Software C O M P Sector A N Y PSummary RESENTATION Week of May 22, 2017
1
DEAL DASHBOARD Software $21.0 Billion
240
$15.1 Billion
39
Financing Volume YTD (1)(2)
Financing Transactions YTD (1)(2)
M&A Volume YTD (3)
M&A Transactions YTD (3)
Select Financing Transactions Company
Quarterly Financing Volume (1)(2) $Bn
Amount ($MM)
37% $9
$3
$6
$4
98%
$14
$231 $100
Quarterly M&A Volume (3) $Bn
$50
$5
$3,903
$15
$14
$15 $12
$7
(
$63 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Quarterly Financing Deal Count (1)(2)
Quarterly M&A Deal Count (3)
20%
$52
118
$41 72
86
127
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17
29
27
24
27
$425
25
$331 $270
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
M&A EV/ NTM Rev. Over Time (6) All Buyers
IGV 30%
30%
`
6.0x
4.0x
20%
16%
15%
2.0x
5%
1.0x
PE Buyers
5.3x
3.9x
4.2x
3.9x
4.4x
4.0x
3.9x
3.5x
3.1x
4.6x
4.9x
4.1x
3.6x
3.0x
2.9x
2.7x
3.0x
10%
Strategic Buyers
4.7x
5.0x
25%
0% May-16 (5%)
$610
15
13
Last 12 Months Software Price Performance vs. S&P 500 (5) SPX
$800
)
$614
24 7
35%
(
123 94
$40 $33
$834
)
33%
156 103 111
EV ($MM)
$24
$6 $5
$55
Acquirer
$41
$10
$6
Select M&A Transactions (4) Target
2.2x
2.0x
2.4x 1.7x
0.0x
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17 Mar-17
Apr-17
May-17
2011
2012
2013
Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 05/18/2017. 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.
2014
2015
2016
2017
2
GCA OVERVIEW Software Team
New York
San Francisco
th
25th Fl.
One Maritime Plaza, San Francisco, CA 94111 United States Phone: (415) 318-3600
640 Fifth Avenue, 10 Fl. New York, NY 10019 United States Phone: (212) 999-7090
Frankfurt
London
Tokyo
Thurn-und-Taxis-Platz 6 60313 Frankfurt Germany Phone: +49 69 204 34 6410
1 Southampton St. London WC2R0LR United Kingdom Phone:+44 20 7484 4040
11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230 Japan Phone: +81 (3) 6212-7100
Todd Carter
Clark Callander
Steve Fletcher
Paul DiNardo
Sascha Pfeiffer*
Akikazu Ida**
Co-President and CEO
Co-Head of Investment Banking
Head of Software
Managing Director
Managing Director
Managing Director
Phone: (415) 318-3610 Mobile: (415) 314-9898
[email protected]
Phone: (415) 318-3680 Mobile: (415) 515-2468
[email protected]
Phone: (415) 318-3661 Mobile: (415) 518-6725
[email protected]
Phone: (212) 999-7097 Mobile: (650) 483-7246
[email protected]
Phone: +49 (69) 204-346 415 Mobile: +49 (0) 177-74-15643
[email protected]
Phone: +81 (3) 6212-7241 Mobile: +81 (80) 9027-3023
[email protected]
Daniel Avrutsky
Chris Gough
James Orozco
Joshua Wepman
Adrian Reed*
Managing Director
Managing Director
Managing Director
Managing Director
Managing Director
Phone: (212) 999-7087 Mobile: (646) 321-3576
[email protected]
Phone: (415) 318-3658 Mobile: (415) 385-9427
[email protected]
Phone: (415) 318-3667 Mobile: (415) 722-0922
[email protected]
Phone: (212) 999-7092 Mobile: (917) 306-4168
[email protected]
Phone: +44 845 505 4314 Mobile: +44 7887 626 800
[email protected]
Glen Kruger
Raiko Stelten*
Gautam Garg
Mike Janovec
Saif Malik***
Director
Director
Vice President
Vice President
Vice President
Phone: (212) 999-7082 Mobile: (617) 792-6496
[email protected]
Phone: +49 (69) 204 34 6418 Mobile: +49 171 335 0879
[email protected]
Phone: (415) 318-3692 Mobile: (650) 504-1722
[email protected]
Phone: (415) 318-3693 Mobile: (415) 961-1325
[email protected]
Phone: +44 (0) 20 7484-4106 Mobile: +44 (0) 77 8606-8553
[email protected]
Notes: * Adrian Reed, Managing Director; Sascha Pfeiffer, Managing Director and Raiko Stelten, Director respresent GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. ** Akikazu Ida is a Managing Director at GCA Corporation. *** Saif Malik is Vice President at GCA Savvian Europe Ltd.
3
RECENT STOCK PERFORMANCE Index Performance Last 12 Months
Last 3 Years
35%
60%
30%
50%
25%
40%
20%
30%
15%
20%
10%
10% 0% May-14 Aug-14 (10%)
5% 0% May-16 Jun-16 (5%)
Jul-16
Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17
Nov-14
Feb-15 May-15 Aug-15
Nov-15
Feb-16 May-16 Aug-16
Nov-16
Feb-17 May-17
(20%) (30%)
(10%)
Sector Platform Infrastructure Security SaaS / On Demand BI & Analytics Vertical
3 Months
1 Year
3 Years
5.7% (0.3%) 0.4% 8.9% 0.1% 11.0%
26.6% 24.1% 29.2% 31.8% 20.4% 23.2%
44.4% 19.7% 47.0% 65.4% 12.9% 49.6%
Notes: Source: Capital IQ. Market Data as of 05/18/2017. BI & Analytics: ATTU, AYX, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, 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, GUID, 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, WBMD.
4
TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue
EV / 2017E EBITDA 40.0x
7.0x 6.0x
5.7x
Median: 4.5x 4.9x
5.0x
4.7x
35.0x
33.7x
Median: 26.3x
31.5x
28.7x
30.0x 4.4x 4.0x
4.0x
3.6x
24.0x
25.0x 20.7x
20.0x 3.0x
15.0x
2.0x
11.8x
10.0x
1.0x
5.0x 0.0x
0.0x SaaS / On Demand
Infrastructure
Vertical
Platform
Security
SaaS / On Demand
BI & Analytics
BI & Analytics
2017E / 2016A Rev. Growth 40% Median: 16%
23% 18%
16%
Platform
Median: 22% 27% 23%
25%
16%
15%
Infrastructure
36%
35% 30%
20%
Vertical
2017E EBITDA Margin
30% 25%
Security
10%
10%
20%
20%
14%
17%
15%
SaaS / On Demand
BI & Analytics
15% 10%
5%
5% 0%
0% SaaS / On Demand
BI & Analytics Infrastructure
Security
Vertical
Platform
Platform
Infrastructure
Vertical
Notes: Source: Capital IQ. Market Data as of 05/18/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, 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, GUID, 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, WBMD.
Security
5
PUBLIC COMPANY VALUATIONS Software Trading Statistics $MM, Except Per Share Data Stock
Platform Alphabet Inc. Microsoft Corporation Oracle Corporation International Business Machines Corporation SAP SE
Trading Statistics
Price
Equity
Net
Aggregate
5/18/2017
Value
Debt
Value
$950.50 $67.71 $44.17 $150.78 $104.58
$657,511 522,756 181,745 141,657 125,348
($88,502) (35,581) (5,385) 32,091 799
$569,009 487,175 176,360 173,748 126,147 Mean Median
Infrastructure VMware, Inc. ServiceNow, Inc. Red Hat, Inc. CA, Inc. Citrix Systems, Inc. Splunk Inc. F5 Networks, Inc. Atlassian Corporation Plc Micro Focus International plc LogMeIn, Inc. Software Aktiengesellschaft NetScout Systems, Inc. MuleSoft, Inc. Commvault Systems, Inc. Nutanix, Inc. New Relic, Inc. Pure Storage, Inc. Progress Software Corporation A10 Networks, Inc.
