HW&Co. Industry Reader Template - Harris Williams & Co. · 18-Jul-16 Provider of web-hosting services ½ 5.9x 10.0x 27-Jul-16 Provider of technology-enabled solutions for the legal

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EUROPEAN TECHNOLOGY

0

INDUSTRY UPDATE │ AUGUST 2016

PAGE |


HARRIS WILLIAMS & CO. OVERVIEW

1

EUROPEAN TECHNOLOGY


CONTENTS

CASE STUDY

INDUSTRY INSIGHT

RECENT TRANSACTIONS

PUBLIC M ARKET TRADING

SOFTWARE

IT SERVICES

COM MUNICATIONS

INTERNET AND DIGITAL M EDIA

TMT GROUP OVERVIEW

Our Technology, M edia & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry know ledge and transaction leadership experience spans the software, digital media, IT Services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships w ith leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.

CONTACTS

EUROPE

Thierry MonjauzeM anaging [email protected]+44 (0) 20 7518 8901

Jonathan OrganDirectorjorgan@harrisw illiams.com+44 (0) 20 7518 8909

UNITED STATES

Jeff BistrongM anaging [email protected]+1 (617) 482-7501

Michael WilkinsM anaging Directormw [email protected]+1 (415) 288-4260

Sam HendlerM anaging Directorshendler@harrisw illiams.com+1 (617) 654-2117

HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS

SELECT RECENT HW&CO. TMT TRANSACTIONS

has been acquired byhas been acquired byhas been acquired byhas been acquired by

has been recapitalized by

has been acquired by

Baarsma B2C trades as:

has been acquired byhas been acquired by

has acquired has been acquired byhas been acquired by

Enterprise Software

Data and

Analytics

Infrastructure and Security Software

IT and Tech-

enabled Serv ices

Data Centre and Managed Serv ices

AdTech and

Marketing Solutions

Consumer Internet

Digital Media and

Content

eCommerce

Mobile

SOFTWARE / SAAS AND SERVICES INTERNET & DIGITAL MEDIA


INTRODUCTION

Harris Williams & Co. is pleased to present our European Technology Industry

Update for August 2016. This report prov ides commentary and analysis on current

trading market trends, and merger and acquisition dynamics within the technology

industry.

We hope you find this edition helpful and we would encourage you to reach out to

either Thierry Monjauze or Jonathan Organ if you would like to discuss our

perspective on current industry trends and M&A opportunities or our relevant

industry experience.

Harris Williams & Co. is a leading advisors to the TMT industry. Our global practice

has significant experience that covers a broad range of sub-sectors and verticals

http://www.harriswilliams.com/

mailto:[email protected]





http://www.harriswilliams.com/person/thierry-monjauze

http://www.harriswilliams.com/person/jonathan-organ

PAGE |


HEALTHCARE IT CASE STUDY: WELLCENTIVE

EUROPEAN TECHNOLOGY


HW&Co. advises Harbert Growth Partners, Summit Partners and Noro-Moseley Partners, and their portfolio company, Wellcentive, on its sale to Philips

Fee-for-serv ice based payments, coupled with a

fragmented care deliv ery system, hav e led to significant v ariations in clinical outcomes and

escalating costs, exposing the unsustainability of the current healthcare deliv ery model

Federal healthcare regulation is driv ing an increased focus on quality-based care, away from the current

focus on patient v olume

As part of Medicare Adv antage, the gov ernment

pays priv ate health plans a per-member fee that v aries based on the demographic characteristics

and risk profile of each member, and the ov erall population

In January 2015, the Centre for Medicare and Medicaid Serv ices, the US federal agency in charge

of administering Medicaid, announced its goal to tie 50% of its spending, or roughly $380 billion annually,

to v alue-based care by 2018

The M&A market for US HCIT assets remains robust.

Total enterprise v alues hav e come down following a spate of large transactions early in the year, but high

quality companies continue to garner premium multiples

U.S. Healthcare Spending and GDP

Source: W all St reet Equity Research

2

10%

15%

20%

1.0

1.4

1.8

2.2

2.6

3.0

2000 2002 2004 2006 2008 2010 2012%

of G

DP

Exp

end

iture

($m

)

Healthcare Exp. HC Exp. as % of GDP

0%

10%

20%

30%

2003 2005 2007 2009 2011 2013

Medicaid Exp. MCO Exp. MCO Pmts

Medicaid Managed Care Expenditure Trends

Acquisition strengthens Philips’ population health management business and complements its portfolio with a cloud-based IT solution to import, aggregate and analyse data, and facilitating the transition from a v olume-based to a quality-based healthcare model

Combination of Philips’ clinical and consumer insights and relationships with healthcare prov iders, with Wellcentiv e’s flexible and scalable technology structure creates a highly differentiated population health management SaaS solution

The combination results in a market-leading company, lev eraging their complimentary offerings and v isions to extend their impact across the healthcare continuum

a por t folio company of


US HEALTHCARE INDUSTRY INSIGHT

ABOUT WELLCENTIVE

– Wellcentiv e offers cloud-based population

health management and data analytics solutions for physicians and their

organisations

– Flexible solution set enables Wellcentiv e to “meet the customer where they are”, on

the transition to v alue-based care

Qualit y Measures,

Adherence & Report ing

VBC Program

M anagement Services

Dat a Aggregat ion

Dat a Quality & Normalisation

Care M anagement

Pat ient Engagement

Performance & Care Gaps

Risk Stratification

Accountability Aggregation

AnalyticsAction


PAGE |

Close EV EV

Country Acquirer Country Date Target Description EV (m) LTM Rev. LTM EBITDA

28-Jul-16 Provider of cloud-based business management software $8,790 10.4x NM

Potential Integrated enterprise-wide software products and consulting services $3,000 N/A N/A

01-Aug-16 Global provider of mobile workforce solutions $2,213 7.1x 26.2x

18-Jul-16 Provider of web-hosting services € 1,500 5.9x 10.0x

27-Jul-16 Provider of technology-enabled solutions for the legal profession $996 1.7x 11.1x

Claudius Finance 28-Jul-16 Provider of enterprise software € 620 2.1x 7.9x

02-Aug-16 Provider of a web-based TMS platform

21-Jul-16 Developer of solutions for electromagnetic design and analysis € 220 4.7x N/A

11-Aug-16 Investment platform services £140 1.4x N/A

05-Aug-16 Online travel agent £52 0.5x N/A

11-Jul-16 Provider of communications and contact centre managed services £50 1.2x 14.9x

Augustus Group 01-Aug-16 Provider of television services € 43 2.5x 9.5x

Target

(30%)

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

Aug 2015 Nov 2015 Feb 2016 May 2016

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

SELECT RECENT TMT DEALS

3

EUROPEAN TECHNOLOGY


LAST TWELVE MONTHS

Stock Performance

LAST 30 DAYS

PUBLIC MARKET TRADING STATISTICS

16.5%

12.5%

9.9%

4.8%

3.6%

(5.7%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

13 Jul 20 Jul 27 Jul 03 Aug 10 Aug

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

10.4%

8.6%

5.9%

4.6%

4.4%

1.8%

Source:

Not es: based on (1) FY15 Revenue; (2) FY15 EBITDA; (3) FY14 Revenue; (4) FY14 EBITDA; (5) Blackstone has submitted a counter-offer

(1)

(1)

(1)

(1)

(3)

(2)

(2)

Non-Public Information

(5)

PAGE |

PUBLIC MARKET TRADING STATISTICS

4

EUROPEAN TECHNOLOGY


COMPARABLE TRADING SUMMARY

Rev. Growth EBITDA Margin CY16E CY17E CY16E CY17E CY16E CY17E

Software

European Large Cap. Software 6.7% 34.2% 5.6x 5.2x 16.6x 15.0x 25.5x 23.0x

Application Software 6.7% 28.6% 4.6x 4.2x 16.9x 14.9x 22.1x 21.9x

Infrastructure Software 6.7% 28.1% 2.9x 2.7x 10.7x 9.8x 19.3x 17.0x

Large Cap. SaaS 27.8% 15.9% 7.5x 6.1x 30.0x 26.8x 33.7x 36.2x

Small Cap. SaaS 13.1% 8.8% 3.2x 2.8x 26.7x 20.1x NA 39.8x

HCM/WFM 22.8% 14.5% 6.2x 5.1x 24.8x 25.4x 26.3x 21.4x

FinTech 16.8% 28.8% 5.5x 4.9x 18.4x 16.3x 27.1x 24.3x

Healthcare IT 14.5% 16.9% 3.5x 3.1x 14.7x 13.3x 25.3x 21.6x

Data and Data Analytics 8.7% 22.1% 4.5x 4.0x 16.0x 12.9x 19.2x 17.6x

Security Software 13.1% 21.8% 4.4x 3.8x 14.8x 12.2x 25.3x 25.3x

CAx/PLM 1.7% 23.9% 5.4x 5.0x 18.7x 16.9x 29.6x 28.5x

IT Services

IT Services 9.1% 13.2% 1.1x 1.1x 8.4x 7.8x 16.5x 14.7x

Offshore IT Services 11.6% 23.3% 2.8x 2.5x 11.9x 10.7x 16.5x 14.6x

Managed Services, Colocation and Hosting 9.1% 28.0% 2.6x 2.4x 8.8x 8.0x 18.6x 16.0x

