17 Application Software $175 5.1x 4.0x NA NAProvides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that
enables consumers to purchase gift cards
8/28/17 Application Software $105 0.7x 1.0x NM 19.9xProvides marketing automation SaaS and digital marketing services to businesses in the consumer products, retail,
automotive, financial services, healthcare, telecommunications, marketing and entertainment industries
8/22/17 Application Software $118 0.8x NA 15.5x NAProvides business intelligence document and knowledge management, and GIS SaaS, hosting and software development
services for businesses in Scandinavia and Baltic nations
8/21/17 Application Software $323 9.6x NA 20.8x NA Provides insurance and reinsurance software solutions( )
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1313
Select Software M&A Transactions
RECENT ACQUISITIONS
Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and
management services for businesses
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses
6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
payment terminals
5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
Also provides Windows PowerShell interactive development environment (IDE) software
5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for
businesses
5/26/17
Asure Software Inc. iSystems LLC
Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
( )
( )
( )
( )
( )
8/15/17 Application Software $107 8.5x NA NA NA Provides load tracking and management SaaS for the shipping and freight sector in the US
8/3/17DigiCert Inc. [Thoma
Bravo]
Symantec Corporation
(Website Security
business assets)
Application Software $950 NA 2.4x NA NAThe Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and
consumers globally
8/3/17 Global Payments Inc.
Active Network Inc.
[fka The Active
Network] [Vista
Application Software $1,207 NA NA NA NAThe communities and sports divisions of Active Network, which provides administration, membership, donations and event
management SaaS for non-profit organizations
8/2/17 RealPage On-Site Manager Inc. (assets)Application Software $250 NA 5.0x NA NAProvides property management software featuring document management, electronic signatures, website development,
background screening, legal contract management, payment processing and cloud computing
8/1/17 Navient [fka Sallie Mae]Duncan Solutions Inc. Application Software $80 1.5x NA NA NAProvides customer service automation, billing, citation management, asset recovery, and transportation database systems
and outsourced services for municipalities and toll authorities
7/27/17 Verisk Analytics Inc. G2 Web Services LLC Security $112 NA NA NA NA Provides merchant risk intelligence software for the investment and financial industries
7/26/17 Open Text Guidance Software Information Management $245 2.3x 2.1x NM 20.6xProvides e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer
for businesses and law enforcement agencies globally
7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and
management services for businesses
( )
( )
( )
( )
( )(Communities & Sports Divisions)
( ) (Website Security Business Assets)
( )
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1414
Select Software M&A Transactions
RECENT ACQUISITIONS
Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and
management services for businesses
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses
6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
payment terminals
5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
Also provides Windows PowerShell interactive development environment (IDE) software
5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for
businesses
5/26/17
Asure Software Inc. iSystems LLC
Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
( )
( )
( )
( )
( )
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses
6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
payment terminals
5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
Also provides Windows PowerShell interactive development environment (IDE) software
5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for
businesses
5/26/17
Asure Software Inc. iSystems LLC
Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
5/9/17 Information Management $96 5.6x NA 16.5x NAProvides customer address verification software as a service (SaaS) to e-commerce companies and other businesses. Also
provides verification SaaS for other customer data such as phone numbers and email addresses
5/3/17 Infrastructure Management $490 6.1x 5.2x 14.0x NA Provides software, Web application and API code review, testing and quality assurance (QA) software for businesses
5/1/17 Enterprise Networking $610 24.4x 15.3x NA NAProvides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic WAN and network
infrastructures that connect them to their facilities, users and applications
