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EUROPEAN TECHNOLOGY

0

INDUSTRY UPDATE │ MARCH 2017

PAGE |

www.harriswilliams.com

HARRIS WILLIAMS & CO. OVERVIEW

1

EUROPEAN TECHNOLOGY

INDUSTRY UPDATE │MARCH 2017

CONTENTS

CASE STUDY

INDUSTRY INSIGHT

RECENT TRANSACTIONS

PUBLIC MARKET TRADING

SOFTWARE

IT SERVICES

COMMUNICATIONS

INTERNET AND DIGITAL MEDIA

TMT GROUP OVERVIEW

Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge 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 with 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 MonjauzeManaging [email protected]+44 (0) 20 7518 8901

Jonathan [email protected]+44 (0) 20 7518 8909

UNITED STATES

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

Michael WilkinsManaging [email protected]+1 (415) 288-4260

Sam HendlerManaging [email protected]+1 (617) 654-2117

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

SELECT RECENT HW&CO. TMT TRANSACTIONS

Enterprise Software

Data and

Analytics

Infrastructure and

Security Software

IT and Tech-

enabled Services

Data Centre and

Managed Services

AdTech and

Marketing Solutions

Consumer Internet

Mobile

Digital Media and

Content

eCommerce

SOFTWARE / SAAS AND SERVICES INTERNET & DIGITAL MEDIA

INTRODUCTION

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

Update for March 2017. This report provides 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 advisor to the TMT industry. Our global practice

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

has acquired

a portfolio company of


has been acquired by





a majority stake in



has been recapitalised

by

has acquired






has received a growth

investment from



http://www.harriswilliams.com/

mailto:[email protected]





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

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

http://www.leisurepassgroup.com/


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has received a growthinvestment from

FLEET & OPERATIONS MANAGEMENT SOFTWARE CASE STUDY: VESON NAUTICAL

EUROPEAN TECHNOLOGY

Harris Williams & Co. advises Veson Nautical Corporation on its growth investment by Pamlico Capital

The commercial maritime shipping market is a dynamic and

growing industry responsible for over 90% of global trade

Consisting of many maritime subsectors, the market continues to

expand in both trading volumes and fleet capacity, mirroring

global demand for essential commodities

Global shipping has consistently grown at a ~3.8% CAGR over

the last 30+ years, increasing from 3.3 bn of cargo tonnage in

1983 to 11.0 bn of cargo tonnage in 2015

$1 tn has been invested in tankers, bulk carriers, containerships,

and LNG/LPG carriers since 2004

Europe and Asia remain the leading ship-owning regions with a

combined 70%+ share of global gross tonnage

As companies seek to manage risk, shipping contracts

frequently change hands several times in advance of a single

voyage, creating significant complexity and optionality for

maritime organisations

As market volatility continues to impact sector profits, demand

for software that drive operational efficiencies and transform

shipping data into real-time actionable insights has never been

greater

Global Trade Volume

2

Fleet Ownership by Geography

Best-in-class maritime software and data solutions that drive greater operational efficiencies for multipleshipping constituents

220+ longstanding and global clients under long-term contracts with no concentration and 100%+revenue retention

Highly scalable technology architecture with a single code base that is configured and not customised

Large addressable market opportunity, continuously expanding through new product innovation anduser adoption

Thirteen consecutive years of growth with an organic revenue and a recurring revenue CAGR 2006-2016Eof 30%+ and 40%+ respectively

COMMERCIAL MARITIME SHIPPING INDUSTRY INSIGHT1

ABOUT VESON NAUTICAL

– Veson provides maritime operations and data

collaboration software that enable organisations to

optimise the vessel chartering lifecycle, better manage

risk and make smarter freight trading decisions

– Offers the industry’s most technically advanced

maritime operations system and a SaaS-based real-

time information sharing platform that serves as a hub

for the collection and analysis of critical maritime data

Gross Tonnage in Billions


Gross Tonnage in Millions

3.3

11.0

1983 1987 1991 1995 1999 2003 2007 2011 2015

540 565 580 595 610 640 685

735 775 840

885 970

1,040 1,095 1,135 1,175

2000 2003 2006 2009 2012 2015

Europe

North America

APAC

Other

INTEGRATEDMARITIME

OPERATIONSSOFTWARE

EXTERNALMARITIME DATA

REAL-TIMEDATA COLLABORATION

VOYAGEPARTNERS

TRANSFORMING THE CONSTANT FLOW OF

MARITIMEDATA INTO ACTIONABLE INSIGHTS

SOURCE CAPACITY TRANSPORT CARGO DELIVER AND REPORT

PAGE |

(3%)

(1%)

1%

3%

5%

7%

13 Feb 17 Feb 21 Feb 25 Feb 01 Mar 05 Mar 09 Mar 13 Mar

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

SELECT RECENT TMT DEALS2

3

EUROPEAN TECHNOLOGY


LAST TWELVE MONTHS

Stock Performance

LAST 30 DAYS

PUBLIC MARKET TRADING STATISTICS3

31.3%

23.7%

19.3%

15.9%

9.3%

0.2%

6.2%

4.6%

3.7%

2.5%

2.4%

2.1%

i. Based on FY15 financials

Close EV EV

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

Pending Provider of fixed satellite serv ices $17,817 8.1x 11.0x

Pending Online casino, poker room, bingo and sports betting operator $165 2.7x 17.0x

Pending Provider of payment options for online retailers £60 N/A N/A

09-Feb-17 Provider of internet, hosting and communications serv ices £50 0.9x 10.0x

09-Feb-17 Ocean freight benchmarking and market intelligence software platform £12 N/A N/A

Pending Global cloud HCM and people management system for mid-sized businesses N/A N/A N/A

Pending Value added distributor in the IT security segment N/A N/A N/A

07-Mar-17 Home exchange community website N/A N/A N/A

05-Mar-17 Software vendor to the financial serv ices sector N/A N/A N/A

03-Mar-17 Provider of cloud-based data, collaboration and workflow automation serv ices N/A N/A N/A

02-Mar-17 Provider of managed print and document-centric serv ices for small and medium sized enterprises N/A N/A N/A

01-Mar-17 Provider of parcel and carrier management software to retail and B2B businesses N/A N/A N/A

28-Feb-17 Provider of affordable card payment solutions to small businesses N/A N/A N/A

07-Feb-17 IT company providing predictable and risk-free insurance solutions N/A N/A N/A

03-Feb-17 Provider of polish-made ERP software for medium and large manufacturers, distributors and serv ice companies N/A N/A N/A

Target

(i) (i)

(ii)

ii. Series B investment round

PAGE |

PUBLIC MARKET TRADING STATISTICS3

4

EUROPEAN TECHNOLOGY

COMPARABLE TRADING SUMMARY

Rev. Growth EBITDA Margin CY17E CY18E CY17E CY18E CY17E CY18E

Software

European Large Cap. Software 7.9% 35.6% 5.5x 5.2x 15.7x 14.2x 23.8x 21.5x

Application Software 7.6% 28.7% 4.5x 4.1x 16.4x 14.0x 21.1x 23.8x

Infrastructure Software 1.9% 27.6% 3.3x 3.0x 11.6x 13.0x 17.4x 19.7x

Large Cap. SaaS 39.0% 18.1% 5.8x 4.8x 26.1x 22.5x 25.2x 39.9x

Small Cap. SaaS 7.5% 6.2% 2.5x 2.1x 27.1x 22.9x NM 30.7x

HCM/WFM 18.3% 15.6% 4.9x 3.9x 28.5x 23.6x 25.4x 26.8x

FinTech 11.8% 30.1% 5.1x 4.7x 16.4x 14.2x 24.5x 24.0x

Healthcare IT 9.0% 19.4% 3.1x 2.8x 13.5x 12.4x 22.0x 19.6x

Data and Data Analytics 7.0% 23.4% 4.2x 3.9x 11.3x 17.1x 18.6x 17.7x

Security Software 12.7% 23.9% 4.4x 4.0x 18.9x 17.1x 23.2x 25.1x

CAx/PLM 6.3% 24.1% 5.6x 5.1x 18.0x 19.7x 28.3x 26.0x

IT Services

IT Services 4.5% 13.3% 1.1x 1.0x 8.2x 7.6x 15.6x 14.0x

Offshore IT Services 13.9% 23.3% 2.4x 2.2x 10.1x 9.1x 14.7x 13.3x

Managed Services, Colocation and Hosting (1.4%) 40.7% 3.4x 2.5x 9.0x 8.1x 18.1x 24.5x