Data Centres 21.5% 54.4% 9.7x 8.7x 17.9x 15.8x 28.4x 33.2x

PaaS/IaaS 13.0% 25.0% 3.3x 2.9x 15.3x 12.3x 18.2x 21.2x

Communications

Digital Broadband 10.9% 6.4% 1.1x 1.0x 10.1x 9.6x 20.5x 17.8x

Diversified Communication Equipment 0.8% 11.7% 1.1x 1.0x 9.3x 7.7x 17.4x 14.6x

Mobile Content/Solutions Providers 18.0% 15.0% 1.7x 1.5x 11.2x 9.0x 30.5x 18.8x

Mobile Infrastructure Software (0.9%) 24.9% 3.0x 2.9x 14.5x 9.8x 18.8x 17.6x

Internet and Digital Media

Global Internet Leaders 17.4% 35.9% 6.5x 5.5x 19.3x 16.0x 25.3x 20.4x

Chinese Internet Leaders 35.7% 16.9% 5.8x 4.3x 19.9x 18.0x 27.2x 30.9x

Online Classifieds 13.0% 28.2% 5.4x 4.8x 15.0x 14.4x 22.7x 19.3x

Content Providers/Communities 11.6% 14.9% 4.1x 3.5x 22.9x 18.0x 34.9x 31.4x

Ecommerce 18.4% 17.4% 4.3x 3.6x 21.3x 18.1x 24.9x 30.1x

Interactive Entertainment 15.7% 27.0% 3.1x 2.9x 13.8x 10.4x 25.1x 23.4x

Intermediation and Comparison 10.5% 18.7% 2.8x 2.5x 15.2x 12.9x 16.8x 20.7x

Online Gambling 46.9% 32.3% 3.3x 2.9x 10.4x 8.7x 22.8x 18.5x

Digital Marketing 9.9% 12.7% 2.2x 1.9x 15.2x 13.0x 17.9x 13.5x

Online Travel 17.7% 17.4% 3.7x 3.2x 11.4x 13.8x 21.7x 21.4x

Educational Technology 0.2% 5.0% 2.3x 2.2x 13.3x 8.5x 29.7x 24.3x

Internet Services 23.1% 10.6% 4.3x 3.6x 22.0x 13.7x 14.4x 12.0x

P / EEV / Revenue EV / EBITDACY2016E

PAGE |

(3%)

(1%)

1%

3%

5%

7%

9%

11%

13%

15%


Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

SOFTWARE

5

EUROPEAN TECHNOLOGY


LAST 30 DAYS PERFORMANCE

LAST TWELVE MONTHS PERFORMANCE

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

Aug 2015 Nov 2015 Feb 2016 May 2016

Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

European Large Cap. Software 13.3%

CAx/PLM 13.1%

HCM/WFM 9.2%

Application Software 7.4%

Infrastructure Software 4.3%

Large Cap. SaaS 3.8%

Small Cap. SaaS 3.3%

Healthcare IT 1.5%

Data and Data Analytics 0.5%

Fintech 0.5%

Security Software (0.0%)

European Large Cap. Software 22.5%

Application Software 18.7%

Fintech 17.3%

Small Cap. SaaS 16.2%

CAx/PLM 12.4%

Large Cap. SaaS 12.1%

HCM/WFM 8.5%

Data and Data Analytics 5.3%

Infrastructure Software 4.5%

Healthcare IT (2.5%)

Security Software (14.5%)

PAGE |

SOFTWARE

6

EUROPEAN TECHNOLOGY


Enterprise Market As a 1-Year 3-Year CY2016E EV/ EV/ Price /

Value Cap. percent of Stock Stock Rev. EBITDA Revenue EBITDA Earnings

($m) ($m) 52-wk High Perf. Perf. Growth Margin CY16E CY17E CY16E CY17E CY16E CY17E

European Large Cap. Software

SAP 110,343 107,890 99.0% 24.4% 17.7% 8.6% 33.3% 4.5x 4.2x 13.5x 12.6x 20.5x 18.5x

Dassault Systemes 19,764 21,557 99.7% 112.0% 27.6% 10.0% 33.6% 5.8x 5.4x 17.4x 15.7x 30.7x 27.7x

Sage 10,746 10,331 99.9% 118.6% 72.4% (3.9%) 28.8% 5.2x 4.7x 18.0x 16.1x 26.2x 23.3x

Micro Focus 7,034 5,998 99.0% 123.4% 110.7% 21.2% 44.7% 5.2x 5.0x 11.7x 10.7x 16.3x 14.9x

Temenos 4,409 4,241 96.4% 168.6% 132.5% 13.9% 37.6% 7.1x 6.5x 19.0x 17.0x 30.1x 26.2x

Aveva 1,472 1,625 71.6% 75.2% (33.5%) (9.6%) 27.3% 5.4x 5.3x 20.0x 18.1x 29.3x 27.3x

Mean 25,628 25,274 94.3% 103.7% 54.6% 6.7% 34.2% 5.6x 5.2x 16.6x 15.0x 25.5x 23.0x

Median 8,890 8,165 99.0% 115.3% 50.0% 9.3% 33.4% 5.3x 5.1x 17.7x 15.9x 27.8x 24.7x

Application Software

Microsoft 351,910 404,657 90.6% 110.9% 47.8% 0.7% 37.5% 3.8x 3.6x 10.0x 9.4x 18.1x 16.8x

Oracle 164,435 168,743 97.5% 104.2% 25.8% 0.4% 45.9% 4.4x 4.3x 9.5x 9.1x 15.1x 14.0x

SAP 110,343 107,890 99.0% 124.4% 17.7% 8.6% 33.3% 4.5x 4.2x 13.5x 12.6x 20.5x 18.5x

Intuit 28,504 28,661 95.7% 106.7% 72.2% 10.6% 37.6% 5.9x 5.4x 15.6x 13.7x 28.3x 24.2x

Sage 10,746 10,331 99.9% 118.6% 72.4% (3.9%) 28.8% 5.2x 4.7x 18.0x 16.1x 26.2x 23.3x

Constellation Software 8,966 8,854 92.6% 99.5% 153.4% 14.9% 25.3% 4.2x 3.7x 16.8x 14.7x 23.2x 19.2x

Tyler Technologies 6,303 5,930 88.7% 116.3% 116.8% 29.3% 28.8% 8.3x 7.3x 28.7x 24.5x NM 41.4x

Guidewire Software 3,886 4,481 95.3% 109.3% 41.3% 11.8% 20.6% 8.8x 7.7x 42.6x 34.4x NM NM

Cegid 612 554 99.2% 146.7% 189.2% 12.1% 27.9% 1.8x 1.7x 6.4x 6.0x 17.1x 15.3x

SDL 453 467 82.0% 94.5% 4.0% (17.1%) 12.0% 1.4x 1.4x 11.6x 10.1x 18.9x 16.7x

American Software 255 325 98.8% 122.9% 35.2% 6.6% 16.4% 2.2x 2.1x 13.3x 13.4x 31.4x 29.9x

Mean 62,401 67,354 94.5% 114.0% 70.5% 6.7% 28.6% 4.6x 4.2x 16.9x 14.9x 22.1x 21.9x

Median 8,966 8,854 95.7% 110.9% 47.8% 8.6% 28.8% 4.4x 4.2x 13.5x 13.4x 20.5x 18.9x

Infrastructure Software

Hewlett-Packard Enterpise 45,851 36,308 98.4% NA NA (1.8%) 15.5% 0.9x 0.9x 5.8x 5.7x 11.5x 10.8x

VMware 23,172 30,158 79.1% 81.6% (17.3%) 5.3% 35.9% 3.3x 3.2x 9.2x 8.9x 16.5x 15.5x

Citrix Systems 13,602 13,544 96.6% 113.2% 18.0% 3.4% 35.0% 4.0x 3.9x 11.5x 11.0x 17.2x 15.9x

CA Technologies 13,484 14,307 97.6% 116.8% 9.3% (0.5%) 37.2% 3.3x 3.3x 8.9x 8.8x 13.6x 13.2x

Red Hat 12,961 13,399 87.6% 96.1% 38.2% 17.2% 26.7% 5.5x 4.8x 20.6x 18.0x 34.1x 29.3x

F5 Networks 7,600 8,282 93.2% 95.0% 34.5% 4.7% 38.0% 3.7x 3.5x 9.9x 9.2x 17.0x 15.4x

Brocade 3,334 4,527 85.9% 96.8% 40.4% 2.6% 25.9% 1.4x 1.3x 5.5x 5.3x 10.4x 9.7x

Software AG 3,065 3,219 98.4% 134.8% 28.2% 4.5% 31.8% 3.1x 3.0x 9.7x 9.4x 15.5x 14.8x

Netscout Systems 2,592 2,574 67.7% 68.9% 4.4% 33.0% 29.0% 2.2x 2.1x 7.6x 6.7x 14.5x 13.0x

Pegasystems 1,837 1,907 82.7% 94.2% 32.8% 16.1% 15.6% 2.3x 2.1x 14.8x 12.6x 27.0x 22.8x

Progress Software 1,350 1,387 96.0% 98.6% 12.5% 0.6% 34.5% 3.3x 3.1x 9.4x 9.6x 17.6x NA

Radware 356 580 65.4% 67.6% (13.8%) (4.6%) 11.4% 1.7x 1.6x 15.0x 12.9x 36.2x 26.2x

Mean 10,767 10,849 87.4% 96.7% 17.0% 6.7% 28.1% 2.9x 2.7x 10.7x 9.8x 19.3x 17.0x

Median 5,467 6,404 90.4% 96.1% 18.0% 3.9% 30.4% 3.2x 3.1x 9.6x 9.3x 16.8x 15.4x

Large Cap. SaaS

Salesforce 55,974 55,189 96.4% 114.1% 80.7% 24.4% 20.0% 6.9x 5.7x 34.2x 27.3x NM NM

Workday 14,632 16,410 97.2% 101.3% 12.6% 34.6% 8.4% 9.6x 7.3x NM NM NM NM

NetSuite 7,263 7,366 91.2% 93.1% (4.4%) 30.3% 8.5% 7.5x 5.9x NM NM NM NM

The Ultimate Software Group 6,292 6,177 95.3% 113.0% 44.9% 26.2% 24.3% 8.1x 6.6x 33.3x 26.5x NM NM

