The Industry Software Revolution
Transcript of The Industry Software Revolution
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THE CLOUD’S UNSUNG HERO
Industry-specific cloud software companies don’t get as much attention as their horizontal brethren like Salesforce or Workday. Why? It’s been assumed that the markets they serve are simply too small and sleepy. We think that’s misguided.
While companies like Guidewire, athenahealth, DealerTrack, Veeva, Demandware, and RealPage don’t get much fanfare in the press, they are solving real problems in each of their industries. And they have quietly grown to become multi-billion-dollar publicly-traded companies.
This is just the beginning. We’re convinced that many more industries—from banking to mining to agriculture—will be transformed by ditching their legacy vendors and migrating to the cloud.
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AN INDUSTRY SOFTWARE REVOLUTIONWe think there are a few important drivers that make the opportunity to build industry-specific software larger than ever before:
A Changing Philosophy Among BuyersThe executives in charge of purchase decisions are a new generation of technology-savvy buyers. They understand that technology is a critical source of competitive advantage. This dynamic can fuel an industry arms race in which all compa-nies in an industry are forced to adopt software as it quickly moves from a “nice to have” to “table stakes.”
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Winner-Takes-Most DynamicsThis creates a unique opportunity for those that do succeed. Industry insiders talk to each other. They attend the same conferences and run in the same circles. When it comes to software, they typically buy what their peers buy. This creates a virtuous cycle of adoption—resulting in “winner takes most” market share for leaders. And once established as the “gold standard”, the door is open for leaders to cross-sell additional applications.
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Cloud/Mobile CapabilitiesCloud and mobile have made software more useful than ever before. Software is now used in the field via mobile devices, in a collaborative web environment, in conjunction with other web services, in a consumer-like user experience, and in a way that doesn’t require a dedicated IT support staff. This has dramatically increased the number and types of customers that can be served by industry software.
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Replace Sleepy IncumbentsThe most common and most successful playbook to date. While a handful of publicly-traded industry-specific companies that are native to the cloud have emerged, it is still early days. Hundreds of industries are still held captive by terrible software or have been neglected altogether and so are ripe for innovation.
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Help Customers Find New Ways to GrowCloud software can not only help a business run more effi-ciently, it can also bring a business closer to its customers. Companies like OpenTable drive revenue with features for its end consumers. This was never possible with installed soft-ware.
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Focus on the Mobile UserEnterprise software historically catered only to people at their desks. But today’s mobile apps can make a field worker’s day far more productive, freeing up hours that would otherwise be spent physically filling out forms and pushing paperwork. This slows down everything from real estate (broker updates of listings) to hotels (housekeeping) to transportation (repair logs) to restaurants (food inspections) to local governments (work orders to fix potholes). Data entry and workflow challenges are just the tip of the iceberg—virtually every aspect of enterprise activity in the field will be reimagined thanks to mobile devices.
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PLAYBOOKS THAT EXCITE USWe don’t always get it right, but we’ve been fortunate to learn from many of the best teams in the industry and have picked up quite a bit from them over the years. Here are a few ways we think founders can build big businesses within specific industries:
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PLAYBOOKS THAT EXCITE US (Cont.)
Build a PlatformWhen most people think of software, they imagine a stand-alone product. But cloud connectivity and APIs allow industry cloud software companies to become platforms with an ecosystem of applications around them. We love the plat-form model because it drives long-term customer lock-in. If your customers rely on you to act as the hub for other criti-cal applications, it becomes extremely difficult for any new competitors to replace you.
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Attack the SMB MarketNot long ago, small businesses were off-limits. It was simply too expensive to hire sales teams to reach them. It was just as problematic to get software up and running. The world is very different today, thanks to the Internet. The key to making this playbook work is to build software with the simplicity of a consumer product.
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Tap into Data at Cloud ScaleCustomer data used to be siloed in a company's data center. The cloud now makes it possible to aggregate data and draw insights for a company’s customers. Data enables software to do unprecedented things like benchmarking, predictive analytics, and connecting suppliers and buyers between organizations.
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PLAYBOOKS THAT EXCITE US (Cont.)
