22
Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4)
Company Amount ($MM) Target Acquirer EV ($MM)
$115 $3,903
$100 $1,917
$40 $1,235
$37 $1,125
$34 $713
$30 $614
$28 $531
$25 $459
Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)
` Financing Activity by Quarter
$48.4 Billion2017 Financing Volume (1)(2)
6372017 Financing Transactions (1)(2)
$42.9 Billion2017 M&A Volume (3)
982017 M&A Transactions (3)
23%
46%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
SPX IGV
103 111127
94
123
156 160 159 162
Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
$6
$9$10
$5$6
$14$12 $11
$12
Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
$16
$6
$50
$41
$15$12
$5$12 $13
Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
29
14
2924
29 25 2130
22
Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
( )
3.9x
3.1x
4.2x
3.6x 4.0x
4.6x
3.3x
4.7x
3.9x
5.3x
4.3x
3.7x
4.9x
3.7x
2.7x 2.2x
2.9x 2.9x
4.5x 4.1x
2.8x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
2011 2012 2013 2014 2015 2016 2017
All Buyers Strategic Buyers PE Buyers
DEAL DASHBOARD
Notes:Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 1/12/2018.1) 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) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017. M&A metrics are based on closed and announced transactions.5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.
Software
Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)
$Bn $Bn54%
40%
(62%)
2%
33
GCA OVERVIEW
US Team
Steve FletcherManaging DirectorHead of Software
Jimmy OrozcoManaging [email protected]
Josh WepmanManaging Director
Software & Digital Media
The GCA Software Team
Clark CallanderManaging Director
Head of Investment [email protected]
Todd CarterCo-President & [email protected]
Executive Leadership Select Europe Team
**Sascha PfeifferCo-Head of European Technology & Media
*Adrian ReedManaging Director
*Stephen GeorgiadisManaging Director
**Raiko SteltenDirector
Select Asia Team
***Ryuichi KanemakiManaging [email protected]
***Tomohiko KubotaManaging Director
CEO of [email protected]
***Akikazu IdaCo-Head of Asian
Technology & [email protected]
Glen KrugerDirector
Mike JanovecVice President
Gautam GargVice President
Daniel AvrutskyManaging Director
Chris GoughManaging Director
Real Estate [email protected]
Sean MinnihanManaging Director
FinTechFinancial Software
Derek BellManaging DirectorBusiness [email protected]
JT HermanManaging Director
Industrial [email protected]
Arthur KirschManaging Director
Healthcare [email protected]
John LambrosManaging Director
Head of Digital [email protected]
Alex VitaleManaging Director
Auto [email protected]
*Phil AdamsCEO of GCA Altium
**Tobias SchultheissManaging Director
Sameer JindalManaging Director
Head of Indian [email protected]
Paul DiNardoManaging Director
*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/Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.***Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation.
44
Index Performance
RECENT STOCK PERFORMANCE
Last 12 Months Last 3 Years
Notes:Sources: Capital IQ. Market Data as of 1/12/2018.Platform: ADBE, IBM, MSFT, ORCL, SAP.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV.
(5%)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Sector 3 Months 1 Year 3 Years
Platform 11.3% 32.8% 61.0%
Security 2.2% 23.7% 25.2%
Infrastructure 11.4% 38.7% 56.7%
SaaS / On Demand 10.6% 47.6% 80.6%
BI & Analytics 16.5% 36.3% 12.2%
Vertical 2.1% 41.9% 42.8%
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17
55
Valuation and Operational Metrics
TRADING COMPARABLES
Notes:Sources: Capital IQ. Market Data as of 1/12/2018.Figures represent mean values of respective comp groups.Platform: ADBE, IBM, MSFT, ORCL, SAP.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SEND, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV.
EV / 2018E Revenue EV / 2018E EBITDA
2018E / 2017E Revenue Growth 2018E EBITDA Margin
38.9x
27.6x 26.9x 23.9x
20.6x
14.2x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
45.0x
SaaS BI & Analytics Infrastructure Security Vertical Platform
Median: 25.4x
37.9%
26.0% 23.6% 23.5%
17.6% 15.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Platform Vertical Infrastructure Security SaaS BI & Analytics
Median: 23.5%
6.0x5.6x 5.6x 5.1x
4.2x 4.1x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
SaaS Infrastructure Platform Vertical Security BI & Analytics
Median: 5.3x
21.2% 18.9% 17.4% 15.6% 13.6%
8.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
SaaS BI & Analytics Infrastructure Vertical Security Platform
Median: 16.5%
66
Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/12/2018. 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
1/12/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E
Platform
Microsoft Corporation $89.60 $691,227 ($44,660) $646,567 6.4x 5.9x 5.4x 16.2x 14.6x 12.8x 26.2x 25.3x 22.4x 16.1% 9.2% 7.9% 39.4% 40.1% 42.4%
Oracle Corporation $49.51 204,952 (10,904) 194,048 5.0 4.8 4.6 12.8 10.3 9.7 21.3 16.2 15.1 4.5% 4.2% 4.2% 38.9% 46.6% 47.4%
International Business Machines Corporation $163.14 151,034 34,127 185,161 2.4 2.4 2.3 9.7 9.4 9.4 11.8 11.8 11.4 (1.6%) 0.1% 0.1% 24.3% 25.2% 25.0%
SAP SE $110.26 132,188 683 132,871 4.7 4.4 4.1 13.6 13.1 12.1 21.9 20.2 18.1 21.4% 7.7% 6.7% 34.7% 33.2% 33.7%
Adobe Systems Incorporated $195.05 96,149 (3,938) 92,210 12.6 10.5 9.0 37.0 23.6 19.9 57.7 35.1 28.8 24.7% 19.9% 17.0% 34.2% 44.7% 45.3%
Mean 6.2x 5.6x 5.1x 17.8x 14.2x 12.8x 27.8x 21.7x 19.2x 13.0% 8.2% 7.2% 34.3% 37.9% 38.7%
Median 5.0 4.8 4.6 13.6 13.1 12.1 21.9 20.2 18.1 16.1% 7.7% 6.7% 34.7% 40.1% 42.4%
Infrastructure