5/1/17 Information Management $344 1.7x 1.7x 69.1x 15.1xProvides social media-based team collaboration and social media monitoring and marketing software as a service (SaaS) for
businesses
4/28/17Marlin Equity
PartnersTangoe Mobility $270 NA 1.1x NA 10.3x
Provides telecom expense management, network provisioning, M2M and mobile device management software and SaaS for
businesses. Also provides related business process outsourcing (BPO) services
4/25/17 Security $230 2.3x 1.8x 23.0x NAOffers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and authenticate end
users across account lifecycles
4/25/17 Application Software $75 1.9x NA NA NA
Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also provides features for
data processing and aggregation, data warehouse automation, and the reporting and analysis of CRM, sales and supply chain
analytics
4/12/17 Application Software $120 NA NA NA NAProvides channel data management SaaS for the consumer electronics sector globally. Software enables companies to
intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility
( )
( )
( )
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1515
Select Software M&A Transactions
RECENT ACQUISITIONS
Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and
management services for businesses
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses
6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
payment terminals
5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
Also provides Windows PowerShell interactive development environment (IDE) software
5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for
businesses
5/26/17
Asure Software Inc. iSystems LLC
Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
( )
( )
( )
( )
( )
4/4/17 Application Software $80 0.7x NA NA NA
Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-based
communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance
plans
4/3/17 Application Software $50 NA NA NA NAProvides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides features for the
digital management, awarding, reporting and stewardship of academic awards for students
4/3/17 Application Software $73 4.8x NA NA NA Provides mathematical data analysis and modeling software to engineering and scientific research markets
4/3/17 Infrastructure Management $92 0.5x NA NA NA Provides trading software, collaborative data management and EDI software for the securities trading sector
4/3/17 Application Software $400 NA NA NA NAExperian's cross-channel marketing business, which provides marketing automation and email advertising SaaS and
outsourced BPO services for businesses and ad agencies worldwide
3/30/17 Security $366 NA NA NA NA
Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and BlackBerry smart
phone anti-virus and anti-malware software for businesses and consumers globally. Also provides mobile call blocking and
device optimization software
3/29/17 Infrastructure Management $200 6.3x 4.4x NA NAProvides Web and mobile application testing software for enterprises. Features include website performance testing and
management, application load testing, and performance analytics
3/21/17 Application Software $270 NA NA NA NAProvides water resource and environmental management and simulation software to the utilities industry globally. Stantec
obtained ownership of Innovyze through the 2016 acquisition of MWH Global
3/20/17 Application Software $205 7.3x NA NA NAProvides investment portfolio business intelligence (BI) software for the investment and finance sector globally. Software
provides features for data management, portfolio performance analytics, risk management and reporting
3/7/17 Security $614 5.6x NA NA NA Provides automated application penetration and network vulnerability testing SaaS for enterprise software developers
3/7/17 Application Software $317 5.3x NA NA NAProvides on-premise and cloud-based accounting and performance management software and SaaS, including budgeting,
planning, reporting and analytics, for businesses
2/28/17 Security $105 10.5x NA NA NAProvides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or targeted
attacks, insider threats and malware that have circumvented traditional security controls
2/27/17 Application Software $290 8.1x NA 29.0x NAThe multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting, forecasting and
revenue cycle management software for multi-family real estate sectors
2/23/17 Enterprise Networking $325 5.4x NA NA NAProvides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address
management SaaS for enterprises
2/23/17 Application Software $175 2.4x 2.3x 27.5x 20.3xProvides Web-based SaaS for the automation and management of performance appraisals, feedback, compensation
management, succession planning, job descriptions, learning management and recruiting for corporate HR departments
(Multi-Family Housing Business)
(Tongfang InvestmentFund Series SPC)
(Bei jing Feiliu Jiutian Technology Co.)
