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Tech M&A Monthly: 2016 Midyear Report

With megadeals for companies like Linkedin, Blue Coat, Demandware and more rocking the tech industry, where does that leave your company? What does the landscape look like for privately held software and related technology companies, and how should owners, investors and executives approach the M&A market in the latter half of 2016? Tune in to the Tech M&A Monthly Mid-Year Update, for a detailed analysis of the key deals, trends and valuation metrics across all six technology sectors and 30 subsectors. Plus, we’ll get an update on the Top 10 Disruptive Technology Trends—how have trends like AI Enablement, Location Intelligence and Connected Health driven deals this year, and what’s next? How do these complex, interrelated trends impact the M&A outlook for your company? Join Corum’s research and deal teams July 14 for the Mid-Year Global Tech M&A Update.

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Tech M&A Monthly
Midyear Report: H1 2016
14 July 2016
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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.
Welcome
Bruce Milne
CEO
Corum Group Ltd.
3
Agenda
Welcome
Field Report: Gurock/Idera
2016 Midyear Research Report
Top 10 Disruptive Tech Trends Updates
 Online Exchanges
 Digital Currency Flow
 Connected Health
 Omnichannel Sales
 IoT Software
Q&A
 Enmeshed Systems
 AI Enablement
 Positioning Intelligence
 Sports & Gaming
 Data Security
4
Field Report: Gurock acquired by Idera
Jon joined Corum in 2010 out of their Seattle headquarters and is now based in Amsterdam. He has close to 30 years
experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During
this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating
plans, building strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to
Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by
Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of
communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and
business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a business
administration degree from San Francisco State University.
Jon Scott
Managing Director
Corum Group Ltd.
5
Corum Research Report
Elon Gasper
Vice President,
Director of Research
Aaron King
Analyst
Amber Stoner
Senior Analyst
Thomas Wright
Analyst
Yasmin Khodamoradi
Analyst
6
Public Markets
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Tech M&A Monthly: 2016 Midyear Report

  • 1. 1 Tech M&A Monthly Midyear Report: H1 2016 14 July 2016
  • 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. Welcome Bruce Milne CEO Corum Group Ltd.
  • 3. 3 Agenda Welcome Field Report: Gurock/Idera 2016 Midyear Research Report Top 10 Disruptive Tech Trends Updates  Online Exchanges  Digital Currency Flow  Connected Health  Omnichannel Sales  IoT Software Q&A  Enmeshed Systems  AI Enablement  Positioning Intelligence  Sports & Gaming  Data Security
  • 4. 4 Field Report: Gurock acquired by Idera Jon joined Corum in 2010 out of their Seattle headquarters and is now based in Amsterdam. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results. Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies. Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University. Jon Scott Managing Director Corum Group Ltd.
  • 5. 5 Corum Research Report Elon Gasper Vice President, Director of Research Aaron King Analyst Amber Stoner Senior Analyst Thomas Wright Analyst Yasmin Khodamoradi Analyst
  • 6. 6 Public Markets -10% -5% 0% 5% 10% 15% 20% Weekly Percentage Change NASDAQ S&P TECH Dow Jones
  • 7. 7 The Bull Market, 2009-Present Last 10 months 0% 50% 100% 150% 200% 250% 300% 350% Daily Percentage Change NASDAQ S&P TECH Dow Jones
  • 8. 8 Corum Index Market Transactions 1H:20161H:2015 2068 2069 Mega Deals 29 34 Largest Deal $37B $26B Pipeline Private Equity Deals 105 139 VC Backed Exits 322339 Attributes 33% Cross Border Transactions 34% Start-Up Acquisitions 12%11% 15 yrs15 yrs Average Life of Target 17% 1H:2015 1H:2016 1H:2015 1H:2016 9% 30% 3% 5% 32%
  • 9. 9 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B
  • 10. 10 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: LinkedIn Corporation [USA] Acquirer: Microsoft Corporation [USA] Transaction Value: $26.2B (8.2x EV/S and 74x EBITDA) - Followed the acquisition of Connectifier (recruiting SaaS ) for $106M in February 2016 Sold to
  • 11. 11 3-Year Market Valuation Trends 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Q2:16 EV/Sales 5.00 7.00 9.00 11.00 13.00 15.00 17.00 19.00 21.00 Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Q2:16 EV/EBITDA
  • 12. 12 Top Strategic Acquirers – 1H:2016 11 10 8 8 7 6 5 5 5
  • 13. 13 J2 Global Acquisitions 1H 2016 - YTD Digital MediaBusiness Cloud Services Security Other
  • 14. 14 Top Strategic Acquirers – 1H:2016 11 10 8 8 7 6 5 5 5