VMware, Inc. $132.53 $53,428 ($6,485) $46,943 6.0x 5.4x 5.0x 16.2x 15.0x 13.0x 25.8x 23.7x 21.5x 11.1% 9.8% 7.9% 36.8% 36.3% 38.8%
ServiceNow, Inc. $138.19 23,866 (515) 23,351 12.2 9.3 7.2 55.5 37.0 25.6 NM 76.9 51.1 38.2% 31.0% 28.0% 21.9% 25.1% 28.3%
Red Hat, Inc. $125.95 22,294 (954) 21,340 7.7 6.6 5.9 40.2 23.9 19.8 68.0 38.9 35.0 19.4% 16.8% 12.0% 19.1% 27.5% 29.6%
CA, Inc. $34.09 14,268 100 14,368 3.5 3.3 3.3 9.4 8.8 8.5 14.4 13.4 13.1 2.7% 3.6% 0.7% 37.1% 38.2% 38.9%
Micro Focus International plc $31.18 13,577 4,152 17,729 7.1 4.2 4.3 17.6 11.0 10.0 15.9 13.1 11.3 84.8% 67.2% (2.5%) 40.3% 38.6% 43.4%
Citrix Systems, Inc. $90.04 13,567 (87) 13,480 4.8 4.7 4.5 13.8 14.6 14.3 18.8 18.6 16.3 (17.4%) 2.0% 3.1% 34.7% 32.1% 31.6%
Splunk Inc. $89.64 12,680 (981) 11,700 9.4 7.5 5.9 80.1 55.7 37.4 NM NM 70.1 30.7% 25.4% 27.5% 11.8% 13.5% 15.8%
Atlassian Corporation Plc $52.57 11,872 (614) 11,258 15.4 11.7 9.2 57.5 41.8 NA NM 99.4 71.8 37.9% 31.1% 27.0% 26.7% 28.1% NA
F5 Networks, Inc. $141.81 8,876 (1,017) 7,859 3.8 3.6 3.5 9.6 9.1 NA 16.8 16.1 14.9 3.6% 3.1% 3.7% 39.3% 40.0% NA
LogMeIn, Inc. $121.00 6,369 (276) 6,093 6.0 5.3 5.0 16.5 13.9 12.6 28.8 24.7 21.7 5.6% 12.4% 6.4% 36.3% 38.4% 39.7%
Nutanix, Inc. $37.84 6,070 (366) 5,705 5.8 4.9 3.9 NM NM 34.9 NM NM NM 56.2% 19.7% 25.2% NM 1.3% 11.2%
Software Aktiengesellschaft $58.46 4,466 (53) 4,413 4.1 4.0 3.8 12.9 12.5 11.7 19.7 18.4 17.3 15.8% 4.2% 3.9% 32.1% 31.8% 32.8%
Pure Storage, Inc. $16.47 3,570 (551) 3,019 3.0 2.3 1.8 NM 34.4 18.5 NM NM 49.5 39.6% 31.3% 26.9% 2.1% 6.6% 9.6%
New Relic, Inc. $60.39 3,325 (227) 3,098 9.5 7.4 6.0 NM 97.1 52.1 NM NM NM 34.9% 27.2% 24.3% 1.2% 7.7% 11.5%
MuleSoft, Inc. $24.40 3,171 (182) 2,990 10.3 7.6 5.8 NM NM NM NM NM NM 55.0% 35.9% 30.2% NM NM NM
Commvault Systems, Inc. $53.90 2,489 (495) 1,995 2.9 2.6 2.4 22.9 17.9 13.5 52.9 43.0 35.7 8.2% 10.3% 9.9% 12.6% 14.6% 17.7%
Progress Software Corporation $50.69 2,423 (62) 2,362 5.9 5.8 5.8 17.0 12.3 12.2 65.8 21.7 20.8 (1.9%) 1.6% 1.3% 35.0% 47.6% 47.2%
NetScout Systems, Inc. $27.55 2,401 (7) 2,394 2.2 2.3 2.3 9.1 12.4 9.5 16.3 19.6 15.9 (3.7%) (6.2%) 2.7% 24.3% 19.0% 23.9%
Appian Corporation $36.76 2,223 (72) 2,151 12.8 11.0 9.2 NM NM NM NM NM NM 26.3% 16.4% 19.8% NM NM NM
Altair Engineering Inc. $25.88 1,628 75 1,703 5.1 4.7 4.2 76.4 39.4 27.0 NM 75.4 49.2 5.7% 8.4% 14.0% 6.7% 12.1% 15.4%
SailPoint Technologies Holdings, Inc. $16.45 1,404 137 1,541 8.9 7.1 5.7 70.8 NM 71.6 NM NM NM 31.3% 24.4% 25.1% 12.5% 6.8% 8.0%
A10 Networks, Inc. $7.58 536 (124) 412 1.7 1.6 1.5 34.2 27.1 17.4 NM 94.8 44.6 4.5% 7.6% 7.4% 5.0% 5.9% 8.5%
Mean 6.7x 5.6x 4.8x 32.9x 26.9x 22.8x 31.2x 39.9x 32.9x 22.2% 17.4% 13.8% 22.9% 23.6% 25.1%
Median 5.9 5.1 4.8 17.6 16.4 15.9 19.7 23.7 21.7 17.6% 14.4% 11.0% 24.3% 26.3% 26.1%
77
Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/12/2018. Negative margins considered NM. Multiples <0 and >100 considered NM.
($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
1/12/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E
Security
Symantec Corporation $28.82 $17,868 $4,183 $22,051 4.5x 4.3x 4.1x 9.6x 8.5x 7.1x 19.9x 15.3x 14.0x 30.9% 3.5% 6.0% 46.3% 50.9% 56.9%
Check Point Software Technologies Ltd. $103.00 16,835 (1,510) 15,325 8.3 7.8 7.3 14.7 13.9 12.9 19.6 18.0 16.5 6.7% 6.3% 6.4% 56.0% 55.9% 56.5%
Palo Alto Networks, Inc. $153.52 14,107 (972) 13,135 6.7 5.5 4.8 27.9 21.4 17.4 50.1 40.9 34.1 25.8% 20.3% 16.5% 23.9% 25.8% 27.3%
Splunk Inc. $89.64 12,680 (981) 11,700 9.4 7.5 5.9 80.1 55.7 37.4 NM NM 70.1 30.7% 25.4% 27.5% 11.8% 13.5% 15.8%
Fortinet, Inc. $44.94 7,815 (1,276) 6,539 4.4 3.9 3.4 21.2 17.6 14.7 44.2 37.8 31.5 16.6% 14.0% 12.8% 20.7% 21.9% 23.3%
Trend Micro Incorporated $56.83 7,813 (1,257) 6,556 5.0 4.6 4.3 15.0 13.3 12.2 34.0 29.9 27.4 15.9% 8.9% 5.7% 33.5% 34.7% 35.7%
Proofpoint, Inc. $99.11 4,444 (78) 4,365 8.6 6.5 5.2 66.7 48.1 34.1 NM 96.2 63.4 35.7% 31.5% 25.9% 12.8% 13.5% 15.2%
FireEye, Inc. $15.59 2,878 (109) 2,769 3.7 3.5 3.2 31.7 27.3 20.3 NM NM 95.5 4.0% 7.7% 8.5% 11.8% 12.7% 15.7%
Qualys, Inc. $63.90 2,423 (303) 2,120 9.2 7.9 6.8 25.1 21.8 19.3 60.7 54.6 47.1 16.1% 16.4% 16.3% 36.8% 36.3% 35.3%
Mimecast Limited $32.29 1,851 (89) 1,762 7.4 6.0 5.0 81.9 57.6 46.4 NM NM NM 39.4% 23.9% 18.7% 9.0% 10.4% 10.8%
CyberArk Software Ltd. $43.42 1,508 (270) 1,238 4.8 4.0 3.4 22.1 17.6 14.3 39.4 33.0 26.7 18.6% 19.2% 17.6% 21.8% 23.0% 24.0%
Imperva, Inc. $44.25 1,505 (343) 1,162 3.6 3.1 2.7 26.8 20.9 15.3 47.6 43.2 33.7 21.6% 17.3% 15.4% 13.5% 14.7% 17.4%
Barracuda Networks, Inc. $27.50 1,476 (178) 1,298 3.5 3.3 2.8 40.3 16.3 12.8 98.2 31.3 24.8 7.3% 6.9% 18.3% 8.6% 20.0% 21.6%
Rapid7, Inc. $22.30 979 (84) 895 4.5 3.8 3.2 NM NM NM NM NM NM 25.7% 20.5% 17.0% NM NM 1.8%
F-Secure Oyj $4.91 769 (96) 674 3.3 2.9 2.7 30.4 19.6 13.8 51.1 37.1 23.9 23.0% 11.2% 10.1% 10.8% 15.0% 19.4%
SecureWorks Corp. $9.34 757 (100) 658 1.4 1.3 1.2 NM NM 28.1 NM NM NM 8.4% 8.3% 10.5% NM NM 4.2%
VASCO Data Security International, Inc. $14.35 572 (159) 414 2.2 2.0 1.9 21.7 19.3 14.9 37.3 36.5 31.9 (1.7%) 9.0% 5.7% 10.1% 10.4% 12.7%
MobileIron, Inc. $4.20 403 (82) 321 1.8 1.7 1.6 NM NM NM NM NM NM 6.3% 7.0% 8.9% NM NM NM
Zix Corporation $4.59 253 (33) 220 3.4 3.1 NA 12.0 10.1 NA 16.4 13.8 NA 9.1% 8.3% NA 27.9% 30.7% NA
Absolute Software Corporation $5.54 219 (33) 186 2.0 1.9 1.7 24.1 17.7 12.2 NM 57.3 24.3 4.5% 6.8% 8.0% 8.3% 10.7% 14.3%
Mean 4.9x 4.2x 3.7x 32.4x 23.9x 19.6x 43.2x 38.9x 37.7x 17.2% 13.6% 13.5% 21.4% 23.5% 22.7%
Median 4.4 3.8 3.4 25.1 19.3 14.9 41.8 36.8 31.5 16.4% 10.1% 12.8% 13.5% 20.0% 18.4%
88
Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/12/2018. Negative margins considered NM. Multiples <0 and >100 considered NM.