Look to Emerging Hardware PlatformsWe are in the midst of a hardware revolution. And software is powering it. New hardware platforms will prompt an era of profound opportunity to harness the power of software for industry. Some of the emerging platforms we are excited about include wearables, robots, drones, sensors, and satel-lites. These devices are becoming increasingly inexpensive, powerful, connected, and ubiquitous. We expect to see a new generation of software built to take advantage of these devices with industry-specific applications.
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Transform an Entire IndustryOccasionally, technology is so revolutionary that it can trans-form the way an entire industry works. This is perhaps the most compelling opportunity—an industry-focused startup that uses its software to reshape an industry rather than just selling tools to existing industry incumbents.
Uber is perhaps the best example of this. Uber didn’t build a software application to connect livery companies with pas-sengers. Instead, it used technology to fundamentally change how we book cars. Amazon is using technology to reimagine retail. Airbnb is using software to transform the hospitality sector. And LendingClub is reinventing how the financial markets connect borrowers with capital. These companies don’t feel like technology businesses or application vendors—instead, they are using technology to fundamen-tally reshape the way a good or service is delivered.
A company that reimagines an industry is the most difficult type of company to build. But because it captures much more of the value chain, it also tends to have the biggest upside. Building a company that will see the world differently seems like a lofty goal, but it’s been proven possible. And we think it is inevitable that visionary founders will continue to transform the way we consume industries like financial services, healthcare, education, and real estate.
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Bankingcontinues to be controlled by core vendors like FIS, Fiserv, and Jack Henry, which use their footprint in core transac-tional systems to cross-sell mediocre point solutions. As a new generation of executives drives purchasing decisions, we expect to see best-of-breed cloud entrants give the core vendors a run for their money.
Governmentis responsible for more IT spending than any other industry but is dominated by dinosaurs like Tyler Technologies, Con-stellation, Infor, and SunGard – all of whom are focused on cash flow and not innovation.
Asset-heavy industrieslike oil and gas, mining, agriculture, manufacturing, and industrials have historically lacked innovative software startups altogether. This will change. Many of the trends we have discussed – including mobility and hardware platforms – are particularly well-suited for these markets.
INDUSTRIES RIPE FOR INNOVATIONWe are far more excited to have founders tell us about industry software opportunities than being prescriptive about where the opportunities lie. With that said, here are a few broad industries that we think are ripe for innovation:
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INDUSTRIES RIPE FOR INNOVATION (Cont.)
Healthcareis a trillion dollar plus industry that continues to be largely operated with paper, fax, and the phone. Large electronic medical record companies like Epic and McKesson built out their systems in the 1970s and 1980s, and we see opportuni-ties for newer cloud competitors to gain share.
Real Estatehas been dominated by a handful of full-suite solutions like RealPage, Yardi, and MRI. Innovative best-of-breed point solutions are taking share from these players and technology-oriented service providers are aiming to trans-form the brokerage industry.
Manufacturingrepresents one of the largest sectors in the economy and drove the growth of software behemoths like SAP, Infor, JDA, and others. This industry has been slow to migrate to the cloud and we expect to see a wave of new cloud innovators take share from the incumbents.
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INDUSTRIES RIPE FOR INNOVATION (Cont.)
Legalis dominated by powerhouses like Thomson Reuters and Lexis Nexis. As large practices see increased pressure to cut costs, we expect a new generation of players to challenge the old guard. And as small practices move away from paper and pencil, new technology will emerge.
Local Servicesare all about SMBs, who have historically lacked access to software. With the cloud making it easy to sell software to SMBs, we're seeing a wave of solutions emerge for local restaurants, yoga studios, home services providers, hotels, and retailers.
Educationis seeing a wave of innovators take share from the likes of Blackboard (software), Apollo (for-profit university), and Pearson (publishing). New delivery models are filling the void left in higher education and the “skills gap” arenas. Cloud-based software solutions are taking share from Blackboard. And new content platforms are transforming the way that education content is delivered.