Data Centres 11.5% 53.2% 8.9x 8.0x 16.8x 14.9x 26.2x 32.7x

PaaS/IaaS 13.3% 26.6% 3.4x 2.9x 14.3x 11.8x 18.5x 20.3x

Communications

Digital Broadband 4.5% 7.4% 1.1x 1.0x 10.3x 8.1x 19.5x 16.7x

Diversified Communication Equipment 4.5% 11.2% 1.2x 1.1x 10.4x 9.2x 19.3x 15.9x

Mobile Content/Solutions Providers 6.3% 10.3% 0.9x 0.8x 8.5x 6.2x 37.2x 18.3x

Mobile Infrastructure Software 4.0% 29.4% 3.1x 3.0x 11.1x 9.3x 20.0x 20.5x

Internet and Digital Media

Global Internet Leaders 17.4% 35.6% 5.8x 5.0x 17.5x 14.8x 23.3x 18.9x

Chinese Internet Leaders 21.9% 22.9% 4.6x 3.7x 19.6x 12.8x 25.9x 21.6x

Online Classifieds 9.5% 33.3% 5.6x 5.0x 16.1x 12.5x 23.1x 20.2x

Content Providers/Communities 10.2% 14.4% 3.0x 2.7x 16.6x 21.1x 30.1x 32.7x

Ecommerce 17.7% 18.5% 3.6x 3.2x 16.1x 15.3x 27.2x 24.5x

Interactive Entertainment 8.4% 29.6% 3.2x 3.0x 11.6x 9.6x 25.4x 21.2x

Intermediation and Comparison 5.8% 15.7% 2.7x 2.8x 15.1x 12.3x 18.3x 22.6x

Online Gambling 21.5% 34.3% 4.0x 3.6x 12.0x 10.8x 17.1x 15.3x

Digital Marketing 6.0% 13.6% 1.8x 1.7x 13.0x 10.8x 17.3x 19.0x

Online Travel 15.6% 19.7% 3.5x 3.1x 15.4x 12.0x 18.5x 19.1x

Educational Technology 13.4% 7.8% 2.4x 3.3x 11.9x 10.6x NM 18.7x

Internet Services 20.9% 17.4% 3.5x 2.9x 24.3x 13.2x 7.1x 19.1x

P / EEV / Revenue EV / EBITDACY2017E


PAGE |

(10%)

(7%)

(4%)

(1%)

2%

5%

8%

11%

14%


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

Fintech Small Cap. SaaS Healthcare IT Infrastructure Software

HCM/WFM Security Software Large Cap. SaaS

SOFTWARE3

5

EUROPEAN TECHNOLOGY

LAST 30 DAYS PERFORMANCE

LAST TWELVE MONTHS PERFORMANCE

(20%)

0%

20%

40%

60%

80%


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

Infrastructure Software 7.2%

Fintech 6.1%

Healthcare IT 3.6%

Large Cap. SaaS 3.0%

CAx/PLM 2.9%

European Large Cap. Software 2.2%

Application Software 1.6%

HCM/WFM 0.4%

Small Cap. SaaS (1.3%)

Data and Data Analytics (1.9%)

Security Software (2.2%)

Small Cap. SaaS 55.7%

Infrastructure Software 40.0%

CAx/PLM 28.7%

Fintech 25.1%

Application Software 18.7%

Large Cap. SaaS 18.5%

European Large Cap. Software 17.3%

HCM/WFM 14.1%

Security Software 12.5%

Data and Data Analytics 7.7%

Healthcare IT (6.3%)


PAGE |

European Large Cap. Software

SAP 114,699 113,297 99.3% 25.6% 15.7% 8.7% 33.0% 4.5x 4.3x 13.7x 12.7x 20.5x 18.8x

Dassault Systemes 19,294 20,833 90.6% 9.5% 40.9% 9.7% 34.1% 5.5x 5.1x 16.0x 14.5x 28.0x 25.3x

Sage 9,013 8,582 80.0% (2.9%) 14.1% 11.1% 29.2% 4.0x 3.8x 13.8x 12.7x 19.6x 17.9x

Micro Focus 8,185 6,340 86.5% 45.5% 115.0% 3.8% 51.9% 5.9x 5.8x 11.3x 9.7x 15.6x 13.9x

Temenos 5,401 5,093 97.4% 68.3% 146.5% 9.2% 38.0% 7.8x 7.1x 20.6x 18.2x 30.6x 26.7x

Aveva 1,426 1,585 90.4% 34.4% (29.4%) 4.5% 27.3% 5.2x 5.0x 18.9x 17.6x 28.2x 26.3x

Mean 26,337 25,955 90.7% 30.1% 50.5% 7.9% 35.6% 5.5x 5.2x 15.7x 14.2x 23.8x 21.5x

Median 8,599 7,461 90.5% 30.0% 28.3% 9.0% 33.6% 5.3x 5.0x 14.9x 13.6x 24.3x 22.1x

Application Software

Microsoft 469,328 498,967 98.0% 27.9% 71.6% 6.0% 38.7% 4.7x 4.4x 12.1x 10.8x 20.7x 18.5x

Oracle 168,919 168,739 97.9% 15.6% 8.2% 2.4% 45.2% 4.4x 4.3x 9.8x 9.3x 15.3x 13.8x

SAP 114,699 113,297 99.3% 25.6% 15.7% 8.7% 33.0% 4.5x 4.3x 13.7x 12.7x 20.5x 18.8x

Intuit 31,411 30,503 98.6% 25.7% 65.8% 8.3% 39.2% 6.0x 5.5x 15.2x 13.2x 25.7x 22.4x

Constellation Software 9,536 9,547 92.9% 30.4% 97.4% 12.2% 26.0% 4.0x 3.5x 15.4x 13.4x 20.2x 17.9x

Sage 9,013 8,582 80.0% (2.9%) 14.1% 11.1% 29.2% 4.0x 3.8x 13.8x 12.7x 19.6x 17.9x

Tyler Technologies 6,015 5,698 88.5% 13.3% 65.2% 12.2% 29.7% 7.1x 6.4x 23.9x 20.8x NM 35.5x

Guidewire Software 3,538 4,050 86.1% 27.5% 10.2% 16.5% 18.3% 6.7x 5.7x 36.4x 26.0x NM 49.4x

Cegid 760 697 95.3% 48.9% 76.9% NA NA NA NA NA NA NA NA

SDL 478 493 96.0% 2.6% (5.6%) (3.8%) 11.7% 1.4x 1.3x 11.9x 10.6x 18.4x 16.5x

American Software 228 301 86.1% 13.0% (6.6%) 2.6% 16.4% 2.0x 1.9x 12.2x 10.7x 28.3x 27.5x

Mean 73,993 76,443 92.6% 20.7% 37.5% 7.6% 28.7% 4.5x 4.1x 16.4x 14.0x 21.1x 23.8x

Median 9,013 8,582 95.3% 25.6% 15.7% 8.5% 29.4% 4.5x 4.3x 13.8x 12.7x 20.4x 18.7x

Infrastructure Software

Hewlett-Packard Enterpise 47,043 40,190 97.4% 96.4% NA (5.5%) 16.3% 1.0x 1.0x 6.1x 6.1x 12.5x 11.9x

VMware 31,937 37,005 99.7% 101.3% (4.8%) (1.7%) 36.3% 4.6x 4.0x 12.6x 11.0x 20.3x 17.4x

Red Hat 14,076 14,279 96.8% 24.9% 37.3% 13.1% 26.9% 5.3x 4.7x 19.7x 17.0x 31.6x 27.4x

CA Technologies 12,355 13,237 90.5% 14.3% (4.0%) (0.2%) 36.4% 3.1x 3.0x 8.4x 8.0x 12.9x 12.5x

Citrix Systems 12,142 12,310 82.3% 54.1% 73.5% (17.2%) 37.0% 4.3x 4.1x 11.6x 11.0x 17.0x 15.6x

F5 Networks 8,289 9,142 95.1% 60.7% 26.1% 7.0% 39.2% 3.8x 3.6x 9.7x 9.1x 16.5x 15.0x

Brocade 5,334 5,014 98.4% 58.0% 28.3% 3.9% 26.3% 2.2x 2.1x 8.3x 7.4x 14.0x 13.2x

Netscout Systems 3,327 3,364 98.8% 84.6% 1.7% 6.6% 26.7% 2.7x 2.6x 10.1x 9.1x 17.7x 15.8x

Pegasystems 3,091 3,087 100.0% 90.1% 80.6% 13.9% 15.7% 3.6x 3.2x 23.0x 18.3x NM 32.7x

Software AG 2,680 2,858 82.5% 8.0% (4.1%) 3.9% 31.8% 2.8x 2.7x 8.8x 8.5x 13.7x 13.0x

Progress Software 1,308 1,401 88.5% 28.0% 16.4% (3.6%) 35.5% 3.3x NA 9.4x NA 17.3x NA

Radware 474 699 98.7% 55.8% (3.8%) 2.4% 3.4% 2.4x 2.2x NM 38.0x NM 42.7x

Mean 11,838 11,882 94.1% 56.4% 22.5% 1.9% 27.6% 3.3x 3.0x 11.6x 13.0x 17.4x 19.7x

Median 6,811 7,078 97.1% 56.9% 16.4% 3.1% 29.4% 3.2x 3.0x 9.7x 9.1x 16.8x 15.6x

Large Cap. SaaS

Salesforce 56,681 57,251 95.8% 35.6% 28.9% 21.6% 21.8% 5.7x 4.7x 25.9x 20.7x NM 49.3x

Workday 15,632 17,334 92.4% 75.1% (10.9%) 29.3% 12.9% 7.9x 6.3x NM 42.0x NM NM

Veeva Systems 5,972 5,961 91.7% 111.2% 28.5% 21.8% 30.6% 9.2x 7.7x 30.1x 25.1x NM 46.3x

The Ultimate Software Group 5,889 5,692 87.6% 23.0% 19.9% 24.0% 24.2% 6.1x 5.0x 25.1x 20.1x NM 40.0x

Athenahealth 4,748 4,538 79.8% (2.8%) (39.2%) 18.9% 23.8% 3.7x 3.2x 15.5x 13.0x NM 37.9x