($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
1/12/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E
SaaS
Salesforce.com, inc. $110.24 $79,626 ($1,040) $78,586 7.5x 6.3x 5.3x 35.1x 28.5x 22.7x 82.6x 63.8x 50.0x 24.4% 20.0% 19.3% 21.4% 22.0% 23.2%
ServiceNow, Inc. $138.19 23,866 (515) 23,351 12.2 9.3 7.2 55.5 37.0 25.6 NM 76.9 51.1 38.2% 31.0% 28.0% 21.9% 25.1% 28.3%
Workday, Inc. $112.90 23,709 (1,738) 21,971 10.3 8.2 6.7 63.5 48.5 36.1 NM 97.0 71.5 36.0% 24.8% 22.7% 16.2% 17.0% 18.6%
Shopify Inc. $112.80 11,266 (927) 10,340 15.7 10.8 8.1 NM NM 90.5 NM NM NM 69.6% 44.6% 34.2% 2.8% 5.1% 8.9%
Veeva Systems Inc. $58.37 8,250 (758) 7,492 11.0 9.3 7.9 32.9 28.7 24.0 63.9 57.9 48.6 25.1% 18.5% 18.1% 33.4% 32.4% 32.8%
The Ultimate Software Group, Inc. $226.28 6,760 (129) 6,632 7.1 6.0 5.0 30.9 24.2 19.9 62.6 49.9 41.4 19.6% 19.1% 18.5% 23.0% 24.6% 25.3%
LogMeIn, Inc. $121.00 6,369 (276) 6,093 6.0 5.3 5.0 16.5 13.9 12.6 28.8 24.7 21.7 5.6% 12.4% 6.4% 36.3% 38.4% 39.7%
Aspen Technology, Inc. $75.12 5,449 81 5,530 11.3 10.9 10.3 23.8 22.6 20.9 32.0 36.0 33.6 3.1% 3.6% 6.7% 47.7% 48.3% 49.0%
Paycom Software, Inc. $88.75 5,171 (32) 5,139 11.9 9.5 7.6 38.7 30.9 24.3 70.4 56.8 45.3 31.3% 25.6% 24.2% 30.7% 30.7% 31.4%
Blackbaud, Inc. $95.55 4,490 321 4,811 6.1 5.5 5.0 24.6 23.1 20.1 44.1 39.0 34.4 8.1% 10.8% 9.7% 24.7% 23.8% 24.9%
RingCentral, Inc. $52.35 4,049 (172) 3,877 7.8 6.3 5.1 NM 85.8 60.4 NM NM NM 31.2% 23.3% 22.9% 6.5% 7.4% 8.5%
RealPage, Inc. $48.45 4,016 288 4,304 6.4 5.2 4.7 26.6 19.9 16.8 52.6 40.3 33.0 18.3% 23.0% 11.1% 24.1% 26.1% 27.8%
Zendesk, Inc. $37.51 3,808 (227) 3,581 8.4 6.5 5.0 NM NM 77.7 NM NM NM 36.8% 29.7% 28.3% 3.2% 4.8% 6.5%
j2 Global, Inc. $77.03 3,729 597 4,326 3.9 3.7 3.4 9.3 8.5 7.6 13.5 12.8 11.2 28.4% 5.4% 9.0% 41.6% 43.0% 44.2%
2U, Inc. $69.32 3,620 (185) 3,435 12.0 8.7 6.5 NM NM NM NM NM NM 38.5% 38.5% 33.4% 3.7% 3.8% 5.1%
HubSpot, Inc. $92.65 3,462 (198) 3,264 8.8 6.9 5.6 NM 91.6 57.9 NM NM NM 36.9% 27.5% 23.8% 5.9% 7.5% 9.6%
New Relic, Inc. $60.39 3,325 (227) 3,098 9.5 7.4 6.0 NM 97.1 52.1 NM NM NM 34.9% 27.2% 24.3% 1.2% 7.7% 11.5%
MuleSoft, Inc. $24.40 3,171 (182) 2,990 10.3 7.6 5.8 NM NM NM NM NM NM 55.0% 35.9% 30.2% NM NM NM
Box, Inc. $22.25 3,029 (88) 2,941 5.8 4.7 3.8 NM NM 49.8 NM NM NM 27.0% 23.5% 22.2% NM 4.0% 7.7%
Okta, Inc. $27.00 2,752 (224) 2,528 10.0 7.5 5.7 NM NM NM NM NM NM 57.8% 32.5% 33.4% NM NM NM
Paylocity Holding Corporation $49.64 2,607 (98) 2,509 7.5 6.2 5.1 37.9 30.0 24.3 65.1 51.3 45.6 26.1% 22.2% 21.9% 19.9% 20.5% 20.8%
Cloudera, Inc. $18.14 2,562 (390) 2,172 6.0 4.7 3.8 NM NM NM NM NM NM 39.0% 26.9% 23.6% NM NM NM
Qualys, Inc. $63.90 2,423 (303) 2,120 9.2 7.9 6.8 25.1 21.8 19.3 60.7 54.6 47.1 16.1% 16.4% 16.3% 36.8% 36.3% 35.3%
Cornerstone OnDemand, Inc. $39.17 2,268 (63) 2,205 4.6 4.4 4.0 36.3 24.6 19.6 93.5 52.5 34.4 14.2% 4.4% 10.5% 12.6% 17.7% 20.2%
Appian Corporation $36.76 2,223 (72) 2,151 12.8 11.0 9.2 NM NM NM NM NM NM 26.3% 16.4% 19.8% NM NM NM
Callidus Software Inc. $30.25 2,060 (176) 1,884 7.6 6.3 5.2 59.7 40.6 29.4 88.0 58.8 41.8 20.5% 20.1% 20.6% 12.7% 15.5% 17.7%
Coupa Software Incorporated $34.00 1,872 (219) 1,652 9.1 7.3 5.9 NM NM NM NM NM NM 35.8% 24.4% 23.4% NM NM 1.6%
Mimecast Limited $32.29 1,851 (89) 1,762 7.4 6.0 5.0 81.9 57.6 46.4 NM NM NM 39.4% 23.9% 18.7% 9.0% 10.4% 10.8%
Alteryx, Inc. $26.97 1,596 (157) 1,439 11.2 8.2 6.2 NM NM NM NM NM NM 50.3% 36.2% 32.5% NM NM NM
MongoDB, Inc. $29.28 1,481 (289) 1,192 7.8 5.8 4.3 NM NM NM NM NM NM 50.1% 35.3% 34.2% NM NM NM
Five9, Inc. $24.00 1,336 (17) 1,318 6.7 5.7 4.8 81.5 61.3 41.4 NM NM 82.0 21.6% 17.5% 18.3% 8.2% 9.3% 11.6%
Yext, Inc. $12.06 1,100 (113) 987 5.8 4.4 3.3 NM NM NM NM NM NM 36.9% 32.4% 32.6% NM NM NM
SendGrid, Inc. $25.68 1,080 (21) 1,059 9.7 7.8 6.2 98.6 87.4 75.3 NM NM NM 37.3% 24.5% 25.3% 9.8% 8.9% 8.2%
Instructure, Inc. $34.25 1,036 (67) 969 6.2 4.8 3.8 NM NM NM NM NM NM 41.1% 28.3% 26.2% NM NM NM
99
Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/12/2018. Negative margins considered NM. Multiples <0 and >100 considered NM.