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CommunicationFinancial ServicesHospitality & Leisure
Real EstateLocal ServicesLegal
EducationConstruction
RetailHealthcare
BVP'S INDUSTRY CLOUD PORTFOLIOCurrent Companies
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acq. by Cox IPO acq. by Towers Watson
IPO acq. by Genstar IPO
IPO acq. by Nielsen acq. by Cisco
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aS p
rovi
der
12/5
/11
eMet
erSi
emen
s2
00
7.1x
N.A
.
Ener
gy d
ata
man
agem
ent
soft
war
e
11/3
0/11
Mag
ma
Des
ign
Au
tom
atio
nSy
no
psy
s5
07
3.5x
50.8
x
Sem
ico
nd
uct
or
EDA
so
ftw
are
pro
vid
er
10/2
1/11
Alg
ori
thm
ics,
Inc.
IBM
38
0
2.
3x
34
.9x
En
terp
rise
ris
k m
anag
emen
t so
luti
on
s fo
r fi
nan
cial
inst
itu
tio
ns.
9/6/
11R
igh
t H
emis
ph
ere
SAP
38
0
10
.9x
N
.A.
3D
vis
ual
izat
ion
so
ftw
are
pro
vid
er
Ind
ust
ry S
oft
war
e M
&A
sin
ce 2
01
0
Dat
eTa
rget
Acq
uir
erEV
EV /
Rev
(LT
M)
EV /
EB
ITD
A (
LTM
)C
om
pan
y D
escr
ipti
on
8/16
/11
Ren
aiss
ance
Lea
rnin
gP
erm
ira
Fun
ds
44
6
3.
3x
11
.7x
Ed
uca
tio
nal
so
ftw
are
pro
vid
er
8/10
/11
Seis
mic
Mic
ro-T
ech
no
logy
, In
c.IH
S In
c.5
02
8.4x
20.2
x
Geo
scie
nce
inte
rpre
tati
on
so
ftw
are
for
the
exp
lora
tio
n a
nd
pro
du
ctio
n in
du
stry
.
6/30
/11
Ap
ach
e D
esig
n S
olu
tio
ns
AN
SYS
30
6
6.
7x
N
.A.
Se
mic
on
du
cto
r ED
A s
oft
war
e p
rovi
der
6/14
/11
Exp
lore
Info
rmat
ion
Ser
vice
s, L
LCC
laim
s Se
rvic
es G
rou
p, I
nc.
51
9
6.
6x
16
.7x
D
ata
and
an
alyt
ic t
oo
ls f
or
the
auto
mo
tive
pro
per
ty a
nd
cas
ual
ty in
sure
rs.
5/13
/11
RP
Dat
a P
ty L
td.
Co
reLo
gic,
Inc.
29
4
4.
7x
13
.4x
P
rop
erty
info
rmat
ion
an
d r
isk
man
agem
ent
solu
tio
ns
for
the
real
est
ate
ind
ust
ry.
5/9/
11Te
kla
Co
rpo
rati
on
Trim
ble
Nav
igat
ion
47
5
5.
5x
25
.3x
C
on
stru
ctio
n in
du
stry
so
ftw
are
pro
vid
er
4/30
/11
Loo
pN
et, I
nc.
Co
Star
Gro
up
, In
c.7
52
8.2x
30.3
x
On
line
mar
ketp
lace
fo
r b
uyi
ng
and
sel
ling
com
mer
cial
rea
l est
ate.
4/26
/11
Sch
oo
lNet
Pea
rso
n2
30
3.1x
N.A
.
Edu
cati
on
man
agem
ent
soft
war
e p
rovi
der
3/24
/11
Mo
rtga
geb
ot
Dav
is +
Hen
der
son
23
2
6.
2x
11
.5x
M
ort
gage
ori
gin
atio
n s
oft
war
e p
rovi
der
3/1/
11So
ph
is T
ech
no
logy
Lim
ited
Mis
ys p
lc (
nka
:Mis
ys L
imit
ed)
60
4
5.
9x
N
A
P
ort
folio
an
d r
isk
man
agem
ent
soft
war
e fo
r th
e fi
nan
cial
ind
ust
ry.
1/14
/11
No
rko
m T
ech
no
logi
esB
AE
Syst
ems
23
2
3.