Veeva Systems 5,262 5,285 99.8% 156.0% NA 27.0% 26.8% 10.3x 8.5x 38.5x 29.5x NM NM

Athenahealth 5,008 4,857 72.4% 90.1% 10.0% 19.3% 21.4% 4.5x 3.8x 21.2x 17.4x NM NM

Guidewire Software 3,886 4,481 95.3% 109.3% 41.3% 11.8% 20.6% 8.8x 7.7x 42.6x 34.4x NM NM

Medidata Solutions 3,005 3,115 98.1% 104.2% 26.2% 17.8% 22.8% 6.5x 5.5x 28.5x 22.6x NM 43.8x

Cornerstone OnDemand 2,413 2,476 95.1% 115.0% (17.4%) 25.5% 6.3% 5.7x 4.6x NM 48.8x NM NM

Paylocity 2,220 2,316 91.2% 122.2% NA 38.0% 4.2% 8.4x 6.6x NM NM NM NM

Fleetmatics 2,192 2,327 94.5% 118.7% 41.4% 20.7% 33.5% 6.4x 5.4x 19.0x 15.6x 33.7x 27.8x

LogMeIn 1,969 2,106 96.3% 118.8% 178.7% 22.9% 26.0% 5.9x 5.1x 22.7x 18.7x NM 36.9x

Xero 1,860 2,003 99.3% 135.9% 14.3% 62.9% (15.5%) 9.0x 6.3x NM NM NM NM

Mean 8,613 8,778 94.0% 114.7% 38.9% 27.8% 15.9% 7.5x 6.1x 30.0x 26.8x 33.7x 36.2x

Median 3,886 4,481 95.3% 114.1% 26.2% 25.5% 20.6% 7.5x 5.9x 30.9x 26.5x 33.7x 36.9x

(1)

(3)

(1) M icrosoft has agreed to acquire LinkedIn; share price as at 10th June 2016(2) Oracle has agreed t o acquire Netsuite; share price as at 27th July 2016(3) Claudius France launched a tender offer to acquire Cegid Group; share price as at 15th April 2016

(2)

(2)

PAGE |

SOFTWARE

7

EUROPEAN TECHNOLOGY





Small Cap. SaaS

Benefitfocus 1,250 1,250 93.8% 108.6% NA 27.1% (2.8%) 5.3x 4.3x NM NM NM NM

Callidus 1,030 1,126 91.0% 118.6% 163.2% 18.3% 11.7% 5.0x 4.2x 42.8x 31.2x NM NM

SPS Commerce 997 1,116 84.0% 93.4% 1.0% 21.9% 13.6% 5.2x 4.3x 38.1x 29.4x NM NM

Cvent 719 896 57.2% 77.9% NA 24.2% 14.9% 3.1x 2.5x 20.7x 19.1x NM NM

Channel Advisors 270 335 81.8% 107.5% (56.8%) 12.4% 2.2% 2.4x 2.1x NM NM NM NM

JIVE 212 315 78.9% 101.7% (68.5%) 2.4% 7.4% 1.1x 1.1x 14.2x 11.8x NM 37.4x

Marin Software 67 101 63.0% 76.2% (80.4%) (6.0%) 2.3% 0.7x 0.6x 28.9x 16.1x NM NM

Mean 649 734 78.5% 97.7% (8.3%) 14.3% 7.0% 3.2x 2.7x 29.0x 21.5x NA 37.4x

Median 719 896 81.8% 101.7% (56.8%) 18.3% 7.4% 3.1x 2.5x 28.9x 19.1x NA 37.4x

HCM/WFM

Workday 14,632 16,410 97.2% 101.3% 12.6% 34.6% 8.4% 9.6x 7.3x NM NM NM NM

The Ultimate Software Group 6,292 6,177 95.3% 113.0% 44.9% 26.2% 24.3% 8.1x 6.6x 33.3x 26.5x NM NM

Cornerstone OnDemand 2,413 2,476 95.1% 115.0% (17.4%) 25.5% 6.3% 5.7x 4.6x NM 48.8x NM NM

Paylocity 2,220 2,316 91.2% 122.2% NA 38.0% 12.4% 8.4x 6.6x NM NM NM NM

Benefitfocus 1,250 1,250 93.8% 108.6% NA 27.1% (2.8%) 5.3x 4.3x NM NM NM NM

ATOSS Software 234 260 77.1% 124.3% 69.9% 15.3% 27.0% 4.2x 3.7x 15.4x 13.8x 27.1x 24.2x

Halogen 124 157 95.8% 99.0% (49.8%) 10.9% 5.6% 1.7x 1.5x 30.3x 22.6x NM NM

Invision Software 101 103 78.7% 104.4% 109.5% 4.5% 34.5% 7.0x 6.0x 20.3x 15.3x 25.6x 18.6x

Mean 3,408 3,644 90.5% 111.0% 28.3% 22.8% 14.5% 6.2x 5.1x 24.8x 25.4x 26.3x 21.4x

Median 1,735 1,783 94.4% 110.8% 28.7% 25.9% 10.4% 6.3x 5.3x 25.3x 22.6x 26.3x 21.4x

Healthcare IT

McKesson 49,520 44,046 90.0% 91.1% 57.9% 7.4% 2.6% 0.2x 0.2x 9.3x 9.0x 14.7x 13.5x

Cerner 22,869 22,498 97.5% 105.9% 36.0% 11.3% 33.3% 4.6x 4.2x 14.0x 12.1x 28.3x 24.7x

Sysmex 13,922 14,358 90.2% 103.4% 135.2% 28.3% 27.8% 5.3x 4.9x 19.2x 17.7x 36.7x 33.1x

Allscripts Healthcare Solutions 3,943 2,456 83.4% 92.6% (14.3%) 14.3% 18.4% 2.5x 2.3x 13.5x 11.7x 22.2x 18.6x

CompuGroup 2,574 2,361 98.6% 132.8% 107.6% 6.2% 22.4% 4.1x 3.7x 18.3x 16.3x 25.6x 20.8x

EMIS 867 853 74.9% 93.8% 16.0% (6.2%) 30.0% 4.0x 3.8x 13.4x 12.7x 21.7x 20.3x

Cegedim 635 397 61.8% 68.7% 5.2% (12.3%) 17.1% 1.3x 1.3x 7.6x 7.1x 19.7x 11.2x

Sectra 620 631 100.0% 121.9% 121.9% 10.3% 20.6% 4.6x 4.2x 22.2x 20.0x 39.7x 35.1x

Computer Programs & Systems 514 367 45.9% 59.4% (52.6%) 53.0% 20.6% 1.8x 1.8x 8.9x 7.7x 11.8x 9.9x

Craneware 342 383 97.8% 141.9% 109.6% 14.2% 31.3% 6.3x 5.6x 20.3x 18.2x 32.6x 29.0x

Castlight Health 316 455 68.7% 70.1% NA 33.4% (38.1%) 3.1x 2.5x NM NM NM NM

Mean 8,738 8,073 82.6% 98.3% 52.3% 14.5% 16.9% 3.5x 3.1x 14.7x 13.3x 25.3x 21.6x

Median 867 853 90.0% 93.8% 47.0% 11.3% 20.6% 4.0x 3.7x 13.7x 12.4x 23.9x 20.5x

Security Software

Check Point 11,758 12,838 83.2% 93.0% 27.3% 5.8% 54.3% 6.8x 6.4x 12.6x 11.7x 16.8x 15.4x

Symantec 10,887 13,697 98.6% 104.8% (17.4%) (8.8%) 33.2% 2.8x 2.5x 8.3x 6.9x 20.3x 14.4x

Verisign 10,862 8,912 88.9% 118.2% 69.2% 7.6% 69.0% 9.5x 9.2x 13.8x 13.4x 23.9x 22.1x

Palo Alto Networks 10,664 11,404 65.4% 73.7% 159.2% 40.6% 21.4% 6.8x 5.2x 31.9x 22.4x NM 41.5x

Gemalto 5,806 5,510 70.5% 71.4% (43.4%) 5.6% 18.7% 1.6x 1.5x 8.7x 7.7x 13.9x 12.2x

Fortinet 4,600 5,605 67.5% 69.8% 53.7% 26.7% 18.1% 3.6x 3.0x 19.8x 15.8x NM 37.1x

Trend Micro 4,109 5,311 84.8% 97.5% 7.8% 27.4% 29.1% 3.1x 2.9x 10.7x 9.4x 28.3x 24.8x

Proofpoint 3,048 3,136 97.1% 118.8% 158.3% 36.8% 6.9% 8.4x 6.5x NM NM NM NM

FireEye 2,117 2,420 31.9% 33.1% NA 16.6% (13.8%) 2.9x 2.5x NM NM NM NM

AVG Technologies 1,387 954 64.5% 69.0% (6.1%) 2.3% 37.4% 3.2x 3.0x 8.5x 7.8x 9.7x 8.8x

Imperva 1,240 1,517 59.6% 65.9% 3.3% 7.7% (7.2%) 4.9x 4.1x NM NM NM NM

Barracuda Networks 944 1,091 69.8% 79.5% NA 9.0% 18.8% 2.8x 2.6x 14.7x 13.6x 38.6x 33.4x

Qualys 939 1,069 76.1% 92.9% 63.6% 20.6% 32.5% 4.7x 4.0x 14.6x 12.1x 38.5x 32.8x

Vasco Data Security 547 690 80.4% 92.6% 109.9% (11.7%) 17.6% 2.6x 2.2x 14.6x 10.3x NM 30.1x