($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
1/12/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E
SaaS (Cont'd)
Apptio, Inc. $24.42 $986 ($135) $851 4.6x 4.0x 3.4x NM NM 49.3x NM NM NM 15.8% 15.2% 15.3% NM 3.2% 7.0%
Workiva Inc. $21.80 914 (58) 856 4.1 3.6 3.2 NM NM NM NM NM NM 15.7% 13.9% 13.7% NM NM NM
SPS Commerce, Inc. $50.31 867 (164) 703 3.2 2.9 2.6 22.0 18.3 15.4 54.7 47.4 39.2 13.7% 11.0% 10.8% 14.5% 15.8% 16.8%
Benefitfocus, Inc. $25.75 805 65 870 3.4 3.1 2.7 46.0 31.3 22.3 NM NM 69.9 9.9% 9.8% 14.6% 7.4% 9.9% 12.1%
LivePerson, Inc. $12.55 747 (54) 693 3.2 3.0 2.7 38.2 31.6 23.7 NM NM 76.1 (2.1%) 7.2% 8.7% 8.3% 9.4% 11.5%
Carbonite, Inc. $26.00 727 (9) 717 2.9 2.7 2.4 15.2 12.1 9.7 33.3 25.9 22.5 18.7% 9.0% 9.4% 19.2% 22.2% 25.1%
Castlight Health, Inc. $4.30 575 (82) 493 3.8 3.0 2.5 NM NM 39.2 NM NM 80.6 28.6% 24.7% 18.8% NM NM 6.5%
ChannelAdvisor Corporation $9.45 251 (53) 198 1.6 1.5 1.4 42.4 25.0 14.9 NM NM 72.7 8.5% 10.1% 8.3% 3.8% 5.8% 9.1%
Brightcove Inc. $7.10 246 (22) 224 1.4 1.4 NA NM 41.5 NA NM NM NA 3.4% 6.4% NA NM 3.3% NA
Amber Road, Inc. $7.43 202 14 217 2.7 2.5 2.2 NM 64.5 33.3 NM NM NM 7.8% 10.0% 11.5% NM 3.9% 6.7%
Park City Group, Inc. $9.75 190 (10) 180 8.3 6.4 4.9 NA 19.2 13.4 67.2 26.5 17.3 31.7% 29.6% 30.9% NA 33.6% 36.6%
Marin Software Incorporated $10.75 61 (27) 34 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Mean 7.4x 6.0x 5.0x 41.0x 38.9x 33.2x 57.1x 48.5x 46.6x 27.4% 21.2% 20.3% 17.5% 17.6% 18.9%
Median 7.5 6.0 5.0 36.3 30.0 24.3 61.7 50.6 45.3 27.0% 23.0% 20.2% 14.5% 15.6% 16.8%
Business Intelligence & Analytics
Splunk Inc. $89.64 $12,680 ($981) $11,700 9.4x 7.5x 5.9x 80.1x 55.7x 37.4x NM NM 70.1x 30.7% 25.4% 27.5% 11.8% 13.5% 15.8%
Tableau Software, Inc. $74.52 5,942 (943) 4,999 5.8 5.3 4.7 87.4 66.3 39.3 NM NM NM 5.1% 8.7% 13.6% 6.6% 8.0% 11.8%
Fair Isaac Corporation $159.56 4,785 499 5,284 5.6 5.2 4.9 23.1 19.8 18.1 32.2 28.1 23.8 5.2% 6.5% 6.7% 24.1% 26.4% 27.1%
Teradata Corporation $38.32 4,637 (299) 4,338 2.0 2.0 2.0 11.8 11.4 11.0 29.9 27.3 25.3 (7.8%) 0.8% 0.9% 17.2% 17.7% 18.2%
Verint Systems Inc. $43.05 2,746 451 3,197 2.8 2.6 2.5 12.6 10.3 9.5 15.6 14.1 12.9 7.5% 7.1% 5.8% 22.3% 25.4% 26.1%
Cloudera, Inc. $18.14 2,562 (390) 2,172 6.0 4.7 3.8 NM NM NM NM NM NM 39.0% 26.9% 23.6% NM NM NM
MicroStrategy Incorporated $139.75 1,600 (646) 954 1.9 1.9 1.9 9.6 13.9 14.0 27.9 53.9 51.3 (2.4%) 0.1% (1.0%) 19.9% 13.7% 13.7%
Alteryx, Inc. $26.97 1,596 (157) 1,439 11.2 8.2 6.2 NM NM NM NM NM NM 50.3% 36.2% 32.5% NM NM NM
Hortonworks, Inc. $21.34 1,505 (63) 1,442 5.6 4.4 3.6 NM 27.3 12.6 NM NM NM 39.1% 26.8% 23.4% NM 16.3% 28.6%
Gridsum Holding Inc. $11.78 362 (0) 362 3.7 2.3 1.7 NM 18.0 6.6 NM 35.1 11.5 70.6% 56.8% 41.4% NM 13.0% 25.2%
Datawatch Corporation $11.60 142 (30) 112 3.0 2.6 NA NM NA NA NM NM NA 17.9% 14.7% NA NM NA NA
Attunity Ltd. $6.71 135 (7) 128 2.1 1.8 1.5 33.0 25.5 NA NM 36.8 53.7 13.7% 17.0% 19.0% 6.2% 6.9% NA
Mean 4.9x 4.1x 3.5x 36.8x 27.6x 18.6x 26.4x 32.5x 35.5x 22.4% 18.9% 17.6% 15.4% 15.7% 20.8%
Median 4.6 3.5 3.6 23.1 19.8 13.3 28.9 31.6 25.3 15.8% 15.9% 19.0% 17.2% 13.7% 21.7%
1010
Software Trading Statistics
PUBLIC COMPANY VALUATIONS
Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/12/2018. Negative margins considered NM. Multiples <0 and >100 considered NM.