Guidewire Software 3,538 4,050 86.1% 27.5% 10.2% 16.5% 18.3% 6.7x 5.7x 36.4x 26.0x NM 49.4x

Medidata Solutions 3,165 3,304 97.4% 74.3% (2.0%) 19.1% 24.6% 5.7x 4.9x 23.3x 19.0x NM 37.7x

LogMeIn 2,302 4,950 85.7% 109.5% 133.1% 198.3% 33.9% 2.3x 2.0x 6.8x 5.4x 25.2x 18.9x

Cornerstone OnDemand 2,250 2,338 87.1% 64.4% (26.9%) 13.7% 10.3% 4.7x 4.0x 45.5x 26.3x NM NM

Xero 1,757 1,875 89.7% 52.3% (59.4%) 40.1% (5.2%) 6.5x 4.7x NM NM NM NM

Paylocity 1,751 1,835 71.9% 41.4% NA 26.3% 3.3% 5.2x 4.3x NM 27.7x NM NM

Mean 9,426 9,921 87.7% 55.6% 8.2% 39.0% 18.1% 5.8x 4.8x 26.1x 22.5x 25.2x 39.9x

Median 3,538 4,538 87.6% 52.3% 4.1% 21.8% 21.8% 5.7x 4.7x 25.5x 22.9x 25.2x 40.0x

SOFTWARE3

6

EUROPEAN TECHNOLOGY

Enterprise Market As a 1-Year 3-Year CY17E EV/ EV/ Price /

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

($m) ($m) 52-wk High Perf. Perf. Growth Margin CY17E CY18E CY17E CY18E CY17E CY18E


PAGE |

SOFTWARE3

7

EUROPEAN TECHNOLOGY

Small Cap. SaaS

Callidus 1,019 1,301 95.6% 60.8% 70.8% 18.1% 12.3% 4.2x 3.5x 33.9x 25.8x NM NM

Benefitfocus 915 875 65.6% 19.7% (55.0%) 14.3% 5.5% 3.4x 2.9x NM 31.2x NM NM

SPS Commerce 821 951 74.4% 35.4% (14.7%) 14.7% 14.4% 3.7x 3.2x 25.7x 21.0x NM NM

JIVE 225 336 93.7% 38.7% (43.6%) (0.1%) 6.6% 1.1x 1.1x 16.6x 14.6x NM 30.7x

Channel Advisors 215 280 67.9% (5.0%) (72.6%) 9.6% 5.4% 1.7x 1.6x 32.2x 21.8x NM NM

Marin Software 56 89 66.9% (15.4%) (81.2%) (11.9%) (7.2%) 0.6x 0.5x NM NA NM NA

Mean 542 639 77.3% 22.4% (53.0%) 7.5% 6.2% 2.5x 2.1x 27.1x 22.9x NM 30.7x

Median 523 605 71.1% 27.5% (58.1%) 12.0% 6.1% 2.6x 2.2x 29.0x 21.8x NM 30.7x

HCM/WFM

Workday 15,632 17,334 92.4% 75.1% (10.9%) 29.3% 12.9% 7.9x 6.3x NM 42.0x NM NM

The Ultimate Software Group 5,889 5,692 87.6% 23.0% 19.9% 24.0% 24.2% 6.1x 5.0x 25.1x 20.1x NM 40.0x

Cornerstone OnDemand 2,250 2,338 87.1% 64.4% (26.9%) 13.7% 10.3% 4.7x 4.0x 45.5x 26.3x NM NM

Paylocity 1,751 1,835 71.9% 41.4% NA 26.3% 14.5% 5.2x 4.3x 36.2x 27.7x NM NM

Benefitfocus 915 875 65.6% 19.7% (55.0%) 14.3% 5.5% 3.4x 2.9x NM 31.2x NM NM

ATOSS Software 262 274 81.2% 10.8% 71.8% 12.4% 28.9% 4.5x 4.0x 15.4x 13.8x 25.4x 22.7x

169 202 117.4% 86.3% (16.9%) 6.9% 12.2% 2.2x 2.0x 18.0x 15.4x NM 27.0xHalogen*Invision Software

77 81 67.5% (23.5%) (27.7%) 19.5% 16.0% 5.0x 3.1x 30.9x 12.0x NM 17.4x

Mean 3,368 3,579 83.8% 37.1% (6.5%) 18.3% 15.6% 4.9x 3.9x 28.5x 23.6x 25.4x 26.8x

Median 1,333 1,355 84.2% 32.2% (16.9%) 16.9% 13.7% 4.8x 4.0x 28.0x 23.2x 25.4x 24.9x

Healthcare IT

McKesson 40,394 30,790 72.8% (3.9%) (17.3%) 0.8% 2.1% 0.2x 0.2x 9.5x 9.3x 12.0x 11.1x

Cerner 18,954 17,986 80.8% (0.6%) (9.4%) 7.8% 33.3% 3.7x 3.4x 11.0x 10.1x 21.8x 19.8x

Sysmex 11,269 11,647 73.1% 13.2% 102.4% 10.2% 27.4% 4.7x 4.3x 17.2x 15.6x 30.8x 28.4x

Allscripts Healthcare Solutions 3,981 2,304 82.1% (0.7%) (25.4%) 8.8% 19.6% 2.3x 2.2x 11.8x 11.0x 19.9x 17.4x

CompuGroup 2,350 2,142 86.1% 11.0% 48.6% 14.7% 23.9% 3.5x 3.1x 14.5x 12.5x 19.5x 15.7x

EMIS 714 712 71.8% (21.0%) 13.9% 3.5% 31.0% 3.5x 3.4x 11.2x 11.1x 18.0x 16.9x

Sectra 642 648 96.0% 43.5% 57.0% 9.5% 21.3% 4.7x 4.4x 22.1x 20.6x 37.0x 34.3x

Cegedim 616 374 82.9% 11.7% (27.3%) 6.1% 15.9% 1.2x 1.2x 7.9x 6.8x 14.8x 11.3x

Computer Programs & Systems 498 355 45.7% (52.0%) (62.5%) 1.8% 18.2% 1.8x 1.8x 10.1x 9.0x 15.4x 14.1x

Craneware 389 428 90.4% 43.4% 56.0% 14.4% 31.5% 6.3x 5.5x 20.1x 17.5x 30.4x 26.6x

Castlight Health 203 327 57.3% 18.4% NA 21.1% (11.0%) 1.6x 1.3x NM NM NM NM

Mean 7,274 6,156 76.3% 5.7% 13.6% 9.0% 19.4% 3.1x 2.8x 13.5x 12.4x 22.0x 19.6x

Median 714 712 80.8% 11.0% 2.3% 8.8% 21.3% 3.5x 3.1x 11.5x 11.0x 19.7x 17.2x

Security Software

Symantec 19,345 17,748 97.7% 49.8% 34.3% 10.8% 47.1% 4.4x 4.1x 9.4x 8.5x 17.8x 15.1x

Check Point 16,125 17,660 99.2% 28.3% 50.8% 7.4% 53.8% 8.6x 8.1x 16.0x 15.1x 19.5x 17.9x

Palo Alto Networks 13,390 14,386 94.7% 26.8% 115.5% 24.3% 23.2% 7.1x 5.7x 30.5x 23.3x NM 42.9x

Verisign 10,721 8,524 89.9% 7.4% 51.7% 0.8% 70.2% 9.3x 9.0x 13.3x 12.8x 21.4x 19.7x

Fortinet 5,575 6,536 98.6% 56.7% 71.2% 16.1% 20.1% 3.8x 3.3x 18.8x 16.1x NM 35.3x

Gemalto 5,244 5,224 77.1% 0.2% (50.5%) 6.3% 19.3% 1.5x 1.4x 7.8x 7.2x 13.4x 12.1x

Trend Micro 4,141 5,389 91.9% 10.5% 27.0% 12.1% 33.2% 3.3x 3.1x 9.8x 9.1x 24.4x 22.2x

Proofpoint 3,422 3,547 93.7% 106.2% 108.6% 31.1% 10.8% 7.0x 5.4x NM 39.2x NM NM

Sophos 1,837 1,653 98.2% 34.1% NA 14.3% 16.0% 3.1x 2.7x NM 17.3x 38.0x 28.6x

FireEye 1,747 2,034 60.6% (0.9%) (84.0%) 1.3% 2.9% 2.4x 2.2x NM 20.4x NM NM

Imperva 1,229 1,516 80.6% 28.2% (20.4%) 19.8% 8.7% 3.9x 3.3x 44.8x 30.3x NM NM

Qualys 1,103 1,253 88.5% 69.2% 30.5% 14.4% 31.7% 4.9x 4.2x 15.4x 12.4x NM 33.7x

Barracuda Networks 1,101 1,262 89.6% 121.5% (28.0%) 7.7% 21.8% 2.9x 2.7x 13.5x 11.4x 30.4x 28.0x

Vasco Data Security 478 629 81.1% 14.6% 131.5% (3.3%) 8.5% 2.6x 2.4x 30.4x 21.0x NM NM