(Cross -channel Marketing Division)
( )
( )
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1616
Select Software M&A Transactions
RECENT ACQUISITIONS
Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators
1/25/17 Application Software $1,400 NA NA NA NA
Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical
companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide
electronic authorization
1/24/17 Infrastructure Management $3,903 18.9x NA NM NA
Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and
troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics
reporting software
1/20/17 Hosted Services $84 NA NA NA NAProvides domain name registration and related services to corporate and consumer website owners. Related services include
web hosting and an auction service for website domain name resellers
1/19/17 Application Software $800 4.6x NA NA NAProvides project and portfolio management SaaS and related systems integration services for enterprises. Software includes
features for plan design, agile project portfolio management and cost analysis and control
1/17/17 Storage $650 6.5x NA NA NA
Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature
virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that
can be replicated to secondary datacenters
1/9/17 Information Management $425 NA NA NA NAProvides social collaboration online software for enterprise employees and consumers. Software allows employees and
consumers to create "boards" where members collaborate to complete tasks for a project
1/4/17 Application Software $134 19.1x 7.0x NA NAProvides health benefits management SaaS for businesses. Software provides features for financial management, customized
health benefit plans, and data and analytics reporting
12/23/16 Application Software $53 NA NA NA NAProvides cloud-based global import and export trade reference software and an online database of analysis content, cargo
details and related company profiles for businesses at www.datamyne.com
12/20/16 Application Software $67 NA NA NA NA Provides client reporting software and services for the investment and financial services sectors globally
12/20/16 Security $560 NA NA NA NAProvides digital rights management SaaS for businesses and content producers, as well as an online digital music and video
content recognition database for consumers and the entertainment sector
12/19/16 Application Software $160 3.9x NA NA NA
Provides insurance policy administration and management software as a service (SaaS) and on-premise for property and
casualty insurance companies. Features include claims management, billing and document management. Also provides
related services
12/19/16 Mobility $67 NA NA NA NADesigns and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other
embedded display manufacturers
All Software
Median 4.6x 2.4x 21.9x 18.9x
Mean 5.5x 3.8x 26.9x 32.9x
PE Acquirers
Median 4.0x 2.4x 27.5x 15.1x
Mean 3.9x 2.9x 36.9x 15.2x
( )
( )
( )
2/15/17 Application Software $102 1.3x NA NA NAProvides insurance policy and pharmacy claims processing software and SaaS for the insurance and pharmaceutical sector.
Also provides colocation, disaster recovery, managed hosting and systems integration services
2/14/17 Application Software $59 1.9x 1.6x NM 10.7x Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector globally
2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1x 29.6x 17.5xProvides network management and operational support system (OSS) software and related managed services for telecom
service provides globally
2/8/17 Sophos Invincea Security $120 12.2x NA NA NAProvides endpoint security software for small businesses and enterprises in the healthcare, financial services and
government industries
2/2/17 Hexagon ABMSC Software
CorporationApplication Software $834 3.6x NA NA NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses
2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles
1/31/17 Storage $67 1.7x NA 43.4x NAProvides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for use in disaster
recovery for businesses
1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators
1/25/17 Application Software $1,400 NA NA NA NA
Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical
companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide
electronic authorization
1/24/17 Infrastructure Management $3,903 18.9x NA NM NA
Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and
troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics
reporting software
1/20/17 Hosted Services $84 NA NA NA NAProvides domain name registration and related services to corporate and consumer website owners. Related services include
web hosting and an auction service for website domain name resellers
1/19/17 Application Software $800 4.6x NA NA NAProvides project and portfolio management SaaS and related systems integration services for enterprises. Software includes
features for plan design, agile project portfolio management and cost analysis and control
1/17/17 Storage $650 6.5x NA NA NA
Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature
virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that
can be replicated to secondary datacenters
All Software
Median 4.6x 2.4x 23.0x 18.7x
Mean 5.2x 3.7x 45.6x 32.8x
PE Acquirers
Median 5.5x 2.4x 27.5x 15.1x
Mean 4.3x 2.9x 36.9x 15.2x
( )
( )
( )
( )
( )
All Software
Median 4.6x 2.7x 23.0x 19.9x
Mean 5.2x 3.8x 44.6x 33.9x
PE Acquirers
Median 5.5x 2.4x 27.5x 15.1x
Mean 4.3x 2.9x 36.9x 15.2x
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1717
RECENT PRIVATE FINANCINGS
Notes:Source: Pitchbook. Reflects deal activity through 9/28/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
9/28/17 Feidee $200 Developer of a mobile application for personal finance Kohlberg Kravis Roberts
9/28/17 Stockpile $30Provider of a stock market investment platform designed to make it simple for young and
first-time investors to save and invest for their future Eight Roads Ventures, Hanna Ventures, Wang Ventures, Arbor Ventures, Mayfield Fund
9/27/17 Kyriba $45Provider of a cloud-based treasury and cash management software designed to help in
supply chain finance and risk management operations
Sumeru Equity Partners, Bpifrance, Daher Capital, HSBC Innovation Investments, Iris Capital
Management
9/27/17 Logtrust $35Provider of a big data analytics platform designed to provide a complete and unified view
of business operations
Atlantic Bridge Capital, Insight Venture Partners, Kibo Ventures Partners, Investing Profit
Wisely
9/26/17 Drift $32Developer of a conversation-driven marketing and sales platform designed to
automatically turn website traffic into qualified sales meetings HubSpot, Sequoia Capital, Charles River Ventures, General Catalyst Partners
9/25/17 Ritual $44 Provider of a mobile application for local lunch and coffee ordering Insight Venture Partners, Mistral Venture Partners
9/22/17 Apttus $55 Provider of a cloud-based software designed to offer quote-to-cash automation services Premji Invest, ICONIQ Capital, K1 Capital, Salesforce Ventures
9/22/17 Prosper $50 Developer of a marketplace lending platform designed to facilitate peer to peer lending FinEX Asia, LPG Capital
9/22/17 Tempus Health $70Developer of a healthcare data analytics platform designed to enable personalized cancer
care New Enterprise Associates, Revolution Group
9/21/17 10x Banking $44Developer of a digital banking platform designed to modernize the process of back office in
the banking sector Oliver Wyman, Ping An Insurance Group Company of China
9/21/17 Activehours $39Developer of a mobile application designed to give people access to their pay any time
they want Andreessen Horowitz, March Capital Partners, Matrix Partners, Ribbit Capital
9/21/17 Bastille Networks $27Provider of internet security services designed to offer threat detection through software-
defined radio Ballentine Partners, Comcast, Keel Funds, Spinnaker VC Direct, Bessemer Venture Partners
9/20/17 Digital Shadows $26 Provider of cyber-monitoring services designed to improve cyber situational awareness Industry Ventures, Octopus Ventures, WiL (World Innovation Lab), Passion Capital
9/20/17 Miss Fresh (Mobile App) $230Developer of a food delivery application intended to offer fresh food to customers across
China Genesis Capital, Jeneration Capital, Tiger Global Management
9/20/17 mParticle $35Provider of a customer data platform designed to integrate and orchestrate the entire
growth stack Expanding Capital, Harmony Partners, Bain Capital Ventures, Social Capital
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1818
RECENT PRIVATE FINANCINGS
Notes:Source: Pitchbook. Reflects deal activity through 9/28/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
9/20/17 System1 $270Developer of SaaS-based digital marketing and pre-targeting platform designed for
identifying and unlocking consumer intent Court Square Capital Partners