($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
1/12/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E
Vertical
Cerner Corporation $72.90 $24,233 ($317) $23,916 4.6x 4.3x 3.9x 14.3x 13.1x 11.9x 30.1x 27.6x 24.8x 9.5% 8.2% 8.9% 32.4% 32.9% 33.1%
Constellation Software Inc. $585.65 12,411 (101) 12,310 5.0 4.4 3.8 19.2 16.6 14.3 27.2 22.8 19.8 15.6% 14.2% 15.4% 26.0% 26.5% 26.5%
SS&C Technologies Holdings, Inc. $49.47 10,184 2,114 12,298 7.3 6.7 6.6 17.8 15.7 13.4 25.7 21.6 19.3 13.1% 9.0% 2.0% 41.3% 43.0% 49.4%
Veeva Systems Inc. $58.37 8,250 (758) 7,492 11.0 9.3 7.9 32.9 28.7 24.0 63.9 57.9 48.6 25.1% 18.5% 18.1% 33.4% 32.4% 32.8%
Guidewire Software, Inc. $77.35 5,941 (561) 5,380 9.5 8.0 6.9 45.3 40.4 28.7 87.5 81.0 54.9 26.1% 19.1% 15.7% 20.9% 19.7% 24.0%
athenahealth, Inc. $129.47 5,181 154 5,335 4.4 4.0 3.6 20.1 15.8 13.6 64.5 45.0 37.3 12.0% 10.7% 11.1% 21.9% 25.2% 26.3%
Blackbaud, Inc. $95.55 4,490 321 4,811 6.1 5.5 5.0 24.6 23.1 20.1 44.1 39.0 34.4 8.1% 10.8% 9.7% 24.7% 23.8% 24.9%
RealPage, Inc. $48.45 4,016 288 4,304 6.4 5.2 4.7 26.6 19.9 16.8 52.6 40.3 33.0 18.3% 23.0% 11.1% 24.1% 26.1% 27.8%
Medidata Solutions, Inc. $66.90 3,913 (123) 3,790 7.0 5.9 5.0 28.3 23.5 19.3 52.6 45.7 37.1 17.6% 17.6% 17.5% 24.5% 25.2% 26.1%
CoreLogic, Inc. $46.81 3,856 1,648 5,504 3.0 2.9 2.9 11.6 11.2 10.3 20.1 18.5 15.9 (5.4%) 1.4% 2.1% 25.6% 26.1% 28.0%
Ellie Mae, Inc. $96.38 3,329 (366) 2,962 7.2 6.0 5.1 24.8 22.1 16.8 62.8 59.4 42.9 14.5% 19.1% 19.2% 28.9% 27.3% 30.1%
Allscripts Healthcare Solutions, Inc. $16.03 2,896 1,312 4,208 2.3 2.0 1.8 11.6 9.9 9.3 25.8 21.0 17.7 17.2% 18.2% 6.0% 20.0% 19.9% 20.0%
Inovalon Holdings, Inc. $14.20 2,071 (282) 1,790 4.0 3.7 3.3 16.3 14.5 13.2 45.4 39.9 36.4 5.6% 7.9% 9.9% 24.3% 25.4% 25.3%
AppFolio, Inc. $42.55 1,444 (43) 1,401 9.9 7.7 6.0 52.0 38.7 20.6 NM 72.1 28.6 34.3% 27.6% 28.0% 19.0% 20.0% 29.3%
Instructure, Inc. $34.25 1,036 (67) 969 6.2 4.8 3.8 NM NM NM NM NM NM 41.1% 28.3% 26.2% NM NM NM
HealthStream, Inc. $24.27 774 (123) 651 2.6 2.4 2.3 17.4 15.3 14.0 98.4 82.6 72.4 9.4% 7.5% 6.7% 15.1% 16.0% 16.4%
Castlight Health, Inc. $4.30 575 (82) 493 3.8 3.0 2.5 NM NM 39.2 NM NM 80.6 28.6% 24.7% 18.8% NM NM 6.5%
Mean 5.9x 5.1x 4.4x 24.2x 20.6x 17.8x 50.1x 45.0x 37.7x 17.1% 15.6% 13.3% 25.5% 26.0% 26.7%
Median 6.1 4.8 3.9 20.1 16.6 15.6 49.0 40.3 35.4 15.6% 17.6% 11.1% 24.5% 25.4% 26.4%
1111Notes:Source: Capital IQ as of 1/12/2018. Consensus Estimates used for CY2018E figures.Estimates for MRIN and SEND are not available.
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PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW
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1212
Select Software M&A Transactions
RECENT ACQUISITIONS
Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 1/1/2018, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity acquirers.
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
12/18/17 Application Software $1,235 10.0x 8.6x NM 84.4x Provides cloud-based and semi-integrated payment processing software for businesses
12/12/17 Information Management $60 1.7x NA NA NAProvides web conferencing, team collaboration and content management SaaS, enabling sales teams to present materials to
clients through online sales presentations and track customer engagement
12/5/17 Application Software $340 NA NA NA NA Provides time-tracking and scheduling SaaS for small and medium-sized businesses, and the self-employed
11/30/17 Application Software $200 NA NA NA NA Provides supply chain analytics and market intelligence SaaS for the energy sector
11/29/17 Security $60 NA NA NA NAProvides employee anti-malware SaaS that separates personal and work-related Web browsing and email, and offers related
protection
11/27/17 Security $1,405 3.8x 3.6x 43.1x 18.9xProvides firewall, spam-filter and anti-virus, Web application protection, SSL VPN, data backup and recovery, and message
archiving appliances and software for businesses globally
11/27/17 Information Management $456 2.2x 2.2x NM 19.6xProvides online community and social network creation software SaaS, enabling businesses to advertise using customer
testimonials
11/17/17 Application Software $50 2.6x NA NA NAProvides finance-focused proposal generation and request-for-proposal (RFP) management, pitchbook building, sales
presentation and compliance SaaS for enterprises globally
11/16/17 Application Software $112 NA NA NA NAProvides software to retailers that allows them to capture images of home furnishings and decor items and display them in
3D for display to consumers on websites, digital advertising and social media
11/16/17 Application Software $137 5.6x NA NA NAProvides software solutions (accounting and tax compliance) for small and medium businesses, larger businesses,
accountants, bookkeepers, and lawyers
11/8/17 Storage NA NA NA NA NAProvides cloud-based email and file archiving SaaS for businesses. Software provides features for instant message and file
data archiving, search and info retrieval and related cloud storage services
11/7/17 Security $85 NA NA NA NA Provides vending management, scheduling, logistics and analytics SaaS for the retail sector
11/2/17 Infrastructure Management $548 NA NA NA NAProvides electronic design automation (EDA) software used to design system on chip (SoC), analog and embedded
semiconductors for semiconductor designers and OEMs
10/27/17 Infrastructure Management $726 NA NA NA NAProvides energy exchange trade execution, order routing, reporting, market data and risk management software, SaaS and
services for financial services brokers, exchanges and clearing houses
1313
Select Software M&A Transactions
RECENT ACQUISITIONS
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and
management services for businesses
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses
6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
payment terminals
5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
Also provides Windows PowerShell interactive development environment (IDE) software
5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for
businesses
5/26/17
Asure Software Inc. iSystems LLC
Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
( )
( )
( )
( )
( )
Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 1/1/2018, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity acquirers.
10/26/17 Infrastructure Management $250 4.7x 4.1x 18.9x 13.0xProvides international payment and transaction processing, and multi-currency processing services and offers payment
processing services that enable the authorization and settlement of payment transactions
10/24/17 Application Software $400 NA NA NA NA Develops self-driving vehicle and automated mobile robot vehicle software for businesses
10/24/17 Infrastructure Management $400 NA NA NA NAThe Virtu BondPoint asset of Virtu Financial, which provides trade execution software of fixed income securities for brokers
and advisors globally
10/23/17 Hosted Services $1,917 5.3x 4.7x 80.7x 19.3xProvides hosted unified communications, VoIP and PBX services, as well as telecom management software and SaaS, for
businesses and telecom service providers
10/17/17 Information Management $977 3.4x NA NA NAProvides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and
manufacturing industries to securely exchange documents and sync files
10/10/17 Application Software $3,600 NA NA NA NA
Provides healthcare benefit and claims management SaaS, including online claims authorization and eligibility lookup, online
payments, records management, medical practice assessment and client information Web portal, for healthcare providers,
hospitals and patients
10/6/17 Security $275 NA NA NA NAProvides risk analysis and analytics SaaS to the insurance industry. Software provides features for analyzing the financial
impact of cyber risk through real-time data collection and market analytics
10/5/17 Application Software $66 2.7x NA NM NAProvides a searchable online database of US federal, state and local government contracts and RFPs for the purposes of
identifying sales leads for businesses.