F-Secure 450 557 86.0% 33.3% 21.5% 8.9% 14.3% 2.5x 2.3x 17.3x 12.6x 35.7x 24.2x

Intercede 28 31 32.1% (61.9%) (79.0%) 33.2% (7.2%) 2.0x NA NM NA NM NA

Mean 5,371 5,497 85.0% 32.8% 25.4% 12.8% 23.4% 4.3x 4.0x 18.9x 17.1x 25.1x 25.4x

Median 2,629 2,791 89.8% 28.3% 30.5% 11.4% 19.7% 3.5x 3.3x 15.7x 15.1x 22.9x 24.2x





* Saba Software has agreed to acquire Halogen Software; share price as at 23rd February 2017

(i

PAGE |

SOFTWARE3

8

EUROPEAN TECHNOLOGY

Fintech

Fidelity Information Services 35,944 26,422 98.6% 39.8% 49.5% 0.5% 32.6% 3.8x 3.6x 11.6x 10.8x 19.0x 16.8x

Intuit 31,411 30,503 98.6% 25.7% 65.8% 8.3% 39.2% 6.0x 5.5x 15.2x 13.2x 25.7x 22.4x

Fiserv 28,922 23,907 98.8% 18.3% 96.3% 5.2% 35.5% 5.0x 4.8x 14.1x 13.3x 21.6x 19.2x

Paychex 21,301 21,269 95.3% 21.1% 42.5% 7.0% 43.0% 6.5x 6.0x 15.0x 14.0x 25.5x 23.5x

MSCI 10,353 8,843 97.5% 39.7% 119.8% 7.4% 50.9% 8.4x 7.8x 16.4x 14.9x 26.5x 22.7x

SS&C Technologies 9,099 6,620 95.5% 23.1% 66.1% 9.7% 41.8% 5.4x 5.1x 13.0x 12.0x 16.9x 15.1x

Jack Henry 7,104 7,068 99.2% 14.8% 58.0% 5.7% 35.5% 4.8x NA 13.6x NA 28.0x NA

Temenos 5,401 5,093 97.4% 68.3% 146.5% 9.2% 38.0% 7.8x 7.1x 20.6x 18.2x 30.6x 26.7x

Fair Isaac 4,712 3,990 96.6% 38.1% 140.5% 5.3% 29.6% 5.0x NA 16.9x NA 32.0x NA

Guidewire 3,538 4,050 86.1% 27.5% 10.2% 16.5% 18.3% 6.7x 5.7x 36.4x 26.0x NM 49.4x

Paycom 3,048 3,105 98.6% 114.5% NA 28.6% 27.1% 7.2x 5.8x 26.6x 20.3x NM 39.0x

Ellie Mae 2,703 3,210 86.6% 29.5% 225.4% 21.8% 33.2% 6.2x 5.1x 18.6x 14.1x NM 38.6x

Ebix 2,046 1,870 91.6% 80.8% 292.0% 9.9% 37.4% 6.2x 5.8x 16.7x NA 20.0x 18.1x

SimCorp 2,038 2,122 86.1% 18.8% 28.8% 13.7% 27.8% 5.7x 5.2x 20.3x 18.2x 27.8x 24.7x

Envestnet 1,871 1,638 91.8% 80.5% (10.4%) 16.4% 19.6% 2.8x 2.4x 14.2x 11.1x 28.0x 20.9x

Iress 1,511 1,455 89.1% 37.6% 0.9% 18.4% 30.1% 4.5x 4.1x 15.0x 13.4x 22.9x 20.6x

Q2 Holdings 1,162 1,276 95.5% 73.7% NA 28.7% 3.2% 6.0x 4.7x NM NM NM NM

Bottomline Technologies 1,046 1,058 82.7% (1.9%) (23.4%) 4.5% 21.3% 2.9x NA 13.5x NA 26.1x 20.5x

Fidessa 1,029 1,142 81.0% 15.6% (23.8%) 4.1% 25.5% 2.4x 2.2x 9.5x 9.5x 25.9x 23.5x

Linedata 392 383 98.0% 51.1% 79.2% 18.5% 27.5% 1.9x 1.8x 6.8x 6.6x 13.8x 13.1x

StatPro 89 74 75.7% 8.8% (18.4%) 8.9% 14.4% 1.9x 1.8x 13.0x 10.7x 26.3x 18.2x

Mean 8,320 7,386 92.4% 39.3% 70.8% 11.8% 30.1% 5.1x 4.7x 16.4x 14.2x 24.5x 24.0x

Median 3,048 3,210 95.5% 29.5% 58.0% 9.2% 30.1% 5.4x 5.1x 15.0x 13.3x 25.9x 21.7x

Data and Data Analytics

Nielsen 23,577 16,007 80.0% (5.3%) (1.5%) 4.7% 30.8% 3.6x 3.4x 11.6x 11.0x 16.7x 15.2x

Experian 21,742 18,396 93.2% 22.4% 9.0% 4.0% 34.5% 4.5x 4.3x 13.0x 12.3x 20.4x 18.5x

Equifax 18,383 15,625 95.1% 33.7% 86.7% 8.2% 36.5% 5.4x 5.0x 14.8x 13.5x 21.6x 19.5x

Verisk 16,809 14,248 98.9% 25.0% 29.6% 5.4% 50.6% 8.0x 7.5x 15.8x 14.7x 25.7x 23.5x

Splunk 7,210 8,401 94.2% 97.7% (28.1%) 26.6% 11.1% 6.1x 4.9x NM 38.8x NM NM

Tableau Software 3,156 4,115 86.5% 34.4% (44.8%) 6.8% 6.1% 3.6x 3.3x NM 40.0x NM NM

Convergys 2,771 2,384 80.9% 2.2% 26.3% (1.2%) 12.5% 1.0x 0.9x 7.7x 7.5x 13.7x 12.9x

Neustar 2,623 1,845 97.5% 59.5% (3.8%) 6.1% 45.5% 2.0x 2.5x 4.5x 6.1x 6.3x 10.1x

Microstrategy 1,632 2,207 93.1% 27.1% 48.3% 2.5% 27.0% 3.1x 3.0x 11.5x 10.0x 26.1x 24.3x

PROS 725 712 90.8% 129.7% (37.9%) 6.5% (20.2%) 4.4x 3.9x NM NM NM NM

Mean 9,863 8,394 91.0% 42.6% 8.4% 7.0% 23.4% 4.2x 3.9x 11.3x 17.1x 18.6x 17.7x

Median 5,183 6,258 93.2% 30.4% 3.8% 5.7% 28.9% 4.0x 3.7x 11.6x 12.3x 20.4x 18.5x

CAx/PLM

Dassault Systems 19,294 20,833 90.6% 9.5% 40.9% 9.7% 34.1% 5.5x 5.1x 16.0x 14.5x 28.0x 25.3x

Autodesk 18,418 18,815 99.3% 88.2% 56.1% (2.5%) (0.8%) 9.1x 7.4x NM 42.5x NM NM

Ansys 7,928 8,511 99.4% 17.0% 20.0% 4.6% 49.0% 7.7x 7.2x 15.7x 14.5x 26.3x 24.1x

PTC 6,814 6,302 98.9% 90.2% 44.1% 3.2% 22.4% 5.7x 5.4x 25.6x 21.7x NM 31.0x

Nemetschek 2,144 2,142 83.8% 37.1% 203.8% 18.2% 26.8% 5.1x 4.5x 18.9x 16.4x 34.8x 29.0x

Aveva 1,426 1,585 90.4% 34.4% (29.4%) 4.5% 27.3% 5.2x 5.0x 18.9x 17.6x 28.2x 26.3x

Mensch und Maschine 247 225 78.6% 51.8% 84.0% 6.0% 10.1% 1.3x 1.2x 13.1x 10.7x 24.0x 20.3x

Mean 8,039 8,345 91.6% 46.9% 59.9% 6.3% 24.1% 5.6x 5.1x 18.0x 19.7x 28.3x 26.0x

Median 6,814 6,302 90.6% 37.1% 44.1% 4.6% 26.8% 5.5x 5.1x 17.5x 16.4x 28.0x 25.8x





PAGE |

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%


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

(25%)

(15%)

(5%)

5%

15%

25%

35%

45%

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

IT SERVICES3

9

EUROPEAN TECHNOLOGY



PaaS/IaaS 28.0%

Data Centres 21.2%

IT Services 8.0%

Managed Services, Colocation and Hosting 3.2%

Offshore IT Services 1.0%

Offshore IT Services 4.0%

IT Services 2.6%

PaaS/IaaS (0.3%)

Managed Services, Colocation and Hosting (0.4%)

Data Centres (3.0%)


PAGE |

IT Services

Accenture 76,215 74,716 95.5% 26.7% 46.1% 5.6% 16.9% 2.2x 2.0x 12.8x 11.8x 19.9x 18.2x

KDDI 72,708 67,811 77.6% 7.3% 42.4% 4.9% 32.0% 1.7x 1.7x 5.4x 5.3x 12.6x 11.9x

Capgemini 17,423 14,249 82.2% 6.7% 12.2% 4.8% 13.5% 1.3x 1.2x 9.3x 8.7x 13.4x 12.3x

NTT Group 17,146 13,237 83.5% (2.7%) 26.5% 14.1% 15.0% 1.0x 1.0x 6.9x 6.7x 24.9x 21.6x

CGI 16,185 14,631 96.4% 22.2% 51.3% 1.5% 18.6% 2.0x 1.9x 10.7x 10.2x 17.3x 16.3x

Fujitsu 14,858 11,721 89.8% 79.2% (5.1%) (7.2%) 8.3% 0.4x 0.4x 4.9x 4.6x 11.6x 10.1x

