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Corum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile

April's edition of Tech M&A Monthly, featuring an in-depth look at M&A in Q1 2018 and an interview with 2017 Top Acquirer Constellation Software's COO and Volaris CEO, Mark Miller

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Tech M&A Monthly
Quarterly Report: Q1 2018
12 April 2018
2
Timothy joined Corum in 2011, and oversees the company’s global marketing efforts from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Welcome
Timothy Goddard
EVP, Marketing
Corum Group Ltd.
3
Agenda
Welcome
Top Acquirer Spotlight: Constellation
2018 Q1 Research Report
 Market Overview
 Corum Index
 All 6 Sectors: Valuations and Deals
Market Spotlight Preview
Q&A
4
Mark Miller spends the majority of his time as the Chief
Executive Officer of Volaris Operating Group and Trapeze Group,
but also acts as Chief Operating Officer at Constellation Software
Inc.
Mr. Miller received a B.Sc. in Statistics and a B.Sc. in
Mathematics from McMaster University in Hamilton, Ontario. In
addition, Mr. Miller has attended the Executive Marketing
Program at the Ivey Business School at the University of Western
Ontario.
Mr. Miller is also on the Board of Directors of Medgate Inc. and
pVelocity Inc., two private software companies both
headquartered in Toronto, Ontario.
Top Acquirer Spotlight:
Constellation Software COO, Mark Miller
5
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Yasmin Khodamoradi
Director, Valuation Services
Amanda Tallman
Senior Analyst
Patrick Cunningham
Research Analyst
Becky Hill
Research Analyst
6
Public Markets
Jan Mar May Jul Sep Nov Jan Mar
57%
24%
31%
0%
10%
20%
30%
40%
50%
60%
70%
Weekly Percentage Change
S&P TECH Dow Jones NASDAQ
USA Q1 2018
S&P Tech 10%
NASDAQ 2%
Dow Jones -3%
Asia Q1 2018
HANG SENG 1%
SSE Composite -4%
Nikkei -6%
Europe Q1 2018
CAC 40 -3%
DAX -6%
FTSE 100 -8%

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Corum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile

  • 1. 1 Tech M&A Monthly Quarterly Report: Q1 2018 12 April 2018
  • 2. 2 Timothy joined Corum in 2011, and oversees the company’s global marketing efforts from the headquarters near Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing, the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in technology mergers and acquisitions. Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc., and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de Janeiro. Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and Biology. Welcome Timothy Goddard EVP, Marketing Corum Group Ltd.
  • 3. 3 Agenda Welcome Top Acquirer Spotlight: Constellation 2018 Q1 Research Report  Market Overview  Corum Index  All 6 Sectors: Valuations and Deals Market Spotlight Preview Q&A
  • 4. 4 Mark Miller spends the majority of his time as the Chief Executive Officer of Volaris Operating Group and Trapeze Group, but also acts as Chief Operating Officer at Constellation Software Inc. Mr. Miller received a B.Sc. in Statistics and a B.Sc. in Mathematics from McMaster University in Hamilton, Ontario. In addition, Mr. Miller has attended the Executive Marketing Program at the Ivey Business School at the University of Western Ontario. Mr. Miller is also on the Board of Directors of Medgate Inc. and pVelocity Inc., two private software companies both headquartered in Toronto, Ontario. Top Acquirer Spotlight: Constellation Software COO, Mark Miller
  • 5. 5 Corum Research Report Elon Gasper EVP, Research Amber Stoner Director of Research Yasmin Khodamoradi Director, Valuation Services Amanda Tallman Senior Analyst Patrick Cunningham Research Analyst Becky Hill Research Analyst
  • 6. 6 Public Markets Jan Mar May Jul Sep Nov Jan Mar 57% 24% 31% 0% 10% 20% 30% 40% 50% 60% 70% Weekly Percentage Change S&P TECH Dow Jones NASDAQ USA Q1 2018 S&P Tech 10% NASDAQ 2% Dow Jones -3% Asia Q1 2018 HANG SENG 1% SSE Composite -4% Nikkei -6% Europe Q1 2018 CAC 40 -3% DAX -6% FTSE 100 -8%