$92.28 $98.97 $85.52 $31.04 $82.59 $65.31 $125.90 $35.34 $31.32 $110.35 $45.31 $34.10 $24.15 $55.00 $16.00 $41.69 $10.32 $29.13 $8.16
$37,688 16,813 15,203 12,969 12,483 9,035 8,146 7,968 7,193 5,807 3,461 3,130 3,110 2,472 2,291 2,231 2,146 1,406 566
($6,485) (459) (715) 157 43 (997) (1,015) (504) 1,613 (266) (101) (143) (340) (450) (355) (206) (547) (134) (116)
$31,203 16,354 14,488 13,126 12,527 8,038 7,131 7,465 8,805 5,541 3,361 2,987 2,771 2,022 1,936 2,024 1,599 1,272 450 Mean Median
Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 05/18/2017.
AV / Revenue CY 17E
AV / EBITDA
CY 18E
CY 17E
CY 18E
Operating Metrics Price / EPS CY 17E
CY Rev. Growth
CY 18E
17E/16A
18E/17E
EBITDA Margin CY 17E
CY 18E
5.3x 4.9 4.6 2.2 4.7
4.6x 4.6 4.5 2.2 4.4
13.0x 12.7 10.4 9.4 13.8
11.1x 11.5 9.8 9.3 12.7
23.0x 21.8 16.2 11.0 22.2
19.5x 19.5 14.9 10.8 20.3
18.9% 16.6% 2.2% (2.1%) 14.5%
16.2% 6.5% 3.2% (0.2%) 6.5%
40.7% 38.6% 44.5% 23.6% 34.4%
41.2% 40.0% 45.8% 24.0% 34.9%
4.4x 4.7
4.1x 4.5
11.8x 12.7
10.9x 11.1
18.8x 21.8
17.0x 19.5
10.0% 14.5%
6.5% 6.5%
36.4% 38.6%
37.2% 40.0%
4.1x 8.7 5.5 3.2 4.4 6.7 3.3 10.5 6.3 5.5 3.3 2.6 10.4 3.0 2.3 6.3 1.6 3.2 1.7
3.9x 6.7 4.8 3.1 4.3 5.3 3.1 8.2 6.2 4.8 3.2 2.4 7.7 2.7 1.7 4.9 1.2 3.2 1.6
11.8x 39.8 20.8 8.8 12.9 59.4 8.5 44.1 12.1 15.9 10.3 10.3 NM 21.5 NM NM NM 8.9 25.0
10.9x 27.3 17.4 8.2 12.0 41.4 7.9 34.1 13.1 12.6 10.3 8.2 NM 16.7 NM 60.2 20.9 8.9 15.9
19.0x 85.0 34.5 13.3 17.8 NM 15.1 90.3 17.4 28.5 16.3 18.7 NM 51.0 NM NM NM 17.5 66.6
17.5x 58.0 28.9 12.5 16.3 73.2 13.6 62.5 16.1 22.8 15.4 14.9 NM 39.8 NM NM NM 17.4 36.9
6.6% 35.0% 14.0% 1.7% (17.3%) 25.6% 5.9% 33.5% NA 5.6% 9.4% 2.3% 41.7% 7.1% 42.1% 33.3% 35.8% (3.2%) 12.6%
5.9% 29.4% 13.3% 2.2% 4.1% 26.2% 6.3% 28.8% 1.4% 15.8% 2.8% 9.0% 36.0% 10.2% 35.1% 27.1% 31.2% 0.9% 11.5%
34.8% 21.9% 26.3% 36.2% 34.4% 11.3% 39.3% 23.9% 51.9% 34.7% 32.5% 25.1% NM 13.8% NM 0.1% NM 36.4% 6.9%
35.7% 24.7% 27.8% 38.4% 35.5% 12.9% 39.8% 24.0% 47.2% 37.6% 31.5% 28.9% NM 16.1% NM 8.2% 5.9% 36.0% 9.8%
4.9x 4.1
4.2x 3.9
20.7x 12.9
19.2x 13.1
35.1x 18.9
29.7x 17.5
16.2% 11.0%
15.6% 11.5%
26.8% 29.4%
27.1% 28.9%
6
PUBLIC COMPANY VALUATIONS Software Trading Statistics $MM, Except Per Share Data Stock
Security Software Symantec Corporation Check Point Software Technologies Ltd. Palo Alto Networks, Inc. Splunk Inc. Fortinet, Inc. Trend Micro Incorporated Proofpoint, Inc. FireEye, Inc. CyberArk Software Ltd. Imperva, Inc. Qualys, Inc. Mimecast Limited Barracuda Networks, Inc. SecureWorks Corp. Rapid7, Inc. F-Secure Oyj VASCO Data Security International, Inc. MobileIron, Inc. Zix Corporation Absolute Software Corporation Guidance Software, Inc. iPass Inc.
Trading Statistics
Price
Equity
Net
Aggregate
5/18/2017
Value
Debt
Value
$29.74 $108.69 $113.71 $65.31 $39.67 $48.62 $80.90 $15.16 $46.46 $47.65 $42.10 $24.93 $22.26 $10.43 $18.15 $4.62 $13.95 $5.25 $5.79 $5.51 $6.41 $1.26
$18,404 17,765 10,465 9,035 6,972 6,676 3,537 2,704 1,599 1,594 1,559 1,394 1,178 843 778 721 557 484 315 218 209 83
$3,939 (1,468) (842) (997) (1,199) (1,113) (41) (124) (287) (313) (245) (109) (196) (117) (79) (103) (146) (91) (23) (35) (17) (13)
$22,343 16,297 9,623 8,038 5,774 5,563 3,496 2,580 1,312 1,282 1,314 1,284 982 727 698 618 411 393 292 183 193 69 Mean Median
Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 05/18/2017.
AV / Revenue CY 17E
AV / EBITDA
CY 18E
CY 17E
CY 18E
Operating Metrics Price / EPS CY 17E
CY Rev. Growth
CY 18E
17E/16A
4.5x 8.7 5.1 6.7 3.9 4.2 7.0 3.5 4.9 4.0 5.8 5.6 2.7 1.6 3.6 3.3 2.2 2.2 4.4 1.9 1.7 1.0
4.2x 8.1 4.1 5.3 3.4 4.0 5.5 3.2 4.0 3.4 5.0 4.5 2.4 1.4 2.9 3.0 2.0 1.9 4.0 1.8 1.6 0.8
10.1x 16.1 22.2 59.4 19.1 13.1 59.6 40.1 20.8 39.3 18.2 72.8 14.3 NM NM 32.9 25.5 NM 16.3 21.3 15.6 NM
8.5x 15.0 16.8 41.4 15.4 12.3 39.1 29.4 16.3 28.0 15.1 46.2 11.6 NM NM 19.4 15.5 NM 13.8 13.8 12.5 18.3
19.5x 21.0 41.6 NM 43.6 29.1 NM NM 38.4 NM 49.7 NM 29.4 NM NM 65.6 42.3 NM 20.7 NM 20.4 NM
14.8x 19.2 31.8 73.2 35.5 26.6 85.1 NM 30.4 72.1 41.1 NM 26.1 NM NM 36.8 35.8 NM 17.4 35.9 16.3 41.8
31.6% 7.8% 21.2% 25.6% 16.9% 16.9% 33.0% 2.3% 24.6% 21.5% 14.5% 33.8% 6.2% 7.5% 24.6% 13.6% (3.2%) 11.6% 10.4% 8.8% 4.3% 10.4%
4.0x 3.9
3.5x 3.4
28.7x 21.1
20.4x 15.5
35.1x 33.9
37.6x 35.5
15.6% 14.1%
18E/17E
EBITDA Margin CY 17E
CY 18E
7.7% 6.8% 22.3% 26.2% 14.8% 5.3% 27.9% 9.4% 20.9% 18.3% 16.4% 24.9% 10.2% 10.7% 21.3% 9.5% 12.0% 12.0% 11.0% 8.3% 7.2% 21.7%
44.7% 53.8% 22.8% 11.3% 20.3% 32.2% 11.8% 8.8% 23.3% 10.1% 31.8% 7.7% 18.7% NM NM 9.9% 8.6% NM 26.9% 8.9% 10.7% NM
49.3% 54.1% 24.7% 12.9% 22.0% 32.6% 14.0% 11.0% 24.6% 12.1% 33.1% 9.7% 20.8% 0.9% NM 15.3% 12.7% NM 28.6% 12.7% 12.5% 4.4%
14.8% 12.0%
20.1% 15.2%
20.4% 14.7%
7
PUBLIC COMPANY VALUATIONS Software Trading Statistics $MM, Except Per Share Data
SaaS / On Demand Salesforce.com, inc. Workday, Inc. ServiceNow, Inc. Shopify Inc. Veeva Systems Inc. The Ultimate Software Group, Inc. LogMeIn, Inc. Aspen Technology, Inc. j2 Global, Inc. Paycom Software, Inc. Blackbaud, Inc. MuleSoft, Inc. RealPage, Inc. Zendesk, Inc. RingCentral, Inc. HubSpot, Inc. Paylocity Holding Corporation Box, Inc. New Relic, Inc. Cornerstone OnDemand, Inc. Okta, Inc. 2U, Inc. Coupa Software Incorporated Qualys, Inc. Mimecast Limited Callidus Software Inc. Five9, Inc. Yext, Inc. Alteryx, Inc. SPS Commerce, Inc.
