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2014 Tech M&A Monthly - Mid-Year Report

Corum Group
Corum Group
Corum GroupCorum Group

This month, join us as we mark the halfway-point of this remarkable year for tech M&A, and look both back and ahead. We’ll look back at the notable deals, high valuations and key trends in all six market sand 26 subsectors that have made 2014 such a wild ride. Then, we’ll look ahead at the factors that could bring the ride to a sudden halt—either for the market as a whole, or for your company’s value in particular. Nothing lasts forever, so we’ll be examining the six events that could kill the market, as well as six events that, regardless of the overall environment, could kill your company’s value before you have a chance to realize that value. Plus, special announcements of deals out of the UK, the US heartland and beyond, plus a look at the way Enmeshed Systems and the blurring lines between hardware and software are driving key deals and high valuations. Don’t miss this extended 45-minute presentation

2014 Tech M&A Monthly - Mid-Year Report

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1
Global Tech M&A Monthly
Q2: 2014 Quarterly Report
17 July 2014
2
A leader in the software industry, Bruce has founded or owned four software companies, including the largest
vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related
company in the world.
He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding
investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past
advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of
the WTIA, the nation’s most active regional technology trade association.
He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200
most influential individuals in the IT community in Europe. He was also the only American juror for the recent
Tornado 100 Awards given to Europe’s top technology firms
A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for
success, including Power Planning. He is a frequent lecturer and author.
Moderator
Bruce Milne
CEO
Corum Group Ltd.
3
Agenda
 Welcome
 Field Report – Astute
 Top Ten Tech Trend – Enmeshed Systems and Atego
 Special Report - UK
 Midyear Research Report
 Six Global Concerns
 Six Personal/Company Concerns
 Closing Thoughts
 Q&A
4
Ed Ossie
Regional Director
Corum Group
Ed has over 30 years of international experience serving high-growth technology companies and has spent
the last 20 years in chief operating and chief executive roles. During this time, Ed has become known for his
ability to design, build and execute multi-year growth strategies with a highly engaged team.
Ed served as President of Innovation Group PLC, and prior to that led the sale of MTW Corporation to
Innovation Group as MTW CEO. Both companies are in the insurance software and business process
services segments. Prior to that he was Division Manager and Vice President for the Texas Instruments
Software Group, which grew from startup to 1300 people in 5 years.
Ed graduated with a Bachelor of Science degree from Missouri State University and attended select
Executive Programs at Stanford Graduate School of Business.
Field Report - Astute
5
Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the
Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases
against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat
worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by
large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to
the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A.
After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and
Japanese) Internet content. At Activision, Nat led the company's on-line business development.
Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA.
While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal.
Nat Burgess
President
Corum Group Ltd.
Top Ten Tech Trend – Enmeshed Systems
6
The Corum Top Ten 2014 Disruptive Technology Trends
Blurring the Lines between Software & Hardware
Enmeshed Systems
 The line between software
and hardware continues to
blur
 Beyond “embedded” systems
those so enmeshed that it is
hard to tell where one ends
and the other begins
 Can be seen in consumer
devices, the sensors making
up the Internet of Things, the
next-generation electronics in
aircraft, automobiles and the
overall industrial Internet.
Ad

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2014 Tech M&A Monthly - Mid-Year Report

  • 1. 1 Global Tech M&A Monthly Q2: 2014 Quarterly Report 17 July 2014
  • 2. 2 A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the world. He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the nation’s most active regional technology trade association. He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100 Awards given to Europe’s top technology firms A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for success, including Power Planning. He is a frequent lecturer and author. Moderator Bruce Milne CEO Corum Group Ltd.
  • 3. 3 Agenda  Welcome  Field Report – Astute  Top Ten Tech Trend – Enmeshed Systems and Atego  Special Report - UK  Midyear Research Report  Six Global Concerns  Six Personal/Company Concerns  Closing Thoughts  Q&A
  • 4. 4 Ed Ossie Regional Director Corum Group Ed has over 30 years of international experience serving high-growth technology companies and has spent the last 20 years in chief operating and chief executive roles. During this time, Ed has become known for his ability to design, build and execute multi-year growth strategies with a highly engaged team. Ed served as President of Innovation Group PLC, and prior to that led the sale of MTW Corporation to Innovation Group as MTW CEO. Both companies are in the insurance software and business process services segments. Prior to that he was Division Manager and Vice President for the Texas Instruments Software Group, which grew from startup to 1300 people in 5 years. Ed graduated with a Bachelor of Science degree from Missouri State University and attended select Executive Programs at Stanford Graduate School of Business. Field Report - Astute
  • 5. 5 Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A. After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and Japanese) Internet content. At Activision, Nat led the company's on-line business development. Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA. While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal. Nat Burgess President Corum Group Ltd. Top Ten Tech Trend – Enmeshed Systems
  • 6. 6 The Corum Top Ten 2014 Disruptive Technology Trends Blurring the Lines between Software & Hardware Enmeshed Systems  The line between software and hardware continues to blur  Beyond “embedded” systems those so enmeshed that it is hard to tell where one ends and the other begins  Can be seen in consumer devices, the sensors making up the Internet of Things, the next-generation electronics in aircraft, automobiles and the overall industrial Internet.