  • 7. 7 The Bull Market, 2009-Present Q1 2018 2009 2011 2013 2015 20172009 2011 2013 2015 2017 2018 0% 100% 200% 300% 400% 500% 600% Daily Percentage Change NASDAQ S&P TECH Dow Jones
  • 8. 8 Corum Index Market Transactions Q1:2018Q1:2017 915 810 Mega Deals 14 17 Largest Deal $15.3B $17B Pipeline Private Equity Platform Deals 90 99 VC Backed Exits 134147 Attributes 39% Cross Border Transactions 39% Start-Up Acquisitions 13%10% 18 yrs16 yrs Average Life of Target Q1:2017 Q1:2018 Q1:2017 Q1:2018 0% 11% 10% 9% 11% 21%
  • 9. 9 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B
  • 10. 10 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: YOOX Net-A-Porter Group [Italy] Acquirer: Richemont Italia Holding [Italy] Transaction Value: $3.4B - Online flagship stores for fashion and luxury brands
  • 11. 11 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: Polycom [Siris Capital Group] [USA] Acquirer: Plantronics [USA] Transaction Value: $2B (1.7x EV/Sales) - Collaboration solutions for voice, video and content sharing
  • 12. 12 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: LifeScan [Johnson & Johnson Services] [USA] Acquirer: Platinum Equity [USA] Transaction Value: $2.1B (1.4x EV/Sales) - Blood glucose monitoring systems for diabetes
  • 13. 13 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: CSRA [USA] Acquirer: General Dynamics [USA] Transaction Value: $6.8B - Security integration, analytics, support and consulting services for government
  • 14. 14 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: CommerceHub [USA] Acquirer: GTCR/Sycamore Partners [USA] Transaction Value: $1.1B - Cloud-based e-commerce fulfillment and marketing solutions
  • 15. 15 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B
  • 17. 17 Horizontal Application Software Market Public Valuation Multiples 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 EV/EBITDA 18.71 x 19.46 x 20.61 x 19.56 x 19.85 x 19.84 x 20.36 x 21.12 x 20.23 x 20.56 x 20.78 x 19.66 x 19.25 x EV/S 3.80 x 3.90 x 4.31 x 4.49 x 4.35 x 4.33 x 4.27 x 4.35 x 4.30 x 4.33 x 4.60 x 4.47 x 4.51 x
  • 18. 18 Subsector Sales EBITDA Examples Business Intelligence 4.33x 18.75x Marketing 4.33x 20.85x CRM 4.24x 50.77x ERP 4.54x 17.76x Human Resources 7.76x 44.06x SCM 4.42x 26.56x Payments 4.48x 18.92x Other 3.39x 17.57x Horizontal Application Software Valuations
  • 19. 19 Horizontal Application Software Market Deal Spotlights: SCM Sold to Sold to Sold to Target: FSEnet+ [USA] Acquirer: Gladson [Wicks Group of Companies] [USA] - SaaS for suppliers and purchasers in the retail, healthcare and food service industries Target: JustEnough Software Corporation [USA] Acquirer: Mi9 Retail [Respida Capital] [Canada] - Merchandise finance, assortment, space, clustering solutions for retail, wholesale Target: Webcollage [USA] Acquirer: Gladson [Wicks Group of Companies] [USA] - SaaS solution for managing and publishing rich product information
  • 20. 20 Horizontal Application Software Market Sold to Sold to Target: AdsWizz [USA] Acquirer: Pandora Media Inc. [dba Pandora] [USA] Transaction Value: $145M - Digital audio advertising platform Target: Spoutable [USA] Acquirer: Proper Media [USA] - SaaS for reinventing web monetization to publishers and advertisers Sold to Target: Ebiquity (advertising intelligence business) [United Kingdom] Acquirer: Nielsen [USA] Transaction Value: $36M - Market intelligence, advertising, monitoring and analytics reporting SaaS Deal Spotlights: Advertising
  • 21. 21 Horizontal Application Software Market Sold to Sold to Deal Spotlights: Marketing Automation Target: Spongecell [USA] Acquirer: Flashtalking [TA Associates] [United Kingdom] - Intelligent data integrations, decision support tools and marketing automation SaaS Target: Data Artist [Japan] Acquirer: Dentsu [Japan] - AI-driven marketing automation SaaS
