Software Sector Summary Report - GCA Altium€¦ · 2 DEAL DASHBOARD Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 12/31/2018. 1) Criteria

SOFTWARESECTOR REPORT

January 2019

22

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 12/31/2018.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Software M&A transactions reflect select transactions in 2018 YTD. M&A metrics are based on closed and announced transactions.4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 5) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.

Software

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

$Bn $Bn

Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume Select M&A Transactions (3)

Company Amount ($MM) Acquirer Target EV ($MM)

$550 $33,435

$500 $8,000

$450 $4,750

$265 $4,400

$250 $2,100

$120 $2,080

$115 $2,000

$103 $1,940

Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)

` Financing Activity by Quarter

2018 Financing Volume (1)(2)

$69.0 Billion

2018 M&A Transactions

1234

2018 M&A Volume 2018 Financing Transactions (1)(2)

734 $156.4 Billion

4.0x

3.1x

4.2x

3.6x 3.9x

4.6x

3.3x

4.7x 5.0x

3.9x

5.3x

4.3x

3.7x

4.9x

3.7x

5.4x

2.7x 2.2x

2.9x 2.9x

4.1x 4.1x

2.8x

3.7x

0

1

2

3

4

5

6

2011 2012 2013 2014 2015 2016 2017 2018

All Buyers Strategic Buyers PE Buyers

123156 160 159 161 155 167

187225

Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

$6

$14$12

$11 $12$15

$14 $17

$23

Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

$13 $13 $12$20

$13$19

$32$25

$80

Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

250 289 287 291 268 298319

264353

Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

(15.0%)

(5.0%)

5.0%

15.0%

25.0%

35.0%

45.0%

Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

SPX IGV

33

GCA OVERVIEWThe GCA Software Team

US Team

Clark CallanderManaging Director

[email protected]

Todd CarterCo-President & [email protected]

Executive Leadership Select Europe Team Select Asia Team

***Ryuichi KanemakiManaging [email protected]

Tomohiko KubotaRepresentative Director at

GCA [email protected]

***Akikazu IdaCo-Head of Asian

Technology & [email protected]

Glen KrugerDirector

Commerce [email protected]

Derek BellManaging DirectorBusiness [email protected]

James OrozcoManaging DirectorFinancial [email protected]

Paul DiNardoManaging Director

[email protected]

John LambrosPresident of GCA US

Head of New York OfficeHead of Digital [email protected]

Alex VitaleHead of San Francisco Office

Auto [email protected]

**Sascha PfeifferCo-Head of European Technology & Media

[email protected]

*Adrian ReedManaging Director

[email protected]

*Stephen GeorgiadisManaging Director

[email protected]

**Raiko SteltenDirector

[email protected]

*Phil AdamsCEO of GCA Altium

[email protected]

**Tobias SchultheissManaging Director

[email protected]

Sameer JindalManaging Director

Head of Indian [email protected]

Daniel AvrutskyManaging Director

HCM [email protected]

Chris GoughManaging Director

Real Estate [email protected]

Arthur KirschManaging Director

Healthcare [email protected]

Josh WepmanManaging Director

Software & Digital [email protected]

Rupert SadlerManaging Director

Software, Travel & [email protected]

Geoff BaldwinCo-President & CEO

[email protected]

*Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.**Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.***Akikazu Ida and Ryuichi Kanemaki are Managing Directors at GCA Corporation.

Saif MalikVice President

[email protected]

44

Deep Software Sector Expertise

GCA OVERVIEW

We Advised the Seller

Acquired by


Acquired by


Acquired byAcquisition of

We Advised the BuyerWe Advised the Seller

Acquired by

Fairness Opinion to Buddy Media

Acquired by

Acquired by

We Advised the Seller We Advised the Seller

Acquired by


Acquired by


Acquired by


Acquired by


Acquired by

Acquired by


Acquired byAcquired by

We Advised the Seller We Advised the Seller

Acquired by

We Advised the Buyer

Acquisition ofAcquisition of

We Advised the BuyerFinancial Advisor

Investment from

Convertible NoteOffering

Financial Advisor

StrategicAdvisoryServices

Financial Advisor

Acquired by

We Advised the SellerWe Advised the Seller

Acquired byAcquisition of



Acquired by Acquired by





Acquired by

We Advised the SellerWe Advised the Seller

Acquired by


Acquired by PreferredStock

Financial Advisor

Acquired by

We Advised the SellerFinancial Advisor

PreferredStock

Acquisition of

We Advised the Buyer We Advised the Seller



Acquisition of


Investment from

Financial Advisor

Acquired by


Acquired by


Acquired by


Acquired by


Acquired by

We Advised the SellerFinancial Advisor

Preferred Investment

From

Notes:The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

Preferred Investment

From

Financial Advisor

Acquired by


Acquisition of


StrategicPartnership with

We Advised WMD


SignificantInvestment from

Financial Advisor

55

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months Last 3 Years

Notes:Sources: Capital IQ. Market Data as of 12/31/2018.List of companies in each sector can be found in the public comparable tables.

(10%)

0%

10%

20%

30%

40%

50%

60%

Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18

(50%)

(25%)

0%

25%

50%

75%

100%

125%

150%

175%

Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18

Sector 3 Months 1 Year 3 Years

SaaS (13.9%) 34.3% 93.9%

Platform (14.1%) 6.7% 51.2%

Infrastructure (16.4%) 10.0% 50.9%

Security (9.9%) 19.0% 45.6%

Sales & Marketing Applications (13.8%) 23.1% 75.4%

Content & Storage Management (19.7%) 18.9% 109.5%

Business Intelligence & Analytics (5.7%) 30.7% 1.9%

Vertical (17.9%) 8.2% 57.0%

ERP & General Business (13.2%) 29.1% 62.0%

Development & Operations Management (1.8%) 23.8% 101.8%

66

50.9x

41.1x

35.2x28.8x

27.2x 23.8x 23.5x 22.3x

20.3x

10.5x

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

Median: 25.5x

6.3x5.8x 5.8x 5.7x 5.7x

5.1x 5.0x4.5x 4.2x 3.9x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

Median: 5.4x

29.6%

21.3% 21.2%

16.4% 15.7% 15.3% 14.8% 13.4%

11.0%

4.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Median: 15.5%36.5%

24.8% 23.2% 22.5%

21.7% 21.2% 19.1% 17.9%

16.0% 15.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Median: 21.5%

Valuation and Operational Metrics

TRADING COMPARABLES

Notes:Sources: Capital IQ. Market Data as of 1/9/2019.Figures represent mean values of respective comp groups.List of companies in each sector can be found in the public comparable tables.

EV / 2019E Revenue EV / 2019E EBITDA

2019E / 2018E Revenue Growth 2019E EBITDA Margin

77

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/9/19. Negative margins considered NM. Multiples <0 and >100 considered NM.

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics

Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin

1/9/2019 Value Debt Value CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E CY 18E CY 19E CY 20E 18E/17A 19E/18E 20E/19E CY 18E CY 19E CY 20E

Platform

Microsoft Corporation $104.27 $800,534 ($47,843) $752,691 6.4x 5.8x 5.3x 15.1x 13.5x 11.6x 24.2x 22.5x 19.7x 23.9% 10.1% 9.8% 42.1% 42.6% 45.1%

Oracle Corporation $47.78 $171,479 $8,902 $180,381 4.5x 4.5x 4.4x 11.3x 9.7x 9.4x 47.7x 13.5x 12.8x 2.8% 0.3% 2.6% 39.9% 46.3% 47.0%

Cisco Systems, Inc. $43.32 $194,765 ($16,948) $177,817 3.5x 3.4x 3.3x 9.9x 9.6x 9.2x 15.3x 13.7x 12.5x 5.6% 3.0% 4.1% 35.4% 35.4% 35.4%

International Business Machines Corporation $120.69 $109,682 $32,582 $142,264 1.8x 1.8x 1.8x 7.6x 7.2x 7.3x 8.7x 8.7x 8.3x 0.8% (0.6%) 0.5% 23.5% 24.9% 24.6%

SAP SE $102.72 $122,606 $3,409 $126,015 4.5x 4.1x 3.8x 13.7x 12.3x 10.9x 20.5x 18.5x 16.5x (0.2%) 9.1% 8.7% 32.7% 33.3% 34.6%

Mean 4.1x 3.9x 3.7x 11.5x 10.5x 9.7x 23.3x 15.4x 14.0x 6.6% 4.4% 5.2% 34.7% 36.5% 37.3%

Median 4.5x 4.1x 3.8x 11.3x 9.7x 9.4x 20.5x 13.7x 12.8x 2.8% 3.0% 4.1% 35.4% 35.4% 35.4%

Infrastructure

Autodesk, Inc. $136.77 $29,954 $510 $30,463 12.0x 9.3x 7.5x 83.7x 32.6x 21.2x NM 43.0x 27.2x 23.7% 28.7% 24.3% 14.3% 28.5% 35.4%

Citrix Systems, Inc. $104.82 $14,126 $324 $14,449 4.9x 4.7x 4.4x 13.2x 13.1x 12.1x 18.8x 17.3x 15.5x 4.9% 4.1% 5.4% 36.8% 35.6% 36.6%

Akamai Technologies, Inc. $63.26 $10,303 ($256) $10,047 3.7x 3.5x 3.2x 9.3x 8.4x 7.5x 17.8x 15.7x 13.8x 8.0% 7.7% 7.8% 40.1% 41.1% 42.5%

F5 Networks, Inc. $166.04 $10,067 ($1,039) $9,027 4.1x 4.0x 3.9x 10.6x 10.2x 10.0x 16.3x 15.2x 14.3x 4.2% 3.3% 2.9% 38.9% 39.1% 38.8%

Juniper Networks, Inc. $28.15 $9,716 ($1,251) $8,465 1.8x 1.8x 1.7x 8.1x 7.8x 7.5x 15.1x 13.8x 12.8x (6.7%) 1.9% 2.8% 22.3% 22.8% 23.1%

Amdocs Limited $59.28 $8,274 ($519) $7,755 1.9x 1.9x NA 9.7x 9.0x NA 15.0x 13.7x 12.8x 3.0% 3.0% NA 20.0% 20.9% NA

RingCentral, Inc. $87.40 $7,021 ($212) $6,809 10.2x 8.3x 6.7x 86.9x 69.3x 51.8x NM NM 93.3x 32.8% 23.6% 23.0% 11.8% 11.9% 13.0%

SolarWinds Corporation $15.37 $4,764 $1,958 $6,722 8.1x 7.3x 6.5x 16.7x 13.7x 12.3x 27.0x 19.3x 17.0x 14.6% 10.9% 11.3% 48.3% 53.1% 53.2%

Aspen Technology, Inc. $87.70 $6,207 $118 $6,324 13.0x 11.1x 10.3x 28.7x 22.3x 20.4x 35.9x 25.6x 24.4x (1.3%) 16.4% 8.0% 45.2% 49.9% 50.5%

Verint Systems Inc. $43.98 $2,871 $374 $3,245 2.6x 2.4x 2.3x 11.4x 9.9x 8.7x 13.9x 12.5x 11.6x 9.4% 6.9% 6.4% 22.8% 24.6% 26.3%

Five9, Inc. $46.49 $2,732 ($73) $2,660 10.6x 9.0x 7.6x 64.6x 52.7x 37.8x 92.0x 79.4x 60.2x 25.8% 17.4% 19.1% 16.4% 17.1% 20.0%

Software Aktiengesellschaft $37.20 $2,752 ($113) $2,639 2.6x 2.5x 2.4x 8.7x 8.2x 7.8x 13.1x 12.4x 11.7x (5.6%) 4.7% 4.8% 30.6% 30.8% 31.1%

Presidio, Inc. $13.98 $1,151 $1,001 $2,151 0.8x 0.7x 0.7x 9.7x 9.1x 8.5x 10.1x 8.8x 7.8x 4.1% 2.4% 4.0% 7.7% 8.1% 8.3%

Altair Engineering Inc. $29.08 $2,045 ($196) $1,849 4.9x 4.3x 3.8x 50.1x 34.1x 24.5x 92.4x 58.0x 40.6x 14.0% 12.5% 13.4% 9.7% 12.7% 15.5%