  • 7. 7 UK Tech M&A Jon Scott Senior Vice President John Simpson Vice President
  • 8. 8 Representative Corum Transactions Atego provides mission-critical, embedded software development solutions PTC Inc.: USA Atego: United Kingdom Resonate enables organizations to visualize unstructured data as part of their ECM solutions Open Text: Canada Resonate KT: UK A global provider of 3D digital designs in the building, plant and marine markets Autodesk: USA Navisworks: United Kingdom Crane is a value-added distributor of voice, data and converged communications solutions Datatec Group on behalf of Westcon Group: South Africa Crane Telecommunications: United Kingdom 360 Scheduling is the provider of mobile workforce scheduling and optimization software 360 Scheduling: UK IFS: Sweden iView Multimedia provides photo and digital asset management software applications Microsoft: USA iView Multimedia: United Kingdom
  • 9. 9 UK Tech M&A 183 Deals in 1H:2014* *As reported by 451 Group 54% cross border 81% with US acquirer
  • 10. 10 Top Deal Sold to Target: NaturalMotion [UK] Acquirer: Zynga Transaction Value: $487.4 million - Mobile & social games featuring 3D character animation. - Big mobile hit in 'Clumsy Ninja,' plus animation middleware that has led to licensing deals with movie studios and other gaming vendors.
  • 11. 11 Financial Services Sold to Sold to Target: thinkFolio [UK] Acquirer: Markit Group [UK] Transaction Value: $90.6 million - Front-office portfolio and trade management SaaS for hedge fund managers and investment banks. Target: TDX Group [UK] Acquirer: Equifax Transaction Value: $327 million - Debt collection and revenue management SaaS.
  • 12. 12 Corum Research Report Elon Gasper Vice President, Director of Research Alina Soltys Senior Analyst Amber Stoner Senior Analyst Laura Duren Analyst Erin Sanchez Analyst Tyler Vickers Research Analyst
  • 14. 14 19 15 9 8 8 7 6 6 6 5 5 g w y d t f a m h o c Top Strategic Acquirers: 1H 2014
  • 15. 15 Buyer Leaderboard Rotation 2013 - 2014 Change 1H 2013 1H 2014 650% WPP 2 15 500% Apple 1 6 280% Google 5 19 100% Dropbox 4 8 67% Oracle 3 5 50% Hexagon 4 6 50% Microsoft 4 6 33% Twitter 6 8 17% Facebook 6 7 -29% Cisco 7 5 -31% Yahoo! 13 9
  • 16. 16 0 5 10 15 20 25 30 35 40 $0 $2 $4 $6 $8 $10 $12 $14 $16 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 # of Deals Total Deal Amount* 11 Years of Google Tech M&A $inBillions *Reported & estimated deal valueSource: 451 Research
  • 17. 17 16 15 12 9 8 8 8 7 7 6 6 VE I A G TB TCV B S C TPG TAA Top Private Equity Acquirers: 1H 2014
  • 18. 18 1H:2013 1H:2014 # of Transactions 1584 1811 # of Mega Deals 12 19 Largest Deal $24.8B $19.0B Private Equity Deals 87 99 # VC backed Exits 351 360 % Cross Border Transactions 31% 33% % of Startup Acquisitions 13% 11% Average Life of Target 14 15 Corum Index
  • 19. 19 Mega Deals – 1H:2014 $19B $3.1B $3.2B $3.2B $2.9B $2.4B $2.3B $2.0B $5.3B $3.0B $4.9B $3.5B $2.6B $1.7B $1.6B $1.3B
  • 20. 20 1H:2013 1H:2014 # of Transactions 1584 1811 # of Mega Deals 12 19 Largest Deal $24.8B $19.0B Private Equity Deals 87 99 # VC backed Exits 351 360 % Cross Border Transactions 31% 33% % of Startup Acquisitions 13% 11% Average Life of Target 14 15 Sold to Sector: Management Systems Target: MICROS Systems Acquirer: Oracle Transaction Value: $5.3 billion - 3.5x revenue multiple. - PoS systems, e-commerce and transaction processing software. - Hopes to leverage relationship in restaurant and hotel industries. Corum Index – Megadeals
  • 21. 21 1H:2013 1H:2014 # of Transactions 1584 1811 # of Mega Deals 12 19 Largest Deal $24.8B $19.0B Private Equity Deals 87 99 # VC backed Exits 351 360 % Cross Border Transactions 31% 33% % of Startup Acquisitions 13% 11% Average Life of Target 14 15 Corum Index – Megadeals Sold to Sector: Mobility Target: Motorola Solutions (Enterprise Business) Acquirer: Zebra Technologies Corporation Transaction Value: $3.45 billion - 1.4x revenue multiple - Mobile phones, smart phones and wireless infrastructure hardware and software.