  • 22. 22 Horizontal Application Software Market Sold to Sold to Target: Qustn Technologies [India] Acquirer: PeopleStrong [India] - SaaS for training and education of remote employees Target: Recruiterbox [USA] Acquirer: Turn/River Capital [USA] - Applicant tracking system for small and midsize businesses Sold to Target: Inkling Systems [USA] Acquirer: Marlin Equity Partners [USA] - Enterprise software platform for field workforce operations management Sold to Target: Axcel [Denmark] Acquirer: Paychex [USA] - Payroll and human resources management software Deal Spotlights: HR
  • 23. 23 Horizontal Application Software Market Sold to Sold to Deal Spotlights: Business Intelligence Target: Angoss Software Corporation [Peterson Partners] [Canada] Acquirer: Datawatch Corporation [USA] Transaction Value: $24.5M (2.3x EV/Sales, 11.1x EBITDA) - BI software and SaaS primarily to financial services, insurance and retail Target: X15 Software [USA] Acquirer: FireEye [USA] Transaction Value: $20M - BI management platform with search and analytic query capabilities
  • 24. 24 Horizontal Application Software Market Deal Spotlight: Search Software Target: Kngine [Egypt] Acquirer: Samsung Electronics [South Korea] - BI assistant and answer engine - Strengthens AI assistant Bixby against competitor Siri - Follows acquisitions of Viv Labs and Fluenty Sold to
  • 25. 25 Vertical Application Software Market Public Valuation Multiples 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 5.50 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 EV/EBITDA 17.83 x 17.66 x 17.99 x 19.26 x 18.65 x 17.76 x 18.10 x 18.47 x 19.87 x 19.89 x 20.43 x 19.70 x 18.31 x EV/S 4.71 x 5.00 x 4.93 x 5.12 x 5.00 x 5.05 x 5.05 x 5.15 x 4.88 x 5.31 x 5.35 x 4.82 x 4.67 x
  • 26. 26 Subsector Sales EBITDA Examples A/E/C 8.26x 28.82x Automotive 4.56x 16.98x Energy & Environment 3.39x 15.28x Financial Services 5.60x 19.04x Government 2.18x 16.55x Healthcare 2.90x 17.36x Real Estate 7.02x 41.34x Vertical Other 3.42x 14.54x Vertical Application Software Valuations
  • 27. 27 Vertical Application Software Market Deal Spotlights: A/E/C Sold to Target: e-Builder [USA] Acquirer: Trimble [USA] Transaction Value: $500M (9.4x EV/Sales) - SaaS-based construction program management solution Target: Stabiplan [Netherlands] Acquirer: Trimble [USA] - 3D CAD and engineering software, Building Information Modeling content Sold to
  • 28. 28 Vertical Application Software Market Deal Spotlights: A/E/C Sold to Sold to Sold to Target: CostCon New Zealand Limited [New Zealand] Acquirer: JDM Technology Group [Canada] - Accounting ERP and job costing system Target: ClearEdge3D [USA] Acquirer: Topcon Corporation [Japan] - 3D software for the 3D modeling of plants and buildings Target: AGTEK Development Company [USA] Acquirer: Hexagon AB [Sweden] - Surveying, analysis, and control solutions for heavy construction
  • 29. 29 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: ABILITY Network Inc. [Summit Partners] [USA] Acquirer: Inovalon Holdings [USA] Transaction Value: $1.2B - Web-based solutions in ambulatory, acute, and post-acute settings
  • 30. 30 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: GE Healthcare (Healthcare IT assets) [United Kingdom] Acquirer: Veritas Capital [USA] Transaction Value: $1.1B - Revenue-cycle, ambulatory care and workforce management software Healthcare IT assets
  • 31. 31 Vertical Application Software Market Deal Spotlights: Healthcare Management Sold to Target: Aexis Medical [Belgium] Acquirer: Cantel Medical [USA] Transaction Value: $21.1M (5.9x EV/Sales) - Software solutions for tracking and monitoring of instrument reprocessing workflows Sold to Target: Connectiv [USA] Acquirer: Accruent [Genstar Capital] [USA] - Cloud-based, mobile-enabled management software Sold to Sold to Target: Home Health Gold [USA] Acquirer: Axxess [USA] - Data analysis and reporting software for staff member management Target: HomeCare Accounting Solutions [USA] Acquirer: Netsmart Technologies [Allscripts Healthcare Solutions/ GI Partners] [USA] - Cloud-based software products for home care