  • 15. 15 Top Strategic Acquirers – 1H 2016 11 10 8 8 7 6 5 5 5 Target: EZ Legacy Ltd. [dba EZSource] [Israel] Acquirer: IBM Corporation [USA] - Enterprise application management software and SaaS Sold to
  • 16. 16 Top Strategic Acquirers – 1H:2016 11 10 8 8 7 6 5 5 5
  • 17. 17 North America Sellers 1244 Buyers 1358 Europe Sellers 519 Buyers 440 Latin America Sellers 16 Buyers 5 Mideast/Africa Sellers 30 Buyers 24 Asia Sellers 231 Buyers 222 Source: 451 Research
  • 18. 18 North American Deals West Sellers 453 Buyers 448 Canada Sellers 93 Buyers 94 Northeast Sellers 272 Buyers 384 Southeast Sellers 265 Buyers 244 Source: 451 Research United States South Korea Germany United States United States United States Midwest Sellers 156 Buyers 182 Canada South Korea
  • 19. 19 European Deals Nordics Sellers 56 Buyers 63 Western Europe Sellers 431 Buyers 363 Eastern Europe Sellers 32 Buyers 14 Source: 451 Research United Kingdom United States France United States Serbia Malta Estonia Germany
  • 20. 20 Asian Deals China Sellers 24 Buyers 43 Far East Sellers 21 Buyers 33 SE/Oceania Sellers 99 Buyers 68 India Sellers 87 Buyers 78 Source: 451 Research Australia United States Germany China United states China Australia Australia
  • 21. 21 Latin American Deals Latin America Sellers 16 Buyers 5 Source: 451 Research Cuba Canada
  • 22. 22 North America Sellers 1244 Buyers 1358 Europe Sellers 519 Buyers 440 Latin America Sellers 16 Buyers 5 Mideast/Africa Sellers 30 Buyers 24 Asia Sellers 231 Buyers 222 Source: 451 Research Israel United States Israel United States
  • 23. 23 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 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x 15.45 x 16.98 x 17.06 x 17.55 x 19.25 x 18.93 x EV/S 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x 3.32 x 3.29 x 3.58 x 3.49 x 3.45 x 3.57 x
  • 24. 24 Subsector Sales EBITDA Examples Business Intelligence 3.40x 14.71x Marketing & Ad Tech 1.90x 18.84x CRM 1.74x 14.13x ERP 3.00x 19.74x Human Resources 6.41x 29.31x SCM 7.04x 22.69x Payments 3.93x 16.12x Other 3.29x 20.64x Horizontal Application Software Valuations
  • 25. 25 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: Marketo [USA] Acquirer: Vista Equity Partners [USA] Transaction Value: $1.7B (7.9x EV/S) Sold to
  • 26. 26 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Sold to Target: Cvent Inc. [USA] Acquirer: Vista Equity Partners [USA] Transaction Value: $1.6B (8x EV/S)
  • 27. 27 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Sold to Target: Demandware Inc. [USA] Acquirer: salesforce.com Inc. [USA] Transaction Value: $2.8B (11.0x EV/S)
  • 28. 28 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: Qlik Technologies Inc. [USA] Acquirer: Thoma Bravo LLC [USA] Transaction Value: $3.0B (4.2x EV/S and 686.9x EV/EBITDA) Sold to
  • 29. 29 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: Dematic Group [Luxembourg] Acquirer: KION GROUP AG [Germany] Transaction Value: $2.1B (1.8x EV/S) Sold to
  • 30. 30 Horizontal Application Software Market Deal Spotlights: Customer Analytics 1.50 x 2.00 x 2.50 x 3.00 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 18.00 x 20.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x 15.45 x 16.98 x 17.06 x 17.55 x 19.25 x 18.93 x EV/S 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x 3.32 x 3.29 x 3.58 x 3.49 x 3.45 x 3.57 x Sold to Target: Predictix LLC [USA] Acquirer: Infor Global Solutions [USA] Transaction Value: $125M - Retail predictive analytics SaaS Target: Implisit Inc. [USA] Acquirer: salesforce.com Inc. [USA] - Customer analytics and relative predictive sales intelligence SaaS Sold to
  • 31. 31 Horizontal Application Software Market Deal Spotlights: Customer Analytics 1.50 x 2.00 x 2.50 x 3.00 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 18.00 x 20.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x 15.45 x 16.98 x 17.06 x 17.55 x 19.25 x 18.93 x EV/S 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x 3.32 x 3.29 x 3.58 x 3.49 x 3.45 x 3.57 x Sold to Target: Implisit Inc. [USA] Acquirer: Mobify[Canada] - Customer analytics and relative predictive sales intelligence SaaS Sold to Sold to Sold to Target: ToolBox Solutions Inc. [Canada] Acquirer: SPS Commerce Inc. [USA] Transaction Value: $21.8M - POS system customer analytics and reporting software Target: PersonaDrive Inc. [USA] Acquirer: McorpCX Inc. [USA] - Customer analysis and profiling SaaS
  • 32. 32 Horizontal Application Software Market Deal Spotlights: Collaboration Tools 1.50 x 2.00 x 2.50 x 3.00 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 18.00 x 20.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x 15.45 x 16.98 x 17.06 x 17.55 x 19.25 x 18.93 x EV/S 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x 3.32 x 3.29 x 3.58 x 3.49 x 3.45 x 3.57 x Sold to Target: Wand Labs Inc. [USA] Acquirer: Microsoft Corporation [USA] - AI-enabled mobile messaging application Target: Boardvantage Inc. [USA] Acquirer: NASDAQ Inc. [USA] Transaction Value: $200M - Board meeting and leadership collaboration platform Sold to