  • 22. 22 1H:2013 1H:2014 # of Transactions 1584 1811 # of Mega Deals 12 19 Largest Deal $24.8B $19.0B Private Equity Deals 87 99 # VC backed Exits 351 360 % Cross Border Transactions 31% 33% % of Startup Acquisitions 13% 11% Average Life of Target 14 15 Corum Index – Megadeals Sold to Sector: Reservations Target: OpenTable Acquirer: Priceline.com Transaction Value: $2.6 billion - 12.5x revenue multiple - Restaurant reservation and management software. - Only 2nd time Priceline has spent over $200 million on an acquisition.
  • 23. 23 1H:2013 1H:2014 # of Transactions 1584 1811 # of Mega Deals 12 19 Largest Deal $24.8B $19.0B Private Equity Deals 87 99 # VC backed Exits 351 360 % Cross Border Transactions 31% 33% % of Startup Acquisitions 13% 11% Average Life of Target 14 15 Corum Index – Megadeals Sold to Sector: Mobility Target: AutoNavi Holdings [China] Acquirer: Alibaba Group [China] Transaction Value: $1.58 billion - 7.5x revenue multiple - Digital map data and location-based software for automakers, mobile device manufacturers, government agencies and consumers in China.
  • 24. 24 North America Sellers 1176 Buyers 1306 Europe Sellers 424 Buyers 342 Latin America Sellers 19 Buyers 4 Mideast/Africa Sellers 24 Buyers 12 Asia Sellers 87 Buyers 86 Source: 451 Research
  • 25. 25 North American Deals West Sellers 444 Buyers 486 Midwest Sellers 135 Buyers 148 Canada Sellers 89 Buyers 80 Northeast Sellers 234 Buyers 326 Southeast Sellers 148 Buyers 166 Source: 451 GermanyUnited States
  • 26. 26 European Deals Nordics Sellers 56 Buyers 47 Western Europe Sellers 401 Buyers 329 Eastern Europe Sellers 23 Buyers 13 Source: 451 United Kingdom United Kingdom Poland United Kingdom
  • 27. 27 Latin American Deals Latin America Sellers 19 Buyers 4 Brazil Sweden Source: 451
  • 28. 28 Asian Deals China Sellers 27 Buyers 24 Far East Sellers 63 Buyers 56 SE/Oceania Sellers 46 Buyers 34 India Sellers 35 Buyers 27 China Source: 451 India United States New Zealand United States
  • 29. 29 North America Sellers 1176 Buyers 1306 Europe Sellers 424 Buyers 342 Latin America Sellers 19 Buyers 4 Mideast/Africa Sellers 24 Buyers 12 Asia Sellers 87 Buyers 86 Source: 451 Research RussiaIsrael
  • 30. 30 Aggregate Six Markets 1.50x 2.00x 2.50x 7.00x 8.00x 9.00x 10.00x 11.00x 12.00x 13.00x 14.00x EV/SalesEV/EBITDA Q4:12 Q1:13 Q2:13 Q3:13 Q4:13 Q1:14 Q2:14 EV/EBITDA 9.91x 10.79x 10.64x 11.65x 13.20x 12.97x 13.11 EV/S 1.78x 1.92x 1.98x 2.15x 2.39x 2.31x 2.40
  • 31. 31 Horizontal Application Software 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 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/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 12.09 x 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x EV/S 3.08 x 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x
  • 32. 32 Subsector Sales EBITDA Examples Business Intelligence 2.68x 21.44x Human Resources 4.53x 60.41x SCM 6.94x 28.44x Communications 1.82x 19.35x ERP 3.36x 10.72x CRM 2.57x 41.16x Content Mgmt. 4.62x 18.12x Horizontal Other 4.78x 21.10x Horizontal Application Software Valuations
  • 33. 33 Horizontal Application Software Market Deal Spotlight 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/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 12.09 x 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x EV/S 3.08 x 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x Sold to Sector: Business Intelligence Target: Adometry Acquirer: Google Transaction Value: Estimated at $150 million in cash - TTM Revenue multiple of 7.5x. - Online advertising analytics and customer analytics SaaS. - Comes as Google faces slowdown in part of its ad business.