9/19/17 98point6 $20Provider of a healthcare platform intended to receive private, chat-based consultation
from board-certified physicians NA
9/19/17 Aqua Security $25Developer of scalable security control for virtual containers intended to offer full visibility
and control over containerized environments Lightspeed Venture Partners, Microsoft Ventures, Shlomo Kramer, TLV Partners
9/19/17 GoCardless $23Provider of an online-payment platform intended to turn payments into a competitive
advantage Accel, Balderton Capital, Notion Capital, Passion Capital
9/19/17 MealPal $20Provider of a lunchtime meal subscription service intended to provide delicious and
affordable lunch every day
Menlo Ventures, Bessemer Venture Partners, Comcast Ventures, Haystack Partners, NextView
Ventures
9/19/17 Minio $20Provider of an open source distributed object storage software intended to address the
demands of unstructured data growth
Dell Technologies Capital, Intel Capital, Steve Singh, AME Cloud Ventures, General Catalyst
Partners, Nexus Venture Partners
9/19/17 Threat Stack $45Developer of a SaaS-based intrusion detection platform designed to provide insights about
enterprise cloud environments
Eight Roads Ventures, F-Prime Capital Partners, .406 Ventures, Accomplice VC, Scale Venture
Partners
9/18/17 Slack $250 Provider of a team collaboration and communication platform SoftBank Group, Accel
9/18/17 TigerGraph $31Developer of a real-time graph database platform designed to power real-time deep link
analytics for enterprises
Ant Financial, Baidu Capital, Qiming Venture Partners, Yunqi Partners, AME Cloud Ventures,
Danhua Capital, Data Collective, Farzad Nazem, Morado Venture Partners
9/15/17 HighRadius $50
Developer of a cloud-based integrated receivables software designed to automate
manually-intensive tasks, streamline communication and allow standardization of
processes to drive best practices into receivables organizations
Susquehanna Growth Equity
9/14/17 Call9 $24Developer of a telemedicine platform designed to connect on-site multi-disciplinary
clinical care specialists to remote physicians
Redmile Group, Western Technology Investment, Index Ventures (UK), Refactor Capital, Y
Combinator
9/14/17 Eaze $40 Developer of an on-demand healthcare application
Bailey Capital (Tech Investor), FJ Labs, Great Oaks Venture Capital, Kaya Ventures, Phyto
Partners, QueensBridge Venture Partners, Rose Capital Partners, Winklevoss Capital
Management, DCM Ventures, Fresh VC
9/14/17 Fauna $25Developer of an adaptive operational database platform designed to scale digital business
without compromising productivity or agility
Afore Capital, Costanoa Venture Capital, GV, Point72 Ventures, Vista Venture Partners, Charles
River Ventures, Data Collective, Quest Venture Partners, Ulu Ventures, Webb Investment
Network
9/14/17 KeyMe $25Developer of a mobile application designed to scan, save and share a digital copy of key
and order copies shipped to door
7-Eleven, Isomer Capital, RiverPark Funds, Battery Ventures, Benefit Street Partners, Comcast
Ventures, QuestMark Partners, Ravin Gandhi, The Michael Polsky Family Office, White Star
Capital
9/14/17 Securonix $29Provider of a SaaS based big data security analytics platform designed to transform security
management with risk intelligence Eight Roads Ventures, Volition Capital
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1919
RECENT PRIVATE FINANCINGS($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
9/13/17 Braavo Capital $70Operator of a capital-as-a-service platform created to break the traditional funding cycle
for mobile entrepreneurs by providing on-demand access to capital TiE Silicon Valley
9/13/17 Gametime United $28 Developer of a mobile sports ticketing application Evolution Media (New York), GV, Palapa Ventures, Accel, Casey Wasserman, Jeff Mallett,
StartX
9/13/17 Heptio $25 Provider of an open source platform designed to make Kubernetes accessible to enterprises Lightspeed Venture Partners, Accel, Madrona Venture Group
9/12/17 Neyber $149Provider of an employee lending platform intended to provide fair rates and cut credit
costs
Goldman Sachs Alternative Investments & Manager Selection Group, Wadhawan Holdings,
Gaël de Boissard, Henry Ritchotte
9/12/17 SendinBlue $36 Developer of a SaaS-based digital marketing suite Partech Ventures
9/11/17 ManoMano $71Operator of an online marketplace for DIY and gardening products intended to connect
