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Tech M&A Monthly: 2018 Seller's Panel

The document outlines a tech mergers and acquisitions (M&A) panel hosted by Corum Group, featuring insights from various industry experts including Timothy Goddard and Marc O'Brien. Key discussions focused on growth and exit strategies as well as market fundamentals, highlighting significant transactions and trends within the tech sector as of early 2018. The report also includes detailed analysis on market performance, valuation multiples, and notable mega deals that occurred within the IT services and consumer software markets.

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1 Tech M&A Monthly Seller’s Panel March 8, 2017
2 Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing, the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in technology mergers and acquisitions. Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc., and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de Janeiro. Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and Biology. Welcome Timothy Goddard EVP, Marketing Corum Group Ltd.
3 Agenda Welcome Growth & Exit Strategies: San Francisco Market Fundamentals March 2018 Research Report 2018 Seller’s Panel Q&A
4 WFS – “Growth & Exit Strategies” San Francisco, Feb. 22 Marc O’Brien Vice President Corum Group Ltd. Marc has over 30 years of experience with both large and startup software companies focusing on SaaS, enterprise and digital markets, including as the founder and CEO of two firms that he led to successful acquisitions. He has been an executive managing companies in North America, Europe and Asia Pacific. Marc was the founder/CEO of WebProject, the first team collaboration internet company with the backing of Cisco and Sun Microsystems. He then led the successful sale of the company to Novient Inc. He subsequently was the founder/CEO of Projity, the leading SaaS project management solution. Marc led the successful acquisition of the company to Serena Software. Marc joined content management powerhouse Acquia as Vice President and General Manager, helping lead Acquia to tremendous growth and raising over $194 million in venture funding with positioning for a future IPO. He is also Chairman of the Board of ProjectLibre Inc, an open source alternative to Microsoft Project with over three million downloads in over 200 countries. He graduated from Clarkson University with a B.S. in Engineering & Management.
5 WFS – “Growth & Exit Strategies” San Francisco, Feb. 22
6 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. Market Fundamentals Bruce Milne CEO Corum Group Ltd.
7 Market Fundamentals: Energy
8 Market Fundamentals: Construction
9 Market Fundamentals: Transportation
10 M&A Follows Cycles 1995 2000 2005 2010 2015
11 Corum Research Report Becky Hill Analyst Yasmin Khodamoradi Director, Valuation Services Amber Stoner Director of Research
12 0% 10% 20% 30% 40% 50% 60% 70% Weekly Percentage Change S&P TECH Dow Jones NASDAQ Public Markets USA Feb 2018 S&P Tech 1% NASDAQ -2% Dow Jones -4% Asia Feb 2018 HANG SENG -6% SSE Composite -6% Nikkei -4% Europe Feb 2018 CAC 40 -3% DAX -6% FTSE 100 -4%
13 Corum Index Market Transactions Feb. 2018Feb. 2017 241 240 Mega Deals 5 6 Largest Deal $4.3B $6.8B Pipeline Private Equity Platform Deals 23 21 VC Backed Exits 4042 Attributes 45% Cross Border Transactions 43% Start-Up Acquisitions 12%10% 16 yrs16 yrs Average Life of Target Feb. 2017 Feb. 2018 Feb. 2017 Feb. 2018 0% 8.7% 58% 20% 4.8%
14 2018 Mega Deals – YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B
15 2018 Mega Deals – YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B Sold to Target: Fidessa Group [United Kingdom] Acquirer: Temenos Group [Switzerland] Transaction Value: $2B (3.8x EV/Sales and 21.5x EV/EBITDA) - Buy- and sell-side, multi-asset financial trading SaaS
16 IT Services Software Market 1.3x 12.3x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017
17 2018 Mega Deals – YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B Sold to Target: CSRA [USA] Acquirer: General Dynamics [USA] Transaction Value: $6.8B (1.9x EV/Sales and 11.5x EV/EBITDA) - Security integration, analytics, support and consulting services for government
18 IT Services Software Market 1.3x 12.3x Deal Spotlight: Government Systems Integrators EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017 Sold to Target: ECS Federal [USA] Acquirer: On Assignment [USA] Transaction Value: $775M - Systems integration services for the US Department of Defense - On Assignment expands into the government services contracting space
19 IT Services Software Market 1.3x 12.3x Deal Spotlights: Open Source SI and Software Development EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017 Sold to Sold to Target: Solinea [USA] Acquirer: Unitas Global [USA] - Open source solutions for deployment and adoption of production clouds Target: CREATIONLINE [Japan] Acquirer: DENSO [Japan] - Systems integration and consultation services for cloud infrastructure