  • 34. 34 Horizontal Application Software Market Deal Spotlight 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/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 12.09 x 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x EV/S 3.08 x 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x Sold to Sector: Business Intelligence Target: Brandify Acquirer: Where 2 Get It, Inc. Transaction Value: Undisclosed - SaaS that scores businesses’ marketing, advertising and brand awareness. - Brandify’s Brand Score bridges the gap between online and offline by providing real-time local insights.
  • 35. 35 Horizontal Application Software Market Deal Spotlight 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/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 12.09 x 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x EV/S 3.08 x 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x Sold to Sector: Business Intelligence Target: Kontera Acquirer: Amobee, Inc. Transaction Value: $150 million - Online and social media content analytics and data aggregation SaaS that measures consumer trends. - Takes Amobee beyond offering mobile advertising products and into selling advertisers the capability to reach intended audience across digital mediums.
  • 36. 36 Horizontal Application Software Market Deal Spotlight 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/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 12.09 x 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x EV/S 3.08 x 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x Sold to Sector: Business Intelligence Target: Medio Systems, Inc. Acquirer: HERE/Nokia [Finland] Transaction Value: Undisclosed - Predictive customer analytics SaaS to enable Web usage pattern-focused location-based advertisements and recommendations to smartphone users. - Strengthens platform to deliver more personal experiences in cars, on mobile devices and to businesses.
  • 37. 37 Consumer Application Software Market Public Valuation Multiples 1.00 x 1.20 x 1.40 x 1.60 x 1.80 x 2.00 x 2.20 x 2.40 x 2.60 x 2.80 x 6.00 x 6.50 x 7.00 x 7.50 x 8.00 x 8.50 x 9.00 x 9.50 x 10.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x
  • 38. 38 Subsector Sales EBITDA Examples Digital Content 1.47x 37.42x Video Games 2.54x 8.29x Consumer Application Software Valuations
  • 39. 39 Consumer Application Software Market Deal Spotlight 1.00 x 1.20 x 1.40 x 1.60 x 1.80 x 2.00 x 2.20 x 2.40 x 2.60 x 2.80 x 6.00 x 6.50 x 7.00 x 7.50 x 8.00 x 8.50 x 9.00 x 9.50 x 10.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x Sold to Sector: Video Games Target: Rational Group Ltd (dba PokerStars.co) [Isle of Man] Acquirer: Amaya Gaming Group [Canada] Transaction Value: $4.9 Billion - Increases revenue eightfold and gains benefit of US brand recognition and casino partnerships for its existing online gaming and casino supply business. - Strengthens core B2B operations with a consumer online powerhouse that creates a scalable global platform for growth.
  • 40. 40 Consumer Application Software Market Deal Spotlight 1.00 x 1.20 x 1.40 x 1.60 x 1.80 x 2.00 x 2.20 x 2.40 x 2.60 x 2.80 x 6.00 x 6.50 x 7.00 x 7.50 x 8.00 x 8.50 x 9.00 x 9.50 x 10.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x Sold to Sector: Video Games Target: Bash Gaming Acquirer: GSN Games Transaction Value: Reported at $160 to $170 million - Social-focused online and mobile app-based casino games. - Will now have two of 2013's top 10 overall grossing iPad apps and a monthly active user base of nearly 10 million players.
  • 41. 41 Consumer Application Software Market Deal Spotlight 1.00 x 1.20 x 1.40 x 1.60 x 1.80 x 2.00 x 2.20 x 2.40 x 2.60 x 2.80 x 6.00 x 6.50 x 7.00 x 7.50 x 8.00 x 8.50 x 9.00 x 9.50 x 10.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x Sold to Sector: Video Games Target: Phoenix Age Acquirer: Kabam Transaction Value: Approximately $90 million - Kabam’s first 2014 acquisition extends them into new genres. - Popular titles include “Castle Age” and “Underworld Empire.”