Price
Equity
Net
Aggregate
5/18/2017
Value
Debt
Value
$62,420 19,646 16,813 8,449 8,302 6,201 5,807 4,304 3,897 3,816 3,727 3,110 2,770 2,503 2,447 2,438 2,279 2,265 2,231 2,090 2,087 1,997 1,597 1,559 1,394 1,304 1,156 1,151 1,019 1,001
($1,400) (1,462) (459) (396) (519) (75) (266) 38 641 (61) 342 (340) 61 (248) (150) (122) (101) (102) (206) (50) (37) (129) (202) (245) (109) (183) (11) (19) (164) (154)
$87.75 $95.44 $98.97 $92.11 $59.54 $208.66 $110.35 $57.78 $80.86 $64.22 $79.40 $24.15 $33.50 $25.29 $32.55 $66.70 $44.25 $17.06 $41.69 $36.78 $22.99 $42.00 $31.35 $42.10 $24.93 $20.10 $21.24 $13.22 $17.47 $58.25
Operating Metrics
Trading Statistics
Stock
$61,020 18,183 16,354 8,053 7,783 6,126 5,541 4,343 4,538 3,755 4,069 2,771 2,831 2,255 2,297 2,317 2,178 2,163 2,024 2,040 2,050 1,868 1,395 1,314 1,284 1,121 1,146 1,132 855 847
Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 05/18/2017.
AV / EBITDA
AV / Revenue CY 17E NA 9.0 8.7 12.8 11.8 6.3 5.5 8.9 3.9 8.8 5.2 10.4 4.4 5.4 4.7 6.5 6.6 4.3 6.3 4.2 9.0 6.9 8.3 5.8 5.6 4.6 5.9 6.8 6.9 3.8
CY 18E NA 7.2 6.7 9.2 9.9 5.2 4.8 8.4 3.6 7.0 4.8 7.7 3.9 4.1 3.8 5.1 5.3 3.5 4.9 3.7 6.5 5.3 6.7 5.0 4.5 3.9 5.1 5.1 5.1 3.3
CY 17E 27.4x 67.9 39.8 NM 38.7 26.0 15.9 18.4 9.5 31.6 21.5 NM 17.7 NM 75.5 NM 38.8 NM NM 36.5 NM NM NM 18.2 72.8 37.1 NM NM NM 26.3
CY 18E 21.9x 47.6 27.3 NM 31.9 20.9 12.6 17.0 8.4 24.5 19.3 NM 14.3 83.1 50.1 89.9 28.7 NM 60.2 24.5 NM 98.6 NM 15.1 46.2 28.1 59.6 NM NM 21.6
CY Rev. Growth
Price / EPS CY 17E NA NM 85.0 NM 75.2 52.4 28.5 28.9 13.8 58.7 37.3 NM 36.9 NM NM NM 68.7 NM NM 90.2 NM NM NM 49.7 NM 64.4 NM NM NM 68.7
CY 18E NA NM 58.0 NM 61.8 42.3 22.8 26.2 12.4 46.3 33.1 NM 30.4 NM NM NM 54.3 NM NM 46.7 NM NM NM 41.1 NM 48.4 NM NM NM 55.6
17E/16A NA 28.9% 35.0% 61.7% 21.0% 23.9% 5.6% 2.9% 31.6% 30.1% 7.7% 41.7% 13.9% 34.8% 29.1% 32.4% 24.9% 26.1% 33.3% 13.8% 41.6% 31.4% 26.1% 14.5% 33.8% 18.4% 18.9% 33.5% 43.4% 14.4%
18E/17E NA 25.1% 29.4% 39.7% 19.2% 21.7% 15.8% 6.1% 8.2% 24.7% 8.3% 36.0% 13.1% 29.7% 23.8% 25.9% 23.8% 22.7% 27.1% 15.6% 39.0% 30.5% 23.7% 16.4% 24.9% 18.2% 16.8% 33.2% 35.8% 14.7%
EBITDA Margin CY 17E NA 13.2% 21.9% 0.7% 30.6% 24.3% 34.7% 48.5% 41.5% 27.7% 24.0% NM 24.7% 3.0% 6.2% 3.2% 17.0% NM 0.1% 11.6% NM 3.8% NM 31.8% 7.7% 12.4% 5.6% NM NM 14.6%
CY 18E NA 15.1% 24.7% 4.3% 31.1% 24.9% 37.6% 49.4% 43.1% 28.7% 24.7% NM 27.1% 5.0% 7.6% 5.7% 18.6% NM 8.2% 15.0% NM 5.4% NM 33.1% 9.7% 13.8% 8.5% NM NM 15.4%
8
PUBLIC COMPANY VALUATIONS Software Trading Statistics $MM, Except Per Share Data Stock
Trading Statistics
Price
Equity
Net
Aggregate
5/18/2017
Value
Debt
Value
AV / Revenue CY 17E
AV / EBITDA
CY 18E
CY 17E
Operating Metrics Price / EPS
CY 18E
CY 17E
CY Rev. Growth
CY 18E
17E/16A
18E/17E
EBITDA Margin CY 17E
CY 18E
SaaS / On Demand (cont'd) Benefitfocus, Inc.
$30.60
$950
$51
$1,001
3.8x
3.2x
63.2x
33.9x
NM
NM
13.9%
18.6%
6.0%
9.4%
Instructure, Inc. Workiva Inc. Apptio, Inc. LivePerson, Inc.
$26.35 $17.35 $15.25 $9.50
762 718 589 555
(38) (44) (111) (48)
724 674 478 507
4.8 3.3 2.6 2.4
3.7 2.9 2.3 2.3
NM NM NM 27.4
NM NM 64.7 21.4
NM NM NM NM
NM NM NM 63.3
36.8% 14.6% 12.8% (6.9%)
30.4% 15.0% 15.4% 5.2%
NM NM NM 8.9%
NM NM 3.5% 10.9%
Carbonite, Inc. Castlight Health, Inc. Bazaarvoice, Inc.
$19.35 $3.75 $4.65
532 489 385
(3) (103) (46)
529 386 339
2.2 2.9 1.7
2.0 2.3 1.6
9.8 NM 20.2
8.1 NM 13.8
25.2 NM NM
19.7 NM 44.6
17.2% 31.4% 1.7%
9.7% 26.3% 6.4%
22.4% NM 8.2%
24.7% NM 11.3%
ChannelAdvisor Corporation Park City Group, Inc. Brightcove Inc. Amber Road, Inc.
$11.45 $12.05 $6.00 $7.21
301 234 205 195
(62) (10) (28) 8
239 224 176 203
1.9 NA 1.2 2.5
1.7 NA 1.1 2.2
34.7 NA NM NM
23.1 NA 23.7 73.2
NM NA NM NM
NM NA 93.8 NM
9.4% NA 1.0% 12.1%
11.4% NA 7.0% 13.3%
5.6% NA NM NM
7.5% NA 4.6% 3.0%
Covisint Corporation Marin Software Incorporated
$1.90 $1.35
78 53
(30) (30)
47 23
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
5.7x 5.4
4.6x 4.6
33.7x 27.4
35.9x 24.5
52.2x 52.4
44.5x 45.5
23.0% 24.4%
20.7% 20.5%
16.4% 12.8%
17.1% 13.8%
Mean Median
Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 05/18/2017.