  • 32. 32 Vertical Application Software Market Deal Spotlights: Electronic Medical Records Management Sold to Sold to Target: Practice Fusion [USA] Acquirer: Allscripts Healthcare Solutions [USA] Transaction Value: $100M - Practice management software platform for doctors Target: Allscripts Healthcare Solutions (OneContent assets) [USA] Acquirer: Hyland Software [Thoma Bravo] [USA] - Healthcare content management solutions OneContent assets Sold to Target: Infian [USA] Acquirer: Quantitative Medical Systems [Constellation Software] [USA] - EHR solutions, billing software and Revenue Cycle Management services Sold to Target: AccuMed [USA] Acquirer: Gulf Capital [UAE] - Electronic data interchange claims processing and remittance solutions and services
  • 33. 33 Target Acquirer Target Country Month Description USA January Digital curriculum and tools for pre-K to 12th grade USA January Web-based K-12 education human capital management solutions USA January Online funding platform for PTA/PTOs, schools, and organizations USA February Learning management and collaboration software for the education industry USA March Cloud-based literacy software program for K-12 education market Deal Spotlights: Education Vertical Application Software Market Weld North Education asset
  • 34. 34 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: NEX Group [United Kingdom] Acquirer: CME Group [USA] Transaction Value: $5.4B - Pricing, analytics, index, and regulatory reporting solutions
  • 35. 35 Vertical Application Software Market Deal Spotlight: Financial Trading and Analytics Sold to Target: Kensho Technologies [USA] Acquirer: S&P Global [USA] Transaction Value: $550M and 28.2x EV/Sales - Analytics, artificial intelligence, machine learning, and data visualization systems - Follows the purchase of supply chain intelligence company Panjiva
  • 36. 36 Consumer Application Software Market Public Valuation Multiples 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 EV/EBITDA 18.23 x 20.43 x 20.02 x 15.85 x 17.48 x 13.74 x 13.09 x 14.49 x 16.65 x 18.01 x 18.88 x 18.64 x 19.04 x EV/S 2.44 x 2.62 x 2.83 x 3.22 x 2.96 x 3.06 x 2.96 x 2.63 x 2.91 x 3.89 x 3.93 x 3.46 x 4.04 x
  • 37. 37 Subsector Sales EBITDA Examples Casual Gaming 4.04x 19.06x Core Gaming 4.32x 12.43x Other 1.05x N/A Consumer Application Software Valuations
  • 38. 38 Consumer Application Software Market Deal Spotlights: Video Gaming Target: Koch Media [Germany] Acquirer: THQ Nordic [Sweden] Transaction Value: $112.3M - Digital entertainment software products Target: Blue Mammoth Games [USA] Acquirer: Ubisoft [France] - Multiplayer online and free-to-play fighting games Sold to Sold to
  • 39. 39 Consumer Application Software Market Deal Spotlights: Betting Target: EsysnetG [Brazil] Acquirer: Scientific Games Corporation [USA] - Video bingo content studio Target: Crystalbet [Georgia] Acquirer: GVC Holdings [Isle of Man] Transaction Value: $50.9M - Online gaming: sports betting, casino games, poker and peer-to-peer games Sold to Sold to EsysnetG
  • 40. 40 Consumer Application Software Market Deal Spotlights: Ride Hailing & Sharing Sold to Sold to Sold to Target: LUXI [South Korea] Acquirer: Kakao [South Korea] Transaction Value: $23.2M - Ride-sharing platform that connects drivers and passengers Target: Uber (Southeast Asia operations) [Singapore] Acquirer: Grab [Singapore] - Ride-sharing mobile application Target: 99 [Brazil] Acquirer: Didi Chuxing [China] - Transport app that offers car booking services Southeast Asia operations
  • 41. 41 Sold to Target: Parkmobile [USA] Acquirer: BMW [Germany] - On-demand and prepaid mobile payment solutions for parking - Helps BMW to get a foothold in the U.S. parking services market Consumer Application Software Market Deal Spotlight: Mobile Parking