F-Secure 498 598 99.1% 126.3% 57.2% 9.9% 15.0% 2.8x 2.7x 18.8x 15.5x 38.1x 30.6x

Intercede 54 62 53.6% 72.3% 3.8% 13.8% (2.2%) 3.1x 2.4x NM NA NM NM

Mean 4,341 4,676 74.4% 86.2% 46.2% 13.1% 21.8% 4.4x 3.8x 14.8x 12.2x 25.3x 25.3x

Median 2,583 2,778 73.3% 86.0% 40.5% 9.4% 18.8% 3.1x 3.0x 14.2x 11.9x 23.9x 27.4x

(1)

(2)

(1) Vis t a Equity Partners has agreed to acquire Cvent; share price as at 16th April 2016(2) AVAST Soft ware has agreed to acquire AVG Technologies; share price as at 6th July 2016

PAGE |

SOFTWARE

8

EUROPEAN TECHNOLOGY





Fintech

Fidelity Information Services 36,789 26,233 98.3% 114.0% 70.3% 42.2% 30.6% 3.9x 3.7x 12.7x 11.7x 20.9x 18.2x

Intuit 28,504 28,661 95.7% 106.7% 72.2% 10.6% 37.6% 5.9x 5.4x 15.6x 13.7x 28.3x 24.2x

Fiserv 27,553 22,665 92.5% 115.6% 103.1% 5.9% 34.2% 5.0x 4.7x 14.5x 13.2x 23.2x 20.7x

Paychex 17,390 21,621 96.9% 124.6% 48.8% 8.0% 42.6% 5.6x 5.3x 13.2x 12.3x 28.0x 25.8x

MSCI 9,508 8,131 98.7% 135.6% 126.7% 7.0% 48.6% 8.3x 7.7x 17.0x 15.6x 29.3x 24.7x

SS&C Technologies 9,030 6,494 82.5% 93.3% 78.9% 43.7% 39.7% 5.9x 5.5x 15.0x 13.0x 19.7x 16.4x

Jack Henry 7,031 6,961 98.2% 123.7% 73.8% 7.0% 34.7% 5.1x 4.8x 14.6x NA 29.6x 27.3x

Fair Isaac 4,589 3,920 97.0% 142.7% 140.7% 4.2% 29.7% 5.2x 4.9x 17.6x 15.5x 38.9x 32.4x

Temenos 4,409 4,241 96.4% 168.6% 132.5% 13.9% 37.6% 7.1x 6.5x 19.0x 17.0x 30.1x 26.2x

Guidewire 3,886 4,481 95.3% 109.3% 41.3% 11.8% 20.6% 8.8x 7.7x 42.6x 34.4x NM NM

Ellie Mae 2,959 3,262 95.2% 120.5% 218.3% 34.5% 29.8% 8.7x 7.0x 29.1x 20.7x NM 36.7x

Paycom 2,900 3,006 96.6% 132.7% NA 45.4% 25.8% 8.9x 6.9x 34.3x 27.0x NM NM

SimCorp 2,061 2,171 88.4% 127.1% 67.5% 8.7% 23.5% 6.3x 5.9x 26.7x 24.5x 37.6x 33.9x

Ebix 1,985 1,795 96.7% 185.0% 430.7% 10.0% 38.0% 6.8x 6.2x 17.9x 16.5x 20.5x 19.7x

Envestnet 1,911 1,661 93.5% 110.4% 47.7% 38.1% 17.3% 3.3x 2.8x 18.9x 13.8x 38.6x 26.9x

Iress 1,441 1,333 86.1% 113.0% 3.5% 17.0% 31.3% 4.7x 4.3x 14.9x 13.6x 23.3x 20.5x

Fidessa 1,197 1,279 91.0% 107.7% 2.0% (3.1%) 25.8% 2.8x 2.7x 11.0x 10.3x 30.0x 28.0x

Q2 Holdings 932 1,039 84.9% 98.1% NA 36.7% (3.2%) 6.3x 4.9x NM NM NM NM

Bottomline Technologies 816 857 66.2% 81.4% (32.6%) 4.9% 20.6% 2.3x 2.1x 11.2x NA 15.1x 14.9x

Linedata 364 339 93.9% 157.6% 101.9% 4.3% 26.7% 1.9x 1.8x 7.0x 6.7x 13.6x 12.9x

StatPro 101 85 92.2% 112.1% 6.0% 2.6% 14.0% 2.2x 2.1x 15.8x 14.0x 34.3x 27.5x

Mean 7,874 7,154 92.2% 122.9% 91.2% 16.8% 28.8% 5.5x 4.9x 18.4x 16.3x 27.1x 24.3x

Median 2,959 3,262 95.2% 115.6% 72.2% 10.0% 29.8% 5.6x 4.9x 15.7x 13.9x 28.3x 25.2x

Data and Data Analytics

Nielsen 27,066 18,900 94.5% 109.9% 58.4% 3.2% 30.9% 4.2x 4.0x 13.8x 12.8x 18.4x 16.8x

Experian 22,098 18,997 100.0% 110.0% 5.6% 1.6% 34.3% 4.7x 4.5x 13.8x 13.0x 21.4x 19.9x

Equifax 18,930 15,805 96.7% 127.5% 103.5% 18.1% 35.1% 6.0x 5.5x 17.1x 15.3x 24.6x 22.2x

Verisk 15,980 13,726 94.4% 105.6% 28.8% (3.5%) 50.1% 8.0x 7.5x 16.0x 14.9x 27.0x 24.4x

Splunk 7,398 8,510 89.3% 92.9% 22.6% 35.2% 8.2% 8.4x 6.5x NM NM NM NM

Tableau Software 3,162 4,026 48.9% 51.3% (24.8%) 27.9% 8.4% 3.8x 3.1x 45.1x 27.7x NM NM

Convergys 3,083 2,770 96.4% 126.3% 49.1% 1.3% 13.1% 1.0x 1.0x 7.9x 7.4x 15.1x 13.8x

Neustar 2,301 1,365 83.1% 87.7% (54.2%) 17.1% 45.1% 1.9x 1.8x 4.2x 4.0x 4.8x 4.6x

Microstrategy 1,351 1,886 72.8% 75.4% 63.4% (3.8%) 25.5% 2.6x 2.5x 10.4x 8.6x 23.0x 21.3x

PROS 570 569 73.6% 91.3% (40.8%) (10.5%) (29.6%) 3.8x 3.6x NM NM NM NM

Mean 10,194 8,655 85.0% 97.8% 21.2% 8.7% 22.1% 4.5x 4.0x 16.0x 12.9x 19.2x 17.6x

Median 5,280 6,268 91.8% 99.2% 25.7% 2.4% 28.2% 4.0x 3.8x 13.8x 12.9x 21.4x 19.9x

CAx/PLM

Dassault Systems 19,764 21,557 99.7% 112.0% 27.6% 10.0% 33.6% 5.8x 5.4x 17.4x 15.7x 30.7x 27.7x

Autodesk 13,049 13,843 93.7% 112.8% 68.0% (18.8%) (2.6%) 6.4x 5.8x NM NM NM NM

Ansys 7,759 8,402 97.9% 102.1% 8.8% 5.9% 50.9% 7.8x 7.2x 15.3x 14.2x 26.6x 24.7x

PTC 5,281 4,753 99.1% 116.7% 47.5% (6.1%) 21.8% 4.6x 4.6x 20.9x 21.0x 30.8x 32.8x

Nemetschek 2,354 2,367 94.5% 170.6% 319.2% 21.5% 26.4% 6.3x 5.4x 23.7x 20.4x NM 37.5x

Aveva 1,472 1,625 71.6% 75.2% (33.5%) (9.6%) 27.3% 5.4x 5.3x 20.0x 18.1x 29.3x 27.3x

Mensch und Maschine 289 264 92.3% 204.6% 143.9% 9.1% 9.9% 1.5x 1.4x 15.3x 12.0x 30.8x 21.0x

Mean 7,138 7,544 92.7% 127.7% 83.1% 1.7% 23.9% 5.4x 5.0x 18.7x 16.9x 29.6x 28.5x

Median 5,281 4,753 94.5% 112.8% 47.5% 5.9% 26.4% 5.8x 5.4x 18.7x 16.9x 30.7x 27.5x

PAGE |

(12%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%


Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

Aug 2015 Nov 2015 Feb 2016 May 2016

Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

IT SERVICES

9

EUROPEAN TECHNOLOGY




Data Centres 41.5%

IT Services 13.0%

PaaS/IaaS (0.4%)

Managed Services, Colocation and Hosting (2.6%)

Offshore IT Services (8.3%)

PaaS/IaaS 3.6%

IT Services 3.4%

Offshore IT Services 1.4%

Managed Services, Colocation and Hosting (2.5%)

Data Centres (8.3%)

PAGE |

IT SERVICES

10

EUROPEAN TECHNOLOGY


(1)




IT Services

KDDI 91,526 84,143 96.3% 121.4% 79.8% 23.3% 31.5% 2.0x 1.9x 6.3x 6.1x 15.1x 13.9x

Accenture 72,378 70,316 93.5% 109.2% 55.0% 6.4% 16.7% 2.2x 2.0x 12.9x 12.0x 20.5x 18.8x

Capgemini 19,925 16,513 94.9% 100.3% 68.8% 9.9% 13.3% 1.4x 1.3x 10.6x 9.8x 16.4x 15.0x

NTT Group 17,343 14,733 92.9% 110.0% 48.2% 23.1% 16.6% 1.1x 1.0x 6.4x 6.3x 24.0x 22.7x

CGI 16,188 14,711 97.3% 128.6% 38.2% 10.7% 18.6% 2.0x 1.9x 10.5x 10.2x 17.7x 16.5x

Fujitsu 11,960 9,191 81.1% 86.6% 13.5% 16.0% 6.4% 0.3x 0.3x 4.1x 3.7x 10.9x 9.2x

Atos Origin 10,351 10,437 98.9% 129.3% 29.4% 12.8% 12.1% 0.8x 0.8x 6.6x 6.2x 12.7x 11.7x