Everbridge, Inc. $56.89 $1,687 ($10) $1,677 11.5x 9.1x 7.5x NM NM NM NM NM NM 40.0% 26.7% 21.1% NM 1.7% 3.7%

Endava plc $24.03 $1,274 ($54) $1,220 3.9x 3.2x 2.6x 23.2x 17.1x 13.7x 31.7x 26.7x 21.4x NA 22.5% 21.6% 16.7% 18.4% 19.0%

Extreme Networks, Inc. $6.32 $748 $44 $792 0.8x 0.8x 0.7x 7.1x 6.1x NA 11.7x 8.9x 7.3x 32.9% 2.1% 4.6% 10.9% 12.3% NA

Radware Ltd. $23.13 $1,048 ($300) $748 3.2x 2.9x 2.7x 24.9x 19.9x 14.0x 48.2x 37.1x 28.9x 10.8% 9.5% 9.1% 12.8% 14.6% 19.2%

A10 Networks, Inc. $6.56 $484 ($124) $361 1.6x 1.5x 1.4x 59.1x 34.0x 13.5x NM NM 27.3x (1.7%) 3.9% 9.3% 2.6% 4.4% 10.2%

Limelight Networks, Inc. $2.72 $308 ($53) $255 1.3x 1.2x 1.1x 8.1x 7.1x 5.4x 25.5x 19.0x 11.7x 6.1% 10.9% 11.9% 16.0% 16.5% 19.5%

Mean 5.2x 4.5x 4.1x 28.1x 20.3x 16.3x 30.3x 25.1x 24.2x 11.5% 11.0% 11.1% 22.3% 23.2% 25.9%


88







Security

VeriSign, Inc. $155.64 $18,815 $605 $19,421 16.0x 15.3x 14.5x 22.3x 21.4x 19.9x 33.4x 29.9x 27.3x 4.3% 4.5% 5.7% 71.7% 71.6% 72.6%

Palo Alto Networks, Inc. $193.11 $18,322 ($1,579) $16,743 6.5x 5.5x 4.6x 24.5x 20.4x 16.9x 41.5x 34.3x 28.6x 29.1% 19.7% 17.7% 26.7% 26.7% 27.4%

Symantec Corporation $19.93 $12,733 $2,603 $15,336 3.2x 3.1x 3.0x 7.2x 7.2x 6.6x 12.4x 11.9x 10.8x 0.5% 2.6% 5.0% 45.0% 43.4% 45.6%

Check Point Software Technologies Ltd. $107.50 $16,793 ($1,770) $15,023 7.9x 7.5x 7.3x 14.6x 14.2x 13.3x 18.9x 17.8x 16.4x 2.9% 4.2% 2.9% 53.7% 53.2% 55.0%

Fortinet, Inc. $73.08 $12,451 ($1,634) $10,816 6.0x 5.3x 4.6x 24.3x 20.7x 17.4x 41.6x 36.5x 31.9x 19.8% 14.7% 13.6% 24.9% 25.4% 26.6%

Okta, Inc. $68.78 $7,596 ($542) $7,054 18.0x 13.6x 10.4x NM NM NM NM NM NM 50.7% 32.2% 30.4% NM NM 3.4%

Trend Micro Incorporated $56.53 $7,886 ($1,398) $6,488 4.4x 4.0x 3.8x 12.8x 11.5x 10.7x 30.3x 26.9x 24.2x 12.0% 8.8% 6.6% 34.4% 35.1% 35.3%

Zscaler, Inc. $44.88 $5,487 ($314) $5,173 22.0x 16.6x 12.7x NM NM NM NM NM NM 52.2% 32.4% 31.4% 2.0% 4.5% 7.3%

Proofpoint, Inc. $90.32 $4,936 ($190) $4,745 6.7x 5.4x 4.5x 44.4x 36.6x 26.5x 68.9x 55.2x 39.9x 38.0% 23.3% 19.3% 15.0% 14.8% 17.2%

FireEye, Inc. $16.79 $3,251 ($137) $3,113 3.7x 3.5x 3.3x 27.1x 25.4x 21.0x NM 91.1x 51.2x 10.6% 7.2% 6.8% 13.8% 13.8% 15.6%

Qualys, Inc. $78.81 $3,103 ($327) $2,777 10.0x 8.4x 7.0x 24.9x 22.1x 18.5x 48.1x 42.2x 34.7x 20.8% 18.8% 19.9% 40.0% 37.9% 37.7%

Sophos Group plc $5.01 $2,405 $131 $2,537 3.6x 3.3x 2.9x NA 12.7x 16.1x 55.7x 41.8x 24.7x 17.0% 8.0% 14.5% NA 26.2% 18.0%

CyberArk Software Ltd. $77.32 $2,788 ($386) $2,402 7.3x 6.1x 5.1x 27.1x 24.1x 20.0x 43.9x 39.8x 34.0x 26.1% 19.3% 19.8% 26.8% 25.3% 25.5%

SailPoint Technologies Holdings, Inc. $25.65 $2,252 ($74) $2,178 9.0x 7.3x 6.1x 71.3x 67.3x 49.0x 99.3x 97.9x 67.9x 29.9% 22.8% 21.2% 12.6% 10.9% 12.4%

Mimecast Limited $34.73 $2,086 $33 $2,119 6.6x 5.5x 4.8x 49.1x 32.4x 30.0x NM 89.2x 66.4x 32.3% 20.0% 16.2% 13.5% 17.1% 15.9%

Tenable Holdings, Inc. $24.04 $2,237 ($264) $1,973 7.5x 5.9x 4.7x NM NM NM NM NM NM 41.0% 27.0% 24.9% NM NM NM

Imperva, Inc. $55.74 $1,975 ($304) $1,671 4.7x 4.3x 3.9x 37.5x 31.8x 24.9x 99.5x 57.2x 49.7x 9.7% 11.2% 10.0% 12.6% 13.4% 15.5%

Rapid7, Inc. $35.35 $1,672 ($100) $1,572 6.5x 5.4x 4.5x NM NM 57.5x NM NM NM 20.6% 20.1% 20.6% NM 2.7% 7.8%

Varonis Systems, Inc. $54.71 $1,612 ($158) $1,454 5.4x 4.6x 3.9x NM 92.3x 49.4x NM NM 90.5x 24.3% 17.8% 17.8% 3.5% 5.0% 7.8%

SecureWorks Corp. $16.99 $1,388 ($115) $1,273 2.4x 2.2x 2.0x NM 64.1x 42.5x NM NM 87.8x 11.3% 9.4% 9.1% 2.3% 3.5% 4.8%

ForeScout Technologies, Inc. $26.61 $1,141 ($193) $948 3.3x 2.7x 2.2x NM NM 49.0x NM NM NM 31.6% 19.9% 20.8% NM NM 4.6%

Carbon Black, Inc. $14.12 $959 ($164) $795 3.8x 3.1x 2.5x NM NM NM NM NM NM 28.7% 22.9% 23.2% NM NM NM

F-Secure Oyj $3.06 $482 $18 $500 2.3x 2.0x 1.8x 35.1x 23.8x 13.9x NM 50.7x 29.5x 6.9% 15.6% 8.1% 6.5% 8.3% 13.2%

OneSpan Inc. $14.15 $565 ($92) $473 2.3x 2.0x 1.9x 27.8x 20.7x 16.7x 43.4x 35.2x 28.9x 7.3% 11.6% 8.7% 8.2% 9.9% 11.3%

Zix Corporation $6.20 $336 ($24) $312 4.4x 4.2x 3.9x 15.7x 13.4x 13.0x 18.8x 17.1x 15.5x 6.9% 6.9% 6.1% 28.4% 31.1% 30.1%

Absolute Software Corporation $6.03 $245 ($35) $210 2.2x 2.0x NA 16.8x 13.7x NA 40.2x 45.7x NA 3.9% 7.4% NA 13.0% 14.9% NA

Mean 6.8x 5.7x 5.0x 28.4x 28.8x 25.4x 46.4x 45.6x 40.0x 20.7% 15.7% 15.2% 22.7% 22.5% 22.2%



99







SaaS

salesforce.com, inc. $145.99 $111,682 $941 $112,623 8.5x 7.0x 5.9x 35.5x 28.5x 23.0x 55.9x 52.9x 42.0x 26.4% 20.7% 19.2% 24.0% 24.7% 25.7%

Workday, Inc. $166.18 $36,560 ($391) $36,168 12.9x 10.3x 8.4x 76.9x 54.8x 41.1x NM NM 77.1x 31.1% 25.1% 22.7% 16.7% 18.8% 20.4%

ServiceNow, Inc. $190.47 $34,152 ($811) $33,341 12.8x 9.9x 7.8x 49.1x 35.5x 26.1x 80.5x 60.9x 45.3x 35.0% 29.2% 26.9% 26.0% 27.8% 29.9%

Atlassian Corporation Plc $95.81 $22,817 ($967) $21,850 21.5x 16.5x 13.2x 75.7x 61.4x NA NM NM 88.4x 37.2% 30.2% 24.9% 28.3% 26.8% NA

Splunk Inc. $115.91 $17,130 ($991) $16,138 9.3x 7.5x 6.1x 65.6x 46.1x 34.6x 99.2x 71.7x 53.6x 37.1% 24.1% 22.1% 14.1% 16.2% 17.7%

Shopify Inc. $148.62 $16,398 ($1,578) $14,820 14.0x 10.1x 7.6x NM NM 75.0x NM NM NM 57.0% 39.3% 31.6% 3.7% 6.4% 10.2%

NetApp, Inc. $60.19 $15,161 ($2,513) $12,648 2.0x 1.9x 1.9x 8.2x 7.6x 6.9x 14.0x 12.6x 11.2x 8.6% 4.3% 4.2% 24.8% 25.7% 27.1%

Twilio Inc. $96.41 $9,531 ($317) $9,214 14.6x 11.1x 8.8x NM NM NM NM NM NM 57.9% 31.8% 26.4% 4.0% 5.4% 7.5%

Dropbox, Inc. $22.30 $9,065 ($873) $8,193 5.9x 5.1x 4.5x 25.0x 21.9x 18.0x 58.5x 48.8x 37.6x 25.2% 15.7% 14.3% 23.6% 23.3% 24.8%

The Ultimate Software Group, Inc. $257.30 $8,046 ($124) $7,921 7.0x 5.8x 4.9x 28.9x 24.4x 20.5x 47.7x 41.5x 34.5x 20.8% 19.9% 19.0% 24.1% 23.9% 23.8%

Paycom Software, Inc. $128.47 $7,530 ($50) $7,480 13.4x 10.8x 8.9x 32.0x 25.8x 21.4x 49.2x 40.0x 33.5x 29.3% 24.2% 20.8% 41.8% 41.7% 41.6%

RingCentral, Inc. $87.40 $7,021 ($212) $6,809 10.2x 8.3x 6.7x 86.9x 69.3x 51.8x NM NM 93.3x 32.8% 23.6% 23.0% 11.8% 11.9% 13.0%

Zendesk, Inc. $62.56 $6,697 $1 $6,698 11.3x 8.6x 6.6x NM NM 57.4x NM NM 84.5x 37.5% 31.6% 30.1% 6.0% 8.3% 11.5%

DocuSign, Inc. $42.67 $7,051 ($662) $6,390 9.2x 7.5x 6.1x NM 76.4x 44.9x NM NM NM 33.9% 23.3% 21.5% 5.8% 9.8% 13.7%

HubSpot, Inc. $138.41 $5,430 ($248) $5,182 10.2x 8.2x 6.7x 98.6x 68.7x 51.2x NM NM 84.6x 34.8% 25.4% 22.1% 10.4% 11.9% 13.1%

RealPage, Inc. $51.72 $4,681 $318 $4,999 5.7x 5.0x 4.5x 21.7x 17.5x 15.0x 34.8x 29.3x 25.2x 30.1% 15.0% 11.1% 26.4% 28.5% 29.9%

New Relic, Inc. $86.49 $4,926 ($335) $4,591 10.4x 8.2x 6.6x 67.9x 70.4x 45.5x NM NM 83.0x 33.9% 26.5% 25.3% 15.3% 11.7% 14.4%