9/28/17 Application Software $386 5.3x 4.8x 260.9x 43.3xProvides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and
gas sectors globally
9/28/17 Application Software $839 1.9x 2.6x NM 24.8xProvides software and hardware products, based on IP technology, for monitoring and managing energy consumption to the
utilities markets
9/27/17 Application Software $180 4.0x NA NA NA Provides marketing cross-channel attribution SaaS that enables media and video ad performance analytics and optimization
9/26/17 Application Software $807 NA NA NA NA Provides online and mobile commerce logistics software for shipping companies globally
9/26/17 Application Software $392 NA NA NA NA Provides marketing automation and behavior prediction analytics SaaS for the automotive dealership industry
9/25/17 (VelocityEHS and BOLT
Solutions assets)
Application Software $354 NA NA NA NAThe VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance
and incident management software and SaaS for HR professionals
( )
1414
Select Software M&A Transactions
RECENT ACQUISITIONS
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and
management services for businesses
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses
6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
payment terminals
5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
Also provides Windows PowerShell interactive development environment (IDE) software
5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for
businesses
5/26/17
Asure Software Inc. iSystems LLC
Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
( )
( )
( )
( )
( )
Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 1/1/2018, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity acquirers.
9/25/17 Application Software $195 NA 4.9x NA NA Provides Web-based wealth management SaaS for financial markets
9/20/17 Security $225 6.4x NA NA NA Provides authentication, single sign-on and user identity management SaaS for enterprises
9/6/17 Application Software $475 NA NA NA NAProvides e-commerce and order management software and services for retailers and businesses. Also provides web hosting,
design and integration services
9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the United States
9/5/17 Application Software $713 2.7x NA 13.3x NA Provides manufacturing plant project management and design software for businesses in the industrial industries
8/31/17 Application Software $128 NA NA NA NA Provides sales acceleration and lead management SaaS for the mortgage, insurance, technology and education industries
8/30/17 Application Software $175 5.1x 4.0x NA NAProvides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that
enables consumers to purchase gift cards
8/28/17 Application Software $105 0.7x 1.0x NM 19.9xProvides marketing automation SaaS and digital marketing services to businesses in the consumer products, retail,
automotive, financial services, healthcare, telecommunications, marketing and entertainment industries
8/22/17 Application Software $118 0.8x NA 15.5x NAProvides business intelligence document and knowledge management, and GIS SaaS, hosting and software development
services for businesses in Scandinavia and Baltic nations
8/21/17 Application Software $323 9.6x NA 20.8x NA Provides insurance and reinsurance software solutions
8/15/17 Application Software $107 8.5x NA NA NA Provides load tracking and management SaaS for the shipping and freight sector in the US
8/3/17DigiCert Inc. [Thoma
Bravo]
Symantec Corporation
(Website Security
business assets)
Application Software $950 NA 2.4x NA NAThe Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and
consumers globally
8/3/17 Global Payments Inc. Application Software $1,207 NA NA NA NAThe communities and sports divisions of Active Network, which provides administration, membership, donations and event
management SaaS for non-profit organizations
8/2/17 Application Software $250 NA 5.0x NA NAProvides property management software featuring document management, electronic signatures, website development,
background screening, legal contract management, payment processing and cloud computing
( )
( )(Communities & Sports Divisions)
( ) (Website Security Business Assets)
( )
1515
Select Software M&A Transactions
RECENT ACQUISITIONS
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and
management services for businesses
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses
6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
payment terminals
5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
Also provides Windows PowerShell interactive development environment (IDE) software
5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for
businesses
5/26/17
Asure Software Inc. iSystems LLC
Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
( )
( )
( )
( )
( )
Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 1/1/2018, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity acquirers.
8/1/17 Application Software $80 1.5x NA NA NAProvides customer service automation, billing, citation management, asset recovery, and transportation database systems
and outsourced services for municipalities and toll authorities
7/27/17 Security $112 NA NA NA NA Provides merchant risk intelligence software for the investment and financial industries
7/26/17 Information Management $245 2.3x 2.1x NM 20.6xProvides e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer
for businesses and law enforcement agencies globally
7/25/17 Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
and systems integration services for public sector agencies globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content
7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality, dining, healthcare, entertainment, travel and education sectors
7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
contract management and spend analysis
7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,
integration and backup
7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store
management, service desk optimization, on-boarding and off-boarding and workforce security
All Software
Median 3.4x 4.0x 20.7x 19.9x
Mean 4.2x 3.8x 59.2x 29.3x
PE Acquirers
Median 3.6x 2.4x 43.1x 19.3x
Mean 4.0x 2.7x 43.1x 19.3x
( )
( )
1616
RECENT PRIVATE FINANCINGS
Notes:Source: Pitchbook. Reflects deal activity through 12/31/2017. 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
12/28/17 NextCapital $30Provider of a digital advice platform designed to deliver personal, objective, affordable and
portfolio services to investors everywhereOak HC/FT, Manulife, Route 66 Ventures, Transamerica Ventures, VCET Capital
12/22/17 Artemis Health $23Developer of a healthcare analytics platform designed to optimize benefit programs and
minimize spendingF-Prime Capital Partners, Kickstart Seed Fund, Maverick Ventures (San Francisco)
12/20/17 Ascender Group $100Provider of an advanced payroll service intended to deliver cost-effective and configurable
human capital management servicesHarbourVest Partners
12/20/17 Passport $43Provider of a parking, transportation and transit management platform designed to
centralize and control parking and transit systemsBain Capital Ventures, Grotech Ventures, MK Capital, Relevance Capital
12/19/17 ACL Services $50 Developer of SaaS based governance, risk management and compliance (GRC) software Norwest Venture Partners
12/19/17 Anodot $23Developer of SaaS real time analytics & automated anomaly detection system designed to
detect & turn outliers in time series data into valuable business insightsAleph, Redline Capital Management, Disruptive
12/19/17 Convercent $25Provider of SaaS based corporate compliance management tools that facilitate the design
and implementation of compliance programsRho Ventures, Sapphire Ventures, Tola Capital
12/19/17 Domo $115Provider of a cloud-based business-management platform designed to connect data,
people, and expertise that are needed to improve business results
Castor Ventures, SharesPost, The Yard Ventures, BlackRock, GGV Capital, Glynn Capital
Management, The Capital Group Companies
12/19/17 Lemonade $120Provider of a peer-to-peer insurance platform designed to offer home insurance and
coverage products
SoftBank Group, Aleph, Allianz X, General Catalyst Partners, GV, Sequoia Capital Israel, Thrive
Capital, Tusk Ventures, XL Innovate
12/19/17 Maana $28Provider of a knowledge platform graph search engine designed to encode the world's
industrial expertise and data into new digital knowledge
Accenture Ventures, China International Capital Corporation, Eight Square Capital, Sino