people directly to home improvement and gardening merchants General Atlantic, Bpifrance, Partech Ventures, Piton Capital
9/11/17 TNG FinTech Group $115 Operator of digital wallets created to improve the lives of the unbanked people Infinity Group, New margin capital, Nogle
9/11/17 Typeform $35Provider of a cloud-based SaaS web application designed to offer social, engaging and
conversational online forms General Atlantic, Connect Ventures, Index Ventures (UK), Point Nine Capital
9/8/17 NS1 $23Provider of a traffic management platform intended to offer unparalleled control over
traffic and infrastructure
GGV Capital, Salesforce Ventures, Deutsche Telekom Capital Partners, Flybridge Capital
Partners, Sigma Prime Ventures, Telstra Ventures, Two Sigma Ventures
9/7/17 Leia $60 Provider of an interactive holographic technology NA
9/7/17 Linxo $24 Provider of an intelligent financial assistant that provides an overview of personal finances MAIF, Credit Agricole, Crédit Mutuel Arkéa
9/7/17 Pineapple Payments $35 Operator of a payment processing technology company Providence Equity Partners
9/6/17 Absorb LMS $59Provider of a web-based learning management system intended to reduce the effort
required to manage workplace learning and development Silversmith Capital Partners
9/6/17 Aras $40Developer of product lifecycle management (PLM) software designed to effectively manage
the business of engineering GE Ventures, Silver Lake Management
9/6/17 Dataiku $28Developer of a cloud-based collaborative data science platform designed to explore,
prototype, build and deliver data products efficiently Battery Ventures, Alven Capital Partners, FirstMark Capital, Serena Capital
Notes:Source: Pitchbook. Reflects deal activity through 9/28/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
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2020
RECENT PRIVATE FINANCINGS($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
9/6/17 Snowflake $105 Developer of a SaaS-based cloud data warehousing platform Capital One Growth Ventures, ICONIQ Capital, Madrona Venture Group, Altimeter Capital
Management, Redpoint Ventures, Sutter Hill Ventures, Wing Venture Partners
9/6/17 Talkspace $31 Operator of an online therapy platform intended to offer therapy for all Qumra Capital, Compound VC, Firstime Venture Capital, Norwest Venture Partners, SoftBank
Capital, Spark Capital
9/6/17 Turo $92 Provider of an online car-rental marketplace designed to rent a car from local car owners Daimler, Founders Circle Capital, Liberty Mutual Strategic Ventures, SK Group, August Capital,
Canaan Partners, GV, Kleiner Perkins Caufield & Byers, Shasta Ventures, Trinity Ventures
9/6/17 Zipwhip $23Developer of a software platform intended to allow businesses to send and receive text
messages via landlines Cowles Company, OpenView Venture Partners, Microsoft Ventures, Voyager Capital
9/5/17 ForgeRock $88Provider of a digital identity platform designed to transform organizational identity and
access management Kohlberg Kravis Roberts, Accel, Foundation Capital, Meritech Capital Partners
9/5/17 Gather Technologies $55Developer of a cloud-and mobile-based event management software designed to manage
and simplify the event booking process Vista Equity Partners
9/5/17 Maoyan $150 Operator or an online platform designed to sell movie tickets online Beijing Enlight Media
9/5/17 MapR $56 Provider of a converged data platform designed to offer real-time database capabilities Lightspeed Venture Partners
9/4/17 Cubic Motion $26 Developer of facial animation software NorthEdge Capital
9/4/17 Via (Carpooling) $250 Operator of an on-demand transit company designed to provide car pooling services Daimler, 83North, Ervington Investments
8/31/17 Qadium $40Developer of a global Internet-sensing platform designed to create and organize
knowledge about the world's devices IVP, TPG Growth, Founders Fund, New Enterprise Associates, Susa Ventures
8/31/17 SuperAwesome $21Developer of a digital marketing platform designed to meet data-privacy requirements of
the global kids industry Mayfair Equity Partners
8/31/17 VideoAmp $21Developer of an integrated TV operating system designed to optimize ad buys across TV
and digital platforms
MediaOcean, Anthem Venture Partners, GoAhead Ventures, RTL Group, Simon Equity
Partners, Startup Capital Ventures, Wavemaker Partners
8/30/17 ALICE $26Developer of an integrated guest management platform designed to improve the way