LogMeIn, Inc. $86.04 $4,402 $32 $4,434 3.7x 3.5x 3.3x 10.0x 9.4x 8.7x 16.1x 14.8x 13.6x 21.6% 4.4% 6.0% 36.9% 37.5% 38.1%

Pure Storage, Inc. $17.43 $4,211 ($700) $3,511 2.5x 2.0x 1.6x 25.1x 17.4x 12.6x 67.9x 40.1x 27.4x 35.0% 27.7% 21.1% 10.1% 11.5% 13.0%

Paylocity Holding Corporation $62.31 $3,290 ($85) $3,205 7.7x 6.4x 5.3x 32.4x 22.3x 18.1x 43.9x 42.8x 36.1x 24.4% 20.0% 20.4% 23.8% 28.9% 29.5%

Cornerstone OnDemand, Inc. $52.55 $3,080 ($103) $2,977 5.6x 5.3x 4.6x 32.6x 23.0x 17.9x 71.6x 50.0x 35.9x 9.9% 7.1% 14.4% 17.2% 22.8% 25.6%

Box, Inc. $19.30 $2,768 ($102) $2,666 4.4x 3.6x 3.1x NM 50.8x 30.1x NM NM 88.8x 20.3% 20.4% 19.0% 4.3% 7.2% 10.1%

Five9, Inc. $46.49 $2,732 ($73) $2,660 10.6x 9.0x 7.6x 64.6x 52.7x 37.8x 92.0x 79.4x 60.2x 25.8% 17.4% 19.1% 16.4% 17.1% 20.0%

Envestnet, Inc. $51.39 $2,350 $303 $2,652 3.3x 3.0x 2.6x 16.9x 15.0x 12.8x 26.9x 24.4x 20.6x 18.9% 9.6% 12.8% 19.3% 19.8% 20.6%

Q2 Holdings, Inc. $53.62 $2,326 ($118) $2,208 9.2x 7.2x 5.9x NM 95.6x 49.5x NM NM 96.6x 24.1% 27.3% 22.6% 8.0% 7.5% 11.9%

Mimecast Limited $34.73 $2,086 $33 $2,119 6.6x 5.5x 4.8x 49.1x 32.4x 30.0x NM 89.2x 66.4x 32.3% 20.0% 16.2% 13.5% 17.1% 15.9%

AppFolio, Inc. $61.63 $2,111 ($46) $2,065 11.0x 8.7x 7.1x 46.7x 32.4x 24.2x 76.4x 51.1x 38.0x 30.5% 26.6% 21.6% 23.6% 26.8% 29.5%

SendGrid, Inc. $46.62 $2,222 ($164) $2,058 14.2x 11.5x 9.3x NM 89.6x 75.3x NM NM NM 29.7% 23.7% 23.6% 12.5% 12.8% 12.3%

Zuora, Inc. $19.88 $2,157 ($160) $1,997 8.5x 6.8x 5.5x NM NM NM NM NM NM 39.4% 25.8% 23.8% NM NM NM

Everbridge, Inc. $56.89 $1,687 ($10) $1,677 11.5x 9.1x 7.5x NM NM NM NM NM NM 40.0% 26.7% 21.1% NM 1.7% 3.7%

Benefitfocus, Inc. $48.81 $1,560 $79 $1,639 6.4x 5.5x 4.7x NM 74.3x 44.1x NM NM NM 0.1% 15.8% 16.4% 3.4% 7.4% 10.7%

Workiva Inc. $38.55 $1,690 ($78) $1,612 6.6x 5.8x 5.0x NM NM NM NM NM NM 16.7% 15.0% 15.0% NM NM 1.2%

Varonis Systems, Inc. $54.71 $1,612 ($158) $1,454 5.4x 4.6x 3.9x NM 92.3x 49.4x NM NM 90.5x 24.3% 17.8% 17.8% 3.5% 5.0% 7.8%


1010







SaaS

Cloudera, Inc. $11.59 $1,779 ($390) $1,390 1.7x 1.5x 1.2x NA NA NA NM 96.6x 28.3x 116.2% 20.6% 19.3% NA NA NA

SPS Commerce, Inc. $87.52 $1,546 ($189) $1,357 5.5x 4.9x 4.5x 26.5x 21.7x 18.1x 47.1x 42.8x 35.9x 12.0% 11.1% 9.8% 20.8% 22.8% 24.8%

Instructure, Inc. $40.70 $1,427 ($171) $1,255 6.0x 4.8x 3.9x NM NM NM NM NM NM 31.7% 23.8% 23.6% NM NM NM

LivePerson, Inc. $19.93 $1,264 ($66) $1,198 4.8x 4.2x 3.7x 63.2x 55.2x 41.0x NM NM NM 13.9% 14.0% 12.9% 7.6% 7.6% 9.1%

Talend S.A. $36.61 $1,101 ($89) $1,012 5.0x 4.1x 3.3x NM NM NM NM NM NM 37.6% 21.7% 23.0% NM NM NM

Carbonite, Inc. $28.39 $981 ($84) $897 3.0x 2.7x 2.5x 10.1x 9.1x 7.8x 17.4x 15.8x 14.5x 26.0% 10.5% 5.8% 29.5% 29.4% 32.7%

Zix Corporation $6.20 $336 ($24) $312 4.4x 4.2x 3.9x 15.7x 13.4x 13.0x 18.8x 17.1x 15.5x 6.9% 6.9% 6.1% 28.4% 31.1% 30.1%

ChannelAdvisor Corporation $11.46 $313 ($47) $266 2.0x 1.9x 1.8x 32.9x 25.2x 19.7x NM 77.0x 56.6x 7.0% 7.0% 6.3% 6.2% 7.5% 9.1%

Amber Road, Inc. $8.50 $236 $12 $248 2.9x 2.7x NA 49.8x 42.5x NA NM NM NA 7.2% 7.1% NA 5.9% 6.4% NA

Park City Group, Inc. $7.29 $144 ($11) $133 5.7x 4.5x 3.5x 24.8x 15.9x 11.4x 38.4x 20.7x 14.6x 14.9% 27.1% 27.8% 22.9% 28.1% 30.8%

Veritone, Inc. $4.51 $87 ($65) $22 0.9x 0.5x 0.4x NM NM NM NM NM NM 78.4% 68.3% 44.7% NM NM NM

Mean 7.7x 6.3x 5.2x 41.9x 41.1x 31.0x 50.3x 46.3x 49.5x 29.8% 21.2% 19.4% 16.8% 17.9% 19.2%






Sales & Marketing Applications

HubSpot, Inc. $138.41 $5,430 ($248) $5,182 10.2x 8.2x 6.7x 98.6x 68.7x 51.2x NM NM 84.6x 34.8% 25.4% 22.1% 10.4% 11.9% 13.1%

Teradata Corporation $39.99 $4,727 ($271) $4,456 2.1x 2.1x 2.0x 13.5x 11.4x 10.4x 32.3x 25.3x 20.1x (0.6%) 0.5% 1.5% 15.4% 18.2% 19.7%

SendGrid, Inc. $46.62 $2,222 ($164) $2,058 14.2x 11.5x 9.3x NM 89.6x 75.3x NM NM NM 29.7% 23.7% 23.6% 12.5% 12.8% 12.3%

SVMK Inc. $13.47 $1,685 $152 $1,837 7.3x 6.4x 5.5x 31.6x 33.8x 27.6x NM NM NM 15.3% 13.9% 17.2% 23.1% 18.9% 19.8%

Yext, Inc. $15.41 $1,554 ($107) $1,447 6.4x 4.9x 3.7x NM NM NM NM NM NM 33.8% 30.8% 30.1% NM NM NM

Cardlytics, Inc. $12.09 $259 ($1) $258 1.8x 1.3x 0.9x NM NM 10.9x NM NM 46.5x 12.7% 33.6% 41.0% NM NM 8.5%

Mean 7.0x 5.7x 4.7x 47.9x 50.9x 35.1x NM NM 50.4x 20.9% 21.3% 22.6% 15.3% 15.5% 14.7%

Median 6.8x 5.6x 4.6x 31.6x 51.2x 27.6x NM NM 46.5x 22.5% 24.6% 22.9% 14.0% 15.5% 13.1%


1111







Content & Storage Management

Adobe Inc. $235.43 $114,921 $896 $115,817 12.8x 10.4x 8.8x 36.7x 23.5x 19.1x 45.3x 30.3x 24.4x 23.7% 23.6% 17.9% 35.0% 44.2% 46.0%

NetApp, Inc. $60.19 $15,161 ($2,513) $12,648 2.0x 1.9x 1.9x 8.2x 7.6x 6.9x 14.0x 12.6x 11.2x 8.6% 4.3% 4.2% 24.8% 25.7% 27.1%

Open Text Corporation $34.18 $9,144 $1,831 $10,975 3.9x 3.8x 3.8x 10.6x 10.0x 9.6x 13.3x 12.4x 11.6x 7.8% 1.3% 1.2% 36.6% 38.2% 39.4%

Dropbox, Inc. $22.30 $9,065 ($873) $8,193 5.9x 5.1x 4.5x 25.0x 21.9x 18.0x 58.5x 48.8x 37.6x 25.2% 15.7% 14.3% 23.6% 23.3% 24.8%

Nutanix, Inc. $45.21 $8,099 ($528) $7,571 6.1x 4.7x 3.6x NM NM 36.5x NM NM NM 21.3% 29.1% 30.0% NM NM 10.0%

DocuSign, Inc. $42.67 $7,051 ($662) $6,390 9.2x 7.5x 6.1x NM 76.4x 44.9x NM NM NM 33.9% 23.3% 21.5% 5.8% 9.8% 13.7%

Pure Storage, Inc. $17.43 $4,211 ($700) $3,511 2.5x 2.0x 1.6x 25.1x 17.4x 12.6x 67.9x 40.1x 27.4x 35.0% 27.7% 21.1% 10.1% 11.5% 13.0%

Box, Inc. $19.30 $2,768 ($102) $2,666 4.4x 3.6x 3.1x NM 50.8x 30.1x NM NM 88.8x 20.3% 20.4% 19.0% 4.3% 7.2% 10.1%

Commvault Systems, Inc. $60.50 $2,800 ($484) $2,316 3.3x 3.0x 2.8x 21.1x 15.7x 11.5x 40.6x 29.8x 21.2x 3.5% 7.0% 9.2% 15.5% 19.5% 24.2%

Carbonite, Inc. $28.39 $981 ($84) $897 3.0x 2.7x 2.5x 10.1x 9.1x 7.8x 17.4x 15.8x 14.5x 26.0% 10.5% 5.8% 29.5% 29.4% 32.7%

Brightcove Inc. $7.46 $272 ($27) $245 1.5x 1.4x 1.3x NM 39.2x 15.9x NM NM 26.6x 6.0% 6.0% 8.1% 0.8% 3.6% 8.1%

Mean 5.0x 4.2x 3.6x 19.5x 27.2x 19.4x 36.7x 27.1x 29.3x 19.2% 15.3% 13.8% 18.6% 21.2% 22.7%






Business Intelligence & Analytics

Tableau Software, Inc. $122.91 $10,271 ($957) $9,315 9.5x 6.9x 5.8x NM 43.6x 30.8x NM 75.4x 60.2x 12.4% 37.0% 18.8% NM 15.8% 18.8%

Elastic N.V. $77.01 $5,466 ($321) $5,144 22.0x 15.9x 12.3x NA NM NM NA NM NM NA 39.0% 28.5% NA NM NM

Alteryx, Inc. $65.56 $4,024 ($157) $3,867 19.2x 14.2x 10.9x NM NM NM NM NM NM 52.9% 35.2% 30.8% 0.7% 1.3% 4.2%

Inovalon Holdings, Inc. $14.67 $2,236 $854 $3,090 5.8x 4.9x 4.5x 19.4x 15.3x 13.8x 48.7x 35.2x 27.9x 19.2% 17.9% 9.1% 29.8% 32.0% 32.6%

Cloudera, Inc. $11.59 $1,779 ($390) $1,390 1.7x 1.5x 1.2x NA NA NA NM 96.6x 28.3x 116.2% 20.6% 19.3% NA NA NA

Talend S.A. $36.61 $1,101 ($89) $1,012 5.0x 4.1x 3.3x NM NM NM NM NM NM 37.6% 21.7% 23.0% NM NM NM