Capital Group, Chevron Technology Ventures, GE Ventures, Intel Capital, Saudi Aramco Energy
Ventures, Shell Technology Ventures
12/19/17 One Concern $20Developer of an earthquake intelligence platform designed to help public agencies make
more informed decisions rapidly during any incident
David Petraeus, Deep Fork Capital, Geodesic Capital, New Enterprise Associates, New
Ventures, Ronald Conway, CrunchFund, Pear Ventures, Urban.Us
12/19/17 Rubikloud Technologies $37Developer of retail intelligence platforms designed to empower retailers to leverage
machine learning and big data systems
iNovia Capital, Intel Capital, OpenText Enterprise Apps Fund, Access Industries, Horizons
Ventures
12/15/17 YapStone $71 Provider of a web and mobile based payments platform NA
12/14/17 Fyusion $22 Operator of a computer vision company designed to make images intelligent 2020, COLOPL, Gionee, NTT Docomo Ventures, Presence Capital, New Enterprise Associates
12/14/17 Instana $20Provider of a Big Data and micro-services architecture monitoring platform intended to
automate all aspects of application performance management (APM)Accel, Target Partners
1717
RECENT PRIVATE FINANCINGS
Notes:Source: Pitchbook. Reflects deal activity through 12/31/2017. 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
12/14/17 Leadspace $21Developer of a SaaS audience management platform designed to help marketing & sales
raise pipeline & conversions by knowing and engaging their total available marketArrowroot Capital, Jerusalem Venture Partners
12/14/17 Splice $35 Provider of a technology platform designed to enhance the music-creation process DFJ Growth, Flybridge Capital Partners, True Ventures, Union Square Ventures
12/13/17 Dreamscape Immersive $30Developer of virtual reality technology designed to create an entirely new form of
mainstream location based entertainment
AMC Theatres, Image Nation, UTA Ventures, Viacom, VRSense Solutions, 21st Century Fox,
Bold Capital Partners, Warner Bros. Entertainment
12/13/17 FreightHub $20Provider of a digital freight forward and shipment management platform designed to
manage logistics
Mittal Investments, Northzone Ventures, Cavalry Ventures, Cherry Ventures Management,
Global Founders Capital, La Famiglia
12/13/17 Insikt $50Provider of an online lending as a service (LaaS) loan origination and investing platform
intended to power tomorrow's lenders
Grupo Coppel, LEAP Global Partners, Colchis Capital Management, FirstMark Capital,
Revolution
12/13/17 Kingsoft Cloud $300Provider of cloud computing services intended to provide cloud services for domestic game
developers
China Minsheng Investment, Forebright Capital Management, Liyue Investment, Shunwei
Capital, Kingsoft Corporation
12/13/17 OTA Insight $20 Provider of a revenue management platform designed to increase revenue and profit Eight Roads Ventures, F-Prime Capital Partners
12/13/17 Skillz $25Developer of a mobile gaming platform designed to connect mobile gamers through
competition and making esports for everyone
Andy Miller, Bridge Bank, Liberty Global Ventures, Telstra, Accomplice VC, Wildcat Capital
Management
12/12/17 Mindtickle $27Provider of a data-driven sales readiness platform designed for businesses to prepare and
train their sales teamsCanaan Partners, Accel, New Enterprise Associates, Qualcomm Ventures
12/11/17 Affirm $200 Provider of an online alternative lending platformCaffeinated Capital, GIC Private, Ribbit Capital, Founders Fund, Khosla Ventures, Lightspeed
Venture Partners, Spark Capital
12/11/17 BitGo $43Developer of a multi-signature secure digital wallet created to make digital currencies
usable for businesses in a regulated economyDavid Sacks, DRW Venture Capital, Valor Equity Partners, Bill Lee
12/11/17 Creditas $50Provider of a digital secured lending platform designed for lending, investment and
financing at lower interest rates
Vostok Emerging Finance, International Finance Corporation, Kaszek Ventures, Naspers
Ventures, QED Investors, Quona Capital
12/11/17 Menlo Security $40Provider of a cyber security platform designed to eliminate the threat of malware from the
web and email
American Express Ventures, Ericsson Ventures, HSBC Bank UK, JPMorgan Chase & Company,
Engineering Capital, General Catalyst Partners, Osage University Partners, Sutter Hill Ventures
12/11/17 Phreesia $34Provider of a SaaS patient intake management platform designed to offer consistent
patient experienceNA
12/11/17 ShieldX $25 Developer of microservices platform designed for agentless, multi-cloud securityAshar Aziz, Dimension Data, Symantec Ventures, Aspect Venture Partners, Bain Capital
Ventures, FireEye
1818
RECENT PRIVATE FINANCINGS
Notes:Source: Pitchbook. Reflects deal activity through 12/31/2017. 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
12/11/17 Tier1crm $34 Provider of cloud-based customer relationship management (CRM) software MassMutual Ventures, Salesforce Ventures, Wavecrest Growth Partners
12/9/17 Weather Analytics $21Developer of a weather intelligence software designed to serve business challenges by
forecasting weather conditions and climatic risksW.R. Berkley, Houston Casualty Company
12/8/17 SpotHero $31Developer of an on-demand mobile parking application designed to offer easy parking
facilities
AutoTech Ventures, Corazon Capital, Daniel Hoffer, Global Founders Capital, Levy Family
Partners, Math Venture Partners, Sam Yagan, Bullpen Capital, Chicago Ventures, Draper
Associates, Insight Venture Partners, OCA Ventures, Pritzker Group Venture Capital
12/8/17 Vroom $100 Provider of an online used-car marketplace designed to offer an online direct car retailer General Catalyst Partners, L Catterton, Pico Partners, T. Rowe Price
12/7/17 Contrast Security $30 Developer of application security software designed to protect against cyber-attacksAXA Strategic Ventures, Battery Ventures, Microsoft Ventures, Acero Capital, General Catalyst
Partners
12/7/17 Mswipe Technologies $41 Provider of mobile point of sale (POS) payment servicesB Capital Group, Falcon Edge Capital, Fosun Capital Group, Ratan Tata, RNT Associates,
University of California, Axis Private Equity, DSG Consumer Partners, Matrix Partners India
12/6/17 BitPay $30Provider of blockchain payments technology platform designed for secure bitcoin payment
acceptance, savings and spendingAquiline Capital Partners
12/6/17 Medlinker $60Developer of a social networking platform designed to help doctors connect and develop a
deep cooperation up and down the supply chainChina Electronics Corporation Data, Sequoia Capital China, Tencent
12/5/17 Lyft $1,500Provider of an on-demand ride hailing platform designed to connect passengers with local
drivers
CapitalG, Fidelity Management & Research, Ontario Teachers' Pension Plan, UTA Ventures,
AllianceBernstein, Baillie Gifford, Janus Henderson Group, Kohlberg Kravis Roberts, Rakuten
12/5/17 Payoneer $20Provider of an online payment platform designed to empower global commerce with an
innovative cross-border payments platformChina Broadband Capital Partners
12/5/17 WorldRemit $40Provider of an online digital money transfer platform created to send money to friends and
family living abroad, using a computer and smartphoneLeapfrog Investments, Accel, Technology Crossover Ventures
12/4/17 Contentful $28
Provider of a content management platform designed to help digital teams ship and iterate
content faster, across all of their web applications, mobile applications and connected
devices
General Catalyst Partners, Point Nine Capital, Balderton Capital, Benchmark Capital
12/4/17 EasyRetailPro $20Developer of a cloud-based social customer relationship management platform designed
to provide CRM services to retail customersDCM Ventures, JD.com, Tencent, Vertex Ventures China
12/4/17 LaunchDarkly $21Developer of a feature management platform designed to eliminate risk for developers and
operations teams from the software development cycleRedpoint Ventures, Vertex Ventures US
11/30/17 Deposit Solutions $20Developer of an open banking platform designed to connect banks and depositors across
Europee.ventures, Greycroft Partners
1919
RECENT PRIVATE FINANCINGS
Notes:Source: Pitchbook. Reflects deal activity through 12/31/2017. 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
11/30/17 Farmer's Business Network $110Developer of a farmer-to-farmer agronomic insights platform designed to create a better
farm economy
T. Rowe Price, Temasek Holdings, Acre Venture Partners, DBL Partners, GV, Kleiner Perkins
Caufield & Byers