  • 42. 42 Consumer Application Software Market Deal Spotlight: Mobile Payments Sold to Target: Nuggets [United Kingdom] Acquirer: JD.Com [China] - Blockchain-enabled e-commerce payments and ID platform - Joins a batch of six companies as a part of JD.com’s AI accelerator program - Adds blockchain tech to JD’s AI expertise
  • 43. 43 Consumer Application Software Market Deal Spotlight: Google Sold to Target: Tenor [USA] Acquirer: Google [Alphabet] [USA] - GIF Keyboard app for iOS, Android, and Mac devices - Integrates into Google Images and Gboard, the virtual keyboard of Google - May touch the messenger space as Tenor is connected to Facebook
  • 44. 44 Consumer Application Software Market Deal Spotlights: Composite Commerce Sold to Sold to Sold to Target: MessageYes [USA] Acquirer: Nordstrom [USA] - Mobile messaging platform for retail brands Target: BevyUp [USA] Acquirer: Nordstrom [USA] - Shopping SaaS that connects sales associates with consumers Target: ModiFace [Canada] Acquirer: L’Oréal [France] - Virtual makeover, skin care and anti-aging, and hair simulation tech solutions
  • 45. 45 Internet Market Public Valuation Multiples 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 5.50 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x 21.00 x 23.00 x 25.00 x 27.00 x 29.00 x EV/SEV/EBITDA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 EV/EBITDA 21.78 x 26.43 x 27.08 x 26.11 x 28.79 x 24.53 x 25.69 x 26.95 x 25.76 x 26.58 x 28.79 x 21.30 x 18.16 x EV/S 3.99 x 4.19 x 4.41 x 4.28 x 4.40 x 4.49 x 4.65 x 4.89 x 4.11 x 4.64 x 4.78 x 4.76 x 4.84 x
  • 46. 46 Subsector Sales EBITDA Examples Diversified Internet 5.13x 17.37x eCommerce 0.82x 31.40x Social Network 7.81x 18.19x Travel & Leisure 8.09x 25.49x Internet Software Valuations
  • 47. 47 Internet Market Sold to Sold to Target: 500px [Canada] Acquirer: Visual China Group [China] - Online community for photo-sharing Target: HubPages [USA] Acquirer: Maven [USA] Transaction Value: $10M (2x EV/Sales) - Online community for writers to share content Deal Spotlights: Social Networks
  • 48. 48 Internet Market Sold to Sold to Target: Green Chef [USA] Acquirer: HelloFresh [USA] - Subscription-based organic products delivery Target: Quitoque [France] Acquirer: Carrefour [France] - Online meal kit delivery services Deal Spotlights: Meal Kit Delivery
  • 49. 49 Internet Market Deal Spotlights: Online Food Delivery Target Acquirer Target Country Acquirer Country Description China China Online food ordering and delivery service Bulgaria Netherlands Online food delivery from Bulgarian restaurants Romania Netherlands Online food delivery from Romanian restaurants USA USA Online food delivery services for consumers in Texas USA USA Event catering and residential delivery services USA USA Online food delivery services based in New York France France Ordering and delivering evening meals at home
  • 50. 50 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B $19B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B INFRASTRUCTURE $6.2B $1.0B $6.6B $2.0B $3.4B Sold to Target: Ele.me [China] Acquirer: Alibaba [China] Transaction Value: $5.4B - Online food ordering and delivery app
  • 51. 51 Internet Market Deal Spotlights: Online Food Delivery Target Acquirer Target Country Acquirer Country Description China China Online food ordering and delivery service Bulgaria Netherlands Online food delivery from Bulgarian restaurants Romania Netherlands Online food delivery from Romanian restaurants USA USA Online food delivery services for consumers in Texas USA USA Event catering and residential delivery services USA USA Online food delivery services based in New York France France Ordering and delivering evening meals at home