MicroStrategy Incorporated $131.58 $1,509 ($699) $810 1.6x 1.6x 1.6x 21.9x 25.9x NA 40.4x 38.1x 61.9x (0.6%) 2.0% (0.8%) 7.4% 6.1% NA

Domo, Inc. $21.46 $565 ($108) $457 3.2x 2.7x 2.2x NM NM NM NM NM NM 29.7% 20.8% 24.0% NM NM NM

Attunity Ltd. $20.45 $437 ($38) $399 4.7x 3.9x 3.0x 32.1x 25.0x NA 44.5x 35.3x 24.3x 35.5% 20.8% 31.4% 14.8% 15.7% NA

Gridsum Holding Inc. $1.60 $49 $45 $94 0.7x 0.5x NA 5.0x 1.8x NA 3.5x 1.2x NA 100.7% 42.7% NA 13.0% 25.2% NA

Veritone, Inc. $4.51 $87 ($65) $22 0.9x 0.5x 0.4x NM NM NM NM NM NM 78.4% 68.3% 44.7% NM NM NM

Mean 6.8x 5.1x 4.5x 19.6x 22.3x 22.3x 34.3x 46.9x 40.5x 48.2% 29.6% 22.9% 13.1% 16.0% 18.5%



1212







Vertical

Intuit Inc. $202.66 $52,597 ($907) $51,690 8.1x 7.5x 6.8x 21.2x 20.9x 18.4x 32.2x 30.5x 25.7x 17.4% 7.3% 11.0% 38.1% 35.9% 36.7%

Fidelity National Information Services, Inc. $102.70 $33,633 $8,406 $42,039 5.0x 4.9x 4.7x 13.3x 12.6x 12.0x 19.7x 17.8x 16.0x (7.1%) 2.0% 3.5% 37.4% 38.7% 39.2%

Fiserv, Inc. $73.32 $29,216 $4,602 $33,818 5.8x 5.5x 5.2x 15.6x 14.5x 13.5x 23.4x 20.9x 18.6x 2.3% 6.0% 5.7% 37.1% 37.6% 38.3%

SS&C Technologies Holdings, Inc. $47.32 $11,788 $5,954 $17,742 5.1x 3.7x 3.6x 14.2x 9.9x 9.1x 16.8x 13.3x 11.8x 106.6% 36.8% 4.5% 36.2% 37.8% 39.5%

Cerner Corporation $53.43 $17,605 ($372) $17,232 3.2x 3.0x 2.7x 11.0x 10.1x 9.2x 21.7x 19.9x 17.8x 7.0% 7.6% 8.7% 29.2% 29.5% 29.6%

MSCI Inc. $151.81 $13,364 $1,176 $14,540 10.1x 9.5x 8.6x 18.6x 17.2x 15.4x 28.9x 25.6x 22.1x 12.5% 7.2% 10.0% 54.5% 54.9% 55.9%

Veeva Systems Inc. $96.51 $14,023 ($1,052) $12,971 15.1x 12.7x 10.8x 41.7x 35.7x 29.8x 61.1x 54.4x 46.3x 25.0% 18.9% 17.5% 36.3% 35.7% 36.3%

Jack Henry & Associates, Inc. $126.34 $9,766 ($115) $9,651 6.1x 5.9x 5.5x 17.5x 17.6x 15.9x 31.9x 33.0x 28.9x 6.9% 3.5% 8.1% 34.9% 33.6% 34.4%

Temenos AG $123.93 $8,603 $439 $9,042 10.7x 9.4x 8.4x 28.5x 24.5x 21.3x 41.8x 35.8x 30.7x 15.2% 13.5% 12.1% 37.4% 38.4% 39.4%

Tyler Technologies, Inc. $185.44 $7,199 ($272) $6,928 7.4x 6.7x 6.0x 24.7x 21.6x 19.3x 38.6x 34.5x 31.4x 11.6% 10.8% 10.5% 29.9% 30.8% 31.2%

Fair Isaac Corporation $199.02 $5,763 $674 $6,437 6.1x 5.6x 5.2x 26.7x 24.8x 21.8x 31.2x 27.7x 23.9x 12.0% 7.9% 7.8% 22.7% 22.6% 23.9%

Guidewire Software, Inc. $84.31 $6,832 ($783) $6,049 8.3x 7.9x 6.9x 35.5x 43.5x 27.3x 59.8x 66.3x 55.1x 26.3% 4.9% 14.9% 23.4% 18.2% 25.3%

athenahealth, Inc. $133.00 $5,477 ($45) $5,431 4.0x 3.7x 3.4x 14.6x 12.7x 11.3x 30.8x 27.3x 23.1x 10.3% 9.4% 8.6% 27.7% 29.0% 30.2%

RealPage, Inc. $51.72 $4,681 $318 $4,999 5.7x 5.0x 4.5x 21.7x 17.5x 15.0x 34.8x 29.3x 25.2x 30.1% 15.0% 11.1% 26.4% 28.5% 29.9%

Xero Limited $31.22 $4,365 $243 $4,608 13.3x 9.9x 7.8x NM 50.2x 33.0x NM NM 83.8x 30.1% 33.8% 27.0% 13.2% 19.7% 23.7%

CoreLogic, Inc. $34.86 $2,808 $1,666 $4,475 2.5x 2.5x 2.5x 9.2x 9.1x 8.4x 12.8x 12.5x 10.8x (2.9%) (1.1%) 1.9% 27.1% 27.7% 29.5%

Allscripts Healthcare Solutions, Inc. $11.29 $1,973 $1,716 $3,689 1.7x 1.7x 1.6x 8.9x 8.5x 8.3x 15.3x 13.9x 12.6x 19.1% 1.7% 2.5% 19.2% 19.8% 19.8%

Coupa Software Incorporated $65.64 $3,902 ($235) $3,667 14.5x 11.7x 9.4x NM NM 81.5x NM NM NM 35.7% 23.8% 24.8% 7.1% 7.2% 11.5%

Blackbaud, Inc. $65.45 $3,097 $400 $3,497 4.1x 3.9x 3.7x 18.9x 20.9x 19.0x 26.3x 28.5x 26.3x 7.8% 5.9% 6.3% 21.8% 18.6% 19.3%

2U, Inc. $53.67 $3,109 ($443) $2,666 6.5x 4.9x 3.7x NM NM NM NM NM NM 43.5% 32.9% 31.7% 4.3% 2.3% 3.3%

Envestnet, Inc. $51.39 $2,350 $303 $2,652 3.3x 3.0x 2.6x 16.9x 15.0x 12.8x 26.9x 24.4x 20.6x 18.9% 9.6% 12.8% 19.3% 19.8% 20.6%

Avalara, Inc. $37.53 $2,496 ($138) $2,358 8.9x 7.4x 6.1x NM NM NM NM NM NM 24.7% 20.3% 20.2% NM NM 1.3%

BlackLine, Inc. $42.80 $2,339 ($125) $2,214 9.7x 7.9x 6.4x NM NM 81.1x NM NM NM 28.3% 22.9% 23.4% 5.7% 6.8% 7.9%

Q2 Holdings, Inc. $53.62 $2,326 ($118) $2,208 9.2x 7.2x 5.9x NM 95.6x 49.5x NM NM 96.6x 24.1% 27.3% 22.6% 8.0% 7.5% 11.9%

Bottomline Technologies (de), Inc. $49.96 $2,153 $23 $2,176 5.3x 4.9x 4.3x 22.0x 20.4x 17.1x 37.4x 31.2x 25.7x 12.9% 7.7% 13.2% 24.0% 24.0% 25.3%

AppFolio, Inc. $61.63 $2,111 ($46) $2,065 11.0x 8.7x 7.1x 46.7x 32.4x 24.2x 76.4x 51.1x 38.0x 30.5% 26.6% 21.6% 23.6% 26.8% 29.5%

Ellie Mae, Inc. $66.26 $2,309 ($272) $2,036 4.2x 4.0x 3.7x 15.9x 14.1x 12.2x 34.9x 33.5x 28.6x 15.0% 6.4% 9.2% 26.6% 28.3% 30.0%

Zuora, Inc. $19.88 $2,157 ($160) $1,997 8.5x 6.8x 5.5x NM NM NM NM NM NM 39.4% 25.8% 23.8% NM NM NM

Ebix, Inc. $46.00 $1,438 $497 $1,935 3.9x 3.2x 2.4x 11.8x 9.9x 8.0x 12.7x 10.4x 8.6x 35.2% 22.1% 33.2% 33.4% 32.6% 30.1%

Instructure, Inc. $40.70 $1,427 ($171) $1,255 6.0x 4.8x 3.9x NM NM NM NM NM NM 31.7% 23.8% 23.6% NM NM NM

HealthStream, Inc. $24.72 $799 ($174) $625 2.7x 2.6x 2.6x 15.3x 14.7x 15.5x 64.2x 66.3x 85.2x (6.8%) 3.3% 2.7% 17.7% 17.8% 16.4%

Model N, Inc. $14.07 $444 ($3) $441 2.9x 3.1x 2.7x 41.2x 35.7x 25.2x NM 88.8x NA 5.3% (4.0%) 12.8% 7.1% 8.6% 10.8%

Castlight Health, Inc. $2.33 $326 ($63) $263 1.7x 1.6x 1.4x NM 31.9x 15.4x NM NM 34.9x 17.8% 2.9% 15.5% NM 5.2% 9.3%

Mean 6.7x 5.8x 5.0x 21.3x 23.8x 22.4x 33.9x 33.2x 32.6x 20.8% 13.4% 14.0% 25.1% 24.8% 25.5%



1313







ERP & General Business

salesforce.com, inc. $145.99 $111,682 $941 $112,623 8.5x 7.0x 5.9x 35.5x 28.5x 23.0x 55.9x 52.9x 42.0x 26.4% 20.7% 19.2% 24.0% 24.7% 25.7%

Workday, Inc. $166.18 $36,560 ($391) $36,168 12.9x 10.3x 8.4x 76.9x 54.8x 41.1x NM NM 77.1x 31.1% 25.1% 22.7% 16.7% 18.8% 20.4%

Shopify Inc. $148.62 $16,398 ($1,578) $14,820 14.0x 10.1x 7.6x NM NM 75.0x NM NM NM 57.0% 39.3% 31.6% 3.7% 6.4% 10.2%

Constellation Software Inc. $693.91 $14,705 ($57) $14,648 4.8x 4.2x 3.7x 19.2x 16.0x 13.7x 25.8x 21.5x 18.1x 22.2% 14.5% 14.7% 25.2% 26.3% 26.8%

The Sage Group plc $7.76 $8,428 $847 $9,275 3.9x 3.7x 3.5x 13.8x 14.4x 13.3x 18.7x 20.2x 18.5x (0.3%) 5.8% 6.3% 28.6% 26.0% 26.3%

The Ultimate Software Group, Inc. $257.30 $8,046 ($124) $7,921 7.0x 5.8x 4.9x 28.9x 24.4x 20.5x 47.7x 41.5x 34.5x 20.8% 19.9% 19.0% 24.1% 23.9% 23.8%

Paycom Software, Inc. $128.47 $7,530 ($50) $7,480 13.4x 10.8x 8.9x 32.0x 25.8x 21.4x 49.2x 40.0x 33.5x 29.3% 24.2% 20.8% 41.8% 41.7% 41.6%

Zendesk, Inc. $62.56 $6,697 $1 $6,698 11.3x 8.6x 6.6x NM NM 57.4x NM NM 84.5x 37.5% 31.6% 30.1% 6.0% 8.3% 11.5%

Ceridian HCM Holding Inc. $35.62 $4,917 $484 $5,401 7.3x 6.7x 5.9x 36.0x 30.8x 24.3x NM 79.9x 47.6x 10.7% 8.9% 13.4% 20.2% 21.7% 24.3%

j2 Global, Inc. $71.46 $3,522 $707 $4,229 3.5x 3.3x 3.1x 8.7x 7.9x 7.3x 11.4x 10.5x 9.9x 7.7% 7.5% 6.5% 40.6% 41.6% 42.1%

Medidata Solutions, Inc. $67.48 $4,129 ($104) $4,025 6.3x 5.4x 4.6x 26.4x 21.7x 17.7x 41.2x 36.9x 29.9x 16.7% 17.8% 16.0% 24.0% 24.7% 26.1%