CSC 12,257 9,893 97.7% 153.9% 169.7% 2.6% 17.4% 1.6x 1.6x 9.1x 8.6x 22.8x 20.3x

Atos Origin 11,612 11,650 99.5% 57.1% 18.3% 7.1% 12.4% 0.9x 0.9x 7.1x 6.7x 13.0x 12.2x

NEC 9,192 6,146 82.1% 6.4% (19.9%) 5.4% 5.4% 0.4x 0.4x 6.9x 6.0x 14.2x 13.2x

Capita 3,759 4,381 40.4% (57.7%) (62.6%) (5.8%) 13.8% 0.7x 0.7x 4.8x 4.6x 9.7x 9.4x

Sopra 3,273 2,488 89.0% 23.7% 5.8% 3.3% 9.7% 0.8x 0.8x 8.3x 7.6x 11.8x 10.7x

Indra Sistemas 2,710 1,916 83.3% 32.2% (36.3%) 5.3% 9.8% 0.9x 0.9x 9.2x 7.9x 14.5x 11.5x

Tieto 2,129 2,019 85.2% 6.2% 11.8% 4.2% 13.7% 1.3x 1.3x 9.5x 9.1x 15.5x 14.8x

Bechtle 2,093 2,182 88.4% 22.6% 32.0% 8.4% 5.7% 0.6x 0.6x 10.3x 9.6x 17.7x 16.2x

GFI Informatique 682 577 86.8% (8.3%) 35.0% 13.1% 7.5% 0.6x 0.5x 7.5x 7.0x 14.2x 11.3x

Mean 17,483 15,841 85.2% 25.0% 21.8% 4.5% 13.3% 1.1x 1.0x 8.2x 7.6x 15.6x 14.0x

Median 11,612 9,893 86.8% 22.2% 18.3% 4.9% 13.5% 0.9x 0.9x 8.3x 7.6x 14.2x 12.3x

Offshore IT Services

Tata 65,038 70,727 87.5% 10.0% 2.9% 11.8% 27.5% 3.4x 3.1x 12.3x 11.3x 16.8x 15.5x

Cognizant 30,699 34,801 90.7% 6.5% 14.3% 9.1% 19.8% 2.1x 1.9x 10.5x 9.2x 15.7x 13.3x

Infosys 29,209 33,875 77.4% (7.2%) 0.5% 11.3% 27.2% 2.6x 2.4x 9.7x 8.8x 14.8x 13.6x

HCL 16,001 17,503 95.5% 6.0% 2.9% 29.1% 21.8% 2.1x 1.9x 9.5x 8.7x 13.3x 12.3x

Wipro 14,543 17,244 77.4% (6.5%) (21.9%) 8.4% 20.4% 1.7x 1.6x 8.2x 7.6x 13.0x 12.0x

Mean 31,098 34,830 85.7% 1.8% (0.3%) 13.9% 23.3% 2.4x 2.2x 10.1x 9.1x 14.7x 13.3x

Median 29,209 33,875 87.5% 6.0% 2.9% 11.3% 21.8% 2.1x 1.9x 9.7x 8.8x 14.8x 13.3x

Managed Services, Colocation and Hosting

Level 3 28,866 19,432 93.9% 6.1% 100.0% 1.4% 35.6% 3.5x 3.4x 9.8x 9.4x 35.2x 30.9x

Windstream 10,475 686 68.2% 27.5% (42.5%) 9.5% 31.6% 1.8x 1.8x 5.6x 5.7x NM NM

United Internet 10,121 8,229 77.7% (13.8%) (13.3%) 8.1% 22.0% 2.2x 2.1x 10.2x 9.3x 15.5x 13.7x

GoDaddy 6,546 6,073 97.2% 46.2% NA 18.4% 23.9% 3.0x 2.6x 12.5x 10.1x NM 42.6x

Interxion 3,368 2,691 96.5% 28.5% 54.3% 13.5% 45.5% 6.7x 6.0x 14.7x 13.1x NM 47.2x

Endurance 3,042 1,153 68.7% 0.7% (37.9%) 4.5% 28.2% 2.6x 2.5x 9.3x 8.9x NM NM

Internap 456 104 56.3% (39.7%) (77.8%) (5.5%) 30.0% 1.6x 1.4x 5.4x 4.5x NM NM

iomart 432 400 88.1% 4.8% (17.0%) 9.5% 41.5% 3.8x 3.4x 9.0x 8.4x 16.2x 15.6x

Redcentric 208 159 36.0% (59.4%) (41.6%) 1.8% 16.7% 1.6x NA 9.3x NA 17.0x NA

Proact 183 184 97.1% 38.3% 44.3% 12.3% 6.8% 0.5x 0.5x 7.5x 6.8x 12.6x 12.0x

Melbourne IT 163 149 94.2% 10.2% 28.1% (88.4%) 165.8% 10.3x 1.0x 6.2x 5.3x 12.3x 10.0x

Mean 5,806 3,569 79.4% 4.5% (0.3%) (1.4%) 40.7% 3.4x 2.5x 9.0x 8.1x 18.1x 24.5x

Median 3,042 686 88.1% 6.1% (15.2%) 8.1% 30.0% 2.6x 2.3x 9.3x 8.6x 15.8x 15.6x

Data Centres

Equinix 33,090 27,312 97.8% 34.3% 98.0% 11.0% 47.1% 8.3x 7.4x 17.5x 15.4x NM NM

Digital Realty Trust 22,732 16,736 93.0% 32.9% 97.2% 6.4% 57.3% 10.0x 9.3x 17.4x 16.1x NM NM

DuPont Fabros 5,632 3,731 98.3% 48.7% 89.5% 9.5% 62.5% 9.7x 8.8x 15.6x 13.9x 26.2x 23.6x

QTS 3,825 2,438 85.8% 22.1% 127.6% 12.1% 45.3% 8.5x 7.3x 18.7x 15.8x NM NM

Coresite 3,753 2,893 92.8% 40.6% 171.6% 18.7% 54.0% 7.9x 7.1x 14.6x 13.1x NM 41.8x

Mean 13,806 10,622 93.5% 35.7% 116.8% 11.5% 53.2% 8.9x 8.0x 16.8x 14.9x 26.2x 32.7x

Median 5,632 3,731 93.0% 34.3% 98.0% 11.0% 54.0% 8.5x 7.4x 17.4x 15.4x 26.2x 32.7x

PaaS/IaaS

ServiceNow 14,892 15,421 99.6% 85.5% 37.6% 32.2% 21.7% 8.1x 6.3x 37.3x 25.8x NM NM

Akamai 11,002 11,013 88.7% 25.2% 5.9% 8.7% 39.0% 4.3x 3.9x 11.1x 9.9x 22.8x 20.0x

Netapp 8,343 10,883 99.0% 80.5% (2.9%) 0.7% 21.5% 1.5x 1.5x 7.0x 6.8x 13.4x 12.6x

Commvault Systems 1,854 2,290 88.3% 44.7% (26.4%) 7.3% 13.9% 2.7x 2.5x 19.7x 16.0x NM 39.0x

Synchronoss 1,595 1,530 67.6% 43.9% 3.9% 33.2% 34.8% 2.0x 1.6x 5.6x 4.5x 13.3x 10.0x

Progress Software 1,308 1,401 88.5% 28.0% 16.4% (3.6%) 35.5% 3.3x NA 9.4x NA 17.3x NA

Carbonite 470 534 92.0% 170.7% 92.0% 14.3% 19.4% 2.0x 1.8x 10.2x 8.1x 25.9x 20.1x

Mean 5,638 6,153 89.1% 68.4% 18.0% 13.3% 26.6% 3.4x 2.9x 14.3x 11.8x 18.5x 20.3x

Median 1,854 2,290 88.7% 44.7% 5.9% 8.7% 21.7% 2.7x 2.1x 10.2x 9.0x 17.3x 20.0x

10

IT SERVICES3

EUROPEAN TECHNOLOGY

(i)

i. CenturyLink has agreed to acquire Level 3 Communications; share price as at 28th October 2016





PAGE |

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%


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

COMMUNICATIONS3

11

EUROPEAN TECHNOLOGY



Digital Broadband 28.0%

Mobile Infrastructure Software 9.8%

Diversified Communication Equipment (11.0%)

Mobile Content / Solutions Providers (14.3%)

(10%)

(5%)

0%

5%

10%

15%


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

Diversified Communication Equipment 7.8%

Mobile Infrastructure Software 5.6%

Digital Broadband 4.9%

Mobile Content / Solutions Providers 4.0%


PAGE |

COMMUNICATIONS3

12

EUROPEAN TECHNOLOGY

Digital Broadband

Logitech 4,391 5,117 98.8% 110.0% 82.1% 7.4% 11.9% 1.9x 1.8x 16.0x 14.6x 21.8x 19.5x

Technicolor 3,026 1,795 60.6% (24.9%) (25.8%) (2.4%) 10.2% 0.6x 0.6x 5.9x 5.2x 13.5x 9.0x

TomTom 1,787 1,905 79.5% 2.2% 34.6% (1.6%) 14.9% 1.7x 1.7x 11.7x 9.8x 31.1x 22.6x

Kudelski 1,244 1,023 83.8% 50.9% 22.0% 10.8% 10.3% 1.1x 1.0x 10.4x 9.5x 18.2x 15.9x