  • 33. 33 Horizontal Application Software Market Deal Spotlights: Artificial Intelligence 1.50 x 2.00 x 2.50 x 3.00 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 18.00 x 20.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x 15.45 x 16.98 x 17.06 x 17.55 x 19.25 x 18.93 x EV/S 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x 3.32 x 3.29 x 3.58 x 3.49 x 3.45 x 3.57 x Sold to Target: Expertmaker [USA] Acquirer: eBay Inc. [USA] - AI-enabled search and recommendation engine optimization software Sold to Sold to Sold to Target: Lingospot Inc. [Canada] Acquirer: Piksel Inc. [USA] - AI-enabled search and recommendation engine optimization software Target: Spikenet Technology SARL [France] Acquirer: BrainChip Inc. [USA] Transaction Value: $1.5M - AI-based computer vision software
  • 34. 34 Horizontal Application Software Market Deal Spotlight: AdTech 1.50 x 2.00 x 2.50 x 3.00 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 18.00 x 20.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x 15.45 x 16.98 x 17.06 x 17.55 x 19.25 x 18.93 x EV/S 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x 3.32 x 3.29 x 3.58 x 3.49 x 3.45 x 3.57 x Target: AdLast Inc. [dba URX] [USA] Acquirer: Pinterest Inc. [USA] - Mobile app inventory monetization service - Helps Pinterest focus on content intelligence and discovery - Reinforces Pinterest’s position in mobile advertising Sold to
  • 35. 35 Public Valuation Multiples Internet Market 0.40 x 2.40 x 4.40 x 6.40 x 8.40 x 10.40 x 6.00 x 11.00 x 16.00 x 21.00 x 26.00 x 31.00 x 36.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 30.32 x 28.14 x 22.49 x 22.21 x 26.11 x 26.23 x 25.04 x 20.17 x 21.93 x 23.52 x 23.08 x 22.58 x 23.49 x EV/S 4.85 x 4.57 x 4.13 x 3.93 x 4.03 x 4.01 x 3.83 x 3.60 x 3.76 x 3.75 x 3.60 x 3.50 x 3.71 x
  • 36. 36 Subsector Sales EBITDA Examples Diversified Internet 5.30x 20.79x eCommerce 0.92x 36.62x Social Network 5.88x 32.46x Travel & Leisure 5.60x 22.08x Internet Valuations
  • 37. 37 Internet Market 0.40 x 2.40 x 4.40 x 6.40 x 8.40 x 10.40 x 6.00 x 11.00 x 16.00 x 21.00 x 26.00 x 31.00 x 36.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 30.32 x 28.14 x 22.49 x 22.21 x 26.11 x 26.23 x 25.04 x 20.17 x 21.93 x 23.52 x 23.08 x 22.58 x 23.49 x EV/S 4.85 x 4.57 x 4.13 x 3.93 x 4.03 x 4.01 x 3.83 x 3.60 x 3.76 x 3.75 x 3.60 x 3.50 x 3.71 x Sold to Target: Gilt Groupe [USA] Acquirer: Hudsons Bay Company [Canada] Transaction Value: $250M - Online shopping website that provides instant insider access to top designer labels Deal Spotlights: eСommerce Sold to Target: Kitbag [United Kingdom] Acquirer: Fantatics [USA] Transaction Value: $17M - Online shopping website that provides instant insider access to top designer labels
  • 38. 38 Internet Market 0.40 x 2.40 x 4.40 x 6.40 x 8.40 x 10.40 x 6.00 x 11.00 x 16.00 x 21.00 x 26.00 x 31.00 x 36.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 30.32 x 28.14 x 22.49 x 22.21 x 26.11 x 26.23 x 25.04 x 20.17 x 21.93 x 23.52 x 23.08 x 22.58 x 23.49 x EV/S 4.85 x 4.57 x 4.13 x 3.93 x 4.03 x 4.01 x 3.83 x 3.60 x 3.76 x 3.75 x 3.60 x 3.50 x 3.71 x Deal Spotlight: Social Network Target: Parlio [USA] Acquirer: Quora [USA] - Online community committed to giving people the power to share their thoughts about issues - Brings Parlio’s content to more than 100 million monthly users. Sold to
  • 39. 39 Internet Market 0.40 x 2.40 x 4.40 x 6.40 x 8.40 x 10.40 x 6.00 x 11.00 x 16.00 x 21.00 x 26.00 x 31.00 x 36.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 30.32 x 28.14 x 22.49 x 22.21 x 26.11 x 26.23 x 25.04 x 20.17 x 21.93 x 23.52 x 23.08 x 22.58 x 23.49 x EV/S 4.85 x 4.57 x 4.13 x 3.93 x 4.03 x 4.01 x 3.83 x 3.60 x 3.76 x 3.75 x 3.60 x 3.50 x 3.71 x Deal Spotlights: Online Dating Target: Grindr [USA] Acquirer: Beijing Kunlun Technology [China] Transaction Value: $93M - Online dating app for the gay community Sold to Sold to Target: MeetMe [USA] Acquirer: Scout [USA] Transaction Value: $55M - Social network for meeting new people in the US and the public market leader for social discovery
  • 40. 40 Internet Market 0.40 x 2.40 x 4.40 x 6.40 x 8.40 x 10.40 x 6.00 x 11.00 x 16.00 x 21.00 x 26.00 x 31.00 x 36.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 30.32 x 28.14 x 22.49 x 22.21 x 26.11 x 26.23 x 25.04 x 20.17 x 21.93 x 23.52 x 23.08 x 22.58 x 23.49 x EV/S 4.85 x 4.57 x 4.13 x 3.93 x 4.03 x 4.01 x 3.83 x 3.60 x 3.76 x 3.75 x 3.60 x 3.50 x 3.71 x Sold to Target: Ticketbis [Spain] Acquirer: StubHub [eBay] [USA] - Event ticket resale platform Deal Spotlights: Ticketing Sold to Sold to Target: Vivid Seats [USA] Acquirer: Vista Equity Partners [USA] - Event ticket resale platform Target: TicketBreak [Canada] Acquirer: Ticketfly [Pandora] [USA] - Event ticket resale platform
