March 2011    Tableau Software - the “darling” of Self-Serve BI                    pure-play BI vendor                   ...
March 2011Tableau Software – Simple Strategy, Extremely Effective                           Fast Analytics for Everyone   ...
March 2011                 Tableau Software – Challenging the GiantsSource: * Magic Quadrant for Business Intelligence Pla...
March 2011         Qlik Technologies For Relative Valuation of Tableau                                                    ...
March 2011  Tableau Valuation - Using Multiples of QlikView(QLIK)                                                         ...
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Tableau Software - High Level Due-Diligence March 2011

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Tableau Software - High Level Due-Diligence March 2011

  1. 1. March 2011 Tableau Software - the “darling” of Self-Serve BI  pure-play BI vendor  delivers strong interactive visualization for analysis, dashboards, information delivery and managed analytic applications Highlights  Triple digit sales growth with overwhelmingly positive customer survey feedback  growing percentage of users accessing external facing Tableau applications through new SaaS offerings - Tableau Public and Tableau Digital  lacks broader BI platform capabilities (reporting, semantic layer and predictive analytics) Opportunity  primarily a SME player, less widely deployed in large enterprises  uses a horizontal platform strategy and developing vertical or industry-specific applications  continues to be a front-end tool option to Oracle Essbase (Visual Explorer) – hurt the competitionSource: Tableau Software Press Release
  2. 2. March 2011Tableau Software – Simple Strategy, Extremely Effective Fast Analytics for Everyone Three Part Strategy Raid Fire Analytics Served Through Web Socialize Your Analysis
  3. 3. March 2011 Tableau Software – Challenging the GiantsSource: * Magic Quadrant for Business Intelligence Platforms, 27 January 2011, Rita L. Sallam, James Richardson, JohnHagerty, Bill Hostmann, Gartner** Tableau Software Press Release
  4. 4. March 2011 Qlik Technologies For Relative Valuation of Tableau Strong sales growth since inception, improving profitability YoY, rapidly increasing customer base with a stable ASP per customer…(Source: Qlik Technology, Inc. Financial Information from SEC Filings)
  5. 5. March 2011 Tableau Valuation - Using Multiples of QlikView(QLIK) QLIK TABLRevenues (in 000s of dollars) 2010 $226,521 $40,000 YoY Growth 44% 106% 2009 157,359 19,417Profitability (Using 2010 QLIK ratios as a proxy, in 000s of dollars) Gorses Profit Margin 90% 202,799 35,811 Operating Profit Margin 12% 27,568 4,868 Net Profit Margin 6% 13,516 2,387Preliminary Valuation Market Cap 2,150,000,000 - Enterprise Value 1,980,000,000 - Stock price 27.17 - Shares Outstanding 79,000,000 - PE Ratio 158.81 158.81 Value based on PE Ratio (Using QLIK as a proxy) 2,146,430,000 379,025,344 PS Ratio 9.48 9.48 Value based on PS Ratio (Using QLIK as a proxy) 379,025,344Customer Analysis Customers 18,000 6,350 ASP per Customer $12,585 $6,299 Source: Tableau Software Press Release & Qlik Tech Financial Information from SEC Filings. Tableau had 5000 customer at EOY 2009. All numbers are preliminary and subjected to change.

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