NEC 9,443 6,608 73.5% 77.0% 10.7% 19.2% 6.1% 0.3x 0.3x 5.5x 5.2x 10.7x 10.0x

CSC 8,993 6,557 65.6% 167.1% 112.0% (8.9%) 16.2% 1.2x 1.2x 7.3x 6.7x 17.0x 14.6x

Capita 7,995 8,653 63.7% 64.8% (16.1%) (9.6%) 15.8% 1.2x 1.2x 7.9x 7.6x 13.5x 13.0x

Sopra 2,902 2,367 84.7% 103.9% 49.3% 7.8% 9.0% 0.7x 0.7x 7.7x 6.8x 12.7x 10.9x

Indra Sistemas 2,848 2,130 99.5% 115.1% (15.1%) (2.0%) 8.5% 0.9x 0.9x 11.0x 8.9x 22.2x 14.7x

Tieto 2,294 2,183 95.0% 117.4% 48.4% 6.4% 13.4% 1.4x 1.3x 10.1x 9.5x 16.1x 15.3x

Bechtle 2,266 2,387 96.7% 128.4% 127.6% 12.0% 5.6% 0.7x 0.6x 11.8x 10.8x 20.6x 18.6x

GFI Informatique 666 595 89.5% 127.4% 77.1% 9.0% 8.0% 0.6x 0.6x 7.9x 7.5x 18.2x 15.4x

Mean 18,472 16,768 88.2% 112.4% 48.5% 9.1% 13.2% 1.1x 1.1x 8.4x 7.8x 16.5x 14.7x

Median 9,443 8,653 93.5% 115.1% 48.4% 9.9% 13.3% 1.1x 1.0x 7.9x 7.5x 16.4x 14.7x

Offshore IT Services

Tata 76,496 80,531 96.4% 101.0% 37.3% 12.1% 27.8% 4.3x 3.9x 15.5x 14.0x 20.5x 15.6x

Infosys 31,658 36,532 83.5% 89.6% 26.0% 12.0% 27.3% 3.1x 2.8x 11.3x 10.0x 16.8x 15.2x

Cognizant 31,528 34,990 82.6% 84.9% 57.2% 9.3% 20.0% 2.3x 2.1x 11.6x 10.6x 17.1x 15.6x

Wipro 17,131 20,095 87.0% 92.8% 6.4% 8.2% 20.6% 2.1x 1.9x 10.1x 9.3x 15.0x 13.9x

HCL 15,616 17,143 79.4% 82.0% 57.9% 16.5% 20.7% 2.3x 2.0x 10.9x 9.4x 13.0x 12.9x

Mean 34,486 37,858 85.8% 90.0% 37.0% 11.6% 23.3% 2.8x 2.5x 11.9x 10.7x 16.5x 14.6x

Median 31,528 34,990 83.5% 89.6% 37.3% 12.0% 20.7% 2.3x 2.1x 11.3x 10.0x 16.8x 15.2x

Managed Services, Colocation and Hosting

Level 3 27,489 17,847 86.2% 103.0% 112.9% 0.8% 34.4% 3.3x 3.2x 9.6x 9.1x 29.6x 23.8x

United Internet 10,903 8,892 76.7% 85.6% 33.8% 11.3% 21.3% 2.4x 2.3x 11.4x 10.3x 17.5x 15.5x

Windstream 10,600 850 90.8% 135.8% (31.5%) (5.5%) 34.7% 1.9x 2.0x 5.6x 5.7x NM NM

Rackspace 3,870 3,731 92.3% 100.4% (37.0%) 3.5% 34.7% 1.9x 1.8x 5.4x 5.2x 27.8x 27.2x

GoDaddy 3,379 2,690 92.3% 125.0% NA 14.8% 22.4% 1.8x 1.6x 8.2x 6.9x NM NM

Interxion 3,274 2,666 97.7% 132.7% 55.9% 11.9% 45.3% 7.0x 6.3x 15.4x 13.6x NM NM

Endurance 2,997 1,099 46.2% 47.2% NA 52.8% 27.2% 2.6x 2.5x 9.7x 8.6x 6.9x 8.6x

Internap 481 127 23.7% 26.2% (71.7%) (4.8%) 27.2% 1.6x 1.6x 5.8x 5.6x NM NM

iomart 471 430 84.6% 99.2% (7.2%) 0.7% 43.0% 4.3x 4.0x 10.0x 9.3x 18.4x 16.5x

Redcentric 397 345 77.0% 84.9% 66.4% (2.1%) 23.9% 2.6x 2.4x 10.9x 10.0x 16.6x 14.8x

Proact 157 144 92.3% 111.0% 25.4% 1.4% 6.5% 0.5x 0.5x 7.2x 6.7x 11.1x 10.5x

Melbourne IT 148 143 88.9% 103.2% (14.4%) 24.1% 16.0% 1.1x 1.0x 6.8x 5.3x 20.7x 10.9x

Mean 5,347 3,247 79.0% 96.2% 13.3% 9.1% 28.0% 2.6x 2.4x 8.8x 8.0x 18.6x 16.0x

Median 3,135 975 87.6% 101.7% 9.1% 2.5% 27.2% 2.2x 2.1x 8.9x 7.7x 18.0x 15.1x

Data Centres

Equinix 32,500 26,251 94.4% 130.8% 110.6% 32.3% 46.1% 9.0x 8.0x 19.5x 16.9x NM NM

Digital Realty Trust 22,690 15,193 91.3% 156.4% 89.4% 19.6% 57.0% 10.8x 9.9x 18.9x 17.2x NM NM

DuPont Fabros 5,429 3,565 96.3% 161.0% 106.3% 14.9% 62.0% 10.4x 9.4x 16.8x 15.0x 28.4x 25.4x

Coresite 3,433 2,779 89.1% 163.7% 135.1% 19.3% 52.3% 8.6x 7.5x 16.5x 14.1x NM 41.1x

Mean 16,013 11,947 92.8% 153.0% 110.3% 21.5% 54.4% 9.7x 8.7x 17.9x 15.8x 28.4x 33.2x

Median 14,060 9,379 92.8% 158.7% 108.4% 19.5% 54.7% 9.7x 8.7x 17.9x 15.9x 28.4x 33.2x

PaaS/IaaS

EMC 55,584 53,623 90.1% 98.1% 6.6% (0.5%) 27.6% 2.3x 2.2x 8.2x 8.2x 15.2x 14.8x

ServiceNow 12,072 12,438 82.8% 99.9% 81.8% 36.9% 18.2% 8.8x 6.8x 48.1x 30.7x NM NM

Akamai 8,937 9,089 68.1% 70.4% 10.8% 5.4% 40.1% 3.9x 3.5x 9.6x 8.7x 20.3x 18.2x

Netapp 5,444 7,881 81.4% 92.5% (33.0%) (5.9%) 18.6% 1.0x 1.0x 5.4x 5.3x 12.9x 12.0x

Synchronoss 1,954 1,854 86.6% 88.3% 16.3% 17.4% 33.0% 2.9x 2.5x 8.7x 7.0x 16.4x 13.6x

Commvault Systems 1,834 2,254 96.7% 135.9% (41.4%) 4.9% 13.0% 2.9x 2.7x 22.5x 18.9x NM 45.7x

Progress Software 1,350 1,387 96.0% 98.6% 12.5% 0.6% 34.5% 3.3x 3.1x 9.4x 9.6x 17.6x NA

Carbonite 312 356 96.3% 114.3% (3.4%) 45.5% 15.2% 1.6x 1.5x 10.3x 9.6x 26.6x 22.9x

Mean 10,936 11,110 87.3% 99.8% 6.3% 13.0% 25.0% 3.3x 2.9x 15.3x 12.3x 18.2x 21.2x

Median 3,699 5,068 88.3% 98.4% 8.7% 5.2% 23.1% 2.9x 2.6x 9.5x 9.2x 17.0x 16.5x

(1)

(1) Dell has entered into an agreement to acquire EMC; share price as at 9th October 2015

PAGE |

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

Aug 2015 Nov 2015 Feb 2016 May 2016

Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

COMMUNICATIONS

11

EUROPEAN TECHNOLOGY




Digital Broadband 12.4%

Mobile Content / Solutions Providers 5.3%

Mobile Infrastructure Software (0.2%)

Diversified Communication Equipment (15.5%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

Digital Broadband 16.7%

Mobile Infrastructure Software 9.5%

Diversified Communication Equipment (2.9%)

Mobile Content / Solutions Providers (5.5%)

PAGE |

COMMUNICATIONS

12

EUROPEAN TECHNOLOGY





Digital Broadband

Technicolor 4,156 2,674 78.4% 89.7% 36.4% 43.1% 11.9% 0.7x 0.7x 6.1x 6.4x 14.6x 12.3x

Logitech 3,139 3,771 99.6% 159.3% 195.7% 2.8% 10.7% 1.5x 1.4x 14.1x 12.7x 21.4x 19.5x

TomTom 2,104 2,133 68.6% 83.9% 54.7% 6.4% 13.2% 1.8x 1.7x 13.7x 12.3x 35.6x 29.5x

Kudelski 1,402 1,193 98.1% 141.2% 61.7% 13.3% 13.0% 1.3x 1.2x 10.1x 9.6x 18.1x 16.9x

Extreme Networks 386 419 87.9% 139.7% (2.3%) (0.9%) 11.1% 0.7x 0.7x 6.5x 7.2x 13.0x 10.7x

Parrot 140 505 42.5% 57.1% (15.3%) 0.5% (21.3%) 0.4x 0.4x NM NM NM NM

Mean 1,888 1,782 79.2% 111.8% 55.1% 10.9% 6.4% 1.1x 1.0x 10.1x 9.6x 20.5x 17.8x

Median 1,753 1,663 83.2% 114.7% 45.5% 4.6% 11.5% 1.0x 1.0x 10.1x 9.6x 18.1x 16.9x