6x
27
.0x
Fi
nan
cial
an
ti-f
rau
d s
oft
war
e p
rovi
der
12/7
/10
Med
icit
yA
etn
a5
00
16.7
x
N.A
.
Hea
lth
care
info
rmat
ion
exc
han
ge s
oft
war
e
9/7/
10C
ham
ber
linEd
mo
nd
sEm
deo
n2
60
3.0x
11.9
x
Pat
ien
t sc
ree
nin
g an
d e
nro
llmen
t so
ftw
are
pro
vid
er
8/24
/10
Eclip
sys
Co
rpo
rati
on
Alls
crip
ts S
olu
tio
ns,
Inc.
1,17
0
2.3x
21.6
x
Clin
ical
, rev
enu
e cy
cle,
an
d p
erfo
rman
ce m
anag
emen
t so
ftw
are.
8/11
/10
Ph
ase
Forw
ard
Inc.
Ora
cle
Co
rpo
rati
on
59
1
2.
7x
19
.5x
In
tegr
ated
clin
ical
res
earc
h s
uit
e fo
r lif
e sc
ien
ces
com
pan
ies.
6/9/
10Ec
lipsy
sA
llscr
ipts
Hea
lth
care
So
luti
on
s1,
181
2.
3x
16
.9x
EH
R m
anag
emen
t so
ftw
are
pro
vid
er
6/1/
10R
iskM
etri
cs G
rou
p, L
LCM
SCI I
nc.
1,61
9
5.3x
16.2
x
Ris
k m
anag
emen
t an
d g
ove
rnan
ce s
olu
tio
ns
for
the
fin
anci
al s
ervi
ces
mar
ket.
5/27
/10
Ve
nty
x, In
c.A
BB
Ltd
.1,
000
4.
0x
N
A
En
terp
rise
so
ftw
are
for
ener
gy, d
efen
se, a
nd
tra
nsp
ort
atio
n in
du
stri
es.
4/16
/10
Ph
ase
Forw
ard
Ora
cle
74
3
3.
5x
25
.7x
D
ata
man
agem
ent
SaaS
pro
vid
er
3/1/
10R
iskM
etri
cs G
rou
pM
SCI
1,61
2
5.3x
16.3
x
Fin
anci
al r
isk
man
agem
ent
soft
war
e
Mea
n:
$9
03
5.
0x19
.4x
Med
ian
:$
43
3
4.3x
16.5
x
AC
QU
ISIT
ION
S B
Y P
RIV
ATE
EQ
UIT
Y
05/1
2/14
Trav
elC
lick,
Inc.
Tho
ma
Bra
vo9
30
3.1x
13.1
x
Rev
enu
e-ge
ner
atin
g so
luti
on
s fo
r h
ote
liers
.
2/18
/14
AFS
Tec
hn
olo
gies
Co
urt
Sq
uar
e3
03
3.7x
11.3
x
Trad
e p
rom
oti
on
man
agem
ent
12/3
1/13
Tota
l Sp
ecif
ic S
olu
tio
ns
(TSS
) B
.V.
Co
nst
ella
tio
n S
oft
war
e3
29
1.4x
NA
Pu
blic
sec
tor
soft
war
e so
luti
on
s.
11/1
5/13
Act
ive
Net
wo
rk, L
LCV
ista
Eq
uit
y P
artn
ers
96
1
2.
1x
63
.6x
Ev
ent
man
agem
ent
soft
war
e so
luti
on
s.
11/0
4/13
Gre
en
way
Med
ical
Tec
hn
olo
gies
, In
c.V
ista
Eq
uit
y P
artn
ers
63
2
4.
7x
N
A
B
usi
nes
s p
roce
ss m
anag
emen
t so
ftw
are
for
the
hea
lth
care
ind
ust
ry.
10/1
0/12
Del
tek,
Inc
Tho
ma
Bra
vo
1,02
9
3.0x
18.2
x
Ente
rpri
se s
oft
war
e fo
r p
rofe
ssio
nal
ser
vice
s an
d g
ove
rnm
ent
con
trac
tin
g se
cto
rs.
08/1
7/12
MM
od
al In
c.O
ne
Equ
ity
Par
tner
s1,
074
2.