Extreme Networks 638 649 99.8% 140.5% 1.3% 11.9% 13.4% 1.0x NA 7.5x NA 13.1x NA

Parrot 17 273 37.2% (54.0%) (57.4%) 0.7% (16.4%) NM NM NM 1.6x NM NM

Mean 1,850 1,794 76.6% 37.5% 9.5% 4.5% 7.4% 1.3x 1.3x 10.3x 8.1x 19.5x 16.7x

Median 1,515 1,409 81.6% 26.6% 11.6% 4.0% 11.1% 1.1x 1.4x 10.4x 9.5x 18.2x 17.7x

Diversified Communication Equipment

LM Ericsson Telephone 16,490 19,176 56.0% (33.5%) (54.3%) (3.8%) 9.4% 0.7x 0.7x 7.4x 6.0x 20.3x 15.0x

CIENA 3,936 3,620 99.4% 40.2% 2.5% 7.6% 14.3% 1.4x 1.3x 9.7x 8.8x 14.7x 12.5x

ADTRAN 960 1,043 90.7% 20.7% (16.6%) 9.8% 9.9% 1.4x 1.3x 13.9x 12.8x 23.1x 20.1x

Mean 7,129 7,946 82.0% 9.1% (22.8%) 4.5% 11.2% 1.2x 1.1x 10.4x 9.2x 19.3x 15.9x

Median 3,936 3,620 90.7% 20.7% (16.6%) 7.6% 9.9% 1.4x 1.3x 9.7x 8.8x 20.3x 15.0x

Mobile Infrastructure Software

QUALCOMM 83,806 81,946 77.5% 24.5% (27.3%) 1.9% 37.2% 3.5x 3.4x 9.4x 8.6x 11.9x 11.5x

VeriSign 10,721 8,524 89.9% 7.4% 51.7% 0.8% 70.2% 9.3x 9.0x 13.3x 12.8x 21.4x 19.7x

Amdocs 7,774 8,693 96.6% 7.8% 34.4% 3.9% 19.1% 2.0x 1.9x 10.4x 10.2x 15.3x 14.2x

Synchronoss Technologies 1,595 1,530 67.6% 43.9% 3.9% 33.2% 34.8% 2.0x 1.6x 5.6x 4.5x 13.3x 10.0x

Sonus Networks 242 336 67.9% 27.5% (57.2%) (1.1%) 6.3% 1.0x 0.9x 15.4x 11.7x 38.0x 26.5x

Redknee Solutions 151 130 57.0% 11.8% (79.2%) (14.9%) 8.8% 1.1x 1.1x 12.2x 7.8x NM 41.3x

Mean 17,381 16,860 76.1% 20.5% (12.3%) 4.0% 29.4% 3.1x 3.0x 11.1x 9.3x 20.0x 20.5x

Median 4,684 5,027 72.7% 18.2% (11.7%) 1.3% 26.9% 2.0x 1.8x 11.3x 9.4x 15.3x 16.9x

Mobile Content / Solutions Providers

Opera Software 532 652 52.5% (23.4%) (56.6%) 6.3% 10.3% 0.9x 0.8x 8.5x 6.2x 37.2x 18.3x

Mean 532 652 52.5% (23.4%) (56.6%) 6.3% 10.3% 0.9x 0.8x 8.5x 6.2x 37.2x 18.3x

Median 532 652 52.5% (23.4%) (56.6%) 6.3% 10.3% 0.9x 0.8x 8.5x 6.2x 37.2x 18.3x





PAGE |

(40%)

(20%)

0%

20%

40%

60%


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 MEDIA3

13

EUROPEAN TECHNOLOGY



(10%)

(5%)

0%

5%

10%

15%

20%


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

Educational Technology 8.0%

Online Gambling 7.2%

Chinese Internet Leaders 6.4%

Online Travel 6.2%

Interactive Entertainment 5.5%

eCommerce 3.4%

Global Internet Leaders 3.4%

Digital Marketing 1.9%

Internet Services 0.5%

Content Providers / Communities (0.7%)

Intermediation and Comparison (2.7%)

Online Classifieds (3.2%)

Interactive Entertainment 41.7%

eCommerce 41.5%

Educational Technology 39.4%

Chinese Internet Leaders 34.2%

Digital Marketing 32.2%

Global Internet Leaders 29.1%

Internet Services 27.2%

Online Gambling 27.1%

Online Travel 18.7%

Content Providers / Communities 16.5%

Intermediation and Comparison 8.0%

Online Classifieds 2.3%


PAGE |

Global Internet Leaders

Apple 746,483 708,388 99.9% 43.7% 73.7% 6.2% 32.1% 3.2x 3.0x 10.0x 9.4x 14.7x 13.1x

Google 504,536 571,346 96.9% 18.8% 39.5% 18.7% 49.5% 5.8x 5.0x 11.7x 10.0x 25.0x 21.5x

Microsoft 469,328 498,967 98.0% 27.9% 71.6% 6.0% 38.7% 4.7x 4.4x 12.1x 10.8x 20.7x 18.5x

Amazon 399,242 399,101 98.7% 64.9% 134.1% 21.6% 11.8% 2.4x 2.0x 20.5x 15.7x NM NM

Facebook 362,062 387,251 98.8% 31.2% 99.5% 36.9% 62.2% 9.6x 7.5x 15.4x 12.1x 24.7x 19.9x

Alibaba 260,310 246,881 92.5% 66.8% NA 35.5% 45.6% 9.3x 7.4x 20.5x 16.0x 24.8x 20.0x

Baidu 57,708 63,470 90.9% 19.7% 9.1% 21.9% 19.7% 4.7x 3.9x 23.6x 16.9x 32.7x 23.4x

eBay 40,284 36,557 98.7% 49.5% 45.9% 4.8% 37.4% 4.3x 4.0x 11.4x 10.8x 16.7x 15.1x

Yahoo!* 32,267 37,408 99.0% 0.4% 43.9% (1.1%) 25.4% 9.3x 9.3x 36.5x 35.3x NM NM

Yandex 6,699 7,320 95.0% 75.2% (43.7%) 23.5% 33.8% 4.4x 3.7x 12.9x 10.5x 27.4x 19.9x

Mean 287,892 295,669 96.8% 39.8% 52.6% 17.4% 35.6% 5.8x 5.0x 17.5x 14.8x 23.3x 18.9x

Median 311,186 317,066 98.3% 37.4% 45.9% 20.1% 35.6% 4.7x 4.2x 14.2x 11.4x 24.8x 19.9x

Ecommerce

Amazon 399,242 399,101 98.7% 64.9% 134.1% 21.6% 11.8% 2.4x 2.0x 20.5x 15.7x NM NM

Alibaba 260,310 246,881 92.5% 66.8% NA 35.5% 45.6% 9.3x 7.4x 20.5x 16.0x 24.8x 20.0x

Naspers 72,128 69,817 87.8% 45.2% 42.0% 6.2% 10.9% 11.1x 10.2x NM NM 32.2x 24.0x

Netflix 63,431 60,611 96.5% 61.1% 126.3% 27.2% 9.7% 5.6x 4.7x NM 36.2x NM NM

eBay 40,284 36,557 98.7% 49.5% 45.9% 4.8% 37.4% 4.3x 4.0x 11.4x 10.8x 16.7x 15.1x

JD.com 40,284 42,477 98.1% 27.2% NA 33.7% 1.3% 0.8x 0.6x NM 30.5x NM NM

Zalando 8,985 9,875 88.9% 29.3% NA 24.6% 7.4% 1.9x 1.6x 25.3x 19.4x NM 39.1x

Mercadolibre 8,528 8,702 99.6% 114.3% 106.8% 36.9% 25.6% 7.4x 5.8x 28.9x 22.3x NM 33.7x

IAC 6,442 6,026 98.1% 83.2% 11.2% (0.8%) 18.5% 2.1x 1.9x 11.2x 9.0x 23.0x 17.5x

JUST EAT 4,193 4,338 81.7% 33.8% NA 30.1% 32.6% 6.9x 5.7x 21.3x 16.0x 31.5x 23.0x

Cimpress 3,764 2,609 80.6% 6.6% 66.4% 18.0% 13.6% 1.7x 1.4x 12.2x 9.9x NM 26.5x

Mail.ru 3,666 3,961 78.6% (8.2%) (54.6%) 26.0% 41.6% 4.4x 3.9x 10.7x 9.3x 16.0x 14.8x

GrubHub 2,856 3,160 82.8% 76.4% NA 30.7% 28.1% 4.4x 3.6x 15.8x 12.7x 33.6x 27.1x

Ocado 2,197 2,043 64.7% (8.3%) (66.5%) 14.0% 6.7% 1.2x 1.1x 18.2x 15.5x NM NM

Shutterstock 1,645 1,885 82.4% 92.6% (32.7%) 11.4% 19.6% 3.0x 2.7x 15.2x 12.8x 36.3x 31.4x

Groupon 1,509 2,125 63.6% 30.8% (64.0%) (0.1%) 7.1% 0.5x 0.5x 6.7x 5.3x 33.7x 20.4x

Coupons.com 919 1,159 90.5% 76.2% NA 13.8% 14.4% 2.9x 2.6x 20.3x 15.0x NM 31.7x

RetailMeNot 360 502 80.0% 58.5% (75.3%) 10.9% 18.3% 1.2x 1.1x 6.3x 6.0x 18.8x 18.5x