9
PUBLIC COMPANY VALUATIONS Software Trading Statistics $MM, Except Per Share Data Stock
Trading Statistics
Price
Equity
Net
Aggregate
5/18/2017
Value
Debt
Value
AV / Revenue CY 17E
AV / EBITDA
CY 18E
CY 17E
Operating Metrics Price / EPS
CY 18E
CY 17E
CY Rev. Growth
CY 18E
17E/16A
18E/17E
EBITDA Margin CY 17E
CY 18E
Business Intelligence & Analytics Splunk Inc. Tableau Software, Inc.
$65.31 $59.69
$9,035 4,655
Fair Isaac Corporation
$131.54
Teradata Corporation Verint Systems Inc.
$28.04 $39.75
MicroStrategy Incorporated
($997) (955)
$8,038 3,700
6.7x 4.2
5.3x 3.9
59.4x 71.2
41.4x 50.8
NM NM
73.2x NM
4,073
510
4,583
4.9
4.6
18.6
16.7
25.5
21.4
3,670 2,491
(603) 439
3,067 2,930
1.5 2.6
1.5 2.4
8.4 11.5
8.0 10.5
22.2 14.7
21.1 13.0
25.6% 6.1%
26.2% 8.4%
11.3% 5.9%
12.9% 7.7%
4.6%
6.5%
26.1%
27.3%
(9.8%) 7.1%
(0.7%) 6.0%
17.4% 22.5%
18.3% 23.1%
$184.13
2,107
(618)
1,489
2.9
2.8
10.9
9.6
24.9
24.4
1.8%
2.9%
26.2%
28.8%
Alteryx, Inc. Hortonworks, Inc.
$17.47 $12.62
1,019 793
(164) (83)
855 710
6.9 3.0
5.1 2.4
NM NM
NM 10.9
NM NM
NM NM
43.4% 29.4%
35.8% 26.2%
NM NM
NM 21.7%
Gridsum Holding Inc.
$11.67
347
(76)
271
3.0
1.9
52.1
8.7
96.4
15.8
56.5%
58.6%
5.8%
21.7%
Attunity Ltd.
$7.12
120
(12)
108
1.7
1.5
20.1
16.9
59.3
27.4
15.1%
15.9%
8.6%
8.8%
Datawatch Corporation
$8.30
100
(28)
72
2.0
NA
NM
NA
NM
NA
15.2%
NA
NM
NA
3.6x 3.0
3.1x 2.6
31.5x 19.4
19.3x 10.9
40.5x 25.2
28.1x 21.4
17.7% 15.1%
18.6% 12.1%
15.5% 14.4%
18.9% 21.7%
Mean Median Vertical Cerner Corporation
$63.82
$21,088
$18
$21,106
4.0x
3.8x
12.4x
11.3x
25.5x
23.0x
10.8%
7.8%
32.8%
33.3%
$497.33
10,539
(125)
10,414
4.4
3.8
16.8
14.6
22.7
19.7
12.6%
13.4%
25.9%
26.2%
Veeva Systems Inc.
$59.54
8,302
(519)
7,783
11.8
9.9
38.7
31.9
75.2
61.8
21.0%
19.2%
30.6%
31.1%
SS&C Technologies Holdings, Inc.
$36.52
7,450
2,336
9,786
5.8
5.5
14.2
12.9
18.8
16.8
13.2%
5.3%
41.1%
43.0%
athenahealth, Inc. Guidewire Software, Inc.
$130.07 $60.84
5,181 4,499
186 (583)
5,367 3,916
4.4 7.4
3.8 6.4
20.5 45.7
16.8 27.3
69.7 89.0
52.9 55.2
12.9% 17.9%
15.0% 16.0%
21.4% 16.2%
22.8% 23.3%
Medidata Solutions, Inc.
Constellation Software Inc.
$69.49
4,048
(98)
3,950
7.1
6.0
29.1
23.5
53.8
45.2
19.2%
18.5%
24.5%
25.7%
Blackbaud, Inc. Ellie Mae, Inc.
$79.40 $107.21
3,727 3,653
342 (393)
4,069 3,259
5.2 7.4
4.8 6.0
21.5 22.5
19.3 17.0
37.3 57.5
33.1 44.1
7.7% 21.8%
8.3% 23.1%
24.0% 33.0%
24.7% 35.6%
CoreLogic, Inc.
$41.20
3,487
1,485
4,972
2.7
2.6
10.7
9.9
18.1
16.0
(5.1%)
3.0%
25.2%
26.4%
RealPage, Inc. Allscripts Healthcare Solutions, Inc.
$33.50 $11.86
2,770 2,152
61 1,224
2,831 3,376
4.4 2.0
3.9 1.9
17.7 9.7
14.3 8.9
36.9 19.1
30.4 16.7
13.9% 10.9%
13.1% 5.9%
24.7% 20.2%
27.1% 20.9%
WebMD Health Corp.
$55.90
2,028
11
2,039
2.8
2.8
8.6
8.3
27.4
27.1
2.2%
2.8%
32.9%
33.1%
Inovalon Holdings, Inc. AppFolio, Inc.
$13.05 $27.95
1,905 946
(274) (27)
1,631 919
3.6 6.6
3.4 5.3
15.2 53.1
13.6 36.7
43.3 NM
37.1 NM
4.9% 31.0%
7.4% 26.3%
23.9% 12.5%
24.8% 14.3%
HealthStream, Inc.
$28.16
898
(115)
783
3.1
2.8
21.8
17.9
NM
92.5
11.1%
11.3%
14.3%
15.6%
Instructure, Inc. Silver Spring Networks, Inc.
$26.35 $9.88
762 525
(38) (117)
724 409
4.8 1.4
3.7 1.2
NM 44.1
NM 17.6
NM NM
NM 39.5
36.8% (3.3%)
30.4% 12.2%
NM 3.1%
NM 6.9%
$3.75
489
(103)
386
2.9
2.3
NM
NM
NM
NM
31.4%
26.3%
NM
NM
$12.81
191
(22)
169
2.2
2.0
29.1
18.5
NM
NM
4.9%
12.1%
7.6%
10.7%
4.7x 4.4
4.1x 3.8
24.0x 21.0
17.8x 16.9
42.4x 37.1
38.2x 35.1
Castlight Health, Inc. Exa Corporation
Mean Median
Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 05/18/2017.
13.8% 12.7%
13.9% 12.7%
23.0% 24.3%
24.7% 25.3%
10
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW Valuation Correlation to Growth 12.0x
12.0x
VEEV
R = 0.62
OKTA
10.0x
MULE
AZPN WDAY PAYC 8.0x
ULTI CRM
6.0x
QLYS
FIVN
BLKB
4.0x
RP SPSC WK
CSOD
AMBR BV
HUBS MIME
AYX NEWR
ZEN RNG INST
JCOM CSLT
APTI
LPSN 2.0x
YEXT TWOU PCTY
CALD BOX
BNFT
NOW
AZPN COUP 8.0x
PAYC WDAY
NOW
YEXT TWOU
6.0x
FIVN BLKB INST CSOD
BNFT
4.0x CSLT
APTI
BV
NEWR
HUBS ULTI
AYX PCTY
QLYS LOGM ZEN CALD
BOX SPSC
RP
CRM MIME
RNG JCOM
WK
AMBR
ECOM
CARB ECOM
BCOV
BCOV 0%
MULE
OKTA
10.0x
LPSN 2.0x
CARB
R = 0.68
VEEV
Enterprise Value / CY 2017E Revenue
Enterprise Value / CY 2017E Revenue
Valuation Correlation to Growth & Free Cash Flow
10%
20%
30%
40%
50%
CY2017E Revenue Growth
Notes: Source: Capital IQ as of 05/18/2017. Consensus Estimates used for CY2017E figures. Estimates for COVS, CLDR, MRIN and PCYG are not available.