11/30/17 H2O.ai $40Provider of an open-source machine learning automation platform designed to help in big
data analysis
Aegon, Crane Ventures Partners, New York Life Investment Management, Nvidia, Wells Fargo,
Nexus Venture Partners, Transamerica Ventures
11/30/17 Mojio $24Provider of a cloud-based connected car platform intended to offer secure connected car
services
Innogy Venture Capital, Amazon Alexa Fund, BDC Capital IT Venture Fund, Deutsche Telekom
Strategic Investments, Kensington Capital Partners, Relay Ventures, Trend Forward Capital
11/30/17 Scalyr $26Provider of a cloud-based log management and server monitoring platform designed to
search terabytes of logs in secondsHeroic Ventures, Shasta Ventures, Bloomberg Beta, Susa Ventures
11/30/17 Uptake $117Developer of a predictive analytics platform designed to transform data into measurable
business valueBaillie Gifford, GreatPoint Ventures, Revolution
11/29/17 ReversingLabs $25Developer of a threat detection and analysis technologies designed to detect and analyze
cyber threatJPMorgan Chase & Company, Trident Capital Cybersecurity
11/29/17 Spot.IM $25Developer of a social engagement platform intended to provide an on-site community for
real-time conversationsInsight Venture Partners, Altair Capital, Norma Investments
11/29/17 Thrive Global $30Provider of a consumer wellness platform intended to end the stress and burnout epidemic
by offering companies and individuals sustainable, science-based services
Canvas Ventures, IVP, Marc Benioff, Michael Huffington, Phillip Fernandez, Advancit Capital,
Blue Pool Capital, Female Founders Fund, Greycroft Partners, Heather Reisman, Lerer Hippeau
Ventures, Sean Parker
11/28/17 1QBit $36Developer of quantum computing software designed to harness the quantum hardware
technologies in order to solve intractable industry problems
Accenture, Allianz Global Investors, Fujitsu, Tiny Capital, CME Ventures, Royal Bank of
Scotland
11/28/17 Alo7 $38Provider of an online tutoring platform created to connect young Chinese students to learn
English language
Legend Capital, Shanghai Guohe Capital, UG Investment, New Oriental Education &
Technology Group, Qualcomm Ventures, Vickers Venture Partners
11/28/17 Dejero $25Developer of a cloud based platform designed to simplify remote acquisition, cloud
management and multi-screen distribution of professional live videosIntelsat, Kayne Anderson Capital Advisors
11/28/17 InstaCarro $23 Provider of an online platform intended to buy and sell used carsGlobal Founders Capital, Rise Capital, Big Sur Ventures (Spain), FJ Labs, FundersClub,
Hummingbird Ventures, Lumia Capital, Tekton Ventures
11/24/17 Inagora $68Operator of a cross-border e-commerce mobile platform intended to offer Japanese
products to global consumersKDDI, SBI Holdings, ITOCHU
11/24/17 Niantic $200 Developer of an augmented reality platform designed to enrich mobile gaming experiencesFounders Fund, Javelin Ventures, Meritech Capital Partners, NetEase, Spark Capital, You & Mr
Jones Brandtech Ventures
11/22/17 Atomist $22Developer of a Saas based development automation platform designed to transform the
way software is developed and deliveredAccel, Matrix Partners
2020
RECENT PRIVATE FINANCINGS
Notes:Source: Pitchbook. Reflects deal activity through 12/31/2017. 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
11/21/17 TuSimple $55Provider of an autonomous truck driving platform intended to provide driverless truck
servicesComposite Capital Partners, Fuhe Capital, Trinity Investments, Sina, Zhiping Capital
11/20/17 aCommerce $65Provider of an electronic commerce logistics services intended to deliver customized e-
commerce platform for global brandsEmerald Media, Blue Sky Alternative Investments, DKSH Holding, MDI Ventures
11/20/17 JumpCloud $20Developer of a Directory-as-a-Service (DaaS) platform intended to connect employee
identities to their systems, apps and networksOpenView Venture Partners, Foundry Group
11/20/17 Shouqi Limousine & Chauffeur $106 Provider of a ride-booking application Flagship Pioneering
11/17/17 Deliveroo $482 Provider of an online food delivery platform designed to order restaurant mealsFidelity Management & Research, T. Rowe Price, Accel, DST Global, General Catalyst Partners,
Index Ventures (UK)
11/17/17 FiTeq $47 Developer of a payment authentication platform created to automate cashless payments NA
11/17/17 GoSpotCheck $22
Provider of a SaaS-based field execution management platform designed for enterprises
who need real-time data and intelligence from the field in order to make quicker and
better business decisions
Insight Venture Partners, Point Nine Capital
11/17/17 Yunmanman $120Developer of a freight transportation application intended to offer efficient vehicle
transportation and cargo managementTiger Global Management
11/16/17 LimeBike $50 Operator of a bike sharing platformAME Cloud Ventures, Coatue Management, Franklin Templeton Investments, GGV Capital,
Section 32, StartX, The Durant Company, Andreessen Horowitz, DCM Ventures
11/16/17 TaskEasy $21Provider of an on-demand lawn maintenance service platform designed for property
owners and contractors to easily book and manage yard care online
River Cities Capital Funds, Access Venture Partners, Camber Creek, Delta Electronics, Grotech
Ventures, Moderne Ventures
11/15/17 Built Technologies $21Developer of a construction management software designed to make managing
construction loans easyIndex Ventures (UK), Nyca Partners, Scott Sohr
11/15/17 Health IQ $35 Developer of a health knowledge measurement application Andreessen Horowitz, Charles River Ventures, First Round Capital, Foundation Capital
11/15/17 Logz.io $23Provider of an open-source log analytics platform designed to help companies of all sizes to
derive more value from machine dataVintage Investment Partners, 83North, Giza Venture Capital, OpenView Venture Partners
11/15/17 Maimai $75 Provider of a career-oriented social networking platform designed to chat at workplace DCM Ventures, Zhaopin, IDG Capital, Morningside Group
11/15/17 Spire $70Provider of a satellite-powered data services intended to deliver deep insights into the
parts of the world where collecting data is very difficultLuxembourg Future Fund
2121
Recent Software IPO Pricings
SOFTWARE CAPITAL MARKETS UPDATE
Notes:Sources: Capital IQ and Company filings as of 1/12/2018. IPO pricings include public registrations only. (1) First Trading Day listed as Offer Date.
($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
17-Nov-17 $1,110 $240 9.00 - 11.00 $12.00 20.0% 8.3% 25.3%
15-Nov-17 $734 $131 13.50 - 15.50 $16.00 10.3% 12.5% 31.8%
1-Nov-17 $1,106 $156 11.00 - 13.00 $13.00 8.3% 40.8% 80.5%
19-Oct-17 $1,570 $192 20.00 - 22.00 $24.00 14.3% 33.6% 15.8%
25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 72.7%
28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 6.1%
13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 22.6%
7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 68.9%
24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 77.8%
17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 35.5%
Name
2222
195
151
(5)
(4)
(6)(9) (6)
(7)
(8)
(9)
(7)
(7)
(11)
(8)(11)
(9)
(6)
(10)
(12)
(13)
6
11
7
17
1617
11
9
10
140
150
160
170
180
190
200
210PE Acquisitions Strategic Acquisitions IPO
Notes:Sources: Capital IQ, company filings. Market data as of 1/12/2018.
A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues
2008 2009 2010 2011 20152012 2013 2014 2016
FortinetCDC Software
LogMeInMedidata
SolarWindsRosetta Stone SciQuest
RealPageIntraLinksEnvestnet
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.
2017
MulesoftAlteryx
OktaYext
ClouderaAppian
MongoDBAltair Engineering
SendGridSailPoint
2009 2010 2011 2012 2013 2014 2015 2016 2017
IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 10
Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 13
PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 7
2323
TMT Transactions Since Q3 2002
VENTURE CAPITAL INDUSTRY
Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and
Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.
(1)
0
200
400
600
800
1,000
$0
$2
$4
$6
$8
$10
$12
$14
Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017
Nu
mb
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f In
vest
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ts
$B
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Quarter - Year
Number of Deals Investment Amount
2424
Deep Software Sector Expertise
GCA OVERVIEW
Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.
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