Overstock 341 468 89.8% 36.0% (1.2%) 8.0% 1.3% 0.2x 0.2x 13.3x 12.7x NM NM

Blue Nile 318 354 78.1% (20.3%) (27.0%) 1.5% NA 0.7x NA NA NA 32.7x NA

Mean 46,070 45,133 86.6% 45.8% 15.1% 17.7% 18.5% 3.6x 3.2x 16.1x 15.3x 27.2x 24.5x

Median 3,978 4,150 88.4% 47.4% 5.0% 16.0% 14.4% 2.7x 2.6x 15.5x 13.9x 31.5x 23.5x

Online Travel

The Priceline Group 84,834 80,926 99.1% 54.8% 27.9% 16.3% 38.0% 6.8x 5.9x 17.9x 15.4x 22.2x 19.0x

Ctrip 22,949 22,621 90.8% 21.4% 96.7% 42.2% 13.8% 5.8x 4.5x 42.2x 23.0x NM 21.7x

Amadeus 21,957 19,982 89.6% 18.6% 6.2% 8.8% 38.2% 4.3x 4.0x 11.2x 10.5x 19.4x 18.3x

Expedia 21,323 17,928 89.6% 17.0% 55.2% 14.3% 18.3% 2.1x 1.9x 11.6x 9.6x 22.1x 17.3x

Sabre Corporation 9,276 6,069 73.6% (15.5%) NA 6.1% 31.1% 2.6x 2.4x 8.3x 7.8x 16.0x 14.6x

Tripadvisor 7,191 7,524 72.8% (12.9%) (42.8%) 11.5% 20.5% 4.4x 3.9x 21.3x 18.5x NM 35.9x

Travelport 3,973 1,738 92.5% 46.9% NA 4.0% 24.0% 1.6x 1.6x 6.8x 6.4x 10.5x 9.4x

MakeMyTrip 1,648 3,073 92.0% 119.8% 36.4% 54.4% (25.7%) 4.0x 2.9x NM NM NM NM

Hostelworld Group 247 268 64.1% (8.1%) NA 3.8% 29.6% 2.9x 2.7x 9.7x 9.2x 13.5x 13.1x

Travelzoo 108 133 72.3% 29.9% (57.8%) (5.0%) 9.3% 0.9x 0.9x 9.5x 7.9x 26.0x 22.8x

Mean 17,351 16,026 83.6% 31.1% 17.4% 15.6% 19.7% 3.5x 3.1x 15.4x 12.0x 18.5x 19.1x

Median 8,234 6,796 89.6% 20.0% 27.9% 10.1% 22.3% 3.5x 2.8x 11.2x 9.6x 19.4x 18.3x


14

EUROPEAN TECHNOLOGY

* Verizon has agreed to acquire Yahoo's operating business; share price as at 22nd July 2016





PAGE |

Digital Marketing

Criteo 2,856 2,958 96.7% 34.4% 17.5% 27.2% 30.7% 3.1x 2.5x 10.0x 7.8x 18.1x 14.6x

Callidus Software 1,019 1,301 95.6% 60.8% 70.8% 18.1% 12.3% 4.2x 3.5x 33.9x 25.8x NM NM

Bazaarvoice 349 396 77.4% 62.1% (32.1%) 2.2% 9.2% 1.7x 1.6x 18.6x 14.5x NM 47.8x

TechTarget 281 243 95.7% 43.0% 23.8% 4.9% 20.0% 2.5x 2.2x 12.5x 9.5x 22.3x 15.3x

The Rubicon Project 206 403 40.3% (32.4%) NA (2.6%) 24.1% 0.8x 0.8x 3.5x 3.3x 12.5x 12.7x

Dotdigital 195 218 76.5% 8.1% 44.7% 20.0% 30.6% 4.4x 3.7x 14.5x NA 24.6x 21.6x

Harte-Hanks 153 99 43.2% (53.2%) (79.3%) 0.8% 3.4% 0.3x NA 9.7x NA NM NA

Matomy Media 150 127 79.3% (12.6%) NA 13.3% 7.3% 0.5x 0.4x 6.7x 5.7x 10.6x 8.6x

1000mercis 123 143 92.1% 12.9% (32.9%) 17.8% 22.7% 1.8x 1.5x 7.7x 6.4x 15.7x 12.6x

Marin Software 56 89 66.9% (15.4%) (81.2%) (11.9%) (7.2%) 0.6x 0.5x NM NA NM NA

Marchex 37 130 64.3% (19.1%) (68.3%) (23.2%) (3.1%) 0.4x 0.4x NM 13.6x NM NM

Mean 493 555 75.3% 8.1% (15.2%) 6.0% 13.6% 1.8x 1.7x 13.0x 10.8x 17.3x 19.0x

Median 195 218 77.4% 8.1% (32.1%) 4.9% 12.3% 1.7x 1.6x 10.0x 8.7x 16.9x 14.6x

Content Providers / Communities

Twitter 9,502 11,810 65.4% 4.0% (71.2%) (5.6%) 25.4% 4.0x 3.7x 15.7x 13.6x NM 38.0x

JustEat 4,193 4,338 81.7% 33.8% NA 30.1% 32.6% 6.9x 5.7x 21.3x 16.0x 31.5x 23.0x

Pandora Media 3,224 3,181 90.3% 69.0% (62.6%) 17.1% (2.9%) 2.0x 1.6x NM 43.6x NM NM

WebMD Health 2,820 1,898 75.6% 4.4% 5.3% 1.8% 33.0% 3.9x 3.8x 11.9x 11.7x 25.5x 25.0x

GoPro 1,061 1,303 51.9% (11.1%) NA 4.8% (5.8%) 0.9x 0.8x NM 45.8x NM NM

XING 980 1,071 86.5% 22.5% 66.9% 19.3% 32.9% 5.3x 4.5x 16.1x 13.3x 33.4x 26.6x

XO Group 365 486 87.5% 29.8% 47.4% 8.1% 18.6% 2.2x 2.0x 11.9x 9.6x NM 34.3x

Brightcove 196 236 50.7% 24.8% (25.3%) 9.2% 5.3% 1.2x 1.1x 22.4x 15.7x NM 49.1x

Demand Media 94 146 98.0% 55.8% (33.3%) 7.4% (9.8%) 0.8x 0.7x NM NM NM NM

Mean 2,493 2,719 76.4% 25.9% (10.4%) 10.2% 14.4% 3.0x 2.7x 16.6x 21.1x 30.1x 32.7x

Median 1,061 1,303 81.7% 24.8% (25.3%) 8.1% 18.6% 2.2x 2.0x 15.9x 14.6x 31.5x 30.4x

Intermediation and Comparison

Zillow 6,296 6,598 89.3% 89.4% 41.5% 23.8% 20.1% 6.0x 5.0x 29.9x 21.1x NM 44.8x

Moneysupermarket 2,300 2,351 86.3% (7.1%) 47.0% 7.0% 39.1% 5.5x 5.1x 14.1x 13.1x 20.8x 19.0x

Bankrate 1,122 1,014 87.0% (6.6%) (45.9%) 16.3% 24.8% 2.2x 2.0x 9.0x 8.0x 16.3x 13.7x

Gruppo MutuiOnline 394 388 94.0% 23.7% 68.5% 8.2% 28.7% 2.6x 2.3x 9.1x 7.8x 17.9x 12.9x

Angie's List 390 373 58.6% (34.5%) (57.7%) (7.6%) 9.8% 1.3x 1.3x 13.3x 11.2x NM NM

eHealth 147 209 75.4% 16.2% (76.2%) (9.4%) (10.9%) 0.9x 0.8x NM NM NM NM

Liquidity Services 140 268 74.4% 90.0% (65.2%) 2.4% (1.8%) 0.4x NA NM NA NM NA

Mean 1,541 1,600 80.7% 24.4% (12.6%) 5.8% 15.7% 2.7x 2.8x 15.1x 12.3x 18.3x 22.6x

Median 394 388 86.3% 16.2% (45.9%) 7.0% 20.1% 2.2x 2.2x 13.3x 11.2x 17.9x 16.4x

Online Classifieds

Rightmove 5,023 4,945 83.8% 8.7% 16.9% 8.7% 75.7% 17.0x 15.6x 22.5x 20.4x 27.6x 24.6x

SEEK 4,552 3,997 88.1% 31.2% (3.4%) 12.0% 38.1% 5.7x 5.2x 15.0x 13.4x 24.7x 21.6x

Yelp 2,288 2,813 82.6% 130.4% (60.1%) 24.7% 18.1% 2.6x 2.1x 14.2x 10.5x NM NM

Zoopla 2,176 2,082 94.7% 49.2% NA 13.8% 39.0% 7.5x 6.7x 19.3x 16.7x 26.4x 22.6x

SouFun 1,429 1,439 47.9% (35.5%) (80.2%) 0.3% 5.9% 1.5x 1.2x 25.3x 11.0x NM 19.1x

51job 1,311 2,058 93.1% 22.7% (13.8%) 11.5% 33.3% 3.4x 3.0x 10.3x 9.0x 18.1x 15.5x