Paylocity Holding Corporation $62.31 $3,290 ($85) $3,205 7.7x 6.4x 5.3x 32.4x 22.3x 18.1x 43.9x 42.8x 36.1x 24.4% 20.0% 20.4% 23.8% 28.9% 29.5%

Anaplan, Inc. $27.80 $3,474 ($370) $3,104 13.2x 10.3x 8.1x NM NM NM NM NM NM 39.7% 27.9% 28.0% NM NM NM

Cornerstone OnDemand, Inc. $52.55 $3,080 ($103) $2,977 5.6x 5.3x 4.6x 32.6x 23.0x 17.9x 71.6x 50.0x 35.9x 9.9% 7.1% 14.4% 17.2% 22.8% 25.6%

Manhattan Associates, Inc. $45.23 $2,957 ($94) $2,863 5.2x 5.1x 5.0x 18.5x 22.3x 21.6x 26.5x 32.5x 31.6x (6.8%) 1.9% 1.8% 28.0% 22.7% 23.1%

Smartsheet Inc. $26.35 $2,733 ($205) $2,528 14.4x 10.4x 7.7x NM NM NM NM NM NM 57.6% 39.1% 33.9% NM NM NM

Benefitfocus, Inc. $48.81 $1,560 $79 $1,639 6.4x 5.5x 4.7x NM 74.3x 44.1x NM NM NM 0.1% 15.8% 16.4% 3.4% 7.4% 10.7%

Workiva Inc. $38.55 $1,690 ($78) $1,612 6.6x 5.8x 5.0x NM NM NM NM NM NM 16.7% 15.0% 15.0% NM NM 1.2%

Pluralsight, Inc. $26.46 $1,649 ($201) $1,448 6.3x 4.7x 3.6x NM NM NM NM NM NM 38.2% 33.1% 31.4% NM NM NM

Technology One Limited $4.61 $1,461 ($76) $1,386 6.7x 5.8x 5.2x 26.9x 22.8x 19.8x 40.9x 33.2x 28.8x (3.9%) 16.1% 11.1% 24.9% 25.2% 26.2%

SPS Commerce, Inc. $87.52 $1,546 ($189) $1,357 5.5x 4.9x 4.5x 26.5x 21.7x 18.1x 47.1x 42.8x 35.9x 12.0% 11.1% 9.8% 20.8% 22.8% 24.8%

Enghouse Systems Limited $53.32 $1,455 ($146) $1,308 5.0x 4.6x NA 15.9x 15.2x NA 28.7x 27.0x NA (2.1%) 6.6% NA 31.1% 30.5% NA

LivePerson, Inc. $19.93 $1,264 ($66) $1,198 4.8x 4.2x 3.7x 63.2x 55.2x 41.0x NM NM NM 13.9% 14.0% 12.9% 7.6% 7.6% 9.1%

PROS Holdings, Inc. $32.24 $1,198 ($60) $1,138 5.8x 5.0x 4.3x NM NM NM NM NM NM 15.7% 16.0% 17.0% NM NM NM

Upland Software, Inc. $28.42 $614 $142 $756 5.1x 4.0x 3.9x 14.4x 10.9x 10.1x 17.7x 14.3x 14.4x 51.3% 28.5% 1.8% 35.3% 36.4% 38.8%

Basware Oyj $46.32 $669 $13 $681 4.2x 4.0x 3.6x NM NM NM NM NM NM (9.4%) 6.0% 10.0% 0.2% NM 0.9%

QAD Inc. $40.43 $794 ($125) $669 2.0x 1.9x 1.8x 28.1x 27.9x 24.0x 54.6x 55.9x 50.5x 8.8% 5.3% 7.0% 7.2% 6.9% 7.4%

Opera Limited $7.47 $822 ($213) $610 3.5x 2.7x 2.3x 9.1x 6.7x 5.0x 16.9x 11.4x 9.0x 33.6% 28.9% 21.6% 39.0% 41.1% 45.0%

Synchronoss Technologies, Inc. $6.72 $287 $9 $296 0.9x 0.9x NA 26.1x 5.6x NA NM NM NA (18.0%) 4.3% NA 3.4% 15.3% NA

ChannelAdvisor Corporation $11.46 $313 ($47) $266 2.0x 1.9x 1.8x 32.9x 25.2x 19.7x NM 77.0x 56.6x 7.0% 7.0% 6.3% 6.2% 7.5% 9.1%

American Software, Inc. $10.72 $332 ($81) $251 2.2x 2.1x NA 16.3x 13.6x NA 39.7x 33.5x NA 3.7% 6.8% NA 13.5% 15.2% NA

Amber Road, Inc. $8.50 $236 $12 $248 2.9x 2.7x NA 49.8x 42.5x NA NM NM NA 7.2% 7.1% NA 5.9% 6.4% NA

Park City Group, Inc. $7.29 $144 ($11) $133 5.7x 4.5x 3.5x 24.8x 15.9x 11.4x 38.4x 20.7x 14.6x 14.9% 27.1% 27.8% 22.9% 28.1% 30.8%

ServiceSource International, Inc. $1.06 $98 ($29) $69 0.3x 0.3x NA 5.5x 4.7x NA 26.5x 11.8x NA (0.5%) (3.3%) NA 5.3% 6.4% NA

The Descartes Systems Group Inc $28.29 $0 $18 $18 0.1x 0.1x 0.1x 0.2x 0.2x 0.1x 24.9x 21.9x 20.6x 16.1% 10.5% 9.5% 34.0% 35.1% 35.9%

Boxlight Corporation $1.53 $16 $2 $18 0.5x 0.4x NA NA NA NA NM NM NA 43.3% 22.0% NA NA NA NA

Mean 6.0x 5.0x 4.7x 27.0x 23.5x 23.6x 36.4x 35.4x 34.7x 17.6% 16.4% 16.5% 19.5% 21.7% 23.0%



1414








Development & Operations Management

VMware, Inc. $150.34 $61,623 ($9,287) $52,336 5.9x 5.3x 4.9x 15.2x 14.1x 11.8x 24.1x 22.4x 20.1x 12.2% 11.4% 8.3% 38.9% 37.6% 41.4%

ServiceNow, Inc. $190.47 $34,152 ($811) $33,341 12.8x 9.9x 7.8x 49.1x 35.5x 26.1x 80.5x 60.9x 45.3x 35.0% 29.2% 26.9% 26.0% 27.8% 29.9%

Red Hat, Inc. $174.10 $30,774 ($1,410) $29,364 9.0x 7.8x 6.8x 47.3x 28.3x 26.2x NM 45.0x 39.3x 17.2% 15.0% 15.4% 19.1% 27.7% 25.9%

Carrefour SA $18.26 $14,200 $13,686 $27,885 0.3x 0.3x 0.3x 7.0x 6.5x 6.0x 16.8x 14.1x 12.1x (9.4%) 2.4% 2.6% 4.5% 4.8% 5.1%

Atlassian Corporation Plc $95.81 $22,817 ($967) $21,850 21.5x 16.5x 13.2x 75.7x 61.4x NA NM NM 88.4x 37.2% 30.2% 24.9% 28.3% 26.8% NA

Splunk Inc. $115.91 $17,130 ($991) $16,138 9.3x 7.5x 6.1x 65.6x 46.1x 34.6x 99.2x 71.7x 53.6x 37.1% 24.1% 22.1% 14.1% 16.2% 17.7%

Micro Focus International plc $19.11 $7,966 $4,337 $12,303 3.1x 3.4x 3.7x 8.7x 8.9x 8.4x 12.1x 8.5x 8.0x 54.0% (8.3%) (8.8%) 35.9% 38.3% 44.5%

Twilio Inc. $96.41 $9,531 ($317) $9,214 14.6x 11.1x 8.8x NM NM NM NM NM NM 57.9% 31.8% 26.4% 4.0% 5.4% 7.5%

New Relic, Inc. $86.49 $4,926 ($335) $4,591 10.4x 8.2x 6.6x 67.9x 70.4x 45.5x NM NM 83.0x 33.9% 26.5% 25.3% 15.3% 11.7% 14.4%

LogMeIn, Inc. $86.04 $4,402 $32 $4,434 3.7x 3.5x 3.3x 10.0x 9.4x 8.7x 16.1x 14.8x 13.6x 21.6% 4.4% 6.0% 36.9% 37.5% 38.1%

MongoDB, Inc. $86.62 $4,643 ($308) $4,335 17.7x 12.5x 9.4x NM NM NM NM NM NM 58.3% 41.6% 32.7% NM NM NM

Pivotal Software, Inc. $17.50 $4,593 ($665) $3,928 6.0x 4.8x 3.9x NM NM 46.4x NM NM NM 29.3% 23.6% 23.5% NM NM 8.4%

Pegasystems Inc. $51.16 $4,026 ($206) $3,820 4.3x 4.1x 3.5x 55.2x 66.9x 45.3x 83.9x 80.3x 52.7x 5.6% 6.1% 14.3% 7.8% 6.1% 7.8%

Upwork Inc. $19.34 $2,056 $22 $2,078 8.3x 6.9x 5.8x NM NM NM NM NM NM 24.2% 19.2% 19.1% 0.1% 1.3% 4.4%

NetScout Systems, Inc. $24.68 $1,918 $148 $2,066 2.3x 2.1x 2.1x NA NA NA 23.8x 14.4x 13.2x (15.3%) 6.0% 3.3% NA NA NA

Appian Corporation $29.52 $1,880 ($107) $1,772 8.0x 7.0x 5.8x NM NM NM NM NM NM 25.7% 14.6% 20.2% NM NM NM

Progress Software Corporation $36.40 $1,634 ($20) $1,614 4.1x 4.1x 4.0x 9.7x 10.1x 10.7x 14.8x 14.6x 13.9x (0.5%) 0.7% 1.6% 42.2% 40.3% 37.3%

Apptio, Inc. $37.97 $1,730 ($145) $1,585 6.8x 5.8x 5.0x NM 97.8x 65.2x NM NM NM 24.0% 16.4% 17.1% 5.5% 6.0% 7.6%

Bandwidth Inc. $41.96 $815 ($63) $751 3.7x 3.3x 2.8x 71.8x NM NM NM NM NM 23.5% 12.3% 19.8% 5.2% NM 2.3%

MobileIron, Inc. $4.70 $496 ($102) $394 2.0x 1.8x 1.8x NM 29.8x 20.1x NM NM NA 9.8% 10.2% 3.2% 0.4% 6.2% 8.9%

Axway Software SA $14.40 $304 $4 $308 0.9x 0.9x 0.9x 7.9x 8.3x 7.1x 10.7x 11.6x 9.7x (8.1%) 1.5% 2.7% 11.8% 11.1% 12.6%

Magic Software Enterprises Ltd. $7.89 $352 ($85) $267 0.9x 0.9x NA NA NA NA 13.8x 12.9x NA 10.7% 7.6% NA NA NA NA

Mean 7.1x 5.8x 5.1x 37.8x 35.2x 25.9x 36.0x 30.9x 34.8x 22.0% 14.8% 14.6% 17.4% 19.1% 18.5%


All Software

Mean 6.5x 5.5x 4.8x 29.5x 28.9x 24.2x 37.9x 35.7x 36.2x 22.3% 16.7% 15.9% 20.4% 21.5% 22.5%


1515

CY 2018E Revenue Growth % + CY 2018E FCF Margin %

Valuation Correlation to Growth & Free Cash FlowValuation Correlation to Growth

Ente

rpri

se V

alu

e /

CY

20

18

E R

eve

nu

e

CY2018E Revenue Growth

PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Ente

rpri

se V

alu

e /

CY

20

18

E R

eve

nu

e

Notes:Source: Capital IQ as of 1/9/2019. Consensus Estimates used for CY2018E figures.