  • 52. 52 Infrastructure Software Market Public Valuation Multiples 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 5.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 EV/EBITDA 16.65 x 16.56 x 14.53 x 14.97 x 15.03 x 15.47 x 14.97 x 14.66 x 16.09 x 18.15 x 18.22 x 16.23 x 15.90 x EV/S 3.53 x 3.54 x 3.60 x 3.62 x 3.48 x 3.63 x 3.83 x 3.95 x 4.09 x 4.44 x 4.78 x 4.84 x 5.02 x
  • 53. 53 Subsector Sales EBITDA Examples Endpoint 4.61x 20.72x IT Services Management 5.62x 11.55x Network Management 3.79x 12.21x Security 5.34x 28.97x Storage & Hosting 3.49x 12.63x Other 5.40x 12.21x Infrastructure Software Market
  • 54. 54 2018 Mega Deals – YTD INTERNET $26B $17B Financial Markets Business $3.4B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B $3.5B $2.4B $1.1B INFRASTRUCTURE $19B $6.2B $1.0B $6.6B $2.0B VERTICAL $14B $1.9B $2.0B $1.2B $2.1B $5.4B $1.1B Healthcare IT assets $5.4B$2.6B $3.4B Sold to Target: MuleSoft [USA] Acquirer: Salesforce [USA] Transaction Value: $6.6B - Platform connecting SaaS & enterprise applications in the cloud and on premise
  • 55. 55 Infrastructure Software Market Deal Spotlights: Public Cloud Infrastructure Target: Minjar Cloud Solutions [India] Acquirer: Nutanix [USA] - Cloud assessment and migration services for AWS and Microsoft Azure Target: Evident.io [USA] Acquirer: Palo Alto Networks [USA] Transaction Value: $300M - Cloud security services, including AWS infrastructure security automation Sold to Sold to
  • 56. 56 Infrastructure Software Market Deal Spotlights: VMware Sold to Sold to Sold to Target: E8 Security [USA] Acquirer: VMware [USA] - Behavioral intelligence driven security solutions Target: CloudVelox (Talent and Technology assets) [USA] Acquirer: VMware [USA] - Hybrid cloud migration and disaster recovery platform Talent and Technology assets Sold to Target: CloudCoreo [USA] Acquirer: VMware [USA] - Configuration management and community driven DevOps framework
  • 57. 57 Infrastructure Software Market Deal Spotlights: Enterprise Security Sold to Sold to Sold to Target: Vaultive [USA] Acquirer: CyberArk Software [Israel] - Сloud data encryption solutions Target: Cofense [fka PhishMe] [USA] Acquirer: Pamplona Capital Management / BlackRock Capital [UK] Transaction Value: $400M - Anti-phishing threat management solutions Target: Phantom [USA] Acquirer: Splunk [USA] Transaction Value: $350M - Enterprise security automation and orchestration tools
  • 58. 58 Infrastructure Software Market Deal Spotlights: Identity and Access Management (IAM) Target: Cyberinc (Identity and Access Management assets) [USA] Acquirer: KPMG [Netherlands] Transaction Value: $34M - Identity management solution, protection from web-based malware attacks Target: ThreatMetrix [USA] Acquirer: RELX Group [UK] Transaction Value: $817M - Context-based business authentication and fraud prevention solutions Sold to Sold to Identity and Access Management assets
  • 59. 59 Infrastructure Software Market Deal Spotlights: Disaster Backup and Recovery Target: N2W Software [USA] Acquirer: Veeam Software [Switzerland] Transaction Value: $42.5M - Cloud-native enterprise backup and disaster recovery Target: Datos IO [USA] Acquirer: Rubrik [USA] - Backup and recovery for NoSQL databases and big data file systems Sold to Sold to
  • 60. 60 Infrastructure Software Market Deal Spotlights: Network and Application Performance Management Sold to Sold to Sold to Target: Cedexis [USA] Acquirer: Citrix Systems [USA] - Internet performance control and monitoring solutions Target: NCC Group (Web performance division) [United Kingdom] Acquirer: TestPlant [Carlyle Group] [United Kingdom] - SaaS-based, user-centric application performance platform Target: AppNeta [USA] Acquirer: Rubicon Technology Partners [USA] - SaaS-based application performance management solutions