20 IT Services Software Market 1.3x 12.3x Deal Spotlights: HR Technology Services EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017 Target: Polaris Global Mobility [USA] Acquirer: Move Guides [UK] - Outsourced employee mobility management services and administration solutions Target: Thomas International [UK] Acquirer: Palamon Capital Partners [UK] - Psychometric employee assessment services
21 4.8x 19.7x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018
22 2018 Mega Deals – YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B Sold to Target: Flatiron Health [USA] Acquirer: Roche Holding [Switzerland] Transaction Value: $1.9B - Patient analytics SaaS for oncology healthcare institutions
23 4.8x 19.7x Deal Spotlight: Oncology Care Management EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: Evinance Innovation [Canada] Acquirer: Varian Medical Systems [USA] - Cloud-based platform of healthcare recommendations - Expands the capabilities of 360 Oncology care management platform Sold to
24 4.8x 19.7x Deal Spotlights: Healthcare EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: Provata Health [USA] Acquirer: StayWell Custom Communications [USA] - Employee preventative health platform Sold to Sold to Target: BMS Practice Solutions [USA] Acquirer: WebPT [USA] - Physical therapy revenue cycle management solutions
25 4.8x 19.7x Deal Spotlights: Gym Management EV Sales Corum Analysis EV EBITDA Slightly retreated as buyers became savvier about niche solutions… …with EBITDA keeping a stable pace Vertical Application Software Market Since Q4 Feb. 2018 Sold to Target: Club Automation [USA] Acquirer: Daxko [GI Partners] [USA] - Web-based fitness club management software Sold to Target: FitMetrix [USA] Acquirer: MINDBODY [USA] - Gym performance tracking solutions Sold to Sold to Target: ClubReady [USA] Acquirer: Clubessential [Battery Ventures] [USA] - Client management software for the fitness and wellness industry Target: Pike13 [USA] Acquirer: Jonas Club Software [Constellation Software] [USA] - Mobile-first client management software
26 4.8x 19.7x Deal Spotlights: Transportation Solutions EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: STRATIM Systems [USA] Acquirer: KAR Auction Services [USA] - Mobility and fleet management software Target: TransLoc [USA] Acquirer: Ford Motor Company [USA] - Demand-response SaaS for city-owned microtransit solutions Sold to Sold to Sold to Target: Autonomic [Belgium] Acquirer: Ford Motor Company [USA] - Vehicle connectivity platform
27 4.8x 19.7x Deal Spotlight: Financial Compliance EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: Lombard Risk Management [United Kingdom] Acquirer: Vermeg [Netherlands] Transaction Value: $71M - Regulatory reporting and risk management software - Adds regtech solutions for banks and buy-side firms to Vermeg’s suite Sold to Target: Fraedom [United Kingdom] Acquirer: Visa [USA] Transaction Value: $197M - B2B transaction, spend, card and invoice management SaaS Sold to
28 3.5x 18.6x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017
29 3.5x 18.6x Deal Spotlights: Esports EV Sales Corum Analysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Sold to Sold to Target: Valiance [Germany] Acquirer: Kuuhubb [Finland] - Mobile esports gaming platform Target: Nodwin Gaming [India] Acquirer: Nazara Technologies [India] - Esports ecosystem of online and offline gaming
30 3.5x 18.6x Deal Spotlights: Betting EV Sales Corum Analysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Target: CrownBet [Crown Resorts] [Australia] Acquirer: The Stars Group [Canada] Transaction Value: $117.7M - Sport and racing events online betting platform Target: World of Sportsbetting [Malta] Acquirer: LeoVegas Group AB [Sweden] Transaction Value: $3.2M - Application for a sports betting Sold to Sold to
31 3.5x 18.6x Deal Spotlight: Travel Assistant EV Sales Corum Analysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Target: Mezi [USA] Acquirer: American Express [USA] - Personal travel assistant app to plan and book trips - Mezi’s tech already powers AskAmex, a personal concierge app for cardholders - Amex joins companies in the corporate space using chat-based technology Sold to
32 3.5x 18.6x Deal Spotlights: Ridesharing EV Sales Corum Analysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Sold to Sold to Target: LUXI [South Korea] Acquirer: Kakao Corp. [South Korea] - Carsharing platform Target: Splitting Fares [dba SPLT] [USA] Acquirer: Robert Bosch [Germany] - Carpooling platform that allows employees to share their commute
33 Horizontal Software Market 3.5x 18.6x Deal Spotlight: Mobile Payments EV Sales Corum Analysis EV EBITDA Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Target: Oltio [South Africa] Acquirer: Mastercard [USA] - Mobile banking and payment solutions - Helps Mastercard to improve its digital cash economy solutions Sold to