CRM

WDAY NOW

SPLK

SHOP

NTAP

TWLO

DBXULTI

PAYC

RNG

ZEN

DOCU

HUBS

RP

NEWR

LOGM

PSTG

PCTY

CSOD

BOX

FIVN

ENV

QTWO

MIME

APPF

SEND

ZUO

EVBG

BNFT

WK

VRNSSPSC

INST

LPSN

TLND

CARB

ZIXI

ECOM

AMBR

PCYG

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0% 10% 20% 30% 40% 50% 60% 70%

R = 0.59

CRM

WDAY NOW

SPLK

SHOP

NTAP

TWLO

DBX

ULTI

PAYC

RNG

ZEN

DOCU

HUBS

RP

NEWR

LOGM

PSTG

PCTY

CSOD

BOX

FIVN

ENV

QTWO

MIME

APPF

SEND

ZUO

EVBG

BNFTWK

VRNSSPSC

INST

LPSN TLND

CARB

ZIXI

ECOM

AMBR

PCYG

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0% 10% 20% 30% 40% 50% 60% 70%

R = 0.64

1616

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 12/31/2018, where Enterprise Value is >$50MM.Transactions highlighted in yellow denote private equity transactions. Multiples <0 and >100 considered NM.

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

12/27/18 Infrastructure Management $252 6.0x NA NA NA Provides cross-border payment software and services to businesses and financial institutions.

12/24/18 Application Software $1,750 8.1x NA NA NAProvides ERP and CRM SaaS for health and fitness facilities. Software provides features for facilities scheduling, workforce

management, e-commerce and business analytics.

12/20/18 Application Software $275 NA NA NA NA Provides pre-construction bidding management and analytics SaaS for the building and construction sectors.

12/19/18

(Technology Assets)

Application Software $1,000 5.0x NA NA NAThe technology assets of M*Modal, which provides clinical documentation, transcription and EHR SaaS and hardware for the

medical sector.

12/17/18 Application Software $65 0.8x NA NA NA

Provides customer experience and survey creation SaaS for businesses that monitor customer satisfaction, experiences and

behavior on businesses' various retail channels, including websites, mobile sites, contact centers, in-store and on social

media.

12/13/18 Application Software $60 3.3x NA NA NAProvides email marketing and marketing automation SaaS to businesses in the UK. Software features include email design,

automation, demographic targeting and performance reporting.

12/12/18 Application Software $245 6.4x 4.9x NA NA Provides online customer retention and customer experience SaaS for retail banks.

12/11/18 Application Software $425 NA NA NA NAProvides manufacturing ERP and manufacturing execution system (MES) software and SaaS for the automotive, medical,

aviation, food and beverage, and materials sectors.

12/10/18 Application Software $4,400 2.5x 2.5x 10.5x NAProvides e-commerce, business management, transaction processing and Web portal design software and consulting services

for the travel industry globally.

12/10/18 Application Software $525 1.5x NA NA NAProvides medical practice, pharmacy and electronic healthcare records (EHR) management software and SaaS for healthcare

providers and related government agencies.

12/10/18 Application Software $262 7.6x 7.0x NA NAProvides credit information and analytics management SaaS and services for businesses in the microlending, banking, retail,

and telecommunication markets in Africa and Asia Pacific.

12/10/18 Application Software $95 NA NA NA NA Provides GRC compliance-focused third-party vendor management CPM and BI SaaS for companies globally.

12/6/18

(Software Assets)

Infrastructure Management $1,775 NA NA NA NASelect software products of IBM, which provide features for application development, device management, marketing

automation, omni-channel e-commerce and workstream collaboration for businesses and consumers globally.

12/6/18 Security $51 NA NA NA NAProvides mobile identity and access management (IAM), authentication, carrier billing and payments apps for mobile telecom

service providers.

12/5/18 Security $143 1.8x 1.0x 9.9x NA Provides IPTV content encryption and DRM SaaS for cable and IPTV service providers.

12/3/18

(Rulebook suite)

Application Software $87 NA NA NA NAThe Rulebook suite of products of Moore Stephens, which provides pricing, underwriting and broking management SaaS for

the insurance market in London.

1717


RECENT ACQUISITIONS


($MM)



11/29/18 Application Software $800 NA NA NA NA Provides project and document management, and enterprise work collaboration SaaS for businesses.

11/27/18 Application Software $190 NA NA NA NAProvides machine condition monitoring and fluids analysis SaaS and instruments for the petrochemical, fleets, mining and

power generation industries globally.

11/20/18 Application Software $875 NA 8.8x NA NA Provides mobile-based project management SaaS for businesses in the building and construction industry.

11/16/18 Security $1,400 10.8x NA NA NA Provides AI-based IT security management SaaS to businesses.

11/14/18 Application Software $360 NA 9.0x NA NAProvides distribution, shopping, pricing, merchandising, retailing, offer and NDC order management SaaS for the airline sector

globally.

11/12/18 Application Software $5,700 4.1x NA 17.3x NAProvides electronic healthcare records (EHR) management and medical bill processing and practice management SaaS for

hospitals and healthcare practices in the US.

11/12/18 Information Management $400 1.8x NA NA NA Provider of print management and cost recovery software solutions.

11/11/18 Application Software $8,000 21.5x 20.0x NA NA Provides customer experience-focused software that collects customer and employee feedback via online surveys.

11/11/18 Infrastructure Management $1,940 8.2x NA NA NA Provides cloud-based technology business management (TBM) SaaS for businesses.

11/8/18 Infrastructure Management $600 NA 14.0x NA NAProvides B2B payment software and related mobile application for use with fleet fuel cards, accounts payable and corporate

travel payments.

11/8/18 Security $113 14.2x NA NA NAProvides operational technology (OT) and industrial network monitoring software for critical infrastructure and manufacturing

companies globally.

11/7/18 Infrastructure Management $1,000 1.5x NA 15.9x NAProvides stock and equity EDI trading software for financial services institutions, investment firms and brokerages. Also

provides subscription-based investment and stock market research and analytics for traders and investment firms.

11/5/18 Security $950 7.6x NA NA NAProvides application security code analysis and network penetration vulnerability testing SaaS for enterprise software

developers.

11/5/18 Information Management $750 NA 6.1x NA 25.0x Provides electronic health record management SaaS to the long-term care and senior living healthcare industry.

11/5/18 Application Software $176 4.0x NA NA NA Provides data analytics and reporting software for businesses globally.

11/1/18 Infrastructure Management $525 3.2x NA NA NA Provides M2M mobile asset management SaaS for businesses to track systems and sensors throughout their enterprise.

1818


RECENT ACQUISITIONS


($MM)



10/31/18 Information Management $310 NA NA NA NA Provides data management and integration iPaaS for businesses globally.

10/30/18 Application Software $145 NA NA NA NA Provides operational risk management software for the oil and gas sectors.

10/30/18 Security $140 4.7x NA NA NAProvides identity access and project management software and SaaS for the banking, life sciences, pharmaceutical, utilities,

public, manufacturing, retail, healthcare and telecom sectors.

10/30/18 Security $90 0.5x NA 10.9x NAProvides identity theft protection, data breach remediation and credit management software and services that enable

consumers and financial institutions access, monitor and manage credit information.

10/30/18 Information Management $50 NA NA NA NA Provides social media management SaaS for businesses.

10/28/18 Infrastructure Management $33,435 10.8x NA 56.8x NAProvides open-source Linux OS, middleware, desktop and server virtualization and systems management software, as well as

hybrid cloud management PaaS, for businesses and consumers globally.

10/22/18 Application Software $122 3.5x NA 40.2x NAProvides SaaS-based insurance claims management mobile applications for businesses in the property and health insurance

sector.

10/17/18 Application Software $150 NA 3.8x NA 9.0x Provides digital audio analytics and advertising enablement SaaS for digital audio publishers and advertisers.

10/15/18 Application Software $1,739 12.3x NA NM NAProvides Web and mobile email marketing SaaS and related SMTP API software that enables marketing and B2C

communications for businesses and mobile app developers.

10/15/18 Application Software $685 4.7x NA 18.6x NAOperates as a holding company for businesses that provide traditional and software-based educational curriculum for the

education sector.

10/12/18 Application Software $57 NA 6.3x NA NA Provides data analytics SaaS for the multifamily real estate sector.

10/10/18 Security $2,100 5.5x NA NA NA Provides database, file and Web application security software and SaaS for businesses globally.

10/9/18 Application Software $1,450 NA NA NA NAProvides wealth management SaaS for direct investors, bankers, asset and wealth managers, life insurers, and advisers

globally.

10/9/18 Infrastructure Management $68 NA NA NA NAProvides enterprise MongoDB database provisioning and management SaaS for use on Amazon Web Services (AWS),

Microsoft Azure and Google Cloud.

10/8/18 Infrastructure Management $2,000 NA NA NA NAProvides systems management, application lifecycle management and business process management software for

businesses running IBM mainframes and System i servers.

10/8/18 Infrastructure Management $180 3.3x NA NA NA Provides mobile and Web automation testing SaaS to businesses.

1919

RECENT ACQUISITIONS



($MM)



10/3/18 Information Management $2,080 6.6x NA NA NAProvides open-source Apache Hadoop data processing and data management software and support software, as well as

training and consulting services, for businesses.

10/3/18 Security $173 34.6x NA NA NA Provides AI-enabled cloud security analytics SaaS for businesses.

10/3/18 Application Software $65 NA NA NA NAProvides customer and employee analytics and engagement SaaS across short message service (SMS), mobile, email, web,

and social media.

10/1/18 Application Software $100 1.3x NA 20.0x NA Provides employee recruitment, performance, compensation and skills management SaaS for businesses in Europe.

9/27/18 Application Software $415 NA NA NA NAProvides restaurant management software, software development and systems integration services to businesses in the food

and hospitality industries.

9/26/18 Application Software $140 NA NA NA NAThe financial institution loyalty business unit of Augeo Marketing, which provides Web-based B2B and B2C marketing,

employee benefits and incentives management, engagement and loyalty SaaS for middle-market banks and credit unions.

9/25/18 Application Software $150 NA NA NA NA Provides iOS and Android mobile applications that enable students at higher education institutions to order food.

9/20/18 Application Software $4,750 NA 12.4x NA NA Provides marketing automation SaaS for businesses.

9/20/18 Application Software $350 NA 5.0x NA NA Provides IVR, speech recognition, call center, voiceXML and voice conferencing and call handling software to enterprises.

9/14/18 Infrastructure Management $218 5.3x NA NA NA Provides trade execution and clearing software for the financial sector globally.

9/13/18 Security $625 5.7x NA 20.8x NAProvides access control software for use in virtual and cloud-based environments for businesses. Software is compatible with

Windows, Macintosh, Unix and Linux computers. Also provides password management software.

9/12/18 Application Software $100 NA NA NA NA Provides team meeting, collaboration, workspace management and related analytics SaaS for businesses.

9/12/18 Application Software $100 NA NA NA NAProvides billing management SaaS to government agencies and utility service providers. Software provides features for

resident payment processing, e-signatures, online form management and mobile payments.

9/12/18 Application Software $98 NA NA NA NAProvides competitive bidding and RFx project management SaaS to government agencies, schools, healthcare facilities and

nonprofits. Software provides features for contract and vendor performance management.

9/12/18 Application Software $91 NA NA NA NAProvides budgeting SaaS for government and healthcare agencies, schools and nonprofits. Software also provides features for

performance and data management.

9/6/18 Information Management $1,160 8.9x NA 29.0x NAProvides Web content management software, including online community creation, e-commerce, email marketing campaign

management, website visitor analytics and Web design software, for businesses globally

2020


RECENT ACQUISITIONS


($MM)



9/6/18 Application Software $1,500 4.6x NA NA NAProvides fintech consulting services and team collaboration SaaS to businesses globally in the life science, financial, oil and

gas, technology and manufacturing industries.

9/4/18 Infrastructure Management $295 NA 14.8x NA NAProvides an IT operations SaaS that monitors availability and performance, including incident alerts, notifications, and on-call

management via smartphone push notifications, email, SMS and phone calls.

9/4/18 Information Management $300 NA NA NA NAProvides middleware, device management software and data analytics software for businesses to gather, connect and

analyze information from devices throughout their enterprise.

9/4/18 Application Software $1,600 7.1x NA NA NAProvides Salesforce, Azure and IBM Cloud-based quote-to-cash (QTC) contract, pricing and invoice automation SaaS for

enterprises.