  • 41. 41 Vertical 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 5.00 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x 15.88 x 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x EV/S 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x 4.11 x 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x
  • 42. 42 Subsector Sales EBITDA Examples A/E/C 4.80x 18.37x Automotive 4.53x 22.75x Energy & Environment 4.08x 15.33x Financial Services 5.27x 17.44x Government 1.87x 12.90x Healthcare 5.12x 18.65x Real Estate 6.75x 24.20x Vertical Other 3.76x 12.71x Vertical Application Software Valuations
  • 43. 43 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: TRADER Corporation [Canada] Acquirer: Thoma Bravo LLC [USA] Transaction Value: $1.21B Sold to
  • 44. 44 Vertical Application Software Market 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x 15.88 x 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x EV/S 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x 4.11 x 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x Target: Telogis Inc. [USA] Acquirer: Verizon Communications Inc. [USA] Transaction Value: $900M (6.9x EV/S) - GPS-based fleet tracking, driver monitoring, route mapping and mobile navigation SaaS - With the acquisition Verizon gets into Connected car space to compete with rival AT&T Sold to Target: Lytx Inc. [USA] Acquirer: GTCR LLC [USA] Transaction Value: $500M - Provides in-vehicle driver behavior video recording systems - Lytx plans to expand into the video telematics Sold to Deal Spotlights: Automotive
  • 45. 45 Vertical Application Software Market 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x 15.88 x 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x EV/S 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x 4.11 x 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x Target: AssetEye Inc. [USA] Acquirer: RealPage Inc. [USA] Transaction Value: $4.8M - Provides real estate investment management data aggregation, reporting and collaboration SaaS Sold to Target: Property Software Group [UK] Acquirer: Zoopla Property Group PLC [UK] Transaction Value: $106.5M (4.7x EV/S) - Provides property management and residential sales management software and SaaS Sold to Deal Spotlights: Real Estate
  • 46. 46 Vertical Application Software Market 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x 15.88 x 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x EV/S 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x 4.11 x 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x Target: 4sight Financial Software Limited UK] Acquirer: Broadridge Financial Solutions Inc.[USA] - Front and back office securities lending and borrowing software - Builds on Broadridge’s collateral management solutions - Adds 4sight’s customer base across 16 countries Sold to Deal Spotlight: Financial Services
  • 47. 47 Vertical Application Software Market 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x 15.88 x 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x EV/S 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x 4.11 x 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x Deal Spotlights: Healthcare Sold to Target: Medago Technologies Inc. [Canada] Acquirer: Petal Solutions Inc. [Canada] - E-prescriptions mobile app Sold to Target: iApp Creative LLC (assets) [USA] Acquirer: DrFirst.com Inc. [USA] - Electronic prescriptions mobile app Sold to Sold to Target: Lagniappe Pharmacy Services LLC [USA] Acquirer: Transaction Data Systems Inc. [dba Rx30] [USA] - Pharmacy software & systems Target: HY Holdings Inc. [USA] Acquirer: Teladoc Inc. [USA] Transaction Value: $155.9M (15.6x EV/S) - Tele-health management mobile app
  • 48. 48 Vertical Application Software Market Deal Spotlights: Energy & Environment 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x 15.88 x 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x EV/S 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x 4.11 x 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x Target: Daintree Networks Inc. [USA] Acquirer: Current [General Electric Company] [USA] Transaction Value: reported at $77M - Daintree provides smart energy efficiency systems, including wireless thermostats; partners with Philips, LG - With its first purchase GE-backed Current starts to build its ecosystem and boost networking capabilities around lighting Sold to Sold to Target: Proliphix [USA] Acquirer: Yardi Systems Inc. [USA] Transaction Value: $150M (15.6x EV/S) - Smart thermostats & energy management systems