60% (10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
CY 2017E Revenue Growth % + CY 2017E FCF Margin %
11
RECENT ACQUISITIONS Select Software M&A Transactions ($MM)
Announced Date
Aggregate Acquirer
Target
Target Sector
Value (AV)
AV / Revenue LTM
NTM
Target Description
5/11/17
Mobility
$125
NA
NA
Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
5/9/17
Information Management
$96
5.6x
NA
Provides 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
Infrastructure Management
$490
6.1x
5.2x
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
Provides 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
$331
1.6x
1.6x
Provides social media-based team collaboration and social media monitoring and marketing software as a service (SaaS) for businesses
Mobility
$270
NA
1.1x
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
4/25/17
Application Software
$75
1.9x
NA
4/12/17
Application Software
$120
NA
NA
4/4/17
Application Software
$80
0.7x
NA
Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and emailbased communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance plans
4/3/17
Application Software
$50
NA
NA
Provides 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
Provides mathematical data analysis and modeling software to engineering and scientific research markets
4/3/17
Infrastructure Management
$92
0.5x
NA
Provides trading software, collaborative data management and EDI software for the securities trading sector
Application Software
$400
NA
NA
Experian's cross-channel marketing business, which provides marketing automation and email advertising SaaS and outsourced BPO services for businesses and ad agencies worldwide
Security
$366
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
5/3/17
4/28/17
(
Marlin Equity Partners
)
Tangoe
4/3/17 (Cros s -channel Ma rketing Division)
3/30/17
(Tongfang Investment Fund Series SPC)
(Bei jing Feiliu Ji utian Technology Co.)
Offers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and authenticate end users across account lifecycles. Includes phone-based verification and two-factor authentication and real-time security intelligence, data and analytics on phone numbers 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 Provides 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
Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 05/18/2017, where Aggregate Value is > $50MM. Transactions highlighted in yellow denote Private Equity Acquirers.
12
RECENT ACQUISITIONS Select Software M&A Transactions ($MM)
Announced Date
Aggregate Acquirer
Target
Target Sector
Value (AV)
AV / Revenue LTM
NTM
Target Description
Infrastructure Management
$200
6.3x
4.4x
Provides Web and mobile application testing software for enterprises. Features include website performance testing and management, application load testing, and performance analytics
Application Software
$270
NA
NA
Provides 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
Application Software
$205
7.3x
NA
Provides 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
Provides automated application penetration and network vulnerability testing SaaS for enterprise software developers
3/7/17
Application Software
$317
5.3x
NA
Provides 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
Provides 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
Application Software
$290
8.1x
NA
The 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
Enterprise Networking
$325
5.4x
NA
Application Software
$175
2.4x
2.3x
2/15/17
Application Software
$102
1.3x
NA
Provides 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
Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector globally
3/29/17
3/21/17
(
3/20/17
)
(
)
2/27/17 (Multi-Family Housing Business)
2/23/17
2/23/17
(
)
Provides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address management SaaS for enterprises. Software provides features for the management and automation of network DNS activity, mobile BYOD device management and the detection of threats Provides 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
2/9/17
Nokia Corporation
Comptel Corporation
Carrier Infrastructure
$373
3.5x
3.1x
Provides 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
Provides endpoint security software for small businesses and enterprises in the healthcare, financial services and government industries. Software provides features for detection of spear-phishing, watering hole and website hijacking attacks. Also provides server security breach management SaaS
2/2/17
Hexagon AB
MSC Software Corporation ( )
Application Software
$834
3.6x
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
Provides iris recognition biometric systems for use in mobile devices and automobiles
(
)
Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 05/18/2017, where Aggregate Value is > $50MM. Transactions highlighted in yellow denote Private Equity Acquirers.
13
RECENT ACQUISITIONS Select Software M&A Transactions ($MM)
Announced
Aggregate
Date
Acquirer
Target
Target Sector
Value (AV)
AV / Revenue LTM
NTM
Target Description
Storage
$67
NA
NA
Provides 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
Provides K-12 education assessment management software for schools and educators
1/25/17
Application Software
$1,400
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
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
Hosted Services
$84
NA
NA
Provides 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
Application Software
$800
4.6x
NA
Provides 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
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
Provides 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
Provides 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
Provides 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
Provides client reporting software and services for the investment and financial services sectors globally
Security
$560
NA
NA
Provides 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
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
Designs and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other embedded display manufacturers
12/13/16
Application Software
$130
NA
NA
The vendor management software and related assets of Beeline, which provides vendor management systems (VMS) for businesses globally. Software provides spending management, procurement cycle automation and quality control monitoring
1/31/17
(
)
1/20/17
(
)
1/19/17 (
)
12/20/16 (
(
)
(
)
)
Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 05/18/2017, where Aggregate Value is > $50MM. Transactions highlighted in yellow denote Private Equity Acquirers.
14
RECENT ACQUISITIONS Select Software M&A Transactions ($MM)
Announced Date
Aggregate Acquirer
Target
Target Sector
Value (AV)
AV / Revenue LTM
NTM
Target Description
Application Software
$60
NA
NA
Provides on premise and cloud-based channel and contract management software for businesses in the life sciences industry. Software provides features for revenue management, contract lifecycle management and performance analytics reporting
Security
$850
4.0x
NA
The identity management business of 3M, which consists of 3M Cogent, a biometric identification system, and 3M's document reader and secure materials systems and software
Application Software
$850
NA
NA
Sungard's public sector business, which provides ERP administration SaaS for government and public safety entities and the K-12 business, provides cloud-based administration and student management software for K-12 educators
Hosted Services / Managed Security Services
$1,800
2.6x
NA
Provides network and wireless network IT security auditing, compliance and penetration testing services for businesses and government agencies globally
Application Software
$2,800
NA
5.2x
Provides ERP, HR management, CRM and project management software, SaaS and systems integration services, for government contractors, professional services firms and other project-based businesses
12/6/16
Information Management
$856
2.9x
2.7x
Provides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and manufacturing industries to securely exchange documents and sync files
12/2/16
Application Software
$65
6.5x
NA
Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses
12/1/16
Infrastructure Management
$636
5.1x
NA
Provides IT process automation and job scheduling software for businesses globally. Applications manage file transfers, virtual machine provisioning, application release management and error identification and remediation
Information Management
$112
2.2x
NA
Provides enterprise data quality SaaS for business. Software provides features for data analysis, profiling, validation and cleansing for businesses operating in the retail, insurance, healthcare and financial industries
11/29/16
Application Software
$190
3.8x
NA
Provides online advertising campaign management and ad-serving SaaS for businesses
11/20/16
Security
$2,362
3.6x
3.3x
Provides online identity theft and credit rating monitoring software for consumers and businesses in the US
11/15/16
Information Management
$153
NA
NA
Provides Industrial Internet of Things (IIoT) data integration automation and analytics SaaS for businesses in the energy, aviation and manufacturing sectors
11/14/16
Application Software
$915
10.2x
NA
Provides field service and contract management SaaS and mobile applications for service-oriented businesses and enterprises. Software provides features for dispatch and scheduling, warranty, parts and return management and field service metrics reporting
11/10/16
Application Software
$270
NA
NA
Provides asset and financial management SaaS to businesses and investors in the global aviation industry
11/8/16
Application Software
$300
7.9x
NA
Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides features for scheduling, project planning, workforce management and analytics reporting, accessible on desktop systems and mobile devices
12/12/16
(
)
12/9/16 (Identity Management Business)
12/7/16
/
(Public Sector & K-12 Education Businesses)
12/6/16 (
)
12/6/16
(
)
11/30/16
(
)
Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 05/18/2017, where Aggregate Value is > $50MM. Transactions highlighted in yellow denote Private Equity Acquirers.