All Software

Median 5.2x 7.0x 18.6x 17.0x

Mean 6.6x 8.4x 22.7x 17.0x

PE Acquirers

Median 5.1x 2.5x 17.3x NA

Mean 5.3x 2.5x 17.3x NA

2121

RECENT PRIVATE FINANCINGS

Notes:Source: Pitchbook. Reflects deal activity through 12/31/2018. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

12/28/18 Samsara $100Developer of a sensor-based data management platform designed to increase the safety

and efficiency of physical operations. Andreessen Horowitz, General Catalyst

12/28/18 NuoDB $31Developer of a cloud based relational database platform designed to provide critical

workloads. Undisclosed

12/28/18 Measurabl $25Provider of a cloud-based data collection software intended to empower companies to

disclose and act upon their sustainability performance.

Camber Creek, Concrete, Building Ventures, DivcoWest, Salesforce Ventures, Sway Ventures,

Borealis Ventures, Impact Engine

12/27/18 Carta $80Developer of an ownership management and compliance platform designed to consolidate

company ownership data onto one common electronic registry. Meritech Capital Partners, Tribe Capital, Union Square Ventures, Spark Capital, Menlo Ventures

12/19/18 Cambridge Mobile Telematics $500 Provider of a mobile application intended to make roads safer by making drivers better. SoftBank Investment Advisers

12/19/18 Dataiku $101Developer of a centralized collaborative data science platform designed to explore,

prototype, build and deliver own data products efficiently. Alven Capital Partners, FirstMark Capital, Battery Ventures, Dawn Capital, ICONIQ Capital

12/19/18 Sprout Social $41Provider of a social media management software and solutions intended to help brands

communicate with customers. The Future Fund, New Enterprise Associates, The Goldman Sachs Group

12/19/18 Crew App $35Developer of a free messaging application designed to simplify and organize team

communications at work.

Sequoia Capital, Greylock Partners, Harrison Metal Capital, Aspect Ventures, DAG Ventures,

Tenaya Capital

12/19/18 K Health $25Developer of a crowd-sourced data diagnosing symptom software designed to provide

artificial intelligence based personal health assistant.

Comcast Ventures, Mangrove Capital Partners, Lerer Hippeau Ventures, Bessemer Venture

Partners, BoxGroup, Max Ventures, Primary Venture Partners

12/18/18

Seismic

(Business/Productivity

Software)

$100Developer of an end-to-end sales enablement software designed to pitch sales of client's

product.

Lightspeed Venture Partners, T. Rowe Price, JMI Equity, General Atlantic, Jackson Square

Ventures

12/18/18 Egress $40Provider of a SaaS-based on-demand privacy and risk management platform designed to

manage and protect unstructured data. FTV Capital, Albion Capital

12/17/18 Avanan $25Developer of a cyber-security platform intended to provide security solutions for cloud-

based email, messaging and collaboration. StageOne Ventures, Magma Venture Partners, Greenfield Cities Holdings

12/14/18 Fortanix $22 Developer of an enterprise security software designed to offer data protection services. Undisclosed

12/13/18 Procore $75Developer of a cloud-based project-management platform intended to manage

construction and real-estate projects. Tiger Global Management, Bessemer Venture Partners, Lumia Capital, ICONIQ Capital

12/13/18 Chorus $33Developer of a sales conversation intelligence platform designed to improve sales

conversations. Georgian Partners, Emergence Capital Partners, Redpoint Ventures

12/12/18 Nexthink $85Provider of an End-user IT Analytics platform intended to measure and manage

information security programs.

Index Ventures (UK), TOP Funds, VI Partners, Auriga Partners (Paris), Highland Europe, Galeo-

Ventures, Forestay Capital, Olivier Pomel

2222



($MM)



12/12/18 AtScale $50Provider of a business intelligence platform designed to make business analytics work on

big data.

Morgan Stanley Investment Management, Atlantic Bridge Capital, UMC Capital, Storm

Ventures, Wells Fargo Securities

12/12/18 Optibus $40Provider of a cloud-based platform intended to offer complex and large-scale

transportation operations.

Insight Venture Partners, Verizon Ventures, Alibaba Group, Pitango Venture Capital, New Era

Capital

12/12/18 Tigera $30Developer of open core enterprise software designed to deliver services for secure

application connectivity for the cloud-native world.

Insight Venture Partners, New Enterprise Associates, Wing Venture Partners, Madrona Venture

Group

12/11/18 Plaid (Financial Software) $250Developer of an application programming interface designed to offer financial and banking

services.

Kleiner Perkins, Spark Capital, New Enterprise Associates, Goldman Sachs Investment Partners,

Andreessen Horowitz, Norwest Venture Partners, Index Ventures (UK)

12/11/18InVision (Multimedia and

Design Software)$115

Developer of a SaaS-based digital product design platform designed to help companies

unlock the power of design-driven product development.

Spark Capital, Atlassian, FirstMark Capital, Battery Ventures, Geodesic Capital, Goldman Sachs

Investment Partners, Tiger Global Management, ICONIQ Capital

12/11/18 Quali $23Developer of a DevOps automation and orchestration software intended to automate and

improve DevOps lifecycle and productivity.

Jerusalem Venture Partners, Dell Ventures, Kreos Capital, Gemini Israel Ventures, Evergreen

Venture Partners, Orr Partners

12/6/18 Looker $103Developer of a business intelligence and big data analytics platform designed to bring

better insights and data-driven decisions to every business.

Premji Invest, CapitalG, Founders Circle Capital, IVP, Cross Creek Advisors, Redpoint Ventures,

Meritech Capital Partners, Kleiner Perkins

12/6/18 EdCast $34Developer of artificial intelligence-driven knowledge cloud intended for unified discovery,

personalized learning, and sales enablement.

SoftBank Capital, REV Venture Partners, Crescent Enterprises, Mistletoe, Cervin Ventures,

Stanford University Venture Fund, The London Fund, SSGA Funds

12/6/18 LeanIX $30Developer of an enterprise architecture management software designed to reduce

complexity in the information technology landscape. Insight Venture Partners, Deutsche Telekom Capital Partners, Capnamic Ventures, Iris Capital

12/5/18 Gitlab $120Provider of an open-source, code-collaboration platform designed to unify issues, code

review, CI and CD into a single UI. ICONIQ Capital, Goldman Sachs Principal Strategic Investments GV, Khosla Ventures

12/5/18 Amplitude $80Developer of a mobile analytics platform designed to track user behavior and build better

products. Sequoia Capital, Benchmark Capital, Battery Ventures, IVP, Lead Edge Capital

12/5/18 LightStep $41Provider of a performance management platform designed to provide better visibility into

production software systems.

Altimeter Capital, Harrison Metal Capital, Redpoint Ventures, Sequoia Capital, Cowboy

Ventures

12/5/18 Contentful $34

Provider of a content management platform designed to help digital teams to ship and

iterate content faster, across all of their web applications, mobile applications and

connected devices.

Sapphire Ventures, Salesforce Ventures, Hercules, Balderton Capital, Benchmark Capital,

General Catalyst, OMERS Ventures

12/5/18 Camunda Services $29Developer of workflow automation and decision platform designed to offer detailed

visibility into business operations across distributed systems. Highland Europe

12/5/18 Workato $25 Developer of an integration platform designed to automate businesses. Workday Ventures, ServiceNow, Battery Ventures

11/29/18 Venafi $100Provider of a machine identity protection platform designed to secure the connection and

communication between machines. Technology Crossover Ventures, NextEquity Partners, QuestMark Partners

2323



($MM)



11/29/18 Aras $70Developer of a product lifecycle management platform designed to improve the lifecycle

processes of enterprises.

Goldman Sachs Private Capital Investing Group, GE Ventures, Silver Lake Management, Savano

Capital Partners

11/29/18 Standard Cognition $51Developer of autonomous checkout technology intended to streamline operations for

brick and mortar retailers. Initialized Capital Management, Charles River Ventures, Y Combinator, Draper Associates

11/29/18 Asana $50 Developer of a task management software designed to help teams track their work. Generation Investment Management, Benchmark Capital, Founders Fund, 8VC, Lead Edge

Capital, WiL (World Innovation Lab), Generation Investment Management, Founders Fund, 8VC

11/28/18 Plusgrade $153 Developer of a SaaS-based revenue optimization software. Caisse de dépôt et placement du Québec

11/28/18 Deputy $81Provider of a workforce management platform designed to simplify employee scheduling,

timesheets, tasking and communication. IVP, EVP Capital Management, OpenView Venture Partners, Square Peg Capital

11/28/18 Deskera $60Developer of a cloud-based business management software intended to deliver services

that help companies of all sizes and industries, run better.

Cisco Investments, InnoVen Capital, Jungle Ventures, Susquehanna Growth Equity, Tembusu

Partners

11/26/18Cogito (Emotional

Intelligence Software)$45 Developer of real-time emotional intelligence software to improve customer engagement. The Goldman Sachs Group, Salesforce Ventures, OpenView Venture Partners

11/19/18 AERGO (Application Software) $30Provider of an open platform designed to help businesses to build innovative applications

and services by sharing data.

JRR Crypto, Samsung Capital, Sequoia Capital China, NEO Global Capital, Dekrypt Capital,

Global Blockchain Innovative Capital, Lemniscap, Rockaway Blockchain, Chainfund Capital,

Block Crafters Capital, FBG Capital, BA Capital, Arrington XRP Capital

11/16/18 MapAnything $43Provider of a geo-analytics and location intelligence platform designed to improve

enterprises productivity. GM Ventures, Salesforce Ventures, Harbert Growth Partners, Greycroft

11/15/18 Automation Anywhere $550Provider of robotic process automation designed to work side by side with people to

handle repetitive routines and tasks found within many industries.

New Enterprise Associates, Goldman Sachs' Merchant Banking Division, Softbank Group,

General Atlantic, WiL (World Innovation Lab)

11/15/18 Airtable $100Provider of a 360° due diligence platform designed for investors, vendors and enterprise IT

end users.

Thread Capital, Thrive Capital, Benchmark Capital, Coatue Management, Caffeinated Capital,

Charles River Ventures

11/15/18 Primer (Database Software) $40Developer of a machine intelligence platform designed to automate the analysis of large

datasets.

Lux Capital, Data Collective, Amplify Partners, In-Q-Tel, Avalon Ventures, Section 32, Mubadala

Investment Company

11/15/18 EmergeTMS $20Developer of a web-based transportation management platform designed to help freight

professionals visualize, source and communicate efficiently. Greycroft

11/14/18 UiPath $265Developer of robotic process automation software designed to deliver fast and reliable RPA

that enhances business performance at unlimited scale. CapitalG, Sequoia Capital, Accel, IVP, Madrona Venture Group, Meritech Capital Partners

11/13/18 Netskope $168Developer of a cloud-analytic service platform designed to understand activities, protect

data, stop threats and respond to incidents.

Lightspeed Venture Partners, Social Capital, Accel, Sapphire Ventures, Geodesic Capital, Base

Partners, ICONIQ Capital

11/13/18 ClearSky Data $20Provider of a cloud-based enterprise storage network designed to offer data protection and

disaster recovery services. Pear Tree Partners, General Catalyst, Highland Capital Partners, Polaris Partners

2424



($MM)



11/8/18 RealtimeBoard $25Developer of an online collaboration and whiteboarding platform designed for cross-

functional team collaboration. Accel, Altair Capital

11/6/18 Engineer.ai $30Developer of an AI-powered Software intended to help build and operate software

projects. Lakestar, Jungle Ventures

11/5/18 Esperanto Technologies $58

Developer of an energy-efficient computing technology for Artificial Intelligence (AI) and

Machine Learning applications based on the open standard RISC-V Instruction Set

Architecture (ISA).

Comet Labs

11/2/18 Dynamic Yield $38Developer of AI powered personalization software intended to maximize the monetization

of website traffic. Viola Growth, Bessemer Venture Partners, Union Tech Ventures, Naver

11/2/18 Scale Computing $35Developer of a cloud-based data storage platform designed to automate data

management.

Lenovo, Northgate Capital, ABS Capital Partners, Collina Ventures, CID Equity, Heron Capital,

Reservoir Venture Partners, First Analysis, Blue Chip Venture, Spring Mill Venture Partners, Allos

Ventures, Benchmark Capital, VisionTech Partners

11/1/18 HashiCorp $100Provider of cloud infrastructure automation platform designed to intended to solve

development, operations and security challenges in infrastructure.