  • 61. 61 IT Services – Developed Markets Public Valuation Multiple 0.40 x 0.60 x 0.80 x 1.00 x 1.20 x 1.40 x 1.60 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x 12.00 x 13.00 x 14.00 x EV/SEV/EBITDA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 EV/EBITDA 11.28 x 11.25 x 11.48 x 11.81 x 12.19 x 12.13 x 12.52 x 12.86 x 12.26 x 12.21 x 12.96 x 12.32 x 12.15 x EV/S 1.36 x 1.45 x 1.42 x 1.41 x 1.40 x 1.44 x 1.41 x 1.36 x 1.34 x 1.31 x 1.53 x 1.32 x 1.34 x
  • 62. 62 IT Services – Emerging Markets Public Valuation Multiples 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x 21.00 x 23.00 x 25.00 x EV/SEV/EBITDA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 EV/EBITDA 14.45 x 17.04 x 17.75 x 18.55 x 19.31 x 19.57 x 20.45 x 21.18 x 23.26 x 22.67 x 23.09 x 21.70 x 22.02 x EV/S 3.04 x 3.14 x 3.26 x 3.27 x 3.34 x 3.00 x 3.27 x 3.40 x 3.55 x 3.71 x 3.33 x 3.32 x 3.20 x
  • 63. 63 IT Services – Developed Markets Deal Spotlights: Salesforce SI Sold to Sold to Target: CirrusOne [USA] Acquirer: Simplus [USA] - Salesforce and Oracle consulting services for configure, price and quote Target: Comity Designs [USA] Acquirer: Brillio [USA] - Salesforce-based systems integration services
  • 64. 64 IT Services – Developed Markets Deal Spotlights: Microsoft SI Sold to Sold to Sold to Target: IN2 [Croatia] Acquirer: Vela Software International [Constellation Software] [USA] - Oracle and Microsoft-focused SI and VAR services Target: iBiz Solutions [Sweden] Acquirer: TeleComputing [IK Investment Partners] [Norway] - Azure-based systems integration services Target: Associates Solutions [USA] Acquirer: High Touch Technologies [USA] - Dynamics, ERP, CRM and Internet technology networking solutions
  • 65. 65 IT Services – Developed Markets Deal Spotlights: Oracle-based SI Sold to Sold to Target: Newbury Consulting Group [USA] Acquirer: Evosys [India] - Oracle IT consulting services and cloud-based system integration Target: M-Power Solutions [Australia] Acquirer: DXC Technology Company [USA] - Oracle cloud solutions for planning, budgeting, analytics and big data
  • 66. 66 IT Services – Developed Markets Sold to Sold to Deal Spotlights: DXC Q2 Target: eBECS [United Kingdom] Acquirer: DXC Technology Company [USA] - Microsoft ERP, CRM and SharePoint SI services Target: Sable37 [Australia] Acquirer: DXC Technology Company [USA] - Microsoft Dynamics 365 Value Added Reseller (VAR)
  • 67. 67 Corum Research Report Elon Gasper EVP, Research Amber Stoner Director of Research Yasmin Khodamoradi Director, Valuation Services Amanda Tallman Senior Analyst Patrick Cunningham Research Analyst Becky Hill Research Analyst
  • 68. 68 Market Spotlight Webcasts May 2, 2018 wfs.com/commerce-2018 Globally, online and offline shopping behaviors are fusing into a unified whole; tune in to hear how this trend of Composite Commerce is changing the way we interact with just about everything, and driving M&A across the technology ecosystem. April 24, 2018 wfs.com/logistics-2018 With physical goods challenged to move at the speed of data, a diverse set of global buyers is racing to acquire and apply Smart Logistics technology. Tune in to hear CEOs, bankers and analysts discuss what it means for innovative tech companies tackling these problems.
  • 69. 69 Q&A  We welcome your questions!  Use Q&A tab at the bottom of screen  Submit to queue at any time
  • 70. 70 Upcoming Conference Schedule Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position, research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A event ever – participants have done over $1 trillion in transaction value. Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends, valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.” www.CorumGroup.com/Events Apr. 17: Durham – MB Apr. 19: Corum HQ – MB Apr. 19: San Francisco – MB Apr. 23: Brisbane – SUSO Apr. 24: Melbourne – MB Apr. 25: Waterloo – SUSO Apr. 26: Denver – MB Apr. 26: Sydney– MB Apr. 26: Toronto – MB May 16: Vancouver – MB May 24: Corum HQ – MB May 24: Indianapolis – SUSO May 29: Oslo – MB May 30: Stockholm – MB May 31: Helsinki – MB
  • 71. 71 After the Deal – Celebration