Diversified Communication Equipment

LM Ericsson Telephone 21,635 24,295 68.1% 69.9% (40.3%) (7.4%) 12.1% 0.8x 0.8x 6.6x 5.7x 14.5x 12.1x

Alcatel-Lucent 14,697 13,726 92.3% 107.9% 48.7% NA NA NA 0.8x 7.6x 5.6x NA NA

CIENA 3,308 2,873 81.6% 87.7% (9.9%) 7.0% 13.7% 1.3x 1.2x 9.1x 7.9x 14.3x 11.8x

ADTRAN 798 879 84.7% 113.9% (31.2%) 2.9% 9.4% 1.3x 1.2x 13.8x 11.7x 23.2x 19.8x

Mean 10,109 10,443 81.7% 94.8% (8.2%) 0.8% 11.7% 1.1x 1.0x 9.3x 7.7x 17.4x 14.6x

Median 9,002 8,299 83.2% 97.8% (20.6%) 2.9% 12.1% 1.3x 1.0x 8.4x 6.8x 14.5x 12.1x

Mobile Infrastructure Software

QUALCOMM 86,281 90,880 98.2% 99.4% (8.3%) (5.8%) 38.2% 3.7x 3.6x 9.7x 9.1x 14.0x 12.8x

VeriSign 10,862 8,912 88.9% 118.2% 69.2% 7.6% 69.0% 9.5x 9.2x 13.8x 13.4x 23.9x 22.1x

Amdocs 7,780 8,735 96.5% 99.1% 53.0% 2.6% 19.5% 2.1x 2.0x 10.6x 10.3x 16.3x 15.3x

Synchronoss Technologies 1,954 1,854 86.6% 88.3% 16.3% 17.4% 33.0% 2.9x 2.5x 8.7x 7.0x 16.4x 13.6x

Sonus Networks 346 434 87.9% 116.0% (49.8%) 4.3% 11.5% 1.3x 1.3x 11.6x 10.1x 23.4x 22.5x

Redknee Solutions 180 161 42.8% 53.0% (60.0%) (17.8%) 3.2% 1.0x 1.0x 32.7x 9.0x NM 19.2x

Smith Micro Software 24 33 70.7% 80.8% (35.5%) (14.6%) 0.0% 0.7x 0.5x NM NA NM NM

Mean 15,347 15,858 81.6% 93.5% (2.2%) (0.9%) 24.9% 3.0x 2.9x 14.5x 9.8x 18.8x 17.6x

Median 1,954 1,854 87.9% 99.1% (8.3%) 2.6% 19.5% 2.1x 2.0x 11.1x 9.6x 16.4x 17.3x

Mobile Content / Solutions Providers

Opera Software 1,210 1,041 79.4% 80.8% (7.5%) 18.0% 15.0% 1.7x 1.5x 11.2x 9.0x 30.5x 18.8x

Mean 1,210 1,041 79.4% 80.8% (7.5%) 18.0% 15.0% 1.7x 1.5x 11.2x 9.0x 30.5x 18.8x

Median 1,210 1,041 79.4% 80.8% (7.5%) 18.0% 15.0% 1.7x 1.5x 11.2x 9.0x 30.5x 18.8x

(1)

(1) K unlun World Wide, Zhou Yahui, Qihoo and Golden Brick Capital Management have agreed to acquire Opera Soft ware; share price as at 17th July 2016

PAGE |

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

Aug 2015 Nov 2015 Feb 2016 May 2016

Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology

INTERNET AND DIGITAL MEDIA

13

EUROPEAN TECHNOLOGY




(7%)

(5%)

(3%)

(1%)

1%

3%

5%

7%

9%

11%


Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology

Global Internet Leaders 10.7%

Internet Services 9.1%

eCommerce 8.8%

Online Classifieds 8.8%

Interactive Entertainment 5.8%

Intermediation and Comparison 4.8%

Content Providers / Communities 4.4%

Online Travel 4.3%

Chinese Internet Leaders 1.7%

Educational Technology 1.1%

Online Gambling 0.0%

Digital Marketing (5.5%)

Online Gambling 33.3%

Chinese Internet Leaders 32.1%

Ecommerce 25.5%

Interactive Entertainment 15.8%

Global Internet Leaders 13.0%

Online Travel 7.8%

Intermediation and Comparison 2.6%

Online Classifieds 1.4%

Digital Marketing (7.1%)

Content Providers / Communities (17.2%)

Educational Technology (18.7%)

Internet Services (25.6%)

PAGE |


14

EUROPEAN TECHNOLOGY





Global Internet Leaders

Apple 613,884 581,634 87.2% 93.8% 54.4% (4.8%) 32.5% 2.8x 2.7x 8.7x 8.5x 12.8x 11.9x

Google 487,377 545,905 99.0% 117.4% 82.7% 19.7% 49.5% 6.7x 5.8x 13.6x 11.6x 23.6x 19.9x

Microsoft 403,158 404,657 90.6% 110.2% 59.7% 0.7% 37.5% 4.3x 4.1x 11.5x 10.8x 18.1x 16.8x

Amazon 367,521 365,866 99.7% 145.7% 162.5% 27.9% 11.4% 2.7x 2.2x 23.6x 17.7x NM NM

Facebook 339,262 358,468 97.3% 133.6% 237.3% 51.0% 63.3% 12.5x 9.3x 19.8x 14.9x 31.9x 25.0x

Alibaba 241,775 239,473 100.0% 127.8% NA 42.2% 48.0% 11.6x 8.8x 24.1x 19.1x 31.1x 24.1x

Baidu 52,504 57,915 76.6% 103.8% 18.0% 7.9% 22.3% 4.8x 4.0x 21.4x 16.7x 34.3x 24.9x

eBay 36,626 35,033 97.6% 110.9% 36.2% 4.1% 38.8% 4.1x 3.9x 10.6x 9.9x 16.5x 14.8x

Yahoo! 32,267 37,408 99.0% 100.4% 43.9% (14.3%) 21.8% 9.2x 9.1x 42.2x 38.4x NM NM

Yandex 6,897 7,381 97.7% 180.1% (30.7%) 39.3% 33.8% 6.0x 5.0x 17.9x 12.9x 34.1x 26.0x

Mean 258,127 263,374 94.5% 122.4% 73.8% 17.4% 35.9% 6.5x 5.5x 19.3x 16.0x 25.3x 20.4x

Median 290,518 298,971 97.7% 114.1% 54.4% 13.8% 35.7% 5.4x 4.6x 18.9x 13.9x 27.3x 22.0x

Ecommerce

Amazon 367,521 365,866 99.7% 145.7% 162.5% 27.9% 11.4% 2.7x 2.2x 23.6x 17.7x NM NM

Alibaba 241,775 239,473 100.0% 127.8% NA 42.2% 48.0% 11.6x 8.8x 24.1x 19.1x 31.1x 24.1x

Naspers 70,706 69,280 97.7% 115.6% 87.4% 21.6% 9.6% 10.3x 9.6x NM NM NM 29.3x

Netflix 42,628 41,193 72.1% 77.6% 159.4% 28.8% 5.9% 4.9x 4.0x NM 44.5x NM NM

eBay 36,626 35,033 97.6% 110.9% 36.2% 4.1% 38.8% 4.1x 3.9x 10.6x 9.9x 16.5x 14.8x

JD.com 32,197 33,889 73.8% 91.4% NA 35.7% 0.8% 0.8x 0.6x NM NM NM NM

Zalando 9,449 10,151 99.4% 112.6% NA 28.9% 5.9% 2.3x 1.9x 38.9x 27.5x NM 49.1x

Mercadolibre 7,415 7,513 97.6% 141.4% 31.6% 22.1% 23.3% 9.3x 7.4x 39.9x 32.3x NM 48.4x

IAC 5,233 4,734 78.8% 80.4% 18.5% (3.8%) 16.0% 1.7x 1.6x 10.5x 8.3x 23.0x 15.7x

JUST EAT 5,002 5,110 98.6% 117.6% NA 30.2% 29.8% 10.5x 8.3x 35.4x 24.4x NM 35.7x

Mail.ru 4,301 4,446 87.1% 120.0% (40.2%) 22.8% 46.9% 7.0x 6.1x 15.0x 12.8x 25.0x 19.3x

Cimpress 3,933 3,022 94.1% 136.3% 74.1% 17.3% 15.2% 2.0x 1.8x 13.4x 12.0x NM 30.4x

GrubHub 3,029 3,278 96.2% 126.9% NA 34.3% 28.7% 6.2x 5.1x 21.7x 16.9x NM 35.8x

Groupon 2,688 3,272 95.9% 131.5% (45.0%) (0.6%) 5.0% 0.9x 0.8x 17.3x 12.2x NM NM

Ocado 2,516 2,353 60.1% 66.3% (14.7%) 2.1% 7.0% 1.5x 1.3x 21.3x 17.8x NM NM

Shutterstock 1,895 2,123 99.3% 181.5% 5.7% 18.7% 19.4% 3.8x 3.2x 19.4x 15.7x NM 35.9x

Coupons.com 975 1,142 94.8% 140.4% NA 13.7% 9.9% 3.6x 3.2x 36.6x 22.7x NM NM

RetailMeNot 376 553 99.2% 125.6% (65.3%) 16.2% 19.8% 1.3x 1.2x 6.6x 6.3x 18.8x 20.2x

Overstock 323 406 72.9% 75.4% (47.5%) 6.4% 1.3% 0.2x 0.2x 14.5x 14.1x NM NM

Blue Nile 321 356 78.6% 89.7% (19.8%) (1.4%) 5.2% 0.7x 0.7x 13.0x 12.0x 35.1x 32.5x