IVP, AppDynamics, Slack, Snap, Mayfield Fund, GGV Capital, True Ventures, Redpoint Ventures,

Bessemer Venture Partners

11/1/18 Neo4j $80Developer of an open-source graph database designed to help companies built intelligent

applications.

Morgan Stanley Expansion Capital, One Peak Partners, Eight Roads, Creandum, Greenbridge

Partners

10/30/18 AppZen $35Developer of an Artificial Intelligence (AI) based platform designed to offer back-office

automation services. Lightspeed Venture Partners, Resolute Ventures, NAV.VC, Redpoint Ventures

10/29/18 Quid $38 Provider of a visualization platform designed to offer text-based data analysis. REV Venture Partners, Salesforce Ventures, ARTIS Ventures, Founders Fund, Lixil Group

10/29/18 Conversica $31Provider of an AI-driven lead engagement software for marketing and sales organizations

designed to help companies find and secure customers more quickly and efficiently.

Savano Capital Partners, Providence Equity Partners, Toba Capital, Kennet Partners, CIBC

Capital Partners

10/25/18 Arctic Wolf $45 Developer of a cloud security platform intended to offer network security services. Adams Street Partners, Knollwood Investment Advisory, Lightspeed Venture Partners, Redpoint

Ventures, Sonae IM, The Future Fund, Unusual Ventures

10/25/18 Infoworks $25Developer of a data engineering platform intended to eliminate complexity through big

data automation.

Centerview Capital Technology, Knoll Ventures, New Enterprise Associates, Nexus Venture

Partners

10/24/18 DataRobot $100Developer of a machine learning automation platform designed to deploy accurate

predictive models.

DFJ Growth, IA Ventures, Intel Capital,Meritech Capital Partners, New Enterprise Associates,

Sapphire Ventures

10/24/18 Yellowbrick Data $48Developer and provider of data warehouse intended to redefine how data drives change in

businesses. GV, Menlo Ventures, Next47, Samsung Venture Investment, Third Point Ventures

10/23/18 Bright Machines $179Developers of an intelligent manufacturing software platform designed to automate

manufacturing operations and robotics. Balyasny Asset Management, Eclipse Ventures, FlexTronics, Lux Capital

10/23/18 People.ai $30Developer of revenue intelligence platform designed to solve solving the problem of sales

and marketing alignment. Andreessen Horowitz, GGV Capital, Lightspeed Venture Partners, Y Combinator

2525



($MM)



10/22/18 Assent Compliance $100Developer of compliance management software designed to help organizations collect

data and stay in compliance with local and international regulations.

Business Development Bank of Canada, Greenspring Associates, National Research Council

Canada, OpenText Enterprise Apps Fund, Royal Bank of Canada, Volition Capital, Warburg

Pincus

10/18/18 InCorta $30Developer of a real-time analytics platform designed to aggregate large and complex

business data.

Anant Jhingran, DEMO Traction, GV, Kleiner Perkins, M12, Mohamed Sabry, Ronald Wohl,

Steve Papa, SV Angel, Telstra Ventures, Wilson Sonsini Goodrich & Rosati, Ziyad Dahbour

10/17/18 LucidChart $72Provider of collaborative diagramming and brand management software designed to

improve clarity, communication and productivity. ICONIQ Capital, Meritech Capital Partners, Spectrum Equity

10/16/18 Syncron International $67 Provider of cloud-based aftermarket supply chain management software. Dendera Venture, Summit Partners

10/16/18 Numerify $28Provider of a business intelligence platform designed to offer insight for data-driven IT

organizations.

DAG Ventures, Dipchand Nishar, Focus Opportunity Fund, Four Rivers Group, Individual

Investor, KAAJ Ventures, Lightspeed Venture Partners, Sequoia Capital, Silicon Valley Bank,

Tenaya Capital

10/15/18 Docker $92Provider of a software containerization platform intended to address every application

across the hybrid cloud. Base Partners, Benchmark Capital, Greenspring Associates, SharesPost, TheFamily

10/11/18 Snowflake $450Developer of a SaaS-based cloud data warehousing platform designed to safely and

efficiently store, transform and analyze business data.

Altimeter Capital, Capital One Growth Ventures, ICONIQ Capital, Ken Hausman, Madrona

Venture Group, Meritech Capital Partners, Redpoint Ventures, Sequoia Capital, Sutter Hill

Ventures, Wing Venture Partners

10/11/18 G2 Crowd $55Provider of a business software review platform intended to help the insights business

professionals about technology purchase decisions.

Accel, Chicago Ventures, Christopher Shutts, Emergence Capital Partners, High Alpha, Hyde Park

Venture Partners, IVP, Jason Duboe, LinkedIn, Pritzker Group Venture Capital, Teamworthy

Ventures, Thomas Lehrman, Tim Kopp

10/10/18 Pipedrive $60Developer of a sales management tool designed to help small sales teams manage intricate

or lengthy sales processes.

Atomico, Bessemer Venture Partners, Deutsche Telekom Capital Partners, Insight Venture

Partners, Rembrandt Venture Partners

10/10/18 Tresata $50Developer of a predictive analytics platform, designed to understand and monetize people,

process and product behaviors. GCP Capital Partners

10/10/18 Demisto $43Developer of automated incident response and security orchestration platform designed to

offer integrated threat intelligence and security orchestration.

Accel, Cerca Partners, ClearSky (North Palm Beach), Greylock Partners, Gur Shomron, Kevin

Mahaffey, Michael Fey, Secure Octane, Slack, Specialized Types, Stuart McClure, Vijay Bolina,

Wipro Ventures

10/9/18 MakerLoop $30Provider of a all-in-one platform created to develop, design and host websites intended to

advance website development.

Adam Wiggins, Andreessen Horowitz, Bloomberg Beta, Designer Fund, Dylan Field, Heavybit,

Jeremy Stoppelman, Kleiner Perkins, Stewart Butterfield, Tank Hill Ventures, Todd Morey, Tom

Preston-Werner

10/5/18 TidalScale $24Developer of Software-Defined Servers designed to bring flexibility to modern data centers

by right-sizing servers on the fly.

Bain Capital Ventures, Citrix Startup Accelerator, Hummer Winblad Venture Partners, Infosys,

Samsung Catalyst, SAP, Sapphire Ventures, SK Hynix

10/4/18 JFrog $165Provider of software management services designed to enhance infrastructure for software

management and distribution.

Battery Ventures, Dell Technologies Capital, Gemini Israel Ventures, Geodesic Capital, Insight

Venture Partners, Qumra Capital, Sapphire Ventures, Scale Venture Partners, Silicon Valley

Fund, Spark Capital, Vintage Investment Partners, VMware

10/3/18 Talkdesk $100Developer of cloud-based call center software designed to help growing businesses to

improve customer satisfaction while reducing costs.

500 Startups, Alexander Khein, Draper Fisher Jurvetson Management, Jason Lemkin, Orange

Fab, SaaStr, Salesforce Ventures, Storm Ventures, Twilio Fund, Viking Global Investors

10/3/18 Braze $80Developer of a lifecycle engagement platform for marketing, growth, and engagement

teams. Meritech Capital Partners, Cross Creek Advisors

2626

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and Company filings as of 12/31/2018. IPO pricings include public registrations only. (1) First Trading Day listed as Offer Date.

($MM)

Offer Date(1) Market Cap @

IPO DateAmount Raised Pre IPO Filing Range Offer Price

% Change

Offer /

Midpoint Price

% Change

1st Trading Day / Offer

Price

% Change Current /

Offer Price

10/19/2018 $4,538 $375 15.00 - 16.00 $15.00 (3.2%) 0.2% (7.8%)

10/12/2018 $2,956 $264 15.00 - 17.00 $17.00 6.3% 42.9% 56.1%

10/5/2018 $4,864 $252 33.00 - 35.00 $36.00 5.9% 94.4% 98.6%

10/3/2018 $2,204 $187 12.00 - 1 4.00 $15.00 15.4% 41.2% 20.7%

9/26/2018 $2,107 $180 9.00 - 11.00 $12.00 20.0% 43.7% 2.3%

7/27/2018 $1,336 $127 17.00 - 19.00 $20.00 11.1% 26.0% 20.8%

7/27/2018 $1,438 $115 10.00 - 12.00 $12.00 9.1% 9.3% (53.7%)

7/26/2018 $2,755 $251 17.00-19.00 $23.00 27.8% 31.5% (3.5%)

6/29/2018 $681 $193 19.00 - 21.00 $21.00 5.0% 30.0% (6.5%)

6/15/2018 $2,933 $180 21.00 - 23.00 $24.00 9.1% 87.3% 29.8%

5/17/2018 $1,196 $311 12.00 - 14.00 $15.00 15.4% 33.3% 57.0%

5/4/2018 $1,576 $152 15.00-17.00 $19.00 18.8% 26.0% (29.4%)

4/27/2018 $1,928 $175 12.00 - 14.00 $15.00 15.4% 30.0% 65.7%

4/27/2018 $6,043 $629 26.00 - 28.00 $29.00 7.4% 37.0% 38.2%

Name

2727

195

144

(5)

(4)

(6)(9) (6)

(7)

(8)

(9)

(7)

(10)

(7)

(11)

(8)(11)

(9)

(6)

(10)

(12)

(13)(17)

6

11

717

1617 11

9

10

20

130

140

150

160

170

180

190

200

210PE Acquisitions Strategic Acquisitions IPO

Notes:Sources: Capital IQ, company filings. Market data as of 12/31/2018.

A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues

20182008 2009 2010 2011 20152012 2013 2014 2016 2017

FortinetCDC Software

LogMeInMedidata

SolarWindsRosetta Stone

SciQuestRealPageIntraLinksEnvestnet

Qlik BroadSoft

Higher One Convio

SPS CommerceSS&C

QuinStreet

JiveImperva

CarboniteTangoe

ResponsysCornerstone

Epocrates

WorkdayFleetmatics

QualysEloquaE2open

ServiceNowExa

IncadeaInfloblox

ProofpointSplunk

ExactTargetDemandwareBazaarvoiceGreenway

AVGGuidewire

MavenirBarracudaWix.comCovisint

RingCentralFireEyeCvent

Gigamon Textura

ChannelAdvisorMarketoTableauHalogen

RallyMarin

Model N

WorkivaHortonworks

New RelicHubSpotCyberArk

MobileIronKinaxis

ZendeskPaycom

OPOWERFive9

2UBorderfree

Amber RoadA10 Networks

PaylocityVaronis Systems

AtlassianMimecast

InstructureRapid7Sophos

AppFolioAlarm.Com

XactlyShopifyApigee

Box

TwilioSecureWorks

TalendEverbridge

Apptio Gridsum Holding

NutanixCoupa

BlackLine, Inc.

MulesoftAlteryx

OktaYext

ClouderaAppian

MongoDBAltair Engineering

SendGridSailPoint

CardlyticsZscaler

DropboxZuora

Pivotal SoftwareCeridianDocuSign

SmartsheetCarbon Black

PluralsightAvalaraDomo

Tenable HoldingsOpera Limited

EndavaSurveyMonkey

UpworkElastic

AnaplanSolarwinds

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10 + 20

Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13 - 17

PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7 - 10

2828

US Deal Share by Sector

US Financing Trend

US FINANCING AND DEAL SHARE BY SECTOR

Notes:Source: PwC CB Insights MoneyTree Report Q4 2018.

$15.9

$19.5 $20.7 $20.3$22.6

$24.0

$28.0$25.0

1,510

1,424

1,511 1,3791,436

1,564

1,325

1,211

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

Investments ($B) Deals

43% 44% 47%42% 46% 43% 44% 45%

14% 15% 13%

11%12%

12% 12% 12%

15% 13% 14%

15%13% 15% 15% 13%

6% 8% 8%

8%8% 9% 8% 9%

3%5%

4%

6% 4% 5% 3% 4%

18%15% 15%

18% 16% 16% 18% 16%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Consumer Products & Services Other

Documents

Software Sector Summary Report - GCA Altium€¦ · 2 DEAL DASHBOARD Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 12/31/2018. 1) Criteria