Dice 306 251 59.9% (31.6%) (28.0%) (4.2%) 22.7% 1.4x 1.4x 6.2x 6.1x 18.5x 17.6x

Mean 2,441 2,512 78.6% 25.0% (28.1%) 9.5% 33.3% 5.6x 5.0x 16.1x 12.5x 23.1x 20.2x

Median 2,176 2,082 83.8% 22.7% (20.9%) 11.5% 33.3% 3.4x 3.0x 15.0x 11.0x 24.7x 20.4x


15

EUROPEAN TECHNOLOGY





PAGE |


16

EUROPEAN TECHNOLOGY

Internet Services

Wix.com 2,053 2,248 93.1% 178.2% 82.3% 43.0% 18.0% 4.9x 3.8x 27.4x 16.0x NM NM

LendingClub 1,866 2,602 67.3% (6.3%) NA 16.1% 8.9% 3.2x 2.6x 36.5x 15.5x NM 31.8x

Web.com 1,697 1,041 92.0% 15.3% (40.6%) 3.5% 25.2% 2.2x 2.1x 8.9x 8.2x 7.1x 6.5x

Mean 1,872 1,964 84.2% 62.4% 20.9% 20.9% 17.4% 3.5x 2.9x 24.3x 13.2x 7.1x 19.1x

Median 1,866 2,248 92.0% 15.3% 20.9% 16.1% 18.0% 3.2x 2.6x 27.4x 15.5x 7.1x 19.1x

Educational Technology

Graham 2,337 2,966 96.4% 12.2% 32.7% NA NA NA NA NA NA NA NA

2U 1,499 1,684 92.0% 124.0% NA 30.9% 3.4% 5.6x 4.3x NM NM NM NM

Chegg 647 734 93.3% 64.6% 29.7% 15.9% 15.0% 2.8x 2.3x 18.6x 10.6x NM 18.7x

K12 543 739 87.9% 85.4% (16.3%) 3.4% 11.8% 0.6x NA 5.1x NA NM NA

Cambium Learning 315 222 82.5% 23.8% 150.3% NA NA NA NA NA NA NA NA

Rosetta Stone 142 172 84.2% 8.5% (34.4%) 3.3% 1.1% 0.7x NA NM NA NM NA

Mean 914 1,086 89.4% 53.1% 32.4% 13.4% 7.8% 2.4x 3.3x 11.9x 10.6x NM 18.7x

Median 595 736 89.9% 44.2% 29.7% 9.7% 7.6% 1.8x 3.3x 11.9x 10.6x NM 18.7x

Chinese Internet Leaders

Tencent 248,817 247,687 91.8% 52.7% 84.8% 35.0% 38.1% 8.4x 6.9x 22.1x 18.1x 31.2x 24.4x

Baidu 57,708 63,470 90.9% 19.7% 9.1% 21.9% 19.7% 4.7x 3.9x 23.6x 16.9x 32.7x 23.4x

Netease 28,734 33,962 94.0% 85.0% 249.4% 36.1% 32.1% 3.8x 3.2x 11.9x 10.1x 16.6x 14.3x

Weibo Corporation 11,836 11,672 98.1% 353.8% NA 47.6% 33.9% 12.2x 8.9x 36.1x 23.8x NM 28.5x

58.com 4,808 5,008 56.1% (21.9%) (4.3%) 15.3% 16.2% 3.7x 2.9x 22.6x 12.7x NM 27.9x

Sina 4,318 5,406 89.5% 92.2% 14.9% 34.4% 25.1% 3.1x 2.4x 12.4x 8.1x 30.8x 20.0x

Autohome 3,091 3,821 95.6% 41.9% (2.0%) 0.3% 30.7% 3.6x 3.1x 11.7x 9.2x 18.2x 14.9x

SouFun 1,429 1,439 47.9% (35.5%) (80.2%) 0.3% 5.9% 1.5x 1.2x 25.3x 11.0x NM 19.1x

Sohu 819 1,526 73.9% (10.9%) (43.8%) 6.6% 4.5% 0.5x 0.4x 10.3x 5.2x NM NM

Renren 552 544 44.9% (41.4%) (52.7%) NA NA NA NA NA NA NA NA

Mean 36,211 37,454 78.3% 53.6% 19.5% 21.9% 22.9% 4.6x 3.7x 19.6x 12.8x 25.9x 21.6x

Median 4,563 5,207 90.2% 30.8% (2.0%) 21.9% 25.1% 3.7x 3.1x 22.1x 11.0x 30.8x 21.7x

Online Gambling

Betfair 8,398 8,955 70.0% (17.7%) 32.0% 15.2% 27.4% 3.9x 3.6x 14.4x 12.8x 22.0x 19.4x

Playtech 3,831 3,510 87.9% 6.1% (10.0%) 27.8% 41.2% 4.0x 3.7x 9.7x 8.9x 12.1x 11.1x

Mean 6,115 6,232 79.0% (5.8%) 11.0% 21.5% 34.3% 4.0x 3.6x 12.0x 10.8x 17.1x 15.3x

Median 6,115 6,232 79.0% (5.8%) 11.0% 21.5% 34.3% 4.0x 3.6x 12.0x 10.8x 17.1x 15.3x

Interactive Entertainment

Activision 35,557 37,216 94.4% 60.0% 127.2% (2.9%) 34.5% 5.5x 5.0x 16.1x 13.0x 23.2x 19.1x

Electronic Arts 22,847 26,529 98.4% 45.2% 212.0% 6.0% 34.4% 4.4x 4.1x 12.9x 11.3x 21.1x 18.4x

Ubisoft Entertainment 4,369 4,247 87.1% 74.4% 131.4% 14.0% 46.4% 2.5x 2.2x 5.3x 4.4x 22.4x 16.9x

Take-Two Interactive 3,805 5,908 99.1% 70.7% 204.9% 18.6% 20.0% 1.8x 1.8x 9.0x 8.3x 22.6x 21.1x

Zynga 1,514 2,408 87.7% 47.5% (44.6%) 6.2% 12.9% 1.9x 1.7x 14.6x 11.2x 37.8x 30.4x

Mean 13,618 15,262 93.3% 59.6% 126.2% 8.4% 29.6% 3.2x 3.0x 11.6x 9.6x 25.4x 21.2x

Median 4,369 5,908 94.4% 60.0% 131.4% 6.2% 34.4% 2.5x 2.2x 12.9x 11.2x 22.6x 19.1x





PAGE |

has acquired

TECHNOLOGY, MEDIA AND TELECOM

17

EUROPEAN TECHNOLOGY

has been acquiredby

has received ainvestment from

has been acquiredby

DIGITAL

MEDIA

has merged with

DIGITAL

MEDIA

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

DATA

ANALYTICS

has been acquiredby

ERP / BUSINESS

MANAGEMENT

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

APPLICATION

SOFTWARE

has been acquiredby

REAL ESTATE

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EDUCATION

TECHNOLOGY

has been acquiredby

MARKETING

ANALYTICS

ERP / BUSINESS

MANAGEMENT

HEALTHCARE

TECHNOLOGY

has been acquiredby

NON-PROFIT

SOFTWARE

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

LEGAL

TECHNOLOGY

has been acquiredby

MARKETING

TECHNOLOGY

has been acquiredby

HCM

SOFTWARE

has been acquiredby

HEALTHCARE

TECHNOLOGY

has merged with

SUPPLY CHAIN

SOFTWARE

has been acquiredby

INFRASTRUCTURE

SOFTWARE

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been

recapitalised by

SUPPLY CHAIN

SOFTWARE

has been acquiredby

EDUCATION

TECHNOLOGY

has been acquiredby

INFRASTRUCTURE

SOFTWARE

has become a

wholly- owned

subsidiary of

ENERGY

TECHNOLOGY

has been acquiredby

ECOMMERCE

RETAIL

has been acquiredby

DATA

ANALYTICS

has been acquiredby

FINANCIAL

TECHNOLOGY

has acquired

HEALTHCARE

TECHNOLOGY

has been acquiredby

MANAGED

SERVICES

has been acquiredby

HEALTHCARE

TECHNOLOGY

has received a

majority equity

investment from

PUBLIC SECTOR

SOFTWARE

has received a

majority investment

from

MARKETING

ANALYTICS

has been acquiredby

TECH-ENABLED

SERVICES

has received a

minority investment

from

ENERGY

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HCM

SOFTWARE

has beenRecapitalised by

NON-PROFIT

SOFTWARE

a majority stake in

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been recapitalised by

APPLICATION

SOFTWARE

has acquired

HCM

SOFTWARE

has been acquiredby

NON-PROFIT

SOFTWARE

has been acquiredby

CONSUMER

TECHNOLOGY


has received a

growth investmentfrom

SCM

SOFTWARE

has been acquiredby

NON-PROFIT

SOFTWARE

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Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501

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

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 202-207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

Technology, Media & Telecom

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.

EUROPEAN TECHNOLOGY


18

OUR FIRM

PAGE |

HARRIS WILLIAMS & CO.

1. Clarkson’s Research, IHS

2. Companies House and public accounts

3. FactSet as of 14th March 2017, broker reports and various industry news outlets

19

SOURCES

EUROPEAN TECHNOLOGY

Harris Williams & 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 transaction expertise, and an unwavering commitment to excellence. Harris Williams & 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, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & 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 FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It 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 Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations 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, without Harris Williams’ prior written consent.

Copyright© 2017 Harris Williams & Co., all rights reserved.

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