34 Corum Research Report Becky Hill Analyst Yasmin Khodamoradi Director, Valuation Services Amber Stoner Director of Research
35
36 Seller’s Panel Juha Renfors CEO Visual Components Wayne Steagall Founder Lending Manager Beth Guarnieri Co-Founder Infian Hal Guarnieri Co-Founder Infian
37 Juha Renfors has led Visual Components since 2007, bringing three decades of progressive business experience, including 15 years in mechatronics, robotics and simulation expertise to the company. Since becoming CEO, he has taken the company from a growing start-up to established product leader. Prior to joining Visual Components, Juha worked on the Deneb/Dassault IGRIP software and held positions at VTT, Delfoi Oy and RTS Finland. He holds a Master of Science in Mechatronics, Robotics and Automation Engineering. Seller’s Panel: Juha Renfors Juha Renfors CEO Visual Components
38  Finnish software company  Specializing in 3D simulation & factory planning  Founded in 1999, regionally funded  Goal: create a virtual version of the production line  Customers included Foxconn, Samsung, Caterpillar and more  By 2014, a clear tech edge and M&A overtures Juha Renfors, CEO
39 Juha Renfors, CEO  Investigated many investment banks  Attended Corum events  Visited Corum HQ in Seattle  Extensive preparation process  Immediate interest from US, Europe, Asia  Chose KUKA, a longtime partner  Visual Components a core component of their robotics ecosystem
40 Seller’s Panel: Beth Guarnieri & Hal Guarnieri Beth Guarnieri Co-Founder Infian Hal Guarnieri Co-Founder Infian
41 Seller’s Panel: Wayne Steagall Wayne Steagall Founder Lending Manager
42 Seller’s Panel Wayne Steagall Founder Lending Manager Beth Guarnieri Co-Founder Infian Hal Guarnieri Co-Founder Infian
43 Upcoming Conference Schedule Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position, research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A event ever – participants have done over $1 trillion in transaction value. Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends, valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.” www.CorumGroup.com/Events Mar. 13: San Diego – MB Mar. 15: Seattle – SUSO Mar. 21: Newcastle – MB Mar. 21: Houston – SUSO Mar. 21: Tel Aviv – SUSO Mar. 27: Palo Alto – MB Mar. 27: Cincinnati – SUSO Mar. 27: Haifa – MB Apr. 4: Pittsburgh – MB Apr. 5: Rochester – MB Apr. 10: Nashville – MB Apr. 10: Munich – MB Apr. 12: Charlotte – MB Apr. 17: Durham – MB
44 After the Deal – Celebration
45 www.corumgroup.com

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Tech M&A Monthly: 2018 Seller's Panel

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    1 Tech M&A Monthly Seller’sPanel March 8, 2017
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    2 Timothy joined Corumin 2011, and oversees the company’s marketing efforts globally from the headquarters near Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing, the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in technology mergers and acquisitions. Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc., and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de Janeiro. Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and Biology. Welcome Timothy Goddard EVP, Marketing Corum Group Ltd.
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    3 Agenda Welcome Growth & ExitStrategies: San Francisco Market Fundamentals March 2018 Research Report 2018 Seller’s Panel Q&A
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    4 WFS – “Growth& Exit Strategies” San Francisco, Feb. 22 Marc O’Brien Vice President Corum Group Ltd. Marc has over 30 years of experience with both large and startup software companies focusing on SaaS, enterprise and digital markets, including as the founder and CEO of two firms that he led to successful acquisitions. He has been an executive managing companies in North America, Europe and Asia Pacific. Marc was the founder/CEO of WebProject, the first team collaboration internet company with the backing of Cisco and Sun Microsystems. He then led the successful sale of the company to Novient Inc. He subsequently was the founder/CEO of Projity, the leading SaaS project management solution. Marc led the successful acquisition of the company to Serena Software. Marc joined content management powerhouse Acquia as Vice President and General Manager, helping lead Acquia to tremendous growth and raising over $194 million in venture funding with positioning for a future IPO. He is also Chairman of the Board of ProjectLibre Inc, an open source alternative to Microsoft Project with over three million downloads in over 200 countries. He graduated from Clarkson University with a B.S. in Engineering & Management.
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    5 WFS – “Growth& Exit Strategies” San Francisco, Feb. 22
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    6 A leader inthe 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. Market Fundamentals Bruce Milne CEO Corum Group Ltd.