  • 49. 49 Vertical Application Software Market Deal Spotlight: A/E/C 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x 15.88 x 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x EV/S 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x 4.11 x 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x Target: CONJECT Holding GmbH [Germany] Acquirer: Aconex Ltd. [Australia] Transaction Value: $71.8M (2.7x EV/S, 89.6 EV/EBITDA) - Construction project management SaaS - Reinforces Aconex’s strategic focus on network growth, product breadth and scale expansion Sold to
  • 50. 50 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 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.50 x 16.69 x 14.47 x 13.17 x 15.43 x 16.64 x 14.35 x 14.00 x 17.90 x 18.18 x 15.21 x 16.03 x 15.89 x EV/S 2.84 x 3.30 x 2.97 x 2.64 x 2.67 x 2.46 x 2.54 x 2.58 x 2.53 x 2.58 x 2.47 x 2.22 x 1.96 x
  • 51. 51 Subsector Sales EBITDA Examples Casual Gaming 2.16x 17.52x Core Gaming 1.73x 9.10x Other 1.57x 53.24x Consumer Application Software Valuations
  • 52. 52 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: Supercell OY [Softbank] Acquirer: Tencent Holdings Limited [China] Transaction Value: $8.5B (4.4x EV/S and 9.2x EBITDA) Sold to
  • 53. 53 China tightens mobile games regulations "We want to open the window a crack to get some fresh air, but we still need a screen to block the flies and mosquitoes." - Cai Wu, Head of Chinese Ministry of Culture • July 1: Pre-approval required to publish • Oct. 1: Existing games apply or face shutdown • Applies to significant fresh versions and updates like they were new games • Cost of application high & likely to rise
  • 54. 54 Consumer Application Software Market 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.50 x 16.69 x 14.47 x 13.17 x 15.43 x 16.64 x 14.35 x 14.00 x 17.90 x 18.18 x 15.21 x 16.03 x 16.35 x EV/S 2.84 x 3.30 x 2.97 x 2.64 x 2.67 x 2.46 x 2.54 x 2.58 x 2.53 x 2.58 x 2.47 x 2.22 x 2.19 x Sold to Deal Spotlight: Gaming Target: Gameloft Inc. [France] Acquirer: Vivendi SA [fka Vivendi Universal] [France] Transaction Value: $250M - Mobile video games provider - Touching on three of Vivendi’s businesses - gaming, music and pay TV - Strengthens its attempts to acquire Ubisoft
  • 55. 55 Consumer Application Software Market 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.50 x 16.69 x 14.47 x 13.17 x 15.43 x 16.64 x 14.35 x 14.00 x 17.90 x 18.18 x 15.21 x 16.03 x 16.35 x EV/S 2.84 x 3.30 x 2.97 x 2.64 x 2.67 x 2.46 x 2.54 x 2.58 x 2.53 x 2.58 x 2.47 x 2.22 x 2.19 x Deal Spotlights: Gaming Sold to Sold to Sold to Target: Fiesta Online [South Korea] Acquirer: gamigo AG [Samarion] [Germany] - MMORPGs for consumers globally Target: Aeria Games Europe GmbH [Germany] Acquirer: gamigo AG [Samarion] [Germany] - Multiplayer and free-to-play online and mobile videogames for consumers Target: highdigit GmbH [Germany] Acquirer: gamigo AG [Samarion] [Germany] - Digital games operations management SaaS
  • 56. 56 Consumer Application Software Market 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.50 x 16.69 x 14.47 x 13.17 x 15.43 x 16.64 x 14.35 x 14.00 x 17.90 x 18.18 x 15.21 x 16.03 x 16.35 x EV/S 2.84 x 3.30 x 2.97 x 2.64 x 2.67 x 2.46 x 2.54 x 2.58 x 2.53 x 2.58 x 2.47 x 2.22 x 2.19 x Deal Spotlights: Connected Health Sold to Sold to Target: FitnessKeeper Inc. [dba RunKeeper] [USA] Acquirer: ASICS Corporation [Japan] Transaction Value: $85M - Runners' fitness tracking and goals monitoring mobile app Target: Withings S.A. [France] Acquirer: Nokia Corporation [Finland] Transaction Value: $190M - Health and activity trackers
  • 57. 57 Infrastructure Software Market Public Valuation Multiples 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x 11.88 x 12.54 x 13.84 x 13.56 x 13.99 x 13.48 x EV/S 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x 3.34 x 3.37 x 3.65 x 3.69 x 3.45 x 3.30 x
  • 58. 58 Subsector Sales EBITDA Examples Endpoint 3.19x 15.19x IT Services Management 4.54x 29.23x Network Management 2.21x 12.87x Security 3.73x 13.95x Storage & Hosting 2.56x 6.79x Other 4.65x 13.38x Infrastructure Software Market
  • 59. 59 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: Francisco Partners/Elliott Management Corporation [USA] Acquirer: Dell Software Group [USA] Transaction Value: $2.2B (1.6x EV/S) Sold to
  • 60. 60 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: AVG Technologies NV [Netherlands] Acquirer: AVAST Software a.s. [Czech Republic] Transaction Value: $1.3B (3.2x EV/S and 11x EBITDA) Sold to
  • 61. 61 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: Blue Coat Systems Inc. [Bain Capital] [USA] Acquirer: Symantec Corporation [USA] Transaction Value: $4.6B (7.8x EV/S)