Mean 41,945 41,660 89.7% 115.7% 24.5% 18.4% 17.4% 4.3x 3.6x 21.3x 18.1x 24.9x 30.1x

Median 4,651 4,590 96.0% 118.8% 12.1% 20.2% 13.3% 3.1x 2.7x 19.4x 16.3x 24.0x 30.4x

Online Travel

The Priceline Group 73,232 69,460 95.2% 109.3% 47.4% 15.6% 40.2% 6.9x 5.9x 17.1x 14.7x 20.5x 17.6x

Amadeus 23,139 20,861 98.5% 110.7% 43.7% 15.4% 37.6% 4.7x 4.4x 12.6x 11.7x 22.0x 20.6x

Ctrip 23,131 21,380 80.7% 128.3% 105.1% 71.3% (4.6%) 8.0x 6.0x NM 45.3x NM 43.4x

Expedia 19,609 17,297 82.3% 95.8% 134.0% 31.1% 18.5% 2.2x 2.0x 12.1x 9.7x 23.4x 17.7x

Sabre Corporation 10,844 7,521 88.8% 96.8% NA 14.7% 32.1% 3.2x 3.0x 10.0x 8.9x 18.7x 15.8x

Tripadvisor 8,286 8,962 70.3% 85.8% (24.0%) 2.4% 25.7% 5.4x 4.7x 21.1x 16.7x 39.0x 30.0x

Travelport 3,931 1,642 86.3% 96.4% NA 7.1% 24.0% 1.7x 1.6x 6.9x 6.4x 10.9x 9.4x

MakeMyTrip 806 811 83.6% 147.0% 44.1% 29.3% (36.7%) 3.9x 3.1x NM NM NM NM

Travelzoo 122 147 90.8% 122.5% (65.0%) (5.9%) 8.7% 0.9x 0.9x 10.5x 9.9x 29.2x 28.9x

Hostelworld Group 24 204 48.7% NA NA (3.5%) 28.8% 0.3x 0.3x 1.0x 0.9x 9.9x 9.4x

Mean 16,312 14,828 82.5% 108.8% 58.4% 17.7% 17.4% 3.7x 3.2x 11.4x 13.8x 21.7x 21.4x

Median 9,565 8,242 84.9% 103.1% 45.8% 15.0% 24.9% 3.5x 3.1x 11.3x 9.9x 21.3x 17.7x

(2)

(1)

(1) M icrosoft has agreed to acquire LinkedIn; share price as at 10th July 2016(2) Verizon has agreed t o acquire Yahoo's operating business; share price as at 22nd July 2016

PAGE |


15

EUROPEAN TECHNOLOGY


(1) Vis t a has agreed to acquire Marketo; share price as at 30th May 2016(2) Vis t a Equity Partners has agreed to acquire Cvent; share price as at 16th April 2016(3) M icrosoft has agreed to acquire LinkedIn; share price as at 10th June 2016(4) Randst ad has signed a definitive agreement to acquire Monster Worldwide; share price at 8th August 2016




Digital Marketing

Criteo 2,254 2,488 81.6% 86.6% NA 33.1% 28.6% 3.2x 2.5x 11.1x 8.3x 22.6x 17.3x

Marketo 1,328 1,434 94.7% 107.9% 36.0% 29.9% (1.3%) 4.9x 3.9x NM NM NM NM

Callidus Software 1,030 1,126 91.0% 118.6% 163.2% 18.3% 11.7% 5.0x 4.2x 42.8x 31.2x NM NM

Cvent 719 896 57.2% 77.9% NA 24.2% 14.9% 3.1x 2.5x 20.7x 19.1x NM NM

Bazaarvoice 285 342 76.8% 79.0% (60.7%) 2.5% 2.5% 1.4x 1.3x NM 24.4x NM NM

TechTarget 263 212 77.1% 77.2% 62.6% 0.4% 19.9% 2.3x 2.1x 11.8x 8.4x 24.2x 15.0x

The Rubicon Project 257 469 47.1% 61.9% NA 19.1% 24.8% 1.0x 0.9x 3.8x 3.5x 11.0x 11.1x

Dotdigital 161 184 65.0% 119.3% 153.6% 11.1% 29.2% 4.0x 3.3x 13.8x 11.0x 24.0x 19.7x

Harte-Hanks 155 98 31.9% 33.2% (82.7%) (10.8%) 7.8% 0.3x 0.3x 4.5x 3.1x NM 11.0x

1000mercis 136 140 90.6% 95.1% (27.0%) 20.4% 22.9% 2.0x 1.7x 8.6x 7.5x 16.3x 13.5x

Matomy Media 113 89 51.1% 62.2% NA 0.3% 6.6% 0.4x 0.4x 6.3x 6.3x 9.4x 7.0x

Marin Software 67 101 63.0% 76.2% (80.4%) (6.0%) 2.3% 0.7x 0.6x 28.9x 16.1x NM NM

Marchex 31 129 57.8% 71.9% (56.7%) (14.1%) (4.7%) 0.2x 0.2x NM 17.6x NM NM

Mean 523 593 68.1% 82.1% 12.0% 9.9% 12.7% 2.2x 1.9x 15.2x 13.0x 17.9x 13.5x

Median 257 212 65.0% 77.9% (27.0%) 11.1% 11.7% 2.0x 1.7x 11.4x 9.7x 19.4x 13.5x

Content Providers / Communities

LinkedIn 23,567 17,655 50.7% 60.1% (22.2%) 25.8% 28.1% 6.3x 5.2x 22.3x 18.2x 35.7x 29.4x

Twitter 11,558 13,702 60.8% 67.9% NA 15.5% 27.3% 4.5x 4.0x 16.5x 14.1x 38.6x 33.6x

JustEat 5,002 5,110 98.6% 117.6% NA 30.2% 29.8% 10.5x 8.3x 35.4x 24.4x NM 35.7x

Pandora Media 2,978 3,045 58.3% 70.9% (36.8%) 19.9% (4.6%) 2.1x 1.8x NM NM NM NM

WebMD Health 2,799 2,082 79.1% 123.5% 60.7% 10.9% 32.4% 4.0x 3.7x 12.3x 10.9x 29.3x 26.4x

GoPro 1,676 1,963 23.1% 23.7% NA (15.2%) (10.3%) 1.2x 1.0x NM NM NM NM

XING 1,100 1,188 94.4% 104.1% 121.8% 23.8% 31.8% 6.8x 5.8x 21.3x 17.3x NM 35.0x

XO Group 374 484 95.5% 117.3% 47.7% 7.6% 22.3% 2.5x 2.2x 11.0x 9.2x 36.0x 28.3x

Brightcove 362 395 98.9% 217.3% 12.8% 10.7% 5.9% 2.4x 2.2x 41.4x 32.0x NM NM

Demand Media 61 121 91.5% 119.1% (54.2%) (12.9%) (14.1%) 0.6x 0.5x NM NM NM NM

Mean 4,948 4,575 75.1% 102.2% 18.5% 11.6% 14.9% 4.1x 3.5x 22.9x 18.0x 34.9x 31.4x

Median 2,237 2,022 85.3% 110.7% 12.8% 13.2% 24.8% 3.2x 2.9x 21.3x 17.3x 35.8x 31.5x

Intermediation and Comparison

Zillow 6,040 6,262 45.4% 148.5% 19.3% 29.9% 15.9% 7.2x 5.9x 45.2x 26.4x NM NM

Moneysupermarket 2,216 2,224 73.6% 81.8% 58.2% (5.1%) 39.7% 5.6x 5.3x 14.2x 13.1x 20.4x 18.9x

Bankrate 892 738 51.7% 77.6% (52.5%) 14.5% 23.9% 2.1x 1.8x 8.8x 7.4x 15.8x 12.8x

Angie's List 495 488 73.8% 186.9% (66.7%) (3.5%) 11.4% 1.5x 1.4x 13.1x 10.7x NM 40.6x

Gruppo MutuiOnline 343 330 83.4% 98.9% 72.1% 8.5% 28.0% 2.4x 2.2x 8.4x 7.5x 13.8x 12.4x

Liquidity Services 162 292 97.7% 116.4% (69.2%) 25.9% 5.3% 0.3x 0.5x 6.4x 18.0x NM NA

eHealth 132 199 71.5% 74.7% (61.5%) 3.6% 6.7% 0.7x 0.7x 10.0x 7.2x 17.1x 19.0x

Mean 1,469 1,505 71.0% 112.1% (14.3%) 10.5% 18.7% 2.8x 2.5x 15.2x 12.9x 16.8x 20.7x

Median 495 488 73.6% 98.9% (52.5%) 8.5% 15.9% 2.1x 1.8x 10.0x 10.7x 16.4x 18.9x

Online Classifieds

Rightmove 5,137 5,093 85.3% 92.9% 46.9% (0.4%) 75.2% 18.2x 16.7x 24.2x 22.1x 30.4x 27.1x

SEEK 4,842 4,290 97.2% 119.8% 44.4% 19.1% 38.3% 6.1x 5.6x 15.9x 14.3x 28.0x 24.1x

Yelp 2,619 5,565 98.5% 155.1% (25.8%) 28.7% 14.8% 3.7x 3.0x 25.0x 17.2x NM NM

SouFun 2,247 2,374 61.1% 71.4% (39.1%) 31.0% (14.3%) 1.9x 1.5x NM 25.9x NM NM

Zoopla 1,765 1,631 77.9% 90.7% NA 33.5% 38.6% 7.0x 6.2x 18.3x 16.0x 24.7x 21.5x

51job 1,283 1,951 92.4% 113.6% (3.1%) 9.1% 33.4% 3.7x 3.3x 11.1x 9.3x 18.9x 16.9x