3x
9.
6x
Clin
ical
do
cum
enta
tio
n s
olu
tio
ns
for
the
hea
lth
care
ind
ust
ry.
08/1
5/12
Ale
geu
s Te
chn
olo
gies
, LLC
Ligh
tyea
r C
apit
al3
35
2.8x
9.9x
H
ealt
hca
re a
nd
ben
efit
pay
men
t so
luti
on
s.
07/3
0/12
Par
adig
m L
td.
Ap
ax P
artn
ers;
JM
I Eq
uit
y1,
000
5.
0x
N
A
So
ftw
are-
enab
led
so
luti
on
s fo
r th
e o
il an
d g
as in
du
stry
.
7/2/
12M
Mo
dal
On
e Eq
uit
y1,
083
2.
4x
9.
2x
Spee
ch r
eco
gnit
ion
so
ftw
are
pro
vid
er
06/0
1/12
Mis
ys p
lcV
ista
Eq
uit
y P
artn
ers
2,04
2
3.2x
16.4
x
Ban
kin
g an
d f
inan
cial
ser
vice
s so
ftw
are.
4/10
/12
eRes
earc
hTe
chn
olo
gyG
enst
ar C
apit
al3
82
2.1x
8.4x
M
edic
al d
ata
soft
war
e p
rovi
der
3/19
/12
Mis
ysV
ista
Eq
uit
y2,
217
3.
5x
15
.1x
Fi
nan
cial
so
ftw
are
pro
vid
er
11/0
2/11
Emd
eon
Inc.
Hel
lman
& F
ried
man
; B
lack
sto
ne
3,30
6
3.1x
13.1
x
Rev
enu
e an
d p
aym
ent
cycl
e m
anag
emen
t fo
r th
e h
ealt
hca
re in
du
stry
.
10/0
4/11
Bla
ckb
oar
d In
c.P
rovi
den
ce E
qu
ity
Par
tner
s1,
767
3.
7x
22
.3x
En
terp
rise
tec
hn
olo
gy a
nd
so
luti
on
s fo
r th
e ed
uca
tio
nal
ind
ust
ry.
9/15
/11
Fun
dte
chG
TCR
29
6
2.
0x
14
.9x
Tr
ansa
ctio
n p
roce
ssin
g so
ftw
are
pro
vid
er
08/2
2/11
Rad
ian
t Sy
stem
s, In
c.N
CR
Co
rpo
rati
on
1,13
9
3.1x
20.7
x
Solu
tio
ns
for
man
agin
g si
te o
per
atio
ns
of
ho
spit
alit
y an
d r
etai
l bu
sin
esse
s.
5/23
/11
Ipre
o H
old
ings
KK
R4
25
3.3x
N.A
.
Secu
riti
es is
suan
ce m
anag
emen
t so
ftw
are
01/3
1/11
Op
enB
et T
ech
no
logi
es L
imit
edV
itru
vian
Par
tner
s LL
P2
92
5.3x
NA
Inte
ract
ive
gam
ing
and
bet
tin
g so
luti
on
s.
10/0
7/10
Hea
lth
Gra
des
, In
c.V
est
ar C
apit
al P
artn
ers
25
6
4.
4x
19
.5x
O
nlin
e in
form
atio
n p
latf
orm
ab
ou
t p
hys
icia
ns
and
ho
spit
als.
07/1
6/10
Logi
bec
Inc.
OM
ERS
Pri
vate
Eq
uit
y2
48
3.5x
10.5
x
Clin
ical
an
d a
dm
inis
trat
ive
info
rmat
ion
sys
tem
s.
Me
an:
$9
55
3.
2x17
.2x
Med
ian
:$
93
0
3.1x
14.0
x
* P
ub
licly
dis
clo
sed
tra
nsa
ctio
ns
ab
ove
$2
00
M o
f EV
. Sp
ecia
l th
an
ks t
o M
ark
Ba
illie
an
d h
is t
eam
at
Stif
el a
nd
Mik
e W
ilkin
s a
nd
his
tea
m a
t H
arr
is W
illia
ms
for
thei
r h
elp
ass
emb
ling
th
is d
ata
.