15
RECENT ACQUISITIONS Select Software M&A Transactions ($MM)
Announced Date
Aggregate Acquirer
Target
Target Sector
Value (AV)
AV / Revenue LTM
NTM
Target Description
10/31/16
Information Management
$632
NA
4.2x
Provides data management SaaS to the manufacturing and construction industry in the United States and Canada
10/27/16
Information Management
$55
NA
3.7x
Provides team collaboration messaging SaaS that enables physicians at hospitals to communicate with patients via a managed messaging system
10/24/16
Security
$58
NA
3.7x
Provides IP traffic classification and network intelligence software used in physical, SDN and NFV architectures
10/21/16
Information Management
$410
NA
NA
10/20/16
Security
$55
NA
NA
10/4/16
Security
$60
NA
NA
10/4/16
Application Software
$250
NA
1.9x
Provides retail brand and e-commerce online shopping marketing and advertising SaaS for businesses
10/4/16
Application Software
$680
13.1x
NA
Provides real-time audience data management and targeting SaaS for marketers, Web publishers and ad agencies. Software enables continuous customer and prospect data collection from digital interactions, including website visits or ads served
Application Software
$180
2.4x
NA
Provides parking software, SaaS and systems that enables parking management, enforcement, permits, collections, access and revenue control
Application Software
$153
NA
NA
Provides email and digital subscription management SaaS that enables US government agencies to provide citizens with information about such topics as local emergencies, events, council minutes and other matters through email, wireless alerts, and RSS feeds
All Software Median Mean
4.8x 6.1x
3.3x 4.0x
PE Acquirers Median Mean
3.6x 4.1x
2.0x 2.6x
9/29/16 ( 9/26/16
(
)
)
Provides electronic evidence and data recovery SaaS and services for law firms, government agencies and corporate law departments. Software provides features for data collection, portfolio and project management, forensic review and data replication and destruction Provides cloud application control (CAC) software for enterprises. Software enables detection and targeted attack protection (TAP) for enterprises using SaaS applications on enterprise networks and on mobile devices against malware attacks Provides cloud-based third-party access control SaaS to IT businesses, enabling access to applications that are hosted in data centers and to Microsoft SharePoint on enterprise networks. Software also provides data path protection, identity access management and application security
Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 05/18/2017, where Aggregate Value is > $50MM. Transactions highlighted in yellow denote Private Equity Acquirers.
16
RECENT PRIVATE FINANCINGS ($MM)
Deal Date
Company
Amount Raised
5/18/17
Wandera
$28
Provider of enterprise mobile security and data management platform intended to offer protection against threats and manage data usage.
Sapphire Ventures, 83North, Bessemer Venture Partners
5/17/17
Smule
$54
Developer of a social music application designed to connect the world through music.
Tencent, Adams Street Partners, Bessemer Venture Partners, Floodgate Fund, Franklin Templeton Investments, Shasta Ventures
5/17/17
QASymphony
$40
Developer of a software testing platform designed to improve speed, efficiency and collaboration throughout the software testing lifecycle.
Insight Venture Partners
5/16/17
Wish
$500
Provider of a mobile e-commerce platform intended to sell items directly from the manufacturer.
China Everbright, IDG Capital, Temasek Holdings, DST Global, Formation 8, GGV Capital
5/16/17
Tile
$25
Developer of a mobile tracking device designed to locate personal items.
Lead Edge Capital, Bessemer Venture Partners, GGV Capital, Khosla Ventures
5/16/17
Symphony Communication Services
$63
Provider of open source secure communication and workflow platform.
BNP Paribas, Alphabet, Bank of America, BlackRock Private Equity Partners, Citibank, Deutsche Bank, Goldman Sachs Principal Strategic Investments, HSBC Holdings, J.P. Morgan, Lakestar, Merus Capital, Natixis, Societe Generale Group, UBS
5/16/17
Scientist
$24
Provider of an online marketplace for outsourced research designed to simplify the purchase of research services.
5AM Ventures, Heritage Provider Network, Leerink Transformation Partners, Bootstrap Incubation, Jack Giarraputo
5/16/17
OpenGov
$30
Developer of a cloud-based financial application designed to build integrated cloud based platforms for budgeting, management reporting and open data.
Emerson Collective
5/16/17
LevelUp (Mobile Payment)
$50
Developer of a next-generation mobile payment network designed to connect consumers and merchants.
CentroCredit Bank, J.P. Morgan Chase & Co (Global Special Opportunities Group), US Boston Capital
5/16/17
Fetchr
$41
Provider of a software application intended to make shipping a delightful experience for individuals and businesses.
BECO Capital, Iliad Partners, Majid Al Futtaim Trust, Nokia Growth Partners, Raed Ventures, Swicorp, VentureSouq, Yusuf Bin Ahmed Kanoo, New Enterprise Associates
5/15/17
Yitu
$55
Provider and developer of artificial intelligence technology intended to improve the current healthcare quality by applying AI technologies.
Hillhouse Capital Management, Banyan Capital, Sequoia Capital China, Yunfeng Capital, ZhenFund
5/12/17
AdRise
$21
Developer of an advertising platform designed to offer a large library of streaming movies and TV shows available for free.
DHVC, Jump Capital, Cota Capital, Foundation Capital
5/11/17
Verse
$20
Developer of a mobile-payment application.
Spark Capital
5/11/17
TradeBlock
$22
Provider of distributed ledger technology to the financial services industry.
Citigroup, Goldman Sachs Private Capital Investing Group, JPEL Private Equity, NEX Euclid Opportunities, Thomson Reuters, Wells Fargo, Andreessen Horowitz, Digital Currency Group, FinTech Collective, F-Prime Capital Partners
5/11/17
Podium (Review Management Platform)
$33
Developer of an online reputation management platform designed to change the way businesses communicate with their customers.
Accel, GV, Summit, Y Combinator
Brief Description
Investors
Notes: Source: Pitchbook. Reflects deal activity through 05/18/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
17
RECENT PRIVATE FINANCINGS ($MM)
Deal Date
Company
Amount Raised
5/11/17
Pocket Gems
$90
Developer of social games for tablets and smartphones.
Tencent
5/11/17
OpCity
$29
Developer of an online real estate referrals platform designed to match top agents with qualified home buyers and sellers in real-time.
8VC, Georgian Partners, Icon Ventures, LiveOak Venture Partners
5/11/17
Improbable
$502
Developer of an operating system designed to build virtual gaming experiences.
SoftBank Group, Andreessen Horowitz, Horizons Ventures, Temasek Holdings
5/11/17
CrowdStrike
$100
Developer of a cloud-based cybersecurity platform designed to prevent, detect, and respond to attacks in real-time.
March Capital Partners, Telstra, Accel, CapitalG, Warburg Pincus
5/10/17
Modernizing Medicine
$231
Provider of mobile, cloud-based, specialty-specific technologies for valuebased healthcare.
Warburg Pincus
5/10/17
Cockroach Labs
$27
Provider of an open source database designed for building global, scalable cloud services that survive disasters.
Redpoint Ventures, Benchmark Capital, FirstMark Capital, GV, Index Ventures (UK)
5/9/17
Gamblit Gaming
$25
Developer of mobile and computer games intended for the gambling purposes.
NA
5/9/17
Gainsight
$52
Provider of customer success management platform designed to empower the customer success movement to drive revenue and increase retention.
Bain Capital Ventures, Battery Ventures, Bessemer Venture Partners, Cisco Investments, Insight Venture Partners, Lightspeed Venture Partners, Salesforce Ventures
5/9/17
Broadway Technology
$42
Provider of financial trading software and services intended for electronic fixed-income markets.
Long Ridge Equity Partners
5/9/17
AdRise
$20
Developer of an advertising platform designed to offer a large library of streaming movies and TV shows available for free.
DHVC, Jump Capital, Cota Capital, Foundation Capital
5/8/17
Sea
$550
Developer of a multiple use mobile platform designed for entertainment and communication.
Cathay Financial Holdings, Farallon Capital Management, Hillhouse Capital Management, JG Summit Holdings, Uni-President Enterprises, GDP Venture
5/8/17
Smule
$54
Developer of a social music application designed to connect the world through music.
Tencent, Adams Street Partners, Bessemer Venture Partners, Floodgate Fund, Shasta Ventures
5/8/17
BangSun Technology
$23
The company's financial risk management platform develops real-time risk control system for the financial sector and anti-fraud products.
Co-Stone Capital, F&G Ventures, Jinghong Capital, M Fund, Xinglu Investment, Legend Capital
5/4/17
DeepMap
$25
Developer of an HD mapping and localization platform intended to bring autonomous cars onto roads.
Accel, GSR Ventures, Andreessen Horowitz
5/4/17
Fuze
$134
Provider of a cloud-based unified communications platform designed to simplify business voice communications and flexible video conferencing.
Greenspring Associates, Wellington Management, Bessemer Venture Partners, G20 Ventures, Summit Partners
Brief Description
Investors
Notes: Source: Pitchbook. Reflects deal activity through 05/18/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
18
RECENT PRIVATE FINANCINGS ($MM)
Deal Date
Company
Amount Raised
5/4/17
Heap
$27
Developer of mobile and web analytics tools designed to automatically capture all user data.
Initialized Capital, Menlo Ventures, New Enterprise Associates, Pear Ventures
5/4/17
PayScale
$29
Provider of online cloud compensation software intended to provide an immediate and precise snapshot of current market salaries.
NA
5/4/17
Signifyd
$56
Provider of a standalone risk and guaranteed fraud-prevention platform designed to make commerce safer.
Bain Capital Ventures, American Express Ventures, Menlo Ventures
5/4/17
Transwarp (Big Data)
$34
Developer of big data software technologies for enterprises.
Co-Stone Capital, Tencent, Triwise Capital, Xingrui Zhixin
5/2/17
Dinova
$40
Provider of a marketplace that connects expense account diners to restaurants.
Frontier Capital
5/2/17
ServiceChannel
$54
Provider of SaaS based vertical marketplace intended to optimize millions of transactions and billions of dollars of spend annually.
Accel
4/28/17 Electronic Commerce
$24
Provider of a cloud-based human capital management (HCM) platform.
NA
4/28/17
Rubrik
$180
Provider of cloud infrastructure technology designed for data protection, search, analytics, archival and copy data management.
IVP, Greylock Partners, Lightspeed Venture Partners
4/27/17
Singapore Life
$50
Developer of an online insurance technology platform created to transform the insurance industry.
Credit China Holdings, IPGL
4/27/17
Snow Software
$128
Provider of a software asset management platform developed to help organizations avoid overpaying for software.
Ontario Pension Board, Sumeru Equity Partners
4/27/17
UiPath
$30
Developer of a robotic process automation software designed to power the intelligent process automation service offered by the most technology savvy BPO providers.
Accel, Credo Ventures, Earlybird Venture Capital, Seedcamp
4/27/17
Zeta Global
$140
Provider of big data and analytics platform intended to help their customers solve their most complex marketing problems.
GPI Capital, FS Investment Solutions, GSO Capital Partners
4/26/17
Domino (Data Lab)
$27
Developer of an enterprise data science platform designed to offer cloud computing, version control and model deployment services.
Coatue Management, Bloomberg Beta, Sequoia Capital, Zetta Venture Partners
4/26/17
Domo
$107
Provider of a cloud-based business-management platform. The company offers an intuitive platform that provides a central location for data access and management.
SharesPost, BlackRock, GGV Capital, Glynn Capital Management, The Capital Group Companies
4/26/17
EverFi
$190
Developer of a SaaS digital learning platform designed to empower organizations to instill knowledge around critical topics in the classroom, in the office and in the community.
MainStreet Advisors, The Rise Fund, TPG Growth, Advanced Publications, Allen & Company, Bezos Expeditions, Eric Schmidt, Evan Williams
Brief Description
Investors
Notes: Source: Pitchbook. Reflects deal activity through 05/18/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
19
RECENT PRIVATE FINANCINGS ($MM)
Deal Date
Company
Amount Raised
4/26/17
Ivalua
$70
Developer of web based spend management software services intended to unlock maximum procurement Value through realizing savings.
Kohlberg Kravis Roberts
4/26/17
Robinhood
$110
Developer of a mobile stock trading application designed to democratize access to the financial markets.
DST Global, Greenoaks Capital, Thrive Capital, Index Ventures (UK), New Enterprise Associates, Ribbit Capital
4/25/17
LoveCrafts
$33
Operator of a crafting community and marketplace designed to purchase and sell craft works and craft material.
Scottish Equity Partners, Balderton Capital, Highland Capital Partners Europe
4/25/17
Science 37
$29
Developer of clinical research technology focused on making clinical trials better for patients.
Amgen Ventures, Glynn Capital Management, GV, dRx Capital, Lux Capital, Redmile Group, Sanofi-Genzyme Bioventures
4/25/17
Work Market
$25
Developer of a SaaS labor automation platform designed to help companies build and scale a flexible workforce.
Accenture, Foundry Group
4/24/17
Nav
$39
Provider of a platform for business owners to manage their business credit.
Clocktower Technology Ventures, CreditEase, Experian, Point 72 Ventures, The Goldman Sachs Group, ZenStone Venture Capital, AngelList, Crosslink Capital, CSC UpShot Ventures, Fenway Summer Ventures, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Peak Ventures, Rock & Hammer Ventures, Tencent
4/21/17
Katerra
$130
Developer of a construction technology platform designed to transform the way buildings and spaces come to life.
Draper Fisher Jurvetson, Foxconn Technology, Greenoaks Capital, Khosla Ventures, Moore Capital Management, Paxion Capital Partners
4/21/17
Quora
$85
Developer of a question and answer website designed to share and grow the world's knowledge.
Collaborative Fund, Dustin Moskovitz, Matrix Partners, Tiger Global Management, Y Combinator
4/20/17
Getaround
$45
Provider of a peer-to-peer, car-sharing marketplace. The company offers a Web-based platform that enables car owners to rent out their cars on an ondemand basis.
Braemar Energy Ventures, SAIC Capital, SPARX Group, Toyota Motor, Menlo Ventures, SOSV, Triangle Peak Partners
4/20/17
Gladly
$36
Developer of a SaaS based communication technology designed to simplify customer service across calls, social media and emails.
GGV Capital, Greylock Partners, New Enterprise Associates
4/20/17
Reltio
$40
Provider of data-driven application designed to manage modern data management thorough Platform as a Service (PaaS).
Sapphire Ventures, .406 Ventures, Crosslink Capital, New Enterprise Associates
4/18/17
CyberGRX
$20
Provider of a third-party cyber risk management platform designed to simplify one-click access to third party cyber risk assessments.
Bessemer Venture Partners, Aetna Ventures, Allegis Capital, ClearSky Power & Technology Fund, GV, MassMutual Ventures, Rally Ventures, Ten Eleven Ventures
4/18/17
SeatGeek
$57
Developer of a ticket search engine designed to transform the way that fans buy and sell tickets to their favorite events.
Glynn Capital Management, Accel, Causeway Media Partners, Haystack Partners, Mousse Partners, Technology Crossover Ventures
4/18/17
Ziften
$39
Developer of an enterprise system efficiency software.
Spring Mountain Capital, Fayez Sarofim
4/13/17
PagerDuty
$44
Developer of an incident resolution platform designed to manage digital operations for businesses.
Accel, Andreessen Horowitz, Baseline Ventures, Bessemer Venture Partners, Harrison Metal Capital
Brief Description
Investors
Notes: Source: Pitchbook. Reflects deal activity through 05/18/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
20
RECENT PRIVATE FINANCINGS ($MM)
Deal Date
Company
Amount Raised
4/12/17
Blink Health
$90
Provider of a reduced-cost prescription platform designed to offer medications at affordable price.
8VC
4/11/17
Branch (platform)
$60
Developer of a deep linking technology designed to gain and retain mobile app users.
Playground Global, Benjamin Narasin, Cowboy Ventures, Founders Fund, Madrona Venture Group, New Enterprise Associates, Pear Ventures, Samsung NEXT Ventures, Zach Coelius
4/11/17
MobiKwik
$50
Provider of an independent mobile payments network designed for online money transactions.
Bennett Coleman and Company, GMO VenturePartners, MediaTek, Net 1 UEPS Technologies, Sequoia Capital India, Cisco Investments, Tree Line Asia
4/11/17
OverOps
$31
Developer of a cloud-based platform designed to debug production code.