  • 62. 62 Mega Deals - 2016 YTD $35B$20B IT SERVICES $3.1B HORIZONTAL $21B$19B INFRASTRUCTURE INTERNET $5.0B $6.0B $6.0B IT Services division CONSUMER $10B $1.5B $8.5B $2.2B $3.3B $2.8B $3.0B $1.0B $1.1B $1.6B $1.7B $2.5B $2.1B $1.5B $2.0B $3.9B $1.4B $1.2B $1.5B $1.1B $4.6B $1.3B $26.2B $1.4B $1.0B $1.3B $1.1B$1.2B Intellectual Property Solutions $3.5B $23B VERTICAL $6.9B $5.9B $2.6B $2.7B $1.0B $1.0B $1.1B $1.0B Target: Jasper Technologies Inc. [USA] Acquirer: Cisco Systems Inc. [USA] Transaction Value: $1.4B (11.7x EV/S) Sold to
  • 63. 63 Infrastructure Software Market Deal Spotlight: Security 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x 11.88 x 12.54 x 13.84 x 13.56 x 13.99 x 13.48 x EV/S 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x 3.34 x 3.37 x 3.65 x 3.69 x 3.45 x 3.29 x Sold to Target: CloudLock Inc. [USA] Acquirer: Cisco Systems Inc. [USA] Transaction Value: $293M - Access control and anti-data leakage SaaS - In line with Cisco’s strategy to grow inorganically in enterprise cloud security - Taps into “consumerization” in IT
  • 64. 64 Infrastructure Software Market Deal Spotlights: Security 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x 11.88 x 12.54 x 13.84 x 13.56 x 13.99 x 13.48 x EV/S 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x 3.34 x 3.37 x 3.65 x 3.69 x 3.45 x 3.29 x Sold to Target: Ping Identity Corporation [USA] Acquirer: Vista Equity Partners [USA] Transaction Value: $600M - Enterprise Identity-as-a-Service and authentication SaaS Sold to Target: DeviceAuthority Inc. [USA] Acquirer: Cryptosoft Ltd. [USA] - IoT device-based identity and access management software
  • 65. 65 Infrastructure Software Market Deal Spotlights: IT Services Management 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x 11.88 x 12.54 x 13.84 x 13.56 x 13.99 x 13.48 x EV/S 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x 3.34 x 3.37 x 3.65 x 3.69 x 3.45 x 3.29 x Sold to Sold to Target: AppSense Inc. [USA] Acquirer: LANDESK Software [Thoma Bravo LLC] [USA] Transaction Value: $115M (1.2x EV/S) - Enterprise desktop and application virtualization and migration software Target: LOGICnow Ltd. [United Kingdom] Acquirer: SolarWinds Inc. [Silver Lake Partners/Thoma Bravo] [USA] Transaction Value: $500M (6.3x EV/S) - Web-based IT service management (ITSM) SaaS
  • 66. 66 Infrastructure Software Market Deal Spotlight: Network Management 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x 11.88 x 12.54 x 13.84 x 13.56 x 13.99 x 13.48 x EV/S 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x 3.34 x 3.37 x 3.65 x 3.69 x 3.45 x 3.29 x Sold to Target: 3scale Networks S.L. [Spain] Acquirer: Red Hat Inc. [USA] Transaction Value: $27M (6.8x EV/S) (estimated) - API management SaaS for enterprises operating hybrid network environments - Complements Red Hat’s middleware product portfolio - Follows Red Hat’s 1-dollar billion stock repurchase program
  • 67. 67 IT Services – Developed Markets Public Valuation Multiples 0.40 x 0.50 x 0.60 x 0.70 x 0.80 x 0.90 x 1.00 x 1.10 x 1.20 x 1.30 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x 10.33 x 10.14 x 10.35 x 10.40 x 10.69 x 10.21 x EV/S 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x 0.90 x 0.98 x 1.06 x 1.08 x 1.17 x 1.16 x
  • 68. 68 Public Valuation Multiples IT Services – Emerging Markets 0.40 x 0.90 x 1.40 x 1.90 x 2.40 x 2.90 x 3.40 x 3.90 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 EV/SEV/EBITDA Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 EV/EBITDA 17.62 x 16.35 x 17.47 x 16.77 x 19.21 x 16.65 x 15.07 x 15.19 x 13.94 x 14.76 x 14.80 x 17.40 x 15.24 x EV/S 2.61 x 3.16 x 3.24 x 3.16 x 3.34 x 3.18 x 3.20 x 3.05 x 2.98 x 3.14 x 3.15 x 3.13 x 3.12 x
  • 69. 69 Subsector Sales EBITDA Examples Developed 1.16x 10.21x Emerging 3.12x 15.24x IT Services Valuations
  • 70. 70 CRM integration services 1H:2016 Up to $50M $12B+ $700M- $10B Buyersbysize
  • 71. 71 Corum Research Report Elon Gasper Vice President, Director of Research Aaron King Analyst Amber Stoner Senior Analyst Thomas Wright Analyst Yasmin Khodamoradi Analyst
  • 72. 72 Corum Top Ten Technology Trends 2016 Online Exchanges Digital Currency Flow Connected Health Omni-channel Sales IoT Software Enmeshed Systems AI Enablement Positioning Intelligence Sports & Games Data Security CONNECTCREATE
  • 73. 73 Connecting Creators & Consumers #1: Online Exchanges Corum Top Ten Disruptive Technology Trends 2016 Ivan Ruzic Vice President Corum Group Ltd. Ivan Ruzic has had a successful 30+ year career in the software business that has included virtually every senior executive role. His resume spans marquee companies such as BEA systems, Novell and Borland as well as multiple startups including his own. His international experience is extensive and in addition to the United States has been involved in mergers and acquisitions in Europe, Africa and Asia. His success and extensive experience qualify him as an expert in building value and realizing wealth. Ivan joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their technology companies.