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    10 M&A Follows Cycles 19952000 2005 2010 2015
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    11 Corum Research Report BeckyHill Analyst Yasmin Khodamoradi Director, Valuation Services Amber Stoner Director of Research
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    12 0% 10% 20% 30% 40% 50% 60% 70% Weekly Percentage Change S&PTECH Dow Jones NASDAQ Public Markets USA Feb 2018 S&P Tech 1% NASDAQ -2% Dow Jones -4% Asia Feb 2018 HANG SENG -6% SSE Composite -6% Nikkei -4% Europe Feb 2018 CAC 40 -3% DAX -6% FTSE 100 -4%
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    13 Corum Index Market Transactions Feb. 2018Feb.2017 241 240 Mega Deals 5 6 Largest Deal $4.3B $6.8B Pipeline Private Equity Platform Deals 23 21 VC Backed Exits 4042 Attributes 45% Cross Border Transactions 43% Start-Up Acquisitions 12%10% 16 yrs16 yrs Average Life of Target Feb. 2017 Feb. 2018 Feb. 2017 Feb. 2018 0% 8.7% 58% 20% 4.8%
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    14 2018 Mega Deals– YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B
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    15 2018 Mega Deals– YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B Sold to Target: Fidessa Group [United Kingdom] Acquirer: Temenos Group [Switzerland] Transaction Value: $2B (3.8x EV/Sales and 21.5x EV/EBITDA) - Buy- and sell-side, multi-asset financial trading SaaS
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    16 IT Services SoftwareMarket 1.3x 12.3x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017
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    17 2018 Mega Deals– YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B Sold to Target: CSRA [USA] Acquirer: General Dynamics [USA] Transaction Value: $6.8B (1.9x EV/Sales and 11.5x EV/EBITDA) - Security integration, analytics, support and consulting services for government
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    18 IT Services SoftwareMarket 1.3x 12.3x Deal Spotlight: Government Systems Integrators EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017 Sold to Target: ECS Federal [USA] Acquirer: On Assignment [USA] Transaction Value: $775M - Systems integration services for the US Department of Defense - On Assignment expands into the government services contracting space
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    19 IT Services SoftwareMarket 1.3x 12.3x Deal Spotlights: Open Source SI and Software Development EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017 Sold to Sold to Target: Solinea [USA] Acquirer: Unitas Global [USA] - Open source solutions for deployment and adoption of production clouds Target: CREATIONLINE [Japan] Acquirer: DENSO [Japan] - Systems integration and consultation services for cloud infrastructure
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    20 IT Services SoftwareMarket 1.3x 12.3x Deal Spotlights: HR Technology Services EV Sales Corum Analysis EV EBITDA …with EBITDA metrics remaining in the same range for the last eight months Stable despite tumultuous public markets… Since Q4 Feb. 2017 Target: Polaris Global Mobility [USA] Acquirer: Move Guides [UK] - Outsourced employee mobility management services and administration solutions Target: Thomas International [UK] Acquirer: Palamon Capital Partners [UK] - Psychometric employee assessment services
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    21 4.8x 19.7x Public Valuation Multiples EV Sales CorumAnalysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018
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    22 2018 Mega Deals– YTD IT SERVICES $12B INFRASTRUCTURE $7.2B HORIZONTAL $7B $3.5B $17B INTERNET $20B $6.2B $6.8B $2.4B Financial Markets Business $1.0B $3.4B VERTICAL $5.1B $5.1B$1.9B $2.0B $1.1B$1.2B Sold to Target: Flatiron Health [USA] Acquirer: Roche Holding [Switzerland] Transaction Value: $1.9B - Patient analytics SaaS for oncology healthcare institutions
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    23 4.8x 19.7x Deal Spotlight: OncologyCare Management EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: Evinance Innovation [Canada] Acquirer: Varian Medical Systems [USA] - Cloud-based platform of healthcare recommendations - Expands the capabilities of 360 Oncology care management platform Sold to
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    24 4.8x 19.7x Deal Spotlights: Healthcare EV Sales CorumAnalysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: Provata Health [USA] Acquirer: StayWell Custom Communications [USA] - Employee preventative health platform Sold to Sold to Target: BMS Practice Solutions [USA] Acquirer: WebPT [USA] - Physical therapy revenue cycle management solutions
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    25 4.8x 19.7x Deal Spotlights: GymManagement EV Sales Corum Analysis EV EBITDA Slightly retreated as buyers became savvier about niche solutions… …with EBITDA keeping a stable pace Vertical Application Software Market Since Q4 Feb. 2018 Sold to Target: Club Automation [USA] Acquirer: Daxko [GI Partners] [USA] - Web-based fitness club management software Sold to Target: FitMetrix [USA] Acquirer: MINDBODY [USA] - Gym performