European Technology Report - William Blair · William Blair & Company Quarterly European Technology Report Quarterly European Technology Report—Introduction Quarterly European Technology

William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, special situations and restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. In 2012, the investment banking group completed 76 merger-and-acquisition transactions worth more than $13.8 billion in value, involving parties in 21 countries and �ive continents, and was an underwriter on over 20% of all U.S. initial public offerings.

About William Blair Investment Banking

European Technology Report

January 2014

William Blair & Company

Quarterly European Technology Report Quarterly European Technology Report—Introduction

Quarterly European Technology Report—Introduction

As we move into 2014, the indicators are positive for deal activity in European technology. Not only did 2013 see significant share price appreciation in both Europe and the United States, but it also saw an improving level of investment and M&A activity across technology sectors. Volatility (as measured by the VIX index) remains at multiyear low levels, which is a positive indicator for the overall deal environment and especially for U.S. IPOs. As witnessed at the recent Consumer Electronics Show, new technology seems poised to pervade so many areas of our lives: connected home, connected car, personal health and fitness. … The list goes on. While recognizing the exciting potential that these innovations may bring, we continue to see the massive impact of established technology trends on the industry in areas such as cloud, data, and mobility. Notable private equity buyout activity in the final quarter of last year included Advent International taking UNIT4 private, HgCapital’s acquisition of P&I, and Hellman & Friedman’s acquisition of Scout24. European technology IPOs remained scarce in the fourth quarter; notable exceptions included Criteo’s successful IPO in the United States and Tungsten’s IPO in the United Kingdom. Venture capital and growth equity remained active, particularly in Internet/digital media, where Technology Crossover Ventures invested in Spotify and Sequoia invested in Skyscanner. William Blair’s European technology practice experienced significant growth last year. In addition to raising capital for Afrimax and others, we completed several M&A sell-side transactions for clients such as Aepona, Clinisys, and Isotrak, as well as IPOs and public offerings for QIWI, Criteo, and Sapiens. Overall we remain optimistic about the outlook for 2014, and we look forward to working with you. Sincerely,

Raphael S. Grunschlag Head of European Technology Banking Telephone: +44 (0)20 7868 4501 Mobile: +44 (0)7768 993 085 [email protected]


Quarterly European Technology Report Contents

Contents

William Blair & Company Selected Technology Transactions ............................................................................................................................................. 1

Upcoming 2014 Events ......................................................................................................................................................................................................................... 2

William Blair Technology Team ....................................................................................................................................................................................................... 3

Technology Research Coverage ........................................................................................................................................................................................................ 4

Market Snapshot ..................................................................................................................................................................................................................................... 5

Public Company Analysis ..................................................................................................................................................................................................................... 6

Selected M&A Transactions .............................................................................................................................................................................................................. 15

Selected Private Capital Financings, IPOs and Follow-on Offerings ................................................................................................................................ 22

Disclosures ............................................................................................................................................................................................................................................... 28


Quarterly European Technology Report William Blair & Company Selected Technology Transactions 1

William Blair & Company Selected Technology Transactions

Selected Software Transactions

Selected Telematics Transactions

Selected Financial Technology Transactions

Selected Communications Transactions

Selected Internet and Digital Media Transactions

$500,000,000

a portfolio company of

has agreed to be acquired by

Pending

$40,609,375

Confidentially Marketed Follow-on Offering

November 2013

$216,976,941

Follow-on Offering

November 2013

Not Disclosed

has been acquired by

Montagu Private Equity

July 2013

Not Disclosed


INTEL Corporation

April 2013

Not Disclosed

has acquired

RoadnetTechnologies, Inc.

December 2013

Not Disclosed


FleetCorTechnologies, Inc.

October 2013

$279,637,767$152,734,375

Follow-on Offering &Initial Public Offering

Sept. 2013, Oct. 2012

Not Disclosed


Lyceum Capital Partners

August 2013

$115,848,192

Initial Public Offering

August 2013

$148,780,000


ACI Worldwide, Inc.

November 2013

$236,024,760$229,054,736

Follow-on Offering & Initial Public Offering

September, May 2013

$517,500,000$575,798,860

Follow-on Offering & Initial Public Offering

September, April 2013

$138,076,762$155,418,768

Follow-on Offerings

August, March 2013

$102,800,000


Digital River, Inc.

January 2013

Not Disclosed

has been acquired byGenesys

Telecommunications Laboratories, Inc

November 2013

$132,350,000


Vonage Holding Corporation

November 2013

$56,000,000

Private Equity Placement

November 2013

$85,698,000


November 2013

$187,000,000


June 2013

$230,000,000

Convertible Offering

December 2013

$288,143,977


October 2013

$317,400,000

Follow-on Offering

September 2013

$219,545,424


July 2013

$41,040,625

Follow-on Offering

May 2013


Quarterly European Technology Report 2 Upcoming 2014 Events

Upcoming 2014 Events

Technology Company Growth Conference 15 May 2014, San Francisco

William Blair's Technology Company Growth Conference is an exclusive gathering of the late-stage technology community, including senior executives of fast-growing private technology companies, corporate development teams from large- and midcap industry leaders, and private equity investors.

The event is designed as a business development conference with the goal of allowing investors to participate in valuable one-on-one meetings with the CEOs of leading private Internet and technology companies.

Attendee Overview

More than 350 professionals from across the technology landscape

– 200-plus large and midcap corporate attendees, including $1 billion-plus-market-cap technology vendors

– 80-plus late-stage technology investors, growth focus in technology

2013 Presenting Companies

SaaS, Application Software, and Financial Technology and Services

PictometryVisual Intelligence

TM

Healthcare IT, Security and Storage, and Mobility

Network Infrastructure, Digital Marketing, and Telematics

17th Annual Private Equity Conference 17-18 September 2014, Chicago

2013 Event Highlights

55 participating companies

More than 600 registered institutional private equity investors

Roundtable discussions focused on the following industry sectors and topics:

– Business services, commercial services, cross-border investing, debt capital markets, equity capital markets, healthcare, industrials, retail and restaurants, special situations and restructuring, and technology

Roughly 682 requested one-on-one meetings between private equity investors and company management

Selected 2013 Presenting Companies

®

Mobile World Congress 27 March 2013

William Blair Technology Cocktail Reception


Quarterly European Technology Report William Blair Technology Team 3

William Blair Technology Team

Robert Metzger Group Head, Technology & Financial Services

Jon Skinner Managing Director

Daniel Connolly Managing Director

Daniel Daul Managing Director

Scott Stevens Managing Director

Katan D’Souza Managing Director

Robert Abbe Managing Director

Per Stahl Managing Director

Chris Lane Managing Director

Andy Kaye Managing Director

Raphael Grunschlag Managing Director

Phil Olson Director

Andrew Arno Director

Scott Mattson Director

Peter Dalrymple Vice President

Drew Thomas Vice President

James Hoak Vice President

Charles Ruppert Vice President

Daniel Laszlo Vice President


Quarterly European Technology Report 4 Technology Research Coverage

Technology Research Coverage

IT and Business Process Services, Software, Software as a Service

Bhavan Suri

Internet Infrastructure and Communication Services Financial Technology

Jim Breen

Robert Napoli

Digital Media, Internet Cybersecurity, Security Technology

Ralph Schackart

Jonathan Ho

Semiconductors and Wireless Software as a Service

Anil Doradla

Justin Furby

Communications Equipment, Hardware and Software Infrastructure

IT and Business Process Services

Jason Ader

Dmitry Netis

Rahul Bhangare

SoftwareSaaS IT and Business Process Services

SYSTEMS

Electronic Components

Wireless Communications

Communication Semiconductors

Storage Communication Equipment & Data Networking


Quarterly European Technology Report Market Snapshot 5

Market Snapshot

2009 2010 2011 2012 2013E 2014E

Real GDP Growth Rate

Europe (4.4%) 2.0% 1.5% (0.6%) (0.4%) 1.0%

United Kingdom (5.2%) 1.7% 1.1% 0.2% 1.4% 1.9%

Germany (5.1%) 3.9% 3.4% 0.9% 0.5% 1.4%

France (3.1%) 1.7% 2.0% 0.0% 0.2% 1.0%

Italy (5.5%) 1.7% 0.4% (2.4%) (1.8%) 0.7%

Spain (3.8%) (0.2%) 0.1% (1.6%) (1.3%) (0.2%)

Emerging Europe (3.6%) 4.6% 5.2% 1.4% 2.3% 2.7%

United States (2.8%) 2.5% 1.8% 2.8% 1.6% 2.6%

2009 2010 2011 2012 2013

Technology Equity

Stoxx Europe 600 Technology 28.9% 8.6% (11.3%) 14.4% 17.4%

FTSE techMARK 100 Index 32.5% 18.1% (0.7%) 18.0% 26.5%

Nasdaq Composite 43.9% 16.9% (1.8%) 15.9% 38.3%

Equity Markets

Euro STOXX 50 21.1% (5.8%) (17.1%) 13.8% 17.9%

FTSE 100 22.1% 9.0% (5.6%) 5.8% 14.4%

CAC 40 22.3% (3.3%) (17.0%) 15.2% 18.0%

Deutsche Börse AG German Stock Index DAX 23.8% 16.1% (14.7%) 29.1% 25.5%

Ibex 35 Index 29.8% (17.4%) (13.1%) (4.7%) 21.4%

FTSE MIB Index 15.0% (13.2%) (27.6%) 5.3% 12.1%

AEX Index 36.3% 5.7% (11.9%) 9.7% 17.2%

OMX Stockholm 30 Index 43.7% 21.4% (14.5%) 11.8% 20.7%

Swiss Market Index 18.3% (1.7%) (7.8%) 14.9% 20.2%

Volatility

VIX Index 21.7 17.8 23.4 22.7 13.7

Government Bond Data(2)

US 10 year 3.9% 3.3% 1.9% 1.8% 3.0%

UK 10 year 4.1% 3.5% 2.0% 1.8% 3.0%

Germany 10 year 3.4% 3.0% 1.8% 1.3% 1.9%

France 10 year 3.6% 3.4% 3.2% 2.0% 2.4%

Note (1): Emerging Europe includes countries Turkey, Poland, Romania, Hungary, Bulgaria, Serbia, Croatia, Lithuania, Latvia (IMF, World Economic Outlook). Note (2): Government bond data is as of year end. Sources: Capital IQ as of January 10, 2014 and IMF


Quarterly European Technology Report 6 Public Company Analysis

Public Company Analysis

European Technology Indexed Stock Price Performance (LTM)

Source: Capital IQ as of January 10, 2014

European Technology Sector Valuation Overview

Sector Median

Enterprise Value/Revenue Enterprise Value/EBITDA P/E Ratio ’13A-’14E Revenue Growth

EBITDA Margin

2014E P/E/G LTM 2013A 2014E LTM 2013A 2014E LTM 2013A 2014E

Software 2.33x 2.09x 1.88x 13.0x 9.3x 8.2x 24.1x 21.0x 17.9x 7.1% 21.3% 1.4x

Financial Technology 3.17x 2.91x 2.65x 18.0x 12.2x 10.0x 35.7x 29.5x 23.5x 9.8% 21.2% 1.2x

Communications 1.23x 1.20x 1.19x 8.9x 8.4x 7. 7x 21.9x 20.0x 16.6x 2.2% 14.9% 1.0x

Internet / Digital Media 2.81x 4.51x 4.09x 17.2x 16.1x 14.1x 33.9x 30.7x 23.8x 14.0% 17.6% 0.9x

Technology Services 0.80x 0.76x 0.73x 8.2x 7.4x 6.6x 21.0x 18.5x 14.1x 5.1% 10.7% 1.2x

Semiconductors 1.65x 1.60x 1.81x 12.2x 10.2x 9.3x 18.3x 24.8x 15.3x 1.5% 14.9% 0.9x

Applied Technologies and Systems 1.48x 1.29x 1.08x 24.0x 13.2x 9.9x 24.2x 30.9x 26.4x 2.2% 14.0% 1.4x


80.0

100.0

120.0

140.0

160.0

STOXX Europe 600 (+14.3%) NASDAQ Composite Index (+33.1%) Software (+8.6%)Fintech (+54.1%) Communications (+44.4%) Internet/Digital Media (+61.6%)Technology Services (+40.0%) Semiconductors (+23.9%) Systems/Applied Technologies (+40.3%)


Quarterly European Technology Report Public Company Analysis 7

Publicly Traded European Technology Companies

Market Capitalization

Number of Companies

All Transactions (Combined M&A and Private Financings)

Transaction Value

Number of Transactions

25%

14%

14%12%

11%

4%

4%3%

13%Germany

Nordic Countries

United Kingdom

Benelux

France

Russia

Spain

Israel

Other

31%

20% 19%

12%

10%

6% 1% Software

Communications

Semiconductors

Technology Services

Internet/Digital Media

Financial Technology

Applied Technologies

and Systems

28%

17%

17%

13%

7%

4%2%

2%8%

United Kingdom

France

Germany

Nordic Countries

Benelux

Switzerland

Israel

Russia

Other

23%

21%

15%

11%

12%

12%

7% Software

Technology Services


Semiconductors

Communications



and Systems

30%

14%

14%

13%

6%

6%

4%

3%

10%United Kingdom

Nordic Countries

Germany

Benelux

Austria

France

Canada

Italy

Other

26%

8%

23%

12%

13%

12%

6% Software

Communications

Technology Services

Semiconductors




and Systems

38%

16%

12%

12%

4%3%

3%3%

9% United Kingdom

Germany

France

Nordic Countries

Benelux

Israel

Italy

Switzerland

Other

27%

14%

7% 24%

17%

5% 6%

Software


Communications


Technology Services

Semiconductors


and Systems



Software

Company

Share Price (Local Currency)

10/01/2014 % of 52 Week High

Market Value (€MM)

Enterprise Value (€MM)

Enterprise Value/ Revenue

Enterprise Value/ EBITDA P/E Ratio ’13A-’14E

Revenue Growth

EBITDA Margin


Enterprise Value > €1bn

SAP AG 61.04 94% €72,851 €74,898 4.48x 4.07x 3.79x 12.8x 11.4x 10.1x 23.5x 18.7x 16.4x 8.5% 35.5% 1.4x

Dassault Systèmes SA 87.41 85% €10,867 €9,457 4.58x 4.18x 3.84x 14.8x 12.2x 11.1x 32.0x 30.9x 27.8x 8.6% 34.3% 2.9x

Check Point Software Technologies Ltd.

65.04 100% €9,349 €8,427 8.37x 7.82x 7.42x 14.9x 13.3x 12.6x 20.2x 20.5x 19.0x 5.9% 59.0% 2.1x

Sage Group plc 4.01 98% €5,302 €5,736 3.46x 3.42x 3.25x 11.9x 11.4x 10.6x NMF 47.1x 17.6x 1.1% 29.9% 2.4x

Amdocs Limited 41.39 100% €4,845 €4,022 1.64x 1.54x 1.48x 8.8x 7.7x 7.5x 16.1x 16.2x 14.9x 5.8% 20.0% 1.8x

Software AG 25.46 72% €2,113 €2,223 2.27x 2.17x 2.06x 8.9x 7.9x 7.2x 15.3x 15.6x 14.1x 4.5% 27.6% 6.2x

Aveva Group plc 23.11 87% €1,777 €1,662 5.96x 5.26x 4.74x 20.3x 15.3x 13.5x 31.4x 30.7x 25.6x 10.8% 34.3% 1.5x

NICE Systems Ltd. 136.60 92% €1,735 €1,594 2.35x 2.13x 1.95x 13.4x 8.5x 7.2x 37.1x 36.1x 26.1x 8.8% 25.2% 2.2x

Micro Focus International plc 7.81 88% €1,306 €1,429 4.59x 4.49x 4.39x 11.2x 9.9x 9.5x 14.4x 14.9x 13.7x 3.1% 45.4% 2.1x

Asseco Poland Spólka Akcyjna 45.50 86% €907 €1,411 1.03x 0.98x 0.96x 7.1x 6.4x 6.3x 10.7x 10.3x 10.5x 3.0% 15.4% N/A

Opera Software ASA 85.90 99% €942 €1,300 6.71x 4.53x 3.57x 24.1x 14.9x 11.3x NMF 66.5x 27.6x 34.9% 30.4% N/A

Unit 4 N.V. 38.55 100% €1,145 €1,258 2.63x 2.38x 2.22x 17.7x 11.2x 9.8x 42.3x 37.9x 27.8x 7.0% 21.2% N/A

CompuGroup Medical AG 19.38 96% €962 €1,237 2.68x 2.47x 2.37x 15.6x 10.9x 9.9x 49.0x 34.9x 22.8x 8.7% 22.8% 1.3x

Median 3.46x 3.42x 3.25x 13.4x 11.2x 9.9x 23.5x 30.7x 19.0x 7.0% 29.9% 2.1x

Average 3.90x 3.49x 3.23x 14.0x 10.8x 9.7x 26.5x 29.3x 20.3x 8.5% 30.8% 2.4x

Enterprise Value Between €200m and €1bn

Exact Holding NV 25.00 99% €570 €514 2.41x 2.31x 2.22x 13.7x 10.3x 9.7x 23.8x 19.1x 18.9x 3.3% 22.3% N/A

EMIS Group PLC 6.33 69% €479 €465 4.23x 3.14x 3.10x 12.3x 9.4x 9.1x 21.5x 20.7x 17.9x 19.3% 33.4% N/A

Nemetschek AG 53.70 100% €517 €463 2.52x 2.26x 2.11x 12.8x 9.3x 8.5x 23.4x 23.0x 18.1x 9.8% 24.4% 1.1x

Axway Software S.A. 22.90 95% €468 €457 1.97x 1.73x 1.58x 10.8x 9.2x 7.8x 14.7x 14.8x 12.8x 7.6% 18.7% 0.9x

IFS AB 158.00 100% €441 €431 1.41x 1.34x 1.29x 18.0x 8.1x 7.4x 35.9x 29.1x 16.4x 3.5% 16.5% N/A

Anite plc 1.00 61% €343 €350 2.26x 2.09x 1.97x 10.7x 8.4x 7.4x 24.3x 24.4x 22.5x 6.6% 25.0% 3.2x

SDL plc 3.51 63% €340 €339 1.06x 1.04x 1.00x 11.9x 12.0x 9.5x 40.2x NMF 41.7x 3.2% 8.7% 5.2x

BasWare Oyj 24.80 97% €319 €312 2.59x 2.23x 1.94x 36.0x 15.1x 11.5x NMF NMF 33.0x 12.6% 14.8% 1.1x

F-Secure Oyj 2.05 95% €319 €279 1.80x 1.77x 1.67x 8.6x 8.3x 7.7x 27.3x 18.5x 17.9x 2.1% 21.3% NMF

Cegid Group SA 23.67 91% €207 €274 1.05x 1.02x 0.98x 13.0x NMF NMF 11.9x 10.9x 9.7x 2.3% 26.6% N/A

Init Innovation in Traffic Systems AG 25.01 93% €251 €239 2.54x 2.05x 1.82x 14.4x 9.5x 8.3x 28.5x 21.2x 16.5x 14.7% 21.5% 0.9x

RIB Software AG 8.01 94% €310 €229 4.32x 3.19x 2.88x 17.1x 9.7x 8.4x 35.0x 32.1x 23.4x 25.6% 25.3% 1.0x

PSI Aktiengesellschaft 14.28 82% €224 €210 1.15x 1.04x 0.97x 21.2x 11.2x 9.3x NMF NMF 20.7x 7.0% 5.4% 1.4x

Lectra SA 7.92 92% €235 €210 1.04x 0.95x 0.89x 8.6x 7.4x 6.1x 10.3x 10.4x 14.7x 7.6% 12.1% 1.3x



Enterprise Value Below €200m

Delcam plc 21.05 98% €194 €180 3.04x 2.69x NMF 22.1x NMF NMF 32.7x 34.1x 30.4x 7.6% 13.8% N/A

Realtime Technology AG 40.65 89% €181 €172 2.04x 1.52x 1.28x 16.3x 8.7x 6.7x 41.3x 28.6x 19.1x 20.7% 12.5% 0.7x

IDOX plc 0.34 57% €143 €167 2.42x 2.24x 2.18x 9.5x 7.8x 7.6x 15.8x 16.6x 16.3x 4.3% 25.4% N/A

Comarch Spółka Akcyjna 83.10 78% €161 €161 0.68x 0.68x 0.65x 7.1x 6.0x 5.5x 20.6x 19.4x 12.0x 4.5% 9.6% N/A

VIZRT Ltd. 23.00 86% €184 €144 1.62x 1.48x 1.37x 8.6x 7.0x 6.2x 32.6x 20.5x 14.0x 9.4% 19.0% 0.5x

ESI Group SA 23.79 74% €131 €138 1.27x 1.12x 1.04x 18.4x 13.4x NMF 57.9x 28.8x 21.6x 9.5% 6.9% N/A

Myriad Group AG 1.56 58% €116 €129 3.20x NMF NMF NMF NMF NMF NMF NMF NMF N/A (16.2%) N/A

Sword Group SE 17.40 99% €159 €122 1.20x 0.94x 0.88x 16.9x 6.2x 5.6x 11.1x 12.0x 13.6x 21.2% 7.1% 0.5x

Mensch und Maschine Software SE 5.20 96% €80 €107 0.86x 0.71x 0.64x 48.6x 8.1x 7.1x 33.7x 20.9x 13.3x 13.0% 1.8% 1.8x

ATOSS Software AG 28.43 78% €113 €97 2.78x 2.48x 2.36x 11.3x 9.9x 9.4x 33.9x 36.4x 18.0x 7.1% 24.6% 4.1x

Microgen plc 1.30 84% €117 €84 2.32x 2.36x 2.27x 7.0x 8.7x 7.6x 13.8x 15.0x 20.8x (1.7%) 33.0% N/A

GK Software AG 48.52 92% €92 €83 2.36x 1.74x 1.58x NMF 8.8x 7.2x NMF 21.6x 15.3x 12.9% (8.8%) 0.2x

Allocate Software plc. 1.00 85% €80 €69 1.55x 1.40x 1.34x 15.7x 8.5x 8.1x NMF NMF 44.2x 6.7% 9.9% N/A

Comptel Oyj 0.53 90% €57 €62 0.76x 0.70x 0.65x 8.6x NMF NMF 22.8x 30.7x 12.1x 6.1% 8.8% N/A

INTERSHOP Communications 0.84x 0.85x 0.80x NMF N/A N/A NMF N/A N/A 4.3% N/A N/A



Overall Median 2.33x 2.09x 1.88x 13.0x 9.3x 8.2x 24.1x 21.0x 17.9x 7.1% 21.3% 1.4x

Overall Average 2.61x 2.29x 2.12x 15.1x 9.8x 8.6x 27.1x 25.1x 20.1x 8.9% 20.3% 1.9x





Company


10/01/2014 % of 52 Week High





Revenue Growth

EBITDA Margin



Ingenico SA 62.39 100% €3,292 €3,709 2.81x 2.49x 2.27x 14.1x 12.2x 10.8x 29.9x 28.6x 23.2x 7.6% 20.5% 1.2x

Wirecard AG 28.75 99% €3,228 €2,970 6.25x 5.12x 4.32x 25.3x 19.0x 15.7x 41.9x 39.3x 30.3x 21.0% 27.0% 1.3x

Qiwi plc 51.20 86% €1,952 €1,782 7.18x 10.85x 8.78x 32.0x 21.6x 16.7x 52.5x 45.1x 32.7x 32.7% 50.2% 1.2x

Wincor Nixdorf Aktiengesellschaft 53.65 99% €1,598 €1,730 0.70x 0.67x 0.64x 9.1x 7.6x 7.1x 18.3x 17.8x 13.8x N/A 8.8% 0.8x

Temenos Group AG 26.35 100% €1,477 €1,622 4.84x 4.39x 4.03x 24.0x 13.8x 12.1x 35.7x 32.9x 24.8x 9.3% 31.9% 1.0x

Monitise plc 0.78 95% €1,549 €1,446 NMF 8.81x 5.74x NMF NMF 25.6x NMF NMF NMF 46.6% NMF N/A

Quindell Portfolio Plc 0.20 95% €1,367 €1,384 4.50x 1.55x 1.23x 12.6x 5.2x 4.4x 20.1x 9.1x 6.0x 75.0% 29.8% 0.1x

StatPro Group plc 0.86 87% €1,317 €1,153 1.70x 1.67x NMF 8.2x 10.0x NMF 19.7x 27.1x 21.6x 2.0% 16.8% NMF

SimCorp A/S 207.00 94% €1,147 €1,105 4.91x 4.41x 4.00x 18.0x 16.2x 14.0x 27.2x 29.4x 24.2x 11.6% 27.1% NMF

Fidessa Group plc 23.99 100% €1,089 €1,028 3.08x 2.91x 2.76x 15.6x 10.2x 10.0x 30.2x 29.6x 27.6x 4.4% 28.5% 3.1x




PayPoint plc 10.65 87% €872 €843 3.35x 3.03x 2.86x 14.4x 13.2x 12.4x 21.5x 21.4x 19.5x 5.4% 22.9% 1.7x

Optimal Payments Plc 4.07 98% €741 €648 3.75x 3.17x 2.72x 30.0x 15.5x 12.4x 57.1x 31.6x 28.3x 14.3% 20.5% 1.0x

Innovation Group plc 0.36 100% €431 €403 1.64x 1.48x 1.38x 13.0x 9.6x 8.9x 47.0x 38.7x 23.8x 8.4% 15.4% NMF

First Derivatives plc 15.83 100% €368 €387 5.07x 4.11x 3.64x 36.2x 23.5x 20.3x 64.2x 48.1x 41.5x 16.6% 17.5% NMF

Tungsten Corporation Plc 2.70 92% €325 €235 N/A 5.84x 3.26x N/A NMF N/A N/A NMF NMF N/A NMF N/A

Sapiens International Corp. NV 7.42 94% €245 €225 2.36x 1.96x 1.68x 19.2x 13.9x 9.9x 29.1x N/A N/A N/A N/A N/A

Linedata Services SA 22.65 96% €172 €221 1.46x 1.28x 1.27x 5.9x 5.3x 5.3x 10.2x 11.2x 10.1x 5.7% 24.4% 1.8x

Seamless Distribution AB 46.70 79% €216 €214 13.26x 5.68x 2.40x NMF N/A N/A NMF N/A N/A N/A N/A N/A




Earthport plc 0.38 92% €177 €161 NMF 10.14x 6.30x NMF NMF NMF NMF NMF NMF N/A NMF N/A

Rentabiliweb Group SA 8.62 100% €151 €143 2.14x 1.91x 1.68x NMF 13.4x 9.8x NMF 50.7x 26.0x 10.3% 14.3% N/A

Hi-Media S.A. 2.02 92% €90 €104 0.55x 0.51x 0.49x 9.0x 6.4x 5.9x 39.9x 24.8x 19.3x 6.2% 8.0% 2.9x

Gresham Computing plc 1.27 89% €92 €90 5.61x 4.98x 4.16x 38.6x 23.3x 16.8x 43.4x 32.5x 25.4x 15.6% 21.3% N/A

Bango PLC 1.72 59% €94 €86 7.39x N/A N/A NMF N/A N/A NMF N/A N/A N/A N/A N/A

Brady plc 0.75 75% €73 €66 1.77x 1.57x 1.30x 18.7x 7.5x 5.7x 58.8x NMF 15.5x 12.3% 21.0% N/A

DIBS Payment Services AB 55.00 97% €59 €56 3.17x 2.89x 2.58x 20.4x 11.4x 9.1x 40.8x 28.4x 20.4x 8.1% 25.2% N/A

COR&FJA AG 1.26 98% €51 €48 0.37x 0.46x 0.45x NMF 5.2x 5.0x NMF NMF 13.9x (20.8%) 8.7% N/A








Communications

Company


10/01/2014 % of 52 Week High





Revenue Growth

EBITDA Margin



Ericsson 79.20 87% €28,784 €24,916 0.97x 0.95x 0.92x 8.2x 7.2x 6.4x 26.5x 26.5x 18.0x (1.0%) 13.1% 0.4x

Nokia Corporation 6.00 98% €22,256 €19,733 0.78x 1.50x 1.50x 6.9x 9.6x 9.8x NMF NMF 17.6x (21.5%) 15.7% NMF

Alcatel-Lucent, S.A. 3.11 91% €8,581 €10,263 0.70x 0.68x 0.67x 9.2x 7.8x 6.4x NMF NMF NMF 1.6% 8.7% NMF

Gemalto NV 82.24 92% €7,082 €6,811 2.89x 2.54x 2.30x 18.2x 13.7x 11.9x 31.6x 20.9x 6.4x 7.8% 18.5% 1.0x

Axis AB 225.70 90% €1,765 €1,721 3.32x 2.72x 2.34x 20.3x 16.7x 14.1x 29.9x 29.3x 23.9x 13.8% 16.3% 1.2x

Logitech International SA 12.50 95% €1,628 €1,412 0.92x 0.96x 0.88x 18.2x 11.9x 11.1x NMF NMF 29.8x (6.9%) 8.0% NMF

Pace plc 3.62 100% €1,349 €1,403 0.65x 0.75x 0.75x 8.3x 7.4x 7.2x 18.1x 18.8x 16.6x 2.0% 10.1% 1.3x

Ascom Holding AG 15.85 100% €1,317 €1,153 1.23x 1.17x 1.13x 8.6x 7.6x 7.0x 18.1x 16.7x 13.8x 2.8% 15.4% 0.6x

TomTom NV 5.40 86% €1,199 €1,148 1.17x 1.23x 1.24x 8.1x 8.0x 7.6x 10.4x NMF 54.4x (9.9%) 15.5% NMF


Average 1.40x 1.39x 1.30x 11.8x 10.0x 9.1x 22.4x 22.4x 22.6x (1.3%) 13.5% 0.9x


Jenoptik AG 12.31 89% €704 €787 1.32x 1.20x 1.12x 10.5x 8.9x 8.0x 14.7x 18.4x 14.4x 3.7% 13.6% 1.5x

Kudelski SA 13.95 96% €608 €721 1.05x 0.98x 0.94x 8.0x 6.8x 6.4x 20.5x 14.6x 12.8x 3.7% 14.4% 0.2x

EVS Broadcast Equipment S.A. 46.43 81% €626 €610 5.26x 4.17x 4.17x 14.5x 9.8x 10.5x 22.6x 18.5x 16.3x (6.7%) 42.5% 2.3x

u-blox Holding AG 109.30 99% €571 €521 3.20x 2.59x 2.32x 17.7x 12.6x 11.2x 34.4x 29.4x 25.6x 26.6% 20.5% NMF

Spirent Communications Plc. 0.90 53% €674 €490 1.55x 1.45x 1.35x 7.5x 7.5x 6.2x 9.5x 22.6x 20.9x (12.0%) 19.4% NMF

Transmode AB 112.50 92% €352 €308 2.59x 2.24x 2.04x 14.3x 11.4x 10.4x 21.2x 22.2x 18.8x 6.1% 19.7% N/A




Globo Plc 0.59 66% €265 €253 4.32x 2.54x 2.18x 8.6x 4.5x 3.8x 9.4x 9.2x 7.4x 57.3% 56.3% 0.3x

Telit Communications PLC 1.77 90% €223 €230 1.34x 1.14x 1.01x 22.4x 9.9x 7.7x 37.9x N/A N/A 13.5% 11.6% N/A

Sepura PLC 1.34 86% €223 €226 2.08x 1.87x 1.77x 20.8x 13.8x 12.4x 31.9x 19.1x 16.0x 15.1% 13.5% N/A

Parrot S.A. 22.48 71% €272 €196 0.79x 0.78x 0.70x 8.9x 7.0x 4.5x 47.4x 28.1x 18.7x (12.5%) 11.0% 26.8x

ADVA Optical Networking SE 4.08 83% €196 €154 0.49x 0.46x 0.43x 7.9x 3.8x 3.2x 27.1x 36.7x 16.1x (5.5%) 12.1% 0.7x

Netgem SA 2.88 95% €116 €65 0.85x 0.68x N/A 5.7x N/A N/A 12.2x 14.4x 9.6x 2.2% N/A N/A









Company


10/01/2014 % of 52 Week High





Revenue Growth

EBITDA Margin



Yandex N.V. 44.00 97% €10,491 €10,222 12.49x 11.29x 8.87x 29.0x 25.4x 20.0x 36.2x 35.3x 29.8x 27.3% 44.4% 0.9x

ASOS plc 70.08 100% €7,002 €6,916 7.46x 6.91x 5.32x NMF NMF 58.5x NMF NMF NMF 30.0% 8.8% 2.9x

United Internet AG 32.00 99% €6,193 €6,531 2.53x 2.46x 2.23x 17.9x 16.3x 13.4x 34.2x 31.5x 23.8x 10.4% 15.1% 0.7x

Mail.ru Group 41.69 93% €6,363 €6,207 11.76x 10.00x 8.28x 26.5x 18.9x 15.7x 15.1x 22.7x 21.9x 20.8% 53.0% 0.9x

Rightmove plc 26.75 95% €3,134 €3,126 NMF 18.68x 16.17x 28.9x 25.6x 21.9x 38.6x 35.0x 28.8x 15.5% 73.0% 1.4x

Ubisoft Entertainment SA 10.72 88% €1,214 €1,357 1.07x 1.35x 0.85x 2.8x 3.8x 3.2x 34.9x NMF 19.7x 59.2% 35.9% 0.7x

Moneysupermarket.com Group PLC 2.00 90% €1,306 €1,275 4.92x 4.67x 4.42x 12.4x 12.9x 12.1x 34.8x 17.9x 16.7x 5.5% 36.2% 3.3x




Blinkx plc 2.05 87% €987 €935 5.52x 5.43x 4.39x 39.5x 36.6x 28.2x 59.0x 46.4x 32.6x 23.6% 14.8% 1.0x

Perform Group plc. 2.50 41% €792 €823 3.86x 3.33x 2.78x 19.5x 19.4x 15.2x NMF 29.8x 23.8x 19.9% 17.2% 0.8x

Net Entertainment NE AB 153.00 98% €681 €674 10.09x 9.55x 7.91x 23.4x 21.2x 16.4x 42.6x 37.3x 26.9x 20.6% 44.9% N/A

GameLoft SA 7.80 93% €642 €582 2.61x 2.46x 2.16x 17.2x 13.6x 10.2x NMF 38.8x 22.7x 14.0% 18.1% 0.6x

Meetic S.A. 18.75 99% €440 €423 2.45x NMF N/A 11.7x NMF N/A NMF N/A N/A N/A N/A N/A

XING AG 80.01 91% €444 €377 4.72x 4.51x 3.97x 17.9x 15.9x 12.4x 49.9x 42.6x 30.0x 13.6% 28.5% 1.0x

auFeminin.com 36.80 97% €329 €281 4.67x 4.66x 4.20x 13.7x NMF NMF 24.0x 27.7x 25.3x 10.9% 0.0% N/A

Tomorrow Focus AG 4.35 96% €254 €269 1.43x 1.46x 1.31x 16.3x 9.7x 7.9x 20.5x 21.0x 14.4x 12.0% 15.0% 1.7x

Progressive Digital Media Group PLC 2.38 89% €213 €205 3.01x 2.96x 2.70x 17.3x 14.9x 12.1x 33.7x 25.6x 20.1x 9.5% 19.9% 0.6x




blur Limited 5.64 94% €201 €191 NMF NMF 10.59x NMF NMF NMF NMF N/A N/A N/A (39.9%) N/A

LeGuide.com S.A. 35.50 100% €127 €101 2.09x NMF N/A 9.7x NMF N/A 18.9x N/A N/A N/A N/A N/A

TradeDoubler AB 19.30 81% €92 €71 0.31x 0.31x 0.31x 10.1x 7.8x 6.4x 23.3x 17.0x 14.9x 0.2% 3.9% N/A

Babylon Ltd. 8.61 28% €83 €64 0.44x NMF N/A 2.5x NMF NMF 3.8x N/A N/A N/A N/A N/A

Cupid plc 0.59 30% €51 €36 0.35x 0.95x 0.86x 2.2x NMF 14.7x 18.5x NMF 29.7x 10.0% 0.8% N/A

Velti Plc 0.05 1% €3 €12 0.07x NMF NMF NMF NMF NMF NMF N/A N/A N/A N/A N/A

Median 0.35x 0.63x 0.86x 6.1x 7.8x 10.6x 18.7x 17.0x 22.3x 5.1% 0.8% N/A

Average 0.65x 0.63x 3.92x 6.1x 7.8x 10.6x 16.1x 17.0x 22.3x 5.1% (11.7%) N/A






Technology Services

Company


10/01/2014 % of 52 Week High





Revenue Growth

EBITDA Margin



Amadeus IT Holding SA 31.13 99% €13,840 €15,119 4.97x 4.58x 4.31x 13.1x 11.9x 11.0x 25.8x 24.4x 22.6x 6.9% 38.4% 3.0x

Capgemini S.A. 50.91 99% €8,022 €7,867 0.78x 0.75x 0.73x 7.9x 7.0x 6.5x 19.5x 18.5x 16.4x 2.9% 10.7% 1.6x

Atos S.A. 66.68 98% €7,367 €7,032 0.80x 0.79x 0.78x 7.4x 6.8x 6.5x 30.9x 19.2x 15.9x 2.0% 11.6% 1.3x

Indra Sistemas, S.A. 13.55 100% €2,223 €2,941 0.97x 0.97x 0.93x 11.2x 9.8x 9.1x 21.0x 19.6x 16.0x 2.8% 9.9% 2.6x

Telecity Group plc 7.75 75% €1,890 €2,240 6.09x 4.99x 4.44x 13.2x 10.5x 9.1x 25.9x 22.5x 19.0x 13.1% 47.7% 1.1x

Interxion Holding NV 24.63 88% €1,240 €1,518 5.08x 4.43x 3.98x 12.5x 10.0x 8.8x NMF NMF 33.1x 10.4% 44.3% 1.9x

Altran Technologies S.A. 6.56 97% €1,142 €1,340 0.87x 0.78x 0.74x 10.4x 7.4x 6.5x 23.1x 15.3x 12.1x 4.9% 10.6% 0.8x

Tieto Oyj 16.58 90% €1,204 €1,258 0.73x 0.75x 0.74x 5.4x 5.5x 5.3x 41.9x 17.7x 11.6x (1.2%) 13.7% 1.7x

Bechtle AG 55.76 99% €1,171 €1,161 0.53x 0.49x 0.47x 10.8x 9.7x 9.0x 20.0x 19.0x 16.6x 5.4% 5.1% 1.6x

Sopra Group 73.00 95% €870 €1,086 0.84x 0.77x 0.73x 7.4x 8.0x 7.2x 10.2x 12.7x 12.1x 5.8% 9.6% 1.0x

Alten SA 33.80 97% €1,090 €1,041 0.86x 0.82x 0.78x 8.5x 7.7x 7.1x 14.4x 14.6x 13.9x 3.9% 10.6% 3.4x




ComputaCenter plc 6.46 95% €1,045 €966 0.27x 0.26x 0.25x 7.7x 6.9x 6.5x 34.4x 18.6x 13.7x 2.7% 3.8% N/A

Atea ASA 57.50 83% €704 €818 0.32x 0.30x 0.28x 8.9x 7.1x 6.3x 14.0x 18.4x 10.2x 4.8% 4.2% 0.6x

Groupe Steria SCA 14.40 91% €457 €748 0.42x 0.40x 0.39x 6.3x 4.5x 4.2x 27.8x 11.1x 8.3x 5.5% 8.9% 1.0x

EVRY ASA 9.93 95% €314 €705 0.47x 0.46x 0.44x 5.6x 4.4x 4.2x 10.7x 6.6x 5.6x 3.5% 10.3% NMF

Reply S.p.A. 58.80 98% €533 €532 0.99x 0.91x NMF 7.9x 6.7x NMF 17.5x 5.1x 4.8x 8.6% 13.5% N/A

iEnergizer Limited 2.38 65% €438 €522 4.78x 4.15x NMF 18.1x 13.5x NMF 28.8x N/A N/A 8.6% 30.7% N/A

NCC Group plc. 1.92 98% €482 €512 4.28x 3.64x 3.31x 16.9x 14.1x NMF 27.6x 28.2x 25.2x 10.6% 25.9% N/A

Cancom SE 33.80 97% €494 €496 0.87x 0.76x 0.73x 17.5x 12.1x 10.8x 35.3x 24.9x 23.0x 10.8% 6.3% 0.9x

AT&S 7.41 81% €269 €471 0.80x 0.80x 0.73x 3.7x 4.1x 3.7x 7.9x 10.2x 11.6x 4.3% 19.6% 0.2x

IBS Group Holding Limited 25.10 84% €405 €453 0.89x 0.85x 0.76x 11.3x 7.8x 6.6x 23.8x 15.4x 12.5x 10.8% N/A N/A

Xchanging PLC 1.69 100% €493 €415 0.50x 0.72x 0.69x 4.6x 4.2x 3.9x 15.5x 19.7x 18.3x (10.8%) 17.1% 0.9x

iomart Group plc 2.61 61% €335 €363 6.32x 4.75x 4.25x 17.3x 11.3x 9.9x 37.3x N/A N/A 21.1% 41.9% N/A

Bull Société Anonyme 3.45 96% €419 €341 0.27x 0.26x 0.25x 5.2x 4.2x 3.5x 33.2x 20.3x 14.4x 1.1% 6.2% N/A

GFI Informatique S.A. 4.83 97% €259 €321 0.45x 0.41x 0.41x 7.2x 5.7x NMF 34.8x 16.1x 12.4x 3.1% 7.3% N/A




Neurones SA 13.80 100% €331 €258 0.79x 0.72x 0.67x 7.6x 7.1x 6.6x 19.6x 19.2x 17.5x 5.1% 10.2% 1.6x

HiQ International AB 40.60 98% €241 €227 1.52x 1.44x 1.31x 12.6x 10.8x 9.2x 18.4x 19.4x 16.1x 6.1% 13.3% N/A

Phoenix IT Group PLC 1.26 70% €114 €205 0.70x 0.72x 0.71x 6.6x 5.7x 5.5x 21.0x NMF 13.2x (1.8%) 12.7% N/A

Ordina NV 1.94 96% €179 €198 0.52x 0.51x 0.49x 13.9x 9.3x 7.8x NMF NMF 21.8x 2.4% 5.5% N/A

GFT Technologies AG 7.20 98% €190 €183 0.76x 0.60x 0.57x 11.5x 7.4x 6.8x 16.4x 16.4x 13.9x 16.0% 8.1% 0.8x

Tessi SA 93.00 91% €260 €182 0.76x 0.74x 0.71x 4.1x 3.9x 3.8x 12.5x 12.0x 11.9x 2.0% 18.9% N/A

SNP AG 11.26 57% €126 €123 5.53x 3.73x 3.15x NMF 35.3x 18.0x NMF NMF 27.1x 28.7% NMF N/A

Secunet Security Networks AG 20.20 84% €131 €116 1.72x 1.46x 1.35x 19.3x 13.6x 12.6x 40.7x 48.1x 28.1x 25.6% 10.7% 2.6x

Devoteam SA 13.30 99% €117 €110 0.22x 0.25x 0.26x 6.1x 4.7x 3.8x 17.0x NMF 16.9x (4.9%) 5.4% 0.5x

Acando AB 13.55 80% €108 €99 0.61x 0.56x 0.52x 11.2x 8.3x 6.7x 21.7x 24.6x 13.7x 9.7% 6.8% N/A

Enea AB 54.50 95% €101 €83 1.52x 1.64x 1.52x 5.1x 7.1x 6.1x 7.5x 16.0x 13.0x 9.4% 23.1% N/A

RM Plc 1.14 91% €126 €64 0.19x 0.27x 0.30x 2.8x N/A N/A 11.7x N/A N/A (23.6%) N/A N/A








Semiconductors

Company


10/01/2014 % of 52 Week High





Revenue Growth

EBITDA Margin



ASML Holding NV 65.28 87% €28,882 €27,238 6.16x 5.23x 4.09x 28.3x 21.7x 14.8x 34.9x 30.9x 19.3x 10.0% 21.8% 0.7x

ARM Holdings plc 9.72 87% €13,610 €13,048 18.92x 18.53x 15.90x 50.0x 39.4x 30.5x NMF NMF 45.6x 25.1% 37.9% 1.6x

NXP Semiconductors NV 42.18 94% €7,550 €9,725 2.88x 2.80x 2.57x 12.0x 9.5x 8.5x NMF 26.3x 14.2x 10.3% 24.1% 0.5x

Infineon Technologies AG 7.28 94% €7,827 €5,844 1.52x 1.47x 1.35x 7.2x 6.8x 5.5x 28.8x 24.8x 16.6x 4.3% 21.1% 0.7x

STMicroelectronics NV 5.45 71% €4,855 €4,366 0.72x 0.73x 0.72x 12.4x 10.2x 4.9x NMF NMF 25.2x (10.3%) 5.8% 2.2x

ASM International NV 23.03 73% €1,455 €1,152 1.43x 2.02x 2.29x 18.7x 17.7x 13.2x NMF 26.8x 13.4x (60.4%) 7.6% N/A


Average 5.27x 5.13x 4.49x 21.4x 17.6x 12.9x 31.8x 27.2x 22.4x (3.5%) 19.7% 1.1x

Enterprise Value Below €1bn

Dialog Semiconductor Plc 13.73 85% €897 €999 1.65x 1.60x 1.32x 12.1x 10.8x 7.8x 26.5x 25.9x 15.3x 6.5% 13.6% 0.7x

ams AG 91.05 75% €988 €969 2.61x 2.52x 2.19x 9.9x 9.7x 7.7x 17.7x 15.9x 12.0x 0.0% 26.2% 1.1x

CSR plc 5.80 93% €1,142 €926 1.26x 1.33x 1.44x 14.5x 9.9x 9.3x 16.4x NMF 33.8x (6.5%) 8.7% 1.3x

Melexis NV 22.66 92% €908 €894 3.41x 3.30x 3.03x 12.5x 11.4x 10.3x 16.3x 16.9x 15.1x 9.2% 27.3% 1.6x

Aixtron SE 10.00 72% €1,011 €804 3.84x 4.20x 2.61x NMF NMF 32.8x NMF NMF NMF (14.0%) NMF NMF

Imagination Technologies 1.70 30% €532 €554 2.82x 2.62x 2.28x 12.2x 12.2x 10.6x NMF NMF 33.4x 22.6% 21.4% 1.8x

Nordic Semiconductor ASA 25.60 93% €485 €464 5.65x 5.25x 3.92x 47.9x 34.7x 18.6x NMF NMF 30.3x 3.0% 11.8% N/A

Soitec S.A. 1.43 40% €247 €361 1.61x 1.53x 0.97x NMF NMF 9.6x NMF NMF NMF (14.6%) NMF NMF

Nanoco Group PLC 1.37 69% €351 €339 NMF NMF 31.75x NMF NMF NMF NMF NMF NMF 16.8% NMF N/A

BE Semiconductor Industries 7.94 87% €296 €240 0.93x 0.95x 0.82x 6.6x 6.3x 4.3x 18.8x 19.9x 9.8x (8.3%) 14.9% N/A

IQE Plc 0.25 64% €188 €235 1.70x 1.52x 1.38x 12.1x 8.3x 6.4x 17.7x 28.3x 11.7x 47.1% 18.3% 0.3x

ELMOS Semiconductor AG 10.33 95% €200 €212 1.17x 1.12x 1.05x 8.5x 6.9x 5.7x 25.1x 20.9x 15.2x 4.5% 13.9% 0.5x

Wolfson Microelectronics plc 1.35 59% €183 €163 1.14x 1.25x 1.07x NMF NMF 9.4x NMF NMF NMF (1.1%) (1.5%) NMF

Suss MicroTec AG 6.22 60% €119 €97 0.65x 0.70x 0.59x 6.7x NMF 8.1x NMF NMF 20.2x (15.7%) NMF 0.7x

Sequans Communications S.A. 1.90 64% €82 €71 8.12x 7.06x 2.70x NMF NMF NMF NMF NMF NMF (37.3%) NMF N/A

Micronas Semiconductor 6.90 78% €166 €26 0.21x 0.21x 0.19x NMF NMF NMF 12.1x 21.6x 14.8x (10.7%) 13.4% 18.5x

Median 1.65x 1.53x 1.41x 12.1x 9.9x 9.3x 17.7x 20.9x 15.2x (0.5%) 13.9% 1.1x



Overall Average 3.26x 3.14x 3.83x 17.0x 14.4x 11.5x 21.4x 23.5x 20.4x (0.9%) 16.8% 2.3x




Applied Technologies and Systems

Company


10/01/2014 % of 52 Week High





Revenue Growth

EBITDA Margin


Oxford Instruments plc 17.78 97% €1,220 €1,181 2.83x 2.52x 2.33x 21.5x 14.4x 13.0x 42.2x 37.2x 34.1x 3.7% 17.5% 2.5x

LPKF Laser & Electronics AG 20.55 98% €458 €470 3.46x 3.47x 3.11x 16.6x 14.0x 11.7x 26.7x 26.8x 25.3x 5.7% 24.7% 2.1x

The Vitec Group plc 6.49 89% €341 €422 1.07x 1.04x 1.01x 6.6x 6.2x 6.0x 48.4x 19.3x NMF (7.6%) 16.9% N/A

Smart Metering Systems Plc 3.38 94% €341 €365 12.13x NMF NMF 29.5x NMF NMF 58.1x NMF NMF N/A N/A N/A

TT Electronics plc 1.94 95% €360 €352 0.59x 0.54x 0.52x 7.5x 5.0x 3.7x 14.1x 24.0x 23.9x 7.7% 10.8% N/A

Elektrobit Oyj 2.65 88% €345 €318 1.59x 1.36x 1.21x 29.2x 13.2x 11.8x 12.9x 19.6x 26.5x 5.1% 10.3% 0.8x

Kontron AG 5.23 90% €291 €295 0.55x 0.53x 0.49x 39.8x 9.5x 5.4x NMF NMF NMF (2.1%) 5.6% NMF

Xyratex Ltd. 13.25 98% €268 €210 0.32x 0.36x 0.31x 16.9x 13.3x 15.4x 21.0x 44.2x NMF (27.7%) 2.7% N/A

accesso Technology Group plc 7.43 95% €181 €183 4.90x 3.09x NMF 48.3x 20.5x NMF NMF 59.3x NMF 34.3% 15.1% N/A

Store Electronic Systems 15.05 97% €165 €146 2.18x 1.65x 1.39x 26.6x 11.8x 8.1x 43.0x 37.8x 26.4x N/A 14.0% 0.8x

Xeikon N.V. 5.85 98% €118 €132 1.01x N/A N/A 4.5x N/A N/A 10.2x N/A N/A N/A N/A N/A

Q-Free ASA 14.20 79% €115 €97 1.24x 0.80x 0.69x NMF 3.6x 3.1x NMF NMF 8.0x 0.7% 22.1% N/A

Pricer AB 7.10 72% €89 €86 1.48x 1.29x 1.15x 33.6x 18.9x 12.1x 21.8x 30.9x 35.5x (0.1%) 6.8% N/A





Quarterly European Technology Report Selected M&A Transactions 15

Selected M&A Transactions

Selected Software M&A Transactions

(€ in millions)

Announced Date Target Acquirer

Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

Dec-13 Secunia Dansk Kapitalanlaeg €13.0 - -

Dec-13 The Property Software Group LDC Ltd. €21.2 - -

Dec-13 Total Specific Solutions B.V. Constellation Software Inc. €240.0 1.38x -

Dec-13 Tell Me More S.A. Rosetta Stone Ltd. €20.8 - -

Dec-13 QUMAS, Limited Accelrys Software Inc. €34.9 2.48x -

Dec-13 Realtime Technology AG Dassault Systemes SA €171.3 2.31x 18.6x

Nov-13 P&I Personal & Informatik Aktiengesellschaft HgCapital €365.4 4.15x 11.6x

Nov-13 Unit 4 N.V. Advent International Corporation €1,287.7 2.64x 17.8x

Nov-13 COR&FJA Banking Solutions GmbH Sopra Group S.A. €13.0 0.60x -

Nov-13 Delcam plc Autodesk Development B.V. €197.5 3.11x 22.0x

Nov-13 Celcite Management Solutions, LLC Amdocs Limited €95.7 - -

Oct-13 epyx Limited Fleetcor Technologies, Inc. €230.0 9.50x 13.2x

Oct-13 Cameleon Software SA PROS Holdings, Inc. €22.9 1.51x 17.2x

Oct-13 Pironet NDH AG Cancom SE €47.4 1.07x 7.7x

Sep-13 Ascribe Limited EMIS Group Plc €72.0 2.50x 8.1x

Aug-13 e-conomic international a/s HgCapital €89.1 - -

Aug-13 Cordys B.V. Open Text Corporation €24.8 - -

Aug-13 Isotrak Lyceum Capital Partners - - -

Jul-13 icon-scm AG E2open, Inc. €25.5 - -

Jul-13 CliniSys Montagu Private Equity - - -

Jul-13 Joint Collaboration AS Addnode Group AB €23.1 1.58x 8.3x

Jun-13 Neolane SA Adobe Systems Incorporated €460.0 10.50x -

Jun-13 Rivo Software Ltd. Kennet Partners Limited; Fidelity Growth Partners €22.8 - -

Jun-13 Hybris SAP €800.0 8.60x -

May-13 Civica OMERS Private Equity €461.0 1.90x 10.3x

May-13 Arieso JDSU €65.0 - -

May-13 Stonesoft McAfee €288.0 7.08x NMF

Apr-13 Aepona Intel Corporation Ltd. - - -

Mar-13 Computer Software Holdings Limited Advanced Computer Software Group €121.4 1.79x 8.3x

Feb-13 Sage Aytos S.L. and C&I and ATL and Automotive Argos Soditic €32.8 - -

Feb-13 Sage (ACT! And Saleslogic business) Accel-KKR €75.0 - -

Feb-13 Skyfire Labs Opera Software €116.0 - -

Jan-13 Cerved Group S.p.A. CVC Capital Partners Limited €1,102.0 3.87x -

Dec-12 NewBay Software Limited Synchronoss Technologies Ireland Ltd. €42.7 - -

Nov-12 Tikit Group plc BT Group plc €75.1 2.07x 11.4x

Nov-12 LMS International NV Siemens €543.0 4.97x -

Nov-12 Retalix NCR Corp. €468.0 2.37x 26.3x

Oct-12 Heiler Software AG Informatica Deutschland AG €82.4 3.44x NMF

Aug-12 Automic Software GmbH EQT Partners AB €208.2 3.55x -

Aug-12 UC4 Software Gmbh EQT Partners €220.0 4.29x -

Jul-12 GMC Software AG Neopost SA €139.4 4.16x -

Jul-12 Easy Software AG Allgeier SE €23.4 0.43x 1.6x

May-12 Ariba Inc. SAP €3,385.0 8.30x NMF

May-12 BigHand Ltd. LDC; Bridgepoint €59.6 - -

May-12 SiteMaker Software Ltd. Hibu Plc €22.0 - -


Quarterly European Technology Report 16 Selected M&A Transactions

Selected Software M&A Transactions

(€ in millions)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

May-12 Traen A/S Formpipe Software AB €33.9 1.40x 6.1x

May-12 Kewill Francisco Partners €84.0 1.24x 23.3x

Apr-12 Transics International NV CreaFund CVBA; Uniholding SA €25.6 1.17x 6.9x

Apr-12 blueKiwi Software SA Atos S.A. €20.2 4.00x -

Apr-12 Torex Retail MICROS Systems €163.0 1.21x 13.9x

Feb-12 IBS Siemens Industry Automation Holding AG €22.6 1.33x 13.4x

Feb-12 Misys plc Vista Equity €1,700.0 - -

Median €82.4 2.48x 11.6x

Average €282.8 3.35x 12.9x

Sources: Capital IQ and MergerMarket as of January 10, 2014



Selected Financial Technology M&A Transactions

(€ in millions)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

Dec-13 Sofort AG Klarna AB €109.0 - -

Dec-13 Alaric Systems Limited NCR Limited €57.8 - -

Feb-13 SIA S.p.A. Fondi Italiani per le Infrastrutture, Orizzonte SGR, FSI €454.0 2.20x 8.5x

Nov-13 PT. Aprisma Indonesia Wirecard AG €88.5 - -

Nov-13 Brand Loyalty International B.V. Alliance Data Systems Corporation €266.0 - -

Oct-13 The 41st Parameter Inc. Experian plc €239.4 - -

Sep-13 PaymentLink Pte. Ltd. Wirecard AG €30.9 - -

Sep-13 Grapple Mobile Limited Monitise Create Limited €44.1 - -

Sep-13 OB10 Ltd. Tungsten Corporation Plc €117.0 4.22x -

Aug-13 Avelo FS Limited Iress Limited €243.0 3.80x -

Aug-13 Skrill CVC Capital Partners Limited €600.0 3.00x 12.0x

Jul-13 MACH Syniverse €550.0 4.10x -

Jun-13 IntelliFlo HGCapital - - -

May-13 Quindell Property Services Limited Quindell Portfolio Plc €40.1 - -

Feb-13 FFastFill plc Pattington Limited €93.3 4.97x 34.2x

Jan-13 Ogone BVBA/SPRL Ingenico SA €358.5 8.57x -

Dec-12 PS Yandex.Money, LLC Sberbank €46.2 6.40x -

Dec-12 Mobile Money Network Ltd. Monitise plc €21.9 - -

Oct-12 Ericsson Internet Payment Exchange AB Gemalto NV - - -

Aug-12 Adeptra Ltd. Fair Isaac Software Holdings Ltd. €88.5 2.56x 25.6x

Aug-12 Nets Oy Nets Holding A/S €161.2 0.85x -

Mar-12 ClairMail Monitise €131.0 9.70x NMF

Feb-12 Callataÿ & Wouters S.A. Sopra Group €140.6 2.28x -

Feb-12 Navita Systems AS Brady Plc €21.4 - -

Feb-12 Integral Computers Limited Sage Pay Europe Limited €20.4 - -

Median €109.0 3.95x 18.8x

Average €170.6 4.39x 20.1x




Selected Communications M&A Transactions

(€ in millions)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

Nov-13 AIRCOM International Limited TEOCO Corporation - - -

Oct-13 Aurora Networks, Inc. Pace plc €234.4 1.49x 10.8x

Sep-13 Actix, Ltd. Amdocs Ltd. €88.7 - -

Sep-13 Nokia (Devices and Services segment) Microsoft €5,440.0 0.35x NMF

Aug-13 Arkadin S.A. NTT Communications Corporation €350.0 2.00x -

Jul-13 Nokia Siemens Networks Oy Nokia Oyi €1,700.0 0.10x 1.4x

May-13 Axell Wireless Ltd. Cobham plc €96.3 1.90x 4.6x

Jan-13 Elektrobit System Test Oy Anite plc €30.8 1.94x -

Aug-12 Starhome BV Fortissimo Capital €52.0 - -

Jul-12 Audio Visual Machines Ltd. Alcuin Capital Partners LLP €22.8 0.48x -

Mar-12 NDS Group Ltd. Cisco Systems €3,823.0 5.2x 18.2x

Mar-12 Ascom Holding AG, Defence Unit RUAG Schweiz AG €21.5 - -

Jan-12 Synchronica plc Myriad Group AG €39.0 2.75x -

Median €92.5 1.70x 7.7x

Average €991.6 1.38x 8.7x




Selected Internet/Digital Media M&A Transactions

(€ in millions)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

Dec-13 Rhythm NewMedia, Inc. Blinkx Plc €50.0 3.40x -

Nov-13 Scout24 Holding GmbH Hellman & Friedman LLC €1,500.0 - -

Nov-13 SAS My Little Paris auFeminin.com €40.2 8.20x -

Oct-13 Supercell Oy Softbank Corp., GungHo Online Entertainment €1,135.7 28.97x -

Sep-13 Meetic S.A. Match.com, L.L.C. €87.0 2.50x 11.4x

Sep-13 Icelolly Marketing Limited Palatine Private Equity LLP €19.7 - -

Jul-13 Swerford Holdings Ltd. Playtech Limited €36.9 - -

Jul-13 Opta Sportsdata Limited Perform Group plc. €45.2 3.70x 44.4x

Apr-13 Mendeley Limited Elsevier B.V. €53.0 - -

Jan-13 Global Betting Exchange Limited Ladbrokes PLC €29.7 - -

Nov-12 A&N Media, Profesia, Tau on-line, Autovia, 25% Stake in Infostud & 30% Stake in Development Studio

Alma Media Oyj €23.6 - -

Nov-12 Immoweb SA/NV Axel Springer Digital Classifieds GmbH €125.7 - -

Oct-12 XING AG Burda Digital GmbH €165.3 3.00x 10.3x

Oct-12 Qype GmbH Yelp Ireland Ltd. €37.6 - -

Sep-12 LBi International NV Publicis Groupe SA €448.0 1.86x 11.9x

Aug-12 allesklar.com AG Axel Springer Digital Classifieds GmbH €55.5 - -

Aug-12 LeGuide.com S.A. Lagardere Active SAS €36.8 2.29x 9.5x

Aug-12 Matrix S.p.A. Libero S.r.l. €83.3 0.92x -

Jul-12 Webassets B.V. Tomorrow Focus AG €19.8 - -

Jun-12 Grupa Onet.pl S.A. Ringier Axel Springer Media AG €209.4 - -

Jun-12 MoneySavingExpert.com Moneysupermarket.com Group PLC €103.6 5.56x 6.9x

May-12 RunningBall Holding AG Perform Media Services Limited €119.6 7.57x 16.8x

May-12 Buongiorno SpA DOCOMO Deutschland GmbH €299.5 1.10x 11.4x

Apr-12 Hattrick Holdings Limited Zattikka Plc €22.7 - -

Apr-12 OnlinePizza Norden AB Delivery Hero Holding GmbH €29.5 4.21x -

Feb-12 Brighter Option Ltd. Buddy Media UK Limited €19.3 - -

Jan-12 Aspiro AB Schibsted ASA €19.6 1.23x -

Median €49.1 2.75x 11.4x

Average €134.4 5.24x 15.3x




Selected Technology Services M&A Transactions

(€ in millions)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

Dec-13 Context Information Security Limited Babcock International Group plc €37.8 3.20x -

Nov-13 InTechnology Managed Services Limited Redcentric plc €77.4 1.59x 7.8x

Oct-13 Indecs Computer Services Limited and Indecs Computers Limited Daisy Group plc €21.1 1.70x 6.9x

Oct-13 Backup Technology Ltd. iomart Group plc €27.6 4.42x 9.6x

Jul-13 Host Europe WVS Limited Cinven Limited €508.3 - -

Sep-13 Osiatis SA Econocom Group €70.8 0.48x 5.9x

Sep-13 Amor Business Technology Solutions Limited Lockheed Martin Corporation - - -

Aug-13 Arsys Internet S.L. 1&1 Internet AG €138.1 3.50x 9.3x

Aug-13 DADA SpA Italiaonline S.r.l. €24.1 1.02x 10.8x

Jul-13 Host Europe WVS Ltd. Cinven Ltd. €493.8 - -

Jul-13 S&T AG Grosso Holding Gesellschaft GmbH €93.5 0.33x 7.8x

Jun-13 GFI Informatique S.A. Boussard & Gavaudan Holding Ltd; Itefin Participations SAS

€82.6 0.38x 5.9x

Jun-13 Trustmarque Solutions Ltd. Dunedin LLP €49.5 0.33x -

May-13 Sempla Srl GFT Holding Italy S.r.l. €21.4 0.54x 3.9x

May-13 Branded3 Search Ltd. Company St Ives plc €28.3 6.10x 14.7x

Apr-13 ZAO R-Style Softlab Asseco Poland Spólka Akcyjna €21.9 - -

Mar-13 Nebula Oy Ratos AB €52.3 2.75x -

Mar-13 2e2 Morse Spain Logicalis Group Ltd. €22.9 0.21x 3.9x

Feb-13 Sigma AB Danir AB €46.0 0.48x 8.4x

Feb-13 Capita Managed IT Solutions Ltd. Capita plc €74.5 0.46x -

Jan-13 ZETO Bydgoszcz SA Asseco Systems sp. z o.o. €21.5 - -

Dec-12 ScoLocate Ltd. Pulsant Ltd. €32.6 - -

Dec-12 Raber+Märcker GmbH Konica Minolta Business Solutions €28.0 0.59x -

Nov-12 Academica Oy Telecity Group plc €27.6 1.87x -

Oct-12 itelligence AG NTT DATA EUROPE GmbH & CO. KG €33.9 1.00x 11.2x

Oct-12 Epsilon AB ÅF AB €332.9 1.35x -

Oct-12 KMD A/S Advent International Corporation - - -

Oct-12 Atento Holding, Inversiones y Teleservicios Bain Capital LLC €1,039.0 0.60x 6.5x

Sep-12 Vanerum Group Services NV Sofindev Management NV €30.0 0.90x -

Aug-12 ThinkGrid Ltd. Colt Technology Services Group Ltd. €20.9 - -

Aug-12 AMADEUS MARKETING CSA s.r.o. Amadeus IT Group S.A. €96.3 - -

Jun-12 E-consultancy.com Ltd. Centaur Communications Ltd. €59.9 7.58x 45.5x

May-12 Logica PLC CGI Group Holdings Europe Ltd. €2,649.1 0.57x 18.7x

May-12 SecureData Europe Ltd. August Equity LLP €20.7 - -

Apr-12 Accounting Plaza B.V. Genpact Netherlands B.V. €29.8 - -

Feb-12 Sygnity Spólka Akcyjna Asseco Poland Spólka Akcyjna €71.8 0.49x 12.0x

Jan-12 Pixelpark AG MMS Germany Holdings GmbH €36.0 1.27x -

Jan-12 Network Resource Group Ltd. Cloud XL €24.0 - -

Jan-12 Consinto GmbH Datagroup AG €19.9 0.40x -

Median €36.0 0.90x 8.4x

Average €174.7 1.63x 11.1x




Selected Semiconductors M&A Transactions

(€ in millions)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

Nov-13 Novaled AG Samsung Display Co., Ltd. €23.4 - -

Apr-13 TPACK A/S Altera European Trading Company €25.1 - -

Dec-12 Ismeca Semiconductor Holding S.A. Delta Design Luxembourg S.à r.l €42.1 0.58x -

Nov-12 ZiiLABS Ltd Intel Corporation (UK), Ltd. €23.1 - -

Oct-12 Cymer, Inc. ASML Holding N.V. €1,728.0 3.80x 17.7x

Jul-12 ASML Holding NV Samsung; TSMC; Intel Capital €3,854.0 2.80x 8.7x

Jul-12 Frontier Silicon (Holdings) Ltd. Toumaz Limited €37.7 1.42x -

Mar-12 CT-Concept Technologie AG Power Integrations Netherlands B.V. €89.5 - -

Median €39.9 2.11x 13.2x

Average €727.9 2.15x 13.2x

Sources: Capital IQ and Mergermarket as of January 10, 2014

Selected Applied Technologies and Systems M&A Transactions

(€ in millions)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA

Jan-14 Teseq AG Ametek Inc. €67.4 1.73x -

Dec-13 Xyratex Ltd. Seagate Technology International €273.7 0.33x 17.4x

Oct-13 ParkingEye Ltd. Capita plc €69.1 - -

Sep-12 Image Recognition Integrated Systems Group S.A. Canon Europa N.V. €71.0 0.69x 9.7x

Jun-12 Elster Group SE Melrose Industries plc €2,217.6 1.49x 10.2x

May-12 LaCie SA Seagate Technology plc €96.8 0.29x 3.4x

May-12 QUNDIS GmbH HgCapital €153.2 - -

Feb-12 Hirschmann Car Communication GmbH VOXX International €87.0 0.59x -

Median €91.9 0.64x 9.9x

Average €379.5 0.85x 10.1x



Quarterly European Technology Report 22 Selected Private Capital Financings, IPOs and Follow-on Offerings

Selected Private Capital Financings, IPOs and Follow-on Offerings

Selected Software Private Capital Financings

(€ in millions)

Announced Date Issuer

Transaction Value Investors

Dec-13 Plumbee Ltd €10.2 IDInvest Partners; Endemol Group B.V.

Dec-13 Talend SA €29.0 Iris Capital; Silver Lake; IDInvest Partners; Balderton Capital; Bpifrance Participations SA

Nov-13 MetaPack Limited €24.0 Index Ventures

Nov-13 cXense AS €11.1 -

Nov-13 Itineris nv €8.5 GIMV NV; Participatiemaatschappij Vlaanderen NV

Nov-13 6 Wunderkinder GmbH €14.1 Sequoia Capital; Earlybird Venture Capital GmbH & Co. KG; Atomico Investment Holdings Limited

Oct-13 SkySQL Ab €14.5 Finnish Industry Investment Ltd; Intel Capital; California Technology Ventures, LLC; Open Ocean Capital Ltd.; OnCorps Capital

Sep-13 TalentSoft SA €15.0 Highland Capital Partners; Bpifrance Investissement

Sep-13 TouchType Limited €13.3 Index Ventures; Octopus Investments Limited; Cambridge Holdings Group, Inc.

Jul-13 Zimory GmbH €15.5 T-Venture Holding GmbH; KfW Mittelstandsbank, Investment Arm; IBB Beteiligungsgesellschaft mbH; CREATHOR VENTURE Management GmbH; High-Tech Gründerfonds Management GmbH; Deutsche Boerse AG, Asset Management Arm

Jun-13 NumberFour AG €29.0 T-Venture Holding GmbH; Index Ventures; Allen & Company LLC, Investment Arm; Hommels Holding GmbH

May-13 BonitaSoft SA €10.1 Auriga Partners; Ventech; Bpifrance Investissement; Serena Capital

Mar-13 ForgeRock AS €11.8 Accel Management Co, Inc.; Foundation Capital

Mar-13 Fanzy SAS €11.5 Kima Ventures; Orefa Investment; Start/Capital

Mar-13 ProfitBricks GmbH €15.1 United Internet AG

Mar-13 hybris GmbH €23.0 Greylock Partners; MeriTech Capital Partners; HGGC, LLC

Feb-13 Elasticsearch NL €18.0 Benchmark Capital; Index Ventures; SV Angel

Nov-12 MediaSift Limited €12.0 Upfront Ventures; Scale Venture Partners; Northgate Capital Group, L.L.C.; IA Ventures; Daher Capital

Oct-12 Netbiscuits GmbH €20.6 T-Venture Holding GmbH; CREATHOR VENTURE Management GmbH; Stripes Group

Sep-12 Mimecast Ltd. €48.4 Insight Venture Partners; Dawn Capital

Sep-12 SkyDox Ltd €25.0 Scottish Equity Partners LLP; Business Growth Fund plc

May-12 Huddle (Ninian Solutions Limited)

€19.1 Matrix Partners; Eden Ventures (UK) Ltd.; JAFCO Ventures; DAG Ventures, LLC

Feb-12 VocalCom S.A. €10.5 Apax Partners France



Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 23

Selected Financial Technology Capital Financings

(€ in millions)



Jan-13 Iwoca Ltd. €6.1 Global Founders Capital; Redline Capital Management S.A

Nov-13 PRET d'UNION S.A. €10.0 Schibsted ASA; Credit Mutuel Arkea S.A.; AG2R La Mondiale; Weber Investissements SAS; Kima Ventures

Oct-13 Funding Circle Ltd. €26.9 Accel Partners; Index Ventures; Union Square Ventures; Ribbit Capital

Sep-13 Calastone Limited €13.5 Accel Management Co, Inc.; Octopus Investments Limited

Aug-13 Powa Technologies Ltd. €56.6 Wellington

Jun-13 Payleven Holding GmbH €11.8 Rocket Internet GmbH

Jan-13 Paymill €10.0 Holtzbrinck Ventures and Sunstone

Jan-13 Payleven €11.8 NEA, Holtzbrinck et al.

Dec-12 CloudPay Solutions Limited €12.2 Rho Capital Partners, Inc.; Pinnacle Investment Partners, LP

Dec-12 Kreditech €5.3 Blumberg Capital / Point Nine Capital

Aug-12 SumUp Limited €15.9 B-To-V Partners AG; Tengelmann Ventures GmbH; Shortcut Ventures GmbH

Aug-12 OpenGamma Limited €12.2 Accel Management Co, Inc.; FirstMark Capital, L.L.C.; ICAP plc; Euclid Opportunities Fund

Jun-12 iZettle AB €31.2 Greylock Partners; Index Ventures; American Express Company; Northzone Ventures; SEB Venture Capital; MasterCard Incorporated; Creandum AB

May-12 Notemachine Holdings Ltd. €12.4 European Capital Ltd

Mar-12 Funding Circle Ltd. €12.1 Index Ventures; Union Square Ventures


Selected Communications Private Capital Financings

(€ in millions)



Nov-13 Compass EOS Ltd. €31.1 Benchmark Capital; North Bridge Venture Partners; Comcast Ventures; T-Venture Holding GmbH; Pitango Venture Capital; Cisco Systems, Investment Arm; RusNano; Marker LLC

Sep-13 NewVoiceMedia Limited €25.9 Bessemer Venture Partners; Highland Capital Partners; Eden Ventures Ltd.; Notion Capital Partners LLP

Jan-13 NewVoiceMedia Limited €14.8 Highland Capital Partners; MMC VENTURES Ltd; Eden Ventures Ltd.; Notion Capital Partners LLP

Aug-12 Ubiquisys Ltd. €15.5 Accel Management Co, Inc.; Advent Venture Partners; Atlas Venture L.P.; Mobile Internet Capital Inc.; Nissay Capital Co.,Ltd; Yasuda Enterprise Development Co. Ltd.; Sallfort Privatbank AG; 5 Continents Consulting Group

Jul-12 Newtec Cy N.V €19.0 Participatiemaatschappij Vlaanderen NV

Jun-12 Openet Telecom Limited €12.7 Kreos Capital; Cross Atlantic Capital Partners LLC; Balderton Capital; NS Solutions Corp., Investment Arm




Selected Internet/Digital Media Private Capital Financings

(€ in millions)



Nov-13 MediaSift Limited €30.9 Upfront Ventures; Insight Venture Partners; Scale Venture Partners; Northgate Capital Group, L.L.C.; Cendana Capital; IA Ventures; Daher Capital

Nov-13 Spotify Limited €185.5 Technology Crossover Ventures

Oct-13 Skyscanner Ltd. - Sequoia Capital

Jul-13 Shazam Entertainment Ltd. €31.2 America Movil S.A.B. de C.V.

Jul-13 Ocapo Limited €11.1 Northzone Ventures; BOOST&Co SAS

Jun-13 Wrapp (Bohemian Wrappsody AB)

€11.3 Greylock Partners; American Express Company; QUALCOMM Ventures; SEB Venture Capital; Creandum AB; Atomico Investment Holdings Limited

May-13 Urturn €10.4 Debiopharm Group; Balderton Capital

May-13 Dailymotion SA €50.0 Orange

May-13 Hellofood (Jade 1352. GmbH) €15.3 Investment AB Kinnevik; Rocket Internet GmbH; Phenomen Ventures

May-13 Affinitas GmbH €22.2 IBB Beteiligungsgesellschaft GmbH; Holtzbrinck Ventures Gmbh; Rocket Internet GmbH; PDV Inter-Media Venture GmbH

Apr-13 ResearchGATE GmbH €26.8 Benchmark Capital; The Founders Fund; Tenaya Capital; Thrive Capital; Dragoneer Investment Group, LLC

Apr-13 Supercell Oy €96.1 Institutional Venture Partners; Index Ventures; Atomico Investment Holdings Ltd.

Mar-13 Farfetch.com Limited €15.3 Advent Venture Partners; e.ventures; Index Ventures; Advance Magazine Publishers Inc.

Mar-13 Softonic International S.L. €79.2 Partners Group Holding AG

Feb-13 Game Insight LLC €18.4 IMI.VC

Jan-13 Appgratis (iMediapp SAS) €10.2 Iris Capital

Dec-12 Hailo Network Limited €22.5 Accel Management Co, Inc.; Wellington Partners Venture Capital GmbH; KDDI Corporation; Union Square Ventures; Felicis Ventures; Atomico Investment Holdings Limited; Forward Investment Partners; Red Swan Ventures; Phenomen Ventures

Dec-12 Trustpilot A/S €10.1 Index Ventures; Northzone Ventures; SEED Capital Denmark

Oct-12 HouseTrip SA €31.1 Accel Management Co, Inc.; Index Ventures; Balderton Capital

Oct-12 Deezer.com €100.0 IDInvest Partners; Access Industries, Inc.

Sep-12 Broadbandchoices.co.uk (Decision Technologies)

€12.6 Business Growth Fund plc

Sep-12 Criteo SA €30.0 Bessemer Venture Partners; Adams Street Partners, LLC; SAP Ventures; Index Ventures; SoftBank Capital; YJ Capital

Aug-12 Delivery Hero Holding GmbH €63.1 Kreos Capital; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; ru-Net II; Tengelmann Ventures GmbH; Kite Ventures; Point Nine Capital; Phenomen Ventures

Aug-12 Deezer.com €30.0 Access Industries

Jun-12 Lieferando (yd. yourdelivery GmbH)

€15.0 Deutsche Investitions- und Entwicklungsgesellschaft mbH; Logan Capital AG; DuMont Venture Holding GmbH & Co. KG; Macquarie Capital Group Limited; Moraún Investments SA; Rheingau Ventures GmbH; BCM Bruker Capital Management GmbH

Jun-12 Westwing Home & Living GmbH €40.1 Summit Partners; Holtzbrinck Ventures Gmbh; Investment AB Kinnevik; Access Industries, Inc.; Rocket Internet GmbH

May-12 Fotolia LLC €118.0 KKR

May-12 Supponor Oy €14.0 Sports Investment Partners LLP

Apr-12 Just-Eat Group Holdings Ltd €48.4 Greylock Partners; Redpoint Ventures; Index Ventures; Vitruvian Partners LLP

Apr-12 Viadeo S.A. €24.0 Allianz Capital Partners GmbH; IDInvest Partners; Ventech; Bpifrance Participations SA; Jefferies Group, Inc., Investment Arm

Mar-12 Hailo Network Limited €12.8 Accel Management Co, Inc.; Atomico Investment Holdings Limited

Mar-12 Wikimart Ltd. €23.0 Tiger Global Management LLC

Mar-12 Axel Springer Digital Classifieds GmbH

€239.5 General Atlantic Coöperatief U.A.

Feb-12 Delivery Hero Holding GmbH €25.0 ruNet Holdings Limited; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; Tengelmann Ventures GmbH; Kite Ventures

Jan-12 Playcast Media Systems Ltd. €16.3 Jerusalem Venture Partners; Xenia Venture Capital

Jan-12 Farfetch.com Limited €14.2 Advent Venture Partners; e.ventures; Index Ventures

Jan-12 SoundCloud Ltd. €38.7 Kleiner, Perkins, Caufield & Byers; GGV Capital




Selected Technology Services Private Capital Financings

(€ in millions)



Oct-13 PTS Consulting Group Plc €10.3 Business Growth Fund plc

Sep-13 Exclusive Networks SAS €12.0 Omnes Capital; Edmond de Rothschild Investment Partners, S.A.S.; Socadif SA, SCR

Sep-13 Inoapps Limited €11.9 Business Growth Fund plc

Jul-12 Six Degrees Technology Group Ltd

€10.2 Penta Capital

Jul-12 Sportradar AG €44.0 EQT Partners AB

Mar-12 Pulsant Limited €28.7 Bridgepoint Development Capital


Selected Semiconductors Private Capital Financings

(€ in millions)



Dec-13 XMOS, Ltd. €10.3 Foundation Capital; DFJ Esprit LLP; Amadeus Capital Partners Limited

Nov-13 Hanwha Q CELLS GmbH €138.8 Hanwha Chemical Corp.

Sep-13 Thin Film Electronics ASA €17.5 INVESCO Asset Management Limited

Aug-13 Movidius Ltd. €12.5 DFJ Esprit LLP; Dublin Business Innovation Centre, Investment Arm; Enterprise Equity (Irl) Limited; Western Investment Fund; Atlantic Bridge; Capital-E NV; Robert Bosch Venture Capital GmbH

Jul-13 Crocus Technology SA €34.0 IDInvest Partners; Sofinnova Ventures, Inc.; Ventech; Innovation Capital SAS; NanoDimension Management Limited; Industrial Investors; RusNano

Aug-12 MAPPER Lithography B.V. €80.0 Parcom Capital; DEMCON Holding B.V.; RusNano; Technolution B.V.; NL Agency; Hoving & Partners S.A.


Selected Applied Technology and Systems Private Capital Financings

(€ in millions)



Jan-14 Idex ASA €35.9 INVESCO Asset Management Limited

Feb-13 Leosphere, Inc. €21.0 ORAXYS S.A.

Nov-12 Tattile srl €15.0 Ambienta SGR S.p.A.

Sep-12 Wireless Energy Management Systems International Limited

€16.3 WHEB Partners; Hermes GPE

Jun-12 Power Plus Communications AG €12.0 Siemens Venture Capital GmbH; Climate Change Capital Asset Management; British Gas Energy Services Ltd.

Jun-12 Flatfrog Laboratories AB €20.0 The Invus Group, LLC; Intel Capital; Sunstone Capital A/S

May-12 Exosun SAS €12.0 Omnes Capital; Grand Sud Ouest Capital, S.C.R. SA.; French Environment and Energy Management Agency; Crédit Agricole Aquitaine Expansion, SAS

Mar-12 Tobii Technology AB €16.1 Amadeus Capital Partners Limited; Intel Capital; Investor Growth Capital; Northzone Ventures

Mar-12 Heliatek GmbH €60.0 BASF; Bosch; RWE

Mar-12 Aldebaran Robotics, SA €38.8 SoftBank Corp.




Selected Technology IPOs

Date Issuer Offering Size % Price Change Offer/Current

% of Total Offering

Stock Exchange Sector Primary Secondary

Nov-13 Arria NLG Plc €123.5 30.5% 100.0% 0.0% London Stock Exchange AIM Market Applied Technologies and Systems

Nov-13 Napatech A/S €16.7 (10.1%) 83.3% 16.7% Oslo Bors Communications

Nov-13 GameAccount Network plc €26.6 5.0% 100.0% 0.0% London Stock Exchange AIM Market Internet/Digital Media

Nov-13 Globoforce Limited €56.2 - - - Nasdaq Global Market Technology Services

Oct-13 Servelec Group plc €147.7 27.0% 0.0% 100.0% London Stock Exchange Applied Technologies and Systems

Oct-13 Tungsten Corporation €185.2 3.6% 100.0% 0.0% London Stock Exchange AIM Market Software

Oct-13 Criteo SA €208.8 0.5% 100.0% 0.0% Nasdaq Internet/Digital Media

Jun-13 Keywords International Ltd. €32.5 (3.7%) 35.7% 64.3% London Stock Exchange AIM Market Technology Services

May-13 Outsourcery PLC €14.8 16.9% 100.0% 0.0% London Stock Exchange AIM Market Technology Services

May-13 Luxoft Holding, Inc. €53.2 115.1% 50.0% 50.0% New York Stock Exchange Technology Services

Mar-13 Qiwi plc €162.9 201.2% 0.0% 100.0% Nasdaq Global Select Fintech

Mar-13 Asetek A/S €25.6 19.4% 75.0% 25.0% Oslo Bors Software

Aug-12 Fleetmatics Group PLC €102.2 150.1% 70.0% 30.0% New York Stock Exchange Software

May-12 Etherstack plc €41.4 (65.0%) 50.0% 50.0% Australian Securities Exchange Communications

May-12 WANdisco plc €22.4 597.2% 100.0% 0.0% London Stock Exchange AIM Market Software

Feb-12 INSIDE Secure €69.0 (74.1%) 100.0% 0.0% Euronext Paris Semiconductors

Jan-12 AVG Technologies N.V. €97.0 8.7% 50.0% 50.0% New York Stock Exchange Software

Median €62.6

Average €85.7

Sources: Capital IQ as of January 10, 2014



Selected Technology Follow-on Offerings

Date Issuer Offering Size % Price Change Offer/Current

% of Total Offering

Stock Exchange Sector Primary Secondary

Dec-13 Fingerprint Cards AB €13.3 - 100.0% 0.0% OMX Nordic Exchange Stockholm Applied Technology and Systems

Dec-13 Outsourcery PLC €5.0 5.6% 100.0% 0.0% London Stock Exchange AIM Market Technology Services

Dec-13 NXP Semiconductors NV €771.9 1.2% 0.0% 100.0% Nasdaq Global Select Semiconductors

Nov-13 Manz AG €26.9 10.3% 100.0% 0.0% XETRA Trading Platform Applied Technology and Systems

Nov-13 Sequans Communications S.A. €16.7 9.4% 100.0% 0.0% New York Stock Exchange Semiconductors

Nov-13 Redcentric plc €76.2 32.2% 100.0% 0.0% London Stock Exchange AIM Market Technology Services

Nov-13 Cancom SE €56.0 47.9% 100.0% 0.0% XETRA Trading Platform Technology Services

Nov-13 Quindell Plc €251.5 26.7% 0.0% 100.0% London Stock Exchange AIM Market Software

Nov-13 Sapiens International Corp. NV €40.6 18.4% 100.0% 0.0% Nasdaq Capital Market Software

Nov-13 SQS Software Quality Systems AG €13.7 22.0% 100.0% 0.0% London Stock Exchange AIM Market Software

Nov-13 Opera Software ASA €66.6 21.9% 100.0% 0.0% Oslo Bors Software

Nov-13 Seamless Distribution AB €36.4 17.0% 100.0% 0.0% OMX Nordic Exchange Stockholm Financial Technology

Nov-13 Alcatel-Lucent, S.A. €956.7 49.3% 100.0% 0.0% Euronext Paris Communications

Oct-13 Aixtron SE €101.2 15.9% 100.0% 0.0% Deutsche Boerse AG Semiconductors

Oct-13 Nanoco Group plc €11.8 (1.3%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors

Oct-13 Globo plc €28.5 13.7% 100.0% 0.0% London Stock Exchange AIM Market Software

Sep-13 WANdisco plc €22.6 21.7% 100.0% 0.0% London Stock Exchange AIM Market Software

Sep-13 QIWI plc €177.6 17.3% 0.0% 100.0% Nasdaq Global Select Financial Technology

Sep-13 Fleetmatics Group plc €207.0 (10.4%) 0.0% 100.0% New York Stock Exchange Software

Sep-13 NXP Semiconductors NV €708.8 13.9% 0.0% 100.0% Nasdaq Global Select Semiconductors

Jul-13 Fleetmatics Group plc €266.9 27.0% 9.2% 90.8% New York Stock Exchange Software

Jun-13 Soitec S.A. €71.5 6.9% 100.0% 0.0% Euronext Paris Semiconductors

May-13 1Spatial Plc €21.1 50.0% 100.0% 0.0% London Stock Exchange AIM Market Software

Mar-13 Atos S.A. €129.2 21.9% 0.0% 100.0% Euronext Paris Technology Services

Mar-13 Yandex N.V. €423.4 90.9% 0.0% 100.0% Nasdaq Global Select Internet/Digital Media

Mar-13 NXP Semiconductors NV €599.5 36.6% 0.0% 100.0% Nasdaq Global Select Semiconductors

Feb-13 Mail.ru Group €406.7 21.7% 0.0% 100.0% London Stock Exchange Internet/Digital Media

Feb-13 Tomorrow Focus AG €19.2 14.5% 100.0% 0.0% Deutsche Borse Internet/Digital Media

Feb-13 NXP Semiconductors NV €672.3 41.3% 0.0% 100.0% Nasdaq Global Select Semiconductors

Jan-13 Fleetmatics Group PLC €150.4 59.0% 0.0% 100.0% New York Stock Exchange Software

Jan-13 IQE Public Limited Company €20.1 (24.1%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors

Dec-12 Monitise plc €123.0 160.8% 100.0% 0.0% London Stock Exchange AIM Market Software

Nov-12 Quindell Portfolio Plc €24.9 53.8% 100.0% 0.0% London Stock Exchange AIM Market Software

Nov-12 Quindell Portfolio Plc €33.1 53.8% 100.0% 0.0% London Stock Exchange AIM Market Software

Oct-12 Fleetmatics Group PLC €113.1 87.9% 69.6% 30.4% New York Stock Exchange Software

Apr-12 itelligence AG €36.8 (100.0%) 100.0% 0.0% Frankfurt Stock Exchange Prime Standard Technology Services

Mar-12 Wirecard AG €139.5 55.0% - - Frankfurt Stock Exchange Fintech

Feb-12 Quindell Portfolio Plc €38.3 151.9% 100.0% 0.0% London Stock Exchange AIM Market Fintech

Feb-12 Brady plc €21.6 (19.5%) 100.0% 0.0% London Stock Exchange AIM Market Fintech

Median €113.1

Average €178.7

Sources: Capital IQ as of January 10, 2014


Quarterly European Technology Report 28 Disclosures

Disclosures

William Blair & Company, L.L.C. is a Delaware company and is regulated by the Securities and Exchange Commission, the financial industry regulatory authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. William Blair & Company only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at professional clients and eligible counterparties (as defined in cobs 3.5 and 3.6 of the FCA handbook). This is an advertisement and is not intended to be investment advice, marketing communication or investment research. Although every precaution has been taken to ensure the details in the Technology report are accurate, no reliance should be placed on these details. William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com

January 15, 2014

International

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Specialty FinanceIndustry InsightsA review of M&A activity and public market valuation in the consumer and commercial specialty finance sectors

June 2013

William Blair’s investment banking group combines significant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and financing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth financing, special situations and restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. In 2012, the investment banking group completed 76 merger-and-acquisition transactions worth more than $13.8 billion in value, involving parties in 21 countries and five continents, and was an underwriter on over 20% of all U.S. initial public offerings.

About William Blair Investment Banking

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Documents

European Technology Report - William Blair · William Blair & Company Quarterly European Technology Report Quarterly European Technology Report—Introduction Quarterly European Technology