  • 74. 74 Connecting Creators & Consumers #1: Online Exchanges  Connecting buyers & sellers, creators & consumers.  Previously, disintermediators like Napster, Expedia, iTunes, etc. Today, building new kinds of connections.  Disruptive opportunities include:  Medical services  Banking  Recruiting Corum Top Ten Disruptive Technology Trends 2016
  • 75. 75 Decreasing Friction in Payments & Exchange #2: Digital Currency Flow Corum Top Ten Disruptive Technology Trends 2016 Rob Griggs Vice President Corum Group As a serial entrepreneur and investment banker, Rob Griggs has had a successful 35+ year career in the high technology arena. Early in his career he was a top performer at Apple before starting his first software company in the mid-1980’s. As a founder of Authorware / MacroMedia, NetRadio, Wit Capital, and many other companies, Rob’s sales, marketing, business development and capital raising skills have been honed over supporting hundreds of company financial transactions during his career. His success and extensive experience in software M&A uniquely qualify him as an expert in building value and realizing wealth. Rob joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their technology companies.
  • 76. 76 Decreasing Friction in Payments & Exchange #2: Digital Currency Flow  Currency flow has moving towards fewer barriers and less friction on transactions.  Examples include digital currencies, mobile wallets, innovative payment systems, online game and social network currencies & more.  Software & systems that improve upon or harness this flow have significant potential. Corum Top Ten Disruptive Technology Trends 2016
  • 77. 77 Linking people to their health data & services #3: Connected Health Corum Top Ten Disruptive Technology Trends 2016 David Levine Vice President Corum Group Ltd. Dave joined Corum in 2015 and has a diverse background in technology and life sciences. As an executive and entrepreneur, Dave has been operating and investing in companies sitting at the convergence of commerce and eCommerce as well as innovative life science businesses for over twenty-five years. Recently, Dave was CEO North America for Gaxsys, an eCommerce and logistics company that is a leader in last mile logistics and fulfillment for eCommerce marketplaces. Dave has been on both sides of the mergers and acquisitions table having sold a life science technology company, facilitated sell side and buy side technology transactions and has also scaled multiple technology companies globally in the eCommerce, life sciences and innovation intelligence markets. Dave sits on boards of public and private companies including one company that recently filed for an IPO. Dave holds a business degree from the Indiana University, Kelley School of Business.
  • 78. 78 Linking people to their health data & services #3: Connected Health  Technological, regulatory and demographic changes converging to create significant opportunity  Leveraging new hardware: smartphones, fitness trackers, connected medical devices.  Improved self-care and remote care/diagnosis.  Makes healthcare more patient-centric by enabling healthcare consumerism Corum Top Ten Disruptive Technology Trends 2016
  • 79. 79 Purchasing decisions anywhere, any platform #4: Omni-Channel Sales Corum Top Ten Disruptive Technology Trends 2016 Daniel Bernstein Vice President Corum Group Ltd. Daniel Bernstein has worked in a number of roles over a twenty year career in high technology, most recently as the founder and CEO of Sandlot Games Corporation, a leading casual games publisher and developer. Having sold Sandlot Games to Digital Chocolate in 2011, Daniel started a small games studio and a consulting practice where he advises larger companies such as RealNetworks and smaller high growth businesses on product development, strategic initiatives, and M&A opportunities. Prior to Sandlot Games, Daniel Bernstein held director level positions in companies such as Wild Tangent and Monolith. An accomplished composer, Daniel also writes music for most of the games he works on. Daniel holds a BS in Computer Science and an MA in Music Composition from the University of Virginia.
  • 80. 80 Purchasing decisions anywhere, any platform #4: Omni-Channel Sales  Consumer platforms & devices continually fragmenting.  Marketing keeping pace – next challenge is sales, both decision points and actual purchase.  Point at which money changes to product must be immediately with customer, moving closer by being on their favorite device.  Consumer brands leading the way, but enterprise is not far off. Corum Top Ten Disruptive Technology Trends 2016
  • 81. 81 Emerging Platforms, Standards & Analytics #5: IoT Software Corum Top Ten Disruptive Technology Trends 2016 Rob Schram Senior Vice President Corum Group Ltd. Rob has over 30 years of executive and entrepreneurial experience in multiple technologies: Integrated circuit testing, industrial process automation and control, communications software, security software, and energy software and services. Rob has founded and sold several companies and engaged in two IPOs. He was most recently CEO of Evergreen Fuel Technologies, Inc. in the energy sector. Rob is a broadly skilled strategic development professional with a proven reputation for targeting, negotiating and developing profitable ventures and a demonstrated ability to successfully analyze an organization's critical business requirements, identify deficiencies and opportunities, and develop innovative and cost-effective solutions for enhancing competitiveness, increasing revenues, and improving customer relationships.
  • 82. 82 Emerging Platforms, Standards & Analytics #5: IoT Software  Internet of Things (IoT) shocking growth towards multi-trillion dollar market spawns first full software cycle.  Each “Thing” needs platforms, communication, analytics, etc.  Competing ecosystems beginning to coalesce.  Compatibility-driven, as in other cycles of disruption. Corum Top Ten Disruptive Technology Trends 2016
  • 83. 83 Blurring the Lines between Software & Hardware #6: Enmeshed Systems Corum Top Ten Disruptive Technology Trends 2016 Steve Hassett Vice President Corum Group Ltd. Steve was previously a corporate development executive with Verint Systems, Sage Group plc, and ran a new ventures group for The Weather Channel. Prior to that he was CEO of iTendant, a SaaS and mobile software company he co-founded in 2000. He is the author of the "The Risk Premium Factor: A New Model for Understanding the Volatile Forces that Drive Stock Prices" (Wiley 2011) and has also published in the Journal of Applied Corporate Finance, Ad Age, CNBC.com and is a regular contributing author for the Seeking Alpha investment website. Steve is also inventor of U.S. Patent 9,378,515, which deals with the availability of mobile content based on a user's location and the time of transmission. He holds an MBA from the Darden School of Business at the University of Virginia and a B.S. from Rensselaer Polytechnic Institute.