hotels deliver service Expedia
8/30/17 Shuidi $24Provider of a healthcare crowdfunding platform designed to reduce the financial burden of
those inflicted with injury or disease
BlueRun Ventures, Sinovation Ventures, Tongcheng Foundation, Banyan Capital, IDG Capital,
Meituan-Dianping, Tencent
Notes:Source: Pitchbook. Reflects deal activity through 9/28/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
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2121
RECENT PRIVATE FINANCINGS($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
8/29/17 Gigster $20Provider of an on demand smart software development service designed to outsource full-
stack application development to building next-gen tech projects for big companies
Adam D'Angelo, Marc Benioff, Michael Jordan, Redpoint Ventures, Andreessen Horowitz,
Sound Ventures, Y Combinator
8/29/17 Truveris $25Operator of a health information technology platform designed to offer prescription
benefit plans and payers of claims
McKesson Ventures, Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners,
New Atlantic Ventures
8/29/17 VuLog $20 Provider of a mobile carsharing platform intended to reshape the future of shared mobility Frog Capital, Inven Capital, Bpifrance, ETF Partners
8/28/17 Anonyome Labs $20Developer of cyber security software created to control and protect personal and private
informationHanna Ventures, Ken Eldred, Todd Davis, Greg Clark, John Mumford
8/28/17 CureFit $25Developer of a fitness based online platform created to address preventive healthcare
techniquesAccel, IDG Ventures India, Kalaari Capital, RNT Associates
8/28/17 Fangsiling $45Developer of a rent installment payment platform designed to simplify housing rental for
young professionals in ChinaMingdaojinkong, 9C Capital, 9fbank.com, Phoenix Finance, Will Hunting Capital
8/24/17 Descartes Labs $30Developer of an image analysis technology platform designed to offer useful satellite
imagery
Acequia Capital, Cargill, Correlation Ventures, Live Nation Entertainment, March Capital
Partners, The Chernin Group, Universal Music Group, Wildcat Capital Management, WME
Capital, Crosslink Capital, Cultivian Sandbox Ventures
8/22/17 Databricks $140 Developer of an unified analytics platform designed to make big data simpleA Capital Partners, Battery Ventures, Geodesic Capital, Green Bay Ventures, The Future Fund,
Andreessen Horowitz, New Enterprise Associates
8/22/17 Skytap $45 Provider of a public cloud designed to modernize traditional enterprise applicationsGoldman Sachs Private Capital Investing Group, Bezos Expeditions, Ignition Venture Partners,
Insight Venture Partners, Madrona Venture Group, OpenView Venture Partners
8/22/17 Stride Health $24Provider of an insurance recommendation platform designed to offer health insurance
servicesPortag3 Ventures, F-Prime Capital Partners, New Enterprise Associates, Venrock
8/22/17 Tulip Retail $40Developer of a mobile application platform designed to enable next generation retail
workers with mobile-first, cloud-first enterprise softwareKleiner Perkins Caufield & Byers, Jump Capital
8/21/17 Alkami Technology $73 Provider of electronic banking services to the financial services industry i2E, Wild Basin Investments, S3 Ventures
8/21/17 Redis Labs $44Provider of an in-memory database for applications and services designed for
transactional, analytics and hybrid deploymentsThe Goldman Sachs Group, Bain Capital Ventures, Carmel Ventures, Dell Technologies Capital
8/18/17 Huochebang $56Provider of an online truck logistics platform created to connect cargo shippers with truck
drivers in ChinaAll-Stars Investment
8/17/17 Brighter $26 Provider of a dental network for self-paying patients DAG Ventures, General Catalyst Partners, Benchmark Capital, Mayfield Fund, Tenaya Capital
Notes:Source: Pitchbook. Reflects deal activity through 9/28/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
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2222
Recent Software IPO Registrations
SOFTWARE CAPITAL MARKETS UPDATE
Notes:Source: Capital IQ, Pitchbook and Company filings.Offering amounts $20MM or greater. (1) LTM as of 06/30/2017 for Altair and 07/31/2017 for mongoDB.(2) Reflects revenue growth from CY2015 to CY2016 for Altair and CY2016 to CY2017 for mongoDB.(3) Reflects LTM Non-GAAP EBIT. Calculated as EBIT plus stock-based compensation. LTM as of 06/30/2017.(4) Reflects last financing > $25MM.(5) Does not include grant funding.