  • 42. 42 Consumer Application Software Market Deal Spotlight 1.00 x 1.20 x 1.40 x 1.60 x 1.80 x 2.00 x 2.20 x 2.40 x 2.60 x 2.80 x 6.00 x 6.50 x 7.00 x 7.50 x 8.00 x 8.50 x 9.00 x 9.50 x 10.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x Sold to Sector: Video Games Target: Oculus VR, Inc. Acquirer: Facebook Transaction Value: $2 billion - Virtual reality-focused head-mounted displays used as part of an immersive gaming environment. - Plans to extend Oculus' existing advantage in gaming to new verticals.
  • 43. 43 Consumer Application Software Market Deal Spotlights 1.00 x 1.20 x 1.40 x 1.60 x 1.80 x 2.00 x 2.20 x 2.40 x 2.60 x 2.80 x 6.00 x 6.50 x 7.00 x 7.50 x 8.00 x 8.50 x 9.00 x 9.50 x 10.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x Sold to Target: Carbon Design Group Acquirer: Oculus VR Transaction Value: Undisclosed - Outsourced hardware design and technology product R&D and engineering services. Sold to Target: Jenkins Software (dba RakNet) Acquirer: Oculus VR Transaction Value: Undisclosed - Plug-in based, open source, cross-platform C++ networking middleware software engine for video game developers and programmers.
  • 44. 44 Public Valuation Multiples IT Services Market 0.50 x 0.55 x 0.60 x 0.65 x 0.70 x 0.75 x 0.80 x 4.00 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 8.75 x 9.59 x 9.42 x 8.68 x 9.47 x 10.04 x 9.58 x 9.70 x 9.72 x 9.37 x 9.51 x 9.10 x 9.47 x EV/S 0.56 x 0.58 x 0.57 x 0.58 x 0.61 x 0.61 x 0.62 x 0.67 x 0.70 x 0.67 x 0.66 x 0.74 x 0.74 x
  • 45. 45 Asian IT Services Market Public Valuation Multiples 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 x 3.50 x 4.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 9.39 x 11.58 x 11.46 x 11.25 x 13.74 x 14.23 x 14.47 x 14.67 x 14.36 x 14.43 x 14.77 x 13.40 x 13.79 x EV/S 1.85 x 2.49 x 2.39 x 2.72 x 2.90 x 2.97 x 3.22 x 3.08 x 3.15 x 3.17 x 2.96 x 2.88 x 2.97 x
  • 46. 46 Deal Spotlight IT Services Market 0.50 x 0.55 x 0.60 x 0.65 x 0.70 x 0.75 x 0.80 x 4.00 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 8.75 x 9.59 x 9.42 x 8.68 x 9.47 x 10.04 x 9.58 x 9.70 x 9.72 x 9.37 x 9.51 x 9.10 x 9.47 x EV/S 0.56 x 0.58 x 0.57 x 0.58 x 0.61 x 0.61 x 0.62 x 0.67 x 0.70 x 0.67 x 0.66 x 0.74 x 0.74 x Sold to Target: Ventura Solutions Acquirer: Boeing Company Transaction Value: Undisclosed - Outsourced design, development and engineering of a variety of hardware, software and Redhawk radio systems. - Continues enhancement of information and security capabilities.
  • 47. 47 Deal Spotlight IT Services Market 0.50 x 0.55 x 0.60 x 0.65 x 0.70 x 0.75 x 0.80 x 4.00 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 8.75 x 9.59 x 9.42 x 8.68 x 9.47 x 10.04 x 9.58 x 9.70 x 9.72 x 9.37 x 9.51 x 9.10 x 9.47 x EV/S 0.56 x 0.58 x 0.57 x 0.58 x 0.61 x 0.61 x 0.62 x 0.67 x 0.70 x 0.67 x 0.66 x 0.74 x 0.74 x Sold to Target: Bull SAS [France] Acquirer: Atos SE [France] Transaction Value: $847.4 million - Cloud migration consulting, integration, monitoring and mainframe and computing systems distribution services. - Step to anchor European market in cloud, Big Data and Cybersecurity.