Dice 414 352 67.0% 84.9% (20.4%) (9.7%) 28.2% 1.8x 1.7x 6.3x 5.9x 16.9x 14.2x

Monster 326 247 33.7% 39.2% (40.2%) (7.0%) 11.5% 0.5x 0.5x 4.6x 4.1x 17.0x 12.2x

Mean 2,329 2,688 76.6% 95.9% (5.3%) 13.0% 28.2% 5.4x 4.8x 15.0x 14.4x 22.7x 19.3x

Median 2,006 2,163 81.6% 91.8% (20.4%) 14.1% 30.8% 3.7x 3.1x 15.9x 15.2x 21.8x 19.2x

(1)

(2)

(3)

(4)

PAGE |


16

EUROPEAN TECHNOLOGY





Internet Services

LendingClub 3,661 2,091 35.6% 38.3% NA 9.6% (7.3%) 7.8x 6.4x NM NM NM NM

Web.com 1,546 870 66.2% 71.6% (38.3%) 32.1% 23.8% 2.1x 1.9x 8.8x 7.4x 6.6x 5.8x

Wix.com 1,458 1,636 98.0% 175.9% NA 37.4% 12.8% 5.2x 4.0x 40.7x 20.7x NM NM

LifeLock 1,420 1,579 99.1% 231.2% 37.1% 13.5% 13.0% 2.1x 1.9x 16.3x 13.0x 22.2x 18.2x

Mean 2,021 1,544 74.7% 129.2% (0.6%) 23.1% 10.6% 4.3x 3.6x 22.0x 13.7x 14.4x 12.0x

Median 1,502 1,608 82.1% 123.7% (0.6%) 22.8% 12.9% 3.7x 3.0x 16.3x 13.0x 14.4x 12.0x

Educational Technology

Graham 2,169 2,780 69.2% 70.7% 40.0% (2.2%) 11.4% 0.9x 0.9x 7.5x 7.4x NA NA

2U 1,421 1,623 87.2% 93.5% NA 34.8% 1.1% 7.0x 5.4x NM NM NM NM

Chegg 562 616 76.8% 79.7% NA (16.9%) 7.6% 2.2x 2.4x 29.5x 15.7x NM 23.8x

Cambium Learning 331 220 80.6% 105.3% 294.3% NA NA NA NA NA NA NA NA

K12 257 460 77.3% 79.5% (63.7%) (2.0%) 10.3% 0.3x 0.3x 2.8x 2.5x 29.7x 24.8x

Rosetta Stone 169 197 99.4% 133.6% (45.0%) (12.9%) (5.2%) 0.9x NA NM NA NM NA

Mean 819 983 81.8% 93.7% 56.4% 0.2% 5.0% 2.3x 2.2x 13.3x 8.5x 29.7x 24.3x

Median 447 538 78.9% 86.6% (2.5%) (2.2%) 7.6% 0.9x 1.6x 7.5x 7.4x 29.7x 24.3x

Chinese Internet Leaders

Tencent 213,367 229,211 98.1% 130.3% 153.8% 34.3% 43.3% 10.0x 7.9x 23.2x 18.6x 37.1x 28.8x

Baidu 52,504 57,915 76.6% 103.8% 18.0% 7.9% 22.3% 4.8x 4.0x 21.4x 16.7x 34.3x 24.9x

Netease 23,064 27,017 97.7% 153.5% 237.4% 51.5% 32.6% 4.3x 3.6x 13.3x 11.8x 19.3x 16.8x

Weibo Corporation 9,077 9,088 98.0% 322.3% NA 31.9% 22.1% 14.4x 10.1x NM 37.6x NM 43.3x

58.com 6,255 7,637 76.7% 106.6% NA 76.3% 7.5% 5.0x 3.6x NM 19.5x NM 46.1x

Sina 4,222 4,865 98.8% 178.3% (16.0%) 12.5% 15.2% 4.3x 3.5x 28.0x 17.9x NM 41.6x

Autohome 2,299 2,879 67.3% 76.0% NA 75.1% 20.9% 2.5x 1.6x 11.8x 9.1x 18.1x 14.9x

SouFun 2,247 2,374 61.1% 71.4% (39.1%) 31.0% (14.3%) 1.9x 1.5x NM 25.9x NM NM

Sohu 796 1,524 66.1% 79.6% (35.8%) (13.0%) 2.1% 0.5x 0.4x 22.0x 5.0x NM NM

Renren 625 619 48.3% 50.0% (60.3%) 49.6% NM 10.2x 7.2x NM NM NM NM

Dangdang 352 526 84.5% 96.7% (44.5%) NA NA NA NA NA NA NA NA

Mean 28,619 31,241 79.4% 124.4% 26.7% 35.7% 16.9% 5.8x 4.3x 19.9x 18.0x 27.2x 30.9x

Median 4,222 4,865 76.7% 103.8% (25.9%) 33.1% 20.9% 4.5x 3.6x 21.7x 17.9x 26.8x 28.8x

Online Gambling

Betfair 5,686 10,399 79.8% 137.5% 57.1% 72.6% 24.4% 2.8x 2.5x 11.4x 9.4x 30.6x 24.4x

Playtech 3,157 3,734 79.3% 81.0% 9.0% 21.1% 40.1% 3.8x 3.3x 9.5x 8.0x 15.0x 12.6x

Mean 4,421 4,711 53.0% 81.5% (5.7%) 46.9% 32.3% 3.3x 2.9x 10.4x 8.7x 22.8x 18.5x

Median 4,421 3,734 79.3% 94.3% 10.1% 46.9% 32.3% 3.3x 2.9x 10.4x 8.7x 22.8x 18.5x

Interactive Entertainment

Activision 33,641 30,630 95.5% 142.5% 135.4% 41.7% 35.4% 5.1x 4.8x 14.5x 13.3x 21.0x 19.0x

Electronic Arts 22,007 23,207 96.4% 105.1% 190.6% 8.1% 32.4% 4.5x 4.3x 14.0x 12.6x 22.0x 19.4x

Ubisoft Entertainment 4,717 4,560 95.9% 209.0% 158.8% 19.3% 43.6% 2.6x 2.3x 5.9x 5.1x 29.1x 22.6x

Take-Two Interactive 2,473 3,534 95.6% 136.3% 120.9% 2.5% 15.6% 1.5x 1.3x 9.8x 6.8x 28.2x 19.2x

Zynga 1,461 2,346 88.4% 98.9% (8.2%) 6.8% 7.8% 2.0x 1.8x 24.9x 14.0x NM 36.9x

Mean 12,860 12,856 94.4% 138.4% 119.5% 15.7% 27.0% 3.1x 2.9x 13.8x 10.4x 25.1x 23.4x

Median 4,717 4,560 95.6% 136.3% 135.4% 8.1% 32.4% 2.6x 2.3x 14.0x 12.6x 25.1x 19.4x

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17

EUROPEAN TECHNOLOGY


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DIGITAL

MEDIA

ERP / BUSINESS

MANAGEMENT

DIGITAL

MEDIA

SUPPLY CHAIN

SOFTWARE

HEALTHCARE

TECHNOLOGY

DATA

ANALYTICS

ERP / BUSINESS

MANAGEMENT

HEALTHCARE

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

APPLICATION

SOFTWARE

REAL ESTATE

SOFTWARE

EDUCATION

TECHNOLOGY

MARKETING

ANALYTICS

ERP / BUSINESS

MANAGEMENT

HEALTHCARE

TECHNOLOGY

NON-PROFIT

SOFTWARE

FINANCIAL

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

LEGAL

TECHNOLOGY

MARKETING

TECHNOLOGY

HCM SOFTWARE

HEALTHCARE

TECHNOLOGY

SUPPLY CHAIN

SOFTWARE

INFRASTRUCTURE

SOFTWARE

INFRASTRUCTURE

SOFTWARE

HEALTHCARE

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

SUPPLY CHAIN

SOFTWARE

EDUCATION

TECHNOLOGY

INFRASTRUCTURE

SOFTWARE

ENERGY

TECHNOLOGY

ECOMMERCE

RETAIL

DATA

ANALYTICS

HEALTHCARE

TECHNOLOGY

ENERGY

TECHNOLOGY

FINANCIAL

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

MANAGED

SERVICES

HEALTHCARE

TECHNOLOGY

PUBLIC SECTOR

SOFTWARE

MARKETING

ANALYTICS

TECH-ENABLED

SERVICES

ENERGY

TECHNOLOGY

HEALTHCARE

TECHNOLOGY

HCM SOFTWARE

NON-PROFIT

SOFTWARE

http://www.aderant.com/

http://www.aderant.com/

http://www.meddatahealth.com/our_business/index.html

http://www.meddatahealth.com/our_business/index.html

Energy, Pow er& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & M aterials

Technology, M edia & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTw o International Place24th FloorBoston, M assachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

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NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Technology, Media & Telecom

EUROPEAN TECHNOLOGY


Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries

OUR FIRM

18

http://www.harriswilliams.com/industries

PAGE |

HARRIS WILLIAMS & CO.

FactSet as of 12t h August 2016, broker reports and v arious industry news outlets

19

SOURCES

EUROPEAN TECHNOLOGY


Harris W illiams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global t ransaction expertise, and an unw avering commitment to excellence. Harris W illiams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker -dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, w hich is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a t rade name under w hich Harris Williams LLC and Harris W illiams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINAN CIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT +44 (0) 20 7518 8900.

The information and v iew s contained in this report w ere prepared by Harris Williams & Co. Ltd (“Harris Williams”). I t is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information.

Harris W illiams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securit ies of companies ment ioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addit ion, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securit ies, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projec tions in this report const itute Harris Williams’ judgment and are subject to change w ithout notice. The financial instruments discussed in this re port may not be suitable for all investors and investors must make their own investment decisions using their ow n independent advisors as they believe nec essary and based upon their specific financial situat ions and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, w ithout Harris Williams’ prior w ritten consent.

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