NA
4/10/17
Bigcommerce
$34
Provider of software services to online retailers and merchants. The company provides a platform for small- and medium-sized businesses, enabling them to quickly launch professional stores.
GGV Capital, Millenium Partners, Millennium Technology Value Partners, Revolution, Stephan Schambach, Washington University in St. Louis Endowment, American Express Ventures, Floodgate Fund, General Catalyst Partners, RevolutionGrowth, SoftBank Capital, Split Rock Partners, Telstra Ventures, Tenaya Capital
4/11/17
Synack
$21
Developer of a crowd security testing platform designed to redefine traditional models of security testing through revolutionary technology and innovative thinking.
Hewlett Packard Enterprise, Microsoft Ventures, SingTel Innov8, Allegis Capital, GGV Capital, Greylock Partners, GV, Icon Ventures, Kleiner Perkins Caufield & Byers
4/10/17
Next Insurance
$25
Provider of online small business insurance platform designed to transform the insurance experience for small businesses.
NA
4/7/17
Mic Network
$21
Provider of news and media platform intended to inform, empower and inspire millennials.
Hakuhodo DY Holding, Kyu Collective, Time Warner Investments, You & Mr Jones Brandtech Ventures, Lightspeed Venture Partners
4/7/17
Otonomo
$25
Developer of a car data exchange platform designed to easily access, integrate and explore car-generated data.
Delphi Automotive, Bessemer Venture Partners, Maniv Mobility, StageOne Ventures
4/7/17
Reflexis Systems
$33
Provider of retail execution management software.
Great Hill Partners, Sageview Capital
4/7/17
Souche.com
$180
Provider of an online platform designed to buy and sell pre-owned cars.
ClearVue Partners, CreditEase New Financial Industrial Fund, Haitong International Securities, VMS Investment Group, Warburg Pincus, Zuoyu Capital, Morningside Group
4/7/17
Toutiao
$1,000
Provider of personalized news articles and pictures for application user.
CCB International Asset Management, Sequoia Capital China, Yuri Milner
4/7/17
Upgrade (US)
$54
Provider of marketing tools intended to help users in understanding and improving their credit score.
CreditEase, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, SVB Financial Group, Union Square Ventures, Uprising, Vy Capital, Yuri Milner
4/7/17
Uptake Technologies
$90
Developer of a predictive analytics platform designed to transform data into measurable business value.
RevolutionGrowth
4/6/17
daPulse
$25
Provider of a SaaS based project management tool designed to manage projects, tasks, processes and workflows.
Insight Venture Partners, Entrée Capital, Genesis Partners
Brief Description
Investors
Notes: Source: Pitchbook. Reflects deal activity through 05/18/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
21
SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings ($ M M )
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
28-Apr-17
$2,318
$225
12.00 - 14.00
$15.00
15.4%
21.3%
34.1%
13-Apr-17
$1,146
$116
8.00 - 10.00
$11.00
22.2%
21.9%
20.2%
7-Apr-17
$2,134
$187
15.00 - 17.00
$17.00
6.3%
38.3%
35.2%
24-Mar-17
$873
$126
12.00 - 14.00
$14.00
7.7%
10.7%
24.8%
16-Mar-17
$3,118
$221
14.00 - 16.00
$17.00
13.3%
45.6%
42.1%
28-Oct-16
$1,169
$146
16.00 - 17.00
$17.00
3.0%
40.5%
86.5%
6-Oct-16
$1,601
$133
14.00 - 16.00
$18.00
20.0%
84.9%
74.2%
Offer Date
(1)
Name
Notes: Source: Capital IQ and Dealogic. Market Data as of 05/18/2017. (1) First Trading Day listed as Offer Date.
22
IPO PIPELINE Software IPOs in Public Registration ($MM)
Issuer
Amount Raised (3)
Funding TD
EBIT (2)
Last Financing Date
Post Money Valuation
($16)
17-Feb-14
$38
$48
$414
LTM
Primary Industry
Initial Filing Date
Initial Offering Amount
Revenue
Rev Growth
Business/Productivity Software
27-Apr-17
$86
$135
9.1%
(1)
Notes: Source: Pitchbook and SEC.gov. Offering amounts $20MM or greater. (1) LTM as of 03/31/2017. (2) Reflects GAAP EBIT. (3) Reflects last financing > $25MM.
23
A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues
PE Acquisitions
210
Strategic Acquisitions
IPO
200 195
6
(7)
11
(11)
(5)
190
7
(4) Fortinet CDC Software LogMeIn Medidata SolarWinds Rosetta Stone
180
170
(6)
(11)
(8)
17
(9)
(6) SciQuest RealPage IntraLinks Envestnet Qlik BroadSoft Higher One Convio SPS Commerce SS&C QuinStreet
11
17
16 (9)
(10)
(7)
(6) (8)
Jive Imperva Carbonite Tangoe Responsys Cornerstone Epocrates
Workday Fleetmatics Qualys Eloqua E2open ServiceNow Exa Incadea Infloblox Proofpoint Splunk ExactTarget Demandware Bazaarvoice Greenway AVG Guidewire
160
Workiva Hortonworks New Relic HubSpot CyberArk MobileIron Kinaxis Zendesk Paycom OPOWER Five9 2U Borderfree Amber Road A10 Networks Paylocity Varonis Systems
Mavenir Barracuda Wix.com Covisint RingCentral FireEye Cvent Gigamon Textura ChannelAdvisor Marketo Tableau Halogen Rally Marin Model N
Atlassian Mimecast Instructure Rapid7 Sophos AppFolio Alarm.Com Xactly Shopify Apigee Box
9
(12)
Twilio SecureWorks Talend Everbridge Apptio Gridsum Holding Nutanix Coupa BlackLine, Inc.
(9)
(3)
5
(3)
160
Mulesoft Alteryx Okta Yext Cloudera
150 2008
2009
IPO Strategic Exits PE Exits
2010
2009 +6 -7 -5
Notes: Sources: Capital IQ, company filings. Market Data as of 05/18/2017.
2011
2010 + 11 - 11 -4
2012
2011 +7 -8 -6
2013
2012 + 17 - 11 -9
2013 + 16 -9 -6
2014
2014 + 17 -6 -7
2015
2015 + 11 - 10 -8
2016
2016 +9 - 12 -9
2017
2017 +5 -3 -3
24
VENTURE CAPITAL INDUSTRY TMT Transactions Since Q1 2002 $12
1,000
$10 800
$Bn
600
$6
400 $4
200 $2
$0 Q1 2002
Q1 2003
Q1 2004
Q1 2005
Q1 2006
Q1 2007
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Q1 2013
Q1 2014
Q1 2015
Q1 2016
0 Q1 2017
Quarter - Year (1)
Number of Deals
Investment Amount
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.
25
Number of Investments
$8
GCA OVERVIEW Deep Software Sector Expertise
Acquired by
Acquired by
Acquired by
Acquired by
Preferred Stock
Acquired by
Acquired by
Acquired by
Acquired by
We Advised the Seller
We Advised the Seller
We Advised the Seller
We Advised the Seller
Financial Advisor
We Advised the Seller
We Advised the Seller
We Advised the Seller
We Advised the Seller
Acquisition of
Acquired by
Acquired by
Convertible Note Offering
Strategic Advisory Services
Investment by
Preferred Stock
Acquisition of
Acquisition of
We Advised the Buyer
We Advised the Seller
We Advised the Seller
Financial Advisor
Financial Advisor
We Advised the Seller
Financial Advisor
We Advised the Buyer
We Advised the Buyer
Acquired by
Acquired by
Acquired by
Acquired by
Preferred Stock
Acquired by
Acquired by
Acquired by
Acquired by
We Advised the Seller
We Advised the Seller
We Advised the Seller
We Advised the Seller
Financial Advisor
We Advised the Seller
We Advised the Seller
We Advised the Seller
We Advised the Seller
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
We Advised the Seller
We Advised the Seller
We Advised the Seller
We Advised the Seller
Acquisition of
We Advised the Buyer
Acquired by
We Advised the Seller
Acquired by
Fairness Opinion to Buddy Media
We Advised the Seller
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.
Acquired by
We Advised the Seller
26