  • 48. 48 Deal Spotlight IT Services Market 0.50 x 0.55 x 0.60 x 0.65 x 0.70 x 0.75 x 0.80 x 4.00 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 8.75 x 9.59 x 9.42 x 8.68 x 9.47 x 10.04 x 9.58 x 9.70 x 9.72 x 9.37 x 9.51 x 9.10 x 9.47 x EV/S 0.56 x 0.58 x 0.57 x 0.58 x 0.61 x 0.61 x 0.62 x 0.67 x 0.70 x 0.67 x 0.66 x 0.74 x 0.74 x Sold to Target: Cobra Automotive Technologies [Italy] Acquirer: Vodafone Group [UK] Transaction Value: $145.3 million - Security and telematics solutions to the automotive and insurance industries. - Aligns with strategy to expand its M2M capability beyond connectivity.
  • 49. 49 Deal Spotlights: KPMG IT Services Market 0.50 x 0.55 x 0.60 x 0.65 x 0.70 x 0.75 x 0.80 x 4.00 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 8.75 x 9.59 x 9.42 x 8.68 x 9.47 x 10.04 x 9.58 x 9.70 x 9.72 x 9.37 x 9.51 x 9.10 x 9.47 x EV/S 0.56 x 0.58 x 0.57 x 0.58 x 0.61 x 0.61 x 0.62 x 0.67 x 0.70 x 0.67 x 0.66 x 0.74 x 0.74 x Sold to Target: Cynergy Systems - Service for consumers in the US to book rental accommodations globally. Target: Zanett Commercial Solutions - Restaurant reservation service for consumers in Europe in French, English and Spanish. Target: Safira [Portugal] - Online itinerary planning service, connecting travelers with specific destination experts. Sold to Sold to
  • 50. 50 Infrastructure Software Market Public Valuation Multiples 2.00 x 2.05 x 2.10 x 2.15 x 2.20 x 2.25 x 2.30 x 2.35 x 2.40 x 2.45 x 2.50 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 15.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x 13.86 x EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x
  • 51. 51 Subsector Sales EBITDA Examples Infrastructure Communications 2.03x 13.91x Network Management 4.14x 17.58x Storage 1.31x 7.91x Development Tools 2.80x 10.62x Security 3.82x 17.45x Virtualization 4.18x 24.49x Legacy/SOA 2.98x 16.57x Systems Mgmt. 2.37x 8.30x Infrastructure Software Valuations
  • 52. 52 Infrastructure Software Market 2.00 x 2.05 x 2.10 x 2.15 x 2.20 x 2.25 x 2.30 x 2.35 x 2.40 x 2.45 x 2.50 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 15.00 x EV/SalesEV/EBITDA May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 EV/EBITDA 11.08 x 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x Sold to Sector: Security Target: NetCitadel Acquirer: Proofpoint Transaction Value: $24 million - TTM Revenue multiple of 24x. - Security incident response and remediation software enables the early detection of targeted network security breaches and automatic containment response triggering for network administrators. Deal Spotlight
  • 53. 53 Infrastructure Software Market 2.00 x 2.05 x 2.10 x 2.15 x 2.20 x 2.25 x 2.30 x 2.35 x 2.40 x 2.45 x 2.50 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 15.00 x EV/SalesEV/EBITDA May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 EV/EBITDA 11.08 x 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x Sold to Sector: Security Target: Bee Ware [France] Acquirer: DenyAll [France] Transaction Value: Undisclosed - Web application filtering, authentication and intrusion prevention systems. - Enables DenyAll to double in size and reach critical mass, add Web SSO capabilities to its portfolio. - Bee Ware was advised by Corum Group. Deal Spotlight
  • 54. 54 Infrastructure Software Market 2.00 x 2.05 x 2.10 x 2.15 x 2.20 x 2.25 x 2.30 x 2.35 x 2.40 x 2.45 x 2.50 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 15.00 x EV/SalesEV/EBITDA May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 EV/EBITDA 11.08 x 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x Sold to Sector: Storage Target: LSI Corporation Acquirer: Seagate Technology Transaction Value: $450 million - Assets of accelerated solutions division and flash components division, which manufactures flash and SSD storage system semiconductor components. - Will take Seagate into the markets for PCIe flash cards and drive controllers sold to third-party makers of flash drives. Deal Spotlight
  • 55. 55 Infrastructure Software Market Deal Spotlight 2.00 x 2.05 x 2.10 x 2.15 x 2.20 x 2.25 x 2.30 x 2.35 x 2.40 x 2.45 x 2.50 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 15.00 x EV/SalesEV/EBITDA May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 EV/EBITDA 11.08 x 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x Sold to Sector: Storage Management Target: Fusion-io Acquirer: SanDisk Corporation Transaction Value: $1.1 Billion - TTM Revenue multiple of 2.8x. - Flash-based storage memory and solid-state components and drives and storage management software for enterprises. - Accelerates efforts to enable the flash-transformed data center.
  • 56. 56 Infrastructure Software Market 2.00 x 2.05 x 2.10 x 2.15 x 2.20 x 2.25 x 2.30 x 2.35 x 2.40 x 2.45 x 2.50 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 15.00 x EV/SalesEV/EBITDA May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 EV/EBITDA 11.08 x 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x Sold to Sector: Virtualization Target: Corente Acquirer: Oracle Transaction Value: Undisclosed - Cloud-based datacenter WAN virtualization and automation software that enables network operators to manage multiple geographically dispersed cloud environments from one user interface. - Follow-up to its Acme Packet purchase. Deal Spotlight
  • 57. 57 Infrastructure Software Market 2.00 x 2.05 x 2.10 x 2.15 x 2.20 x 2.25 x 2.30 x 2.35 x 2.40 x 2.45 x 2.50 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 15.00 x EV/SalesEV/EBITDA May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 EV/EBITDA 11.08 x 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x Sold to Sector: Security Target: GreenBytes Acquirer: Oracle Transaction Value: Undisclosed - Desktop virtualization storage optimization appliances and software for that is built on Oracle's Sun Microsystems ZFS storage appliance. - Complements Oracle's storage solutions and is expected to enhance Oracle's ZFS Storage Appliances. Deal Spotlight
  • 58. 58 Public Valuation Multiples 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 13.06 x 13.74 x 12.24 x 13.16 x 13.37 x 13.31 x 14.17 x 13.63 x 14.92 x 14.31 x 13.76 x 12.36 x 12.94 x EV/S 1.95 x 2.02 x 1.84 x 2.04 x 1.93 x 2.29 x 2.46 x 2.31 x 2.34 x 2.21 x 2.06 x 2.07 x 2.08 x Internet Market
  • 59. 59 Subsector Sales EBITDA Examples Internet Infrastructure 2.08x 10.31x Internet Pure Play 2.80x 15.15x Internet Valuations
  • 60. 60 Deal Spotlight 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 13.06 x 13.74 x 12.24 x 13.16 x 13.37 x 13.31 x 14.17 x 13.63 x 14.92 x 14.31 x 13.76 x 12.36 x 12.94 x EV/S 1.95 x 2.02 x 1.84 x 2.04 x 1.93 x 2.29 x 2.46 x 2.31 x 2.34 x 2.21 x 2.06 x 2.07 x 2.08 x Internet Market Sold to Sector: Reservation Services Target: Wotif.com [Australia] Acquirer: Expedia Transaction Value: $658 million - Accommodation, flight and packaged vacation booking services. - Extends streak of overseas acquisitions with goal of generating half of its revenue from international markets. - Have not bought a North America-based business in over 3 years. (Excluding TripAdvisor acquisitions, no longer part of Expedia)
  • 61. 61 Deal Spotlight 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 13.06 x 13.74 x 12.24 x 13.16 x 13.37 x 13.31 x 14.17 x 13.63 x 14.92 x 14.31 x 13.76 x 12.36 x 12.94 x EV/S 1.95 x 2.02 x 1.84 x 2.04 x 1.93 x 2.29 x 2.46 x 2.31 x 2.34 x 2.21 x 2.06 x 2.07 x 2.08 x Internet Market Sold to Sector: Travel Target: Aha! Go Acquirer: HomeExchange.com Transaction Value: Undisclosed - Subscription-based home swapping service for travelers. - Will gain nearly 5,000 members for a network of more than 50,000 members over 150 countries.
  • 62. 62 Date Target Description 5 - June Web-based team collaboration application that enables coworkers to share links by dragging and dropping them into an instant messaging extension and to see files uploaded to shared folders. 17 - April Photo and video storage and management mobile applications and online software. 16 - April Document management and team collaboration SaaS that enables businesses and consumers to share, manage and delegate tasks and documents. 17 - March Web and mobile categorized messaging applications for businesses. Select Dropbox Acquisitions
  • 63. 63 Deal Spotlight 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 13.06 x 13.74 x 12.24 x 13.16 x 13.37 x 13.31 x 14.17 x 13.63 x 14.92 x 14.31 x 13.76 x 12.36 x 12.94 x EV/S 1.95 x 2.02 x 1.84 x 2.04 x 1.93 x 2.29 x 2.46 x 2.31 x 2.34 x 2.21 x 2.06 x 2.07 x 2.08 x Internet Market Sold to Sector: Storage Target: Streem Acquirer: Box, Inc. Transaction Value: Undisclosed - Cross-platform software, SaaS and online services for audio and video file storage and a related streaming media player. - Instant access to large volumes of data than what local drives can support.
  • 64. 64 Vertical Application Software Market Public Valuation Multiples 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x
  • 65. 65 Subsector Sales EBITDA Examples A/E/C 3.54x 15.94x Government 1.16x 8.52x Healthcare 4.10x 21.76x Financial Services 3.87x 14.62x Energy & Environment 3.46x 12.85x Vertical Other 2.00x 13.85x Vertical Application Software Market
  • 66. 66 Vertical Application Software Market Deal Spotlights: Aviation 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x Sold to Target: AerData Group [Holland] Acquirer: Boeing Transaction Value: Undisclosed - Aircraft and engine lease, asset and maintenance management SaaS. Sold to Target: ETS Aviation [Gibraltar] Acquirer: Boeing Transaction Value: Undisclosed - Fuel efficiency, consumption and emissions management, monitoring and analytics software.
  • 67. 67 Vertical Application Software Market Deal Spotlights 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x Sold to Sector: Transportation Target: Datasys Integration [UK] Acquirer: Tracsis [UK] Transaction Value: $7.58 million - Operational analytics software for rail operators in the UK to identify the causes of delays. - Client base includes all of the major transport owning groups.
  • 68. 68 Vertical Application Software Market Deal Spotlights 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x Sold to Sector: Automotive Target: EASE Simulation Acquirer: DENSO Corporation [Japan] Transaction Value: Undisclosed - PC-based diagnostic, emission scanning and reprogramming software. - part long-term plan to expand scope of Original Equipment Service (OES), Aftermarket and non-automotive business.
  • 69. 69 Vertical Application Software Market Deal Spotlights: Energy 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x Sold to Target: PowerSense [Denmark] Acquirer: Landis+Gyr/Toshiba Transaction Value: Undisclosed - Optical sensor-based power monitoring and control hardware and software systems. Sold to Target: GRIDiant Corporation Acquirer: Landis+Gyr/Toshiba Transaction Value: Undisclosed - Analytics software and SaaS, including utilities grid operations management, GIS mapping, outage detection and database management.
  • 70. 70 Vertical Application Software Market Deal Spotlights 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x Sold to Sector: Digital Video Target: Digital Rapids Corp. [Canada] Acquirer: Imagine Communications Transaction Value: Undisclosed - Digital video processing, transcoding, encoding, ingest and streaming software and hardware for the purpose of multi-screen distribution, post production and archiving.
  • 71. 71 Vertical Application Software Market Deal Spotlights 1.50 x 1.70 x 1.90 x 2.10 x 2.30 x 2.50 x 2.70 x 2.90 x 3.10 x 3.30 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 15.00 x 16.00 x EV/SalesEV/EBITDA Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x Sold to Sector: Financial Services Target: Ipreo Holdings Acquirer: Blackstone/Goldman Sachs Transaction Value: Estimated at $960 million - Securities issuance software, investor CRM software and online stock reference content. - Widely known for its Bigdough database – a source for institutional contact data and investor profiles.
  • 72. 72 Corum Research Report Elon Gasper Vice President, Director of Research Alina Soltys Senior Analyst Amber Stoner Senior Analyst Laura Duren Analyst Erin Sanchez Analyst Tyler Vickers Research Analyst
  • 73. 73 A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the world. He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the nation’s most active regional technology trade association. He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100 Awards given to Europe’s top technology firms A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for success, including Power Planning. He is a frequent lecturer and author. Global, Personal & Company Concerns Bruce Milne CEO Corum Group Ltd.
  • 74. 74 1. Geopolitical Disruption 2. Currency Crisis 3. Inflation Increasing 4. Rising Interest Rates 5. Stock Market Correction 6. M&A Cycle Ends 6 Global M&A Concerns
  • 75. 75 M&A Follows Cycles 1995 2000 2005 2010 2014
  • 76. 76 1. Market Consolidation 2. Game-changing Tech Paradigm 3. Health Problems – Personal/Partner/Management 4. Conflict – Founders/Investors/Personal 5. Litigation/Negligence/Criminal Acts 6. Incapacitation or Death 6 Personal/Company M&A Concerns