($MM)
LTM Last Financing
Revenue (1) Rev Growth (2) EBIT (3)EBIT
MarginDate (4)
Amount
Raised
Post Money
Valuation
Application Software 29-Sep-17 $150 $319 6.5% $18 5.6% 5-Oct-04 $30 NA $30
Database Software 21-Sep-17 $100 $124 55.3% NM NM 9-Jan-15 $80 $1,600 $312
IssuerFunding
TD (5)Primary Industry
Initial Filing
Date
Initial Offering
Amount
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2323
Recent Software IPO Pricings
SOFTWARE CAPITAL MARKETS UPDATE
Notes:Source: Capital IQ and Company filings.Market Data as of 09/29/2017.(1) First Trading Day listed as Offer Date.
( $M M )
Offer Date (1) Market Cap
@ IPO Date
Amount
Raised Pre IPO Filing Range Offer Price
% Change
Offer /
Midpoint Price
% Change
1st Trading Day /
Offer Price
% Change Current /
Offer Price
25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 137.2%
28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 10.8%
13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 20.7%
7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 65.9%
24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 45.5%
17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 18.5%
Name
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2424
195
155
(5)
(4)
(6)(9) (6)
(7)
(8)
(9)
(4)
(7)
(11)
(8)(11)
(9)
(6)
(10)
(12)
(8)
6
11
717
1617
11
9
6
150
160
170
180
190
200
210 PE Acquisitions Strategic Acquisitions IPO
Notes:Sources: Capital IQ, company filings.Market Data as of 09/29/2017.
A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues
2008 2009 2010 2011 20152012 2013 2014 2016
FortinetCDC Software
LogMeInMedidata
SolarWindsRosetta Stone SciQuest
RealPageIntraLinksEnvestnet
Qlik BroadSoft
Higher One Convio
SPS CommerceSS&C
QuinStreet
JiveImperva
CarboniteTangoe
ResponsysCornerstone
Epocrates
WorkdayFleetmatics
QualysEloquaE2open
ServiceNowExa
IncadeaInfloblox
ProofpointSplunk
ExactTargetDemandwareBazaarvoiceGreenway
AVGGuidewire
MavenirBarracudaWix.comCovisint
RingCentralFireEyeCvent
Gigamon Textura
ChannelAdvisorMarketoTableauHalogen
RallyMarin
Model N
WorkivaHortonworks
New RelicHubSpotCyberArk
MobileIronKinaxis
ZendeskPaycom
OPOWERFive9
2UBorderfree
Amber RoadA10 Networks
PaylocityVaronis Systems
AtlassianMimecast
InstructureRapid7Sophos
AppFolioAlarm.Com
XactlyShopifyApigee
Box
TwilioSecureWorks
TalendEverbridge
Apptio Gridsum Holding
NutanixCoupa
BlackLine, Inc.
2017
MulesoftAlteryx
OktaYext
ClouderaAppian
2009 2010 2011 2012 2013 2014 2015 2016 2017
IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 6
Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 8
PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 4
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2525
0
200
400
600
800
1,000
$0
$2
$4
$6
$8
$10
$12
$14
Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017
Nu
mb
er o
f In
vest
men
ts
$B
n
Quarter - Year
Number of Deals Investment Amount
TMT Transactions Since Q2 2002
VENTURE CAPITAL INDUSTRY
Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and
Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.
(1)
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2626
Deep Software Sector Expertise
GCA OVERVIEW
We Advised the Buyer
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Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.
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Investment byStrategic Advisory Services
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