  • 84. 84 Blurring the Lines between Software & Hardware #6: Enmeshed Systems  The line between software and hardware continues to blur.  Beyond embedded systems to those so enmeshed that it is hard to tell where one ends and the other begins.  Both consumer devices and industrial systems impacted.  Product evolution seeing hardware replaced by software—and vice versa. Corum Top Ten Disruptive Technology Trends 2016
  • 85. 85 Putting AI to work by means of big data and feedback #7: AI Enablement Corum Top Ten Disruptive Technology Trends 2016 Allan Wilson Vice President Corum Group Ltd. Allan has over 30 years of executive and entrepreneurial experience and has built and sold several software companies in sectors including, manufacturing, supply chain, big data, predictive analytics and social networks. He has deep understanding of Aerospace, Automotive, High Tech, Healthcare, Consumer Products and Military Contracting operating models. Allan has extensive international experience and lived in Germany for a time working for SAP, following the sale of his company to them in 2009.
  • 86. 86 Putting AI to work by means of big data and feedback #7: AI Enablement  Nascent AIs need big data to learn from and interactive tasks that benefit from improving expertise.  Watson, Siri, Cortana, Alexa, Google Now and others growing in daily use.  Mostly consumer-oriented, but Watson already driving major healthcare M&A.  Other verticals & business cases developing quickly.  Targets provide machine learning opportunities. Corum Top Ten Disruptive Technology Trends 2016
  • 87. 87 Pivotal Levels of Precision and Understanding #8: Positioning Intelligence Corum Top Ten Disruptive Technology Trends 2016 Peri Pierone Vice President Corum Group Ltd. Peri Pierone has spent the last 25 years creating value in the B2B software marketplace. He has held numerous strategic roles with large global firms like SAP, Business Objects and Fiserv where he was part of several key acquisitions and was responsible for introducing a variety of new applications to market. Peri has also held leading roles in several small privately held software companies that eventually sold to large private equity firms or to other strategic buyers. Through the years he has been intimately involved as an insider on numerous transactions as the acquirer and as the one positioning itself to be acquired. Most recently he was CEO of Axiom EPM, where he led the company’s transformation from a traditional enterprise license business to a true SaaS offering. He was instrumental in driving the sale of the company in 2014 to strategic buyer, Kaufman Hall. He received his bachelor’s degree in business from the University of Washington and his M.B.A from Keller Graduate School.
  • 88. 88 Pivotal Levels of Precision and Understanding #8: Positioning Intelligence Corum Top Ten Disruptive Technology Trends 2016  Increasingly granular location data and processing now available.  Setting in motion a new wave of highly contextual services and information.  Use cases for location and proximity technology being dramatically enhanced and refined – drones, cars, smartphones, personal trackers and more  Vertical opportunities beckon now, as key players position for future horizontal plays.
  • 89. 89 Reaching pivotal moment in culture & tech #9: Sports & Gaming Corum Top Ten Disruptive Technology Trends 2016 Entertainment software entrepreneur Jim Perkins is directly responsible for publishing some of the industry’s biggest franchises, including Unreal, Duke Nukem, Wolfenstein, Doom, Hunting Unlimited, and Driver. A well-known senior executive with a 22-year track record of publishing such bestselling hits, he founded and grew two highly successful software publishing companies (FormGen and ARUSH) from start-ups to multi-million dollar enterprises. Jim also launched Radar Group, the first Transmedia Incubation Company to monetize entertainment franchises across all media, including film and television. His success and extensive experience in software production, marketing and public relations, packaging, online and retail distribution and software M&A, uniquely qualify him as an expert in building value and realizing wealth. Jim joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their digital media companies.Jim Perkins Vice President Corum Group, Ltd.
  • 90. 90 Reaching pivotal moment in culture & tech #9: Sports & Gaming  Sports and gaming reaching critical point of cultural importance globally.  Tech creating new opportunities to change the games, viewership and marketing.  Sports and video games converging—sports more interactive and gaming more a spectator sport (i.e., e-sports, daily fantasy).  Gambling creating value opportunities in both sectors and their intersection. Corum Top Ten Disruptive Technology Trends 2016
  • 91. 91 Building Barriers in an Age of Blurred Lines #10: Data Security Corum Top Ten Disruptive Technology Trends 2016 Jon joined Corum in 2010 out of their Seattle headquarters and is now based in Amsterdam. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results. Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies. Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University. Jon Scott Managing Director Corum Group International
  • 92. 92 Building Barriers in an Age of Blurred Lines #10: Data Security  New technologies creating new risks from freer flowing data.  High profile hacks (OPM, Patreon, Ashley Madison, Target, Sony, JP Morgan) drive broad recognition of security needs.  Key trends include security analytics, rapid detection & in-process threat response.  Internet of Things opening a new front in this fight. Corum Top Ten Disruptive Technology Trends 2016
  • 93. 93 Corum Top Ten Technology Trends 2016 Online Exchanges Digital Currency Flow Connected Health Omnichannel Sales IoT Software Enmeshed Systems AI Enablement Positioning Intelligence Sports & Games Data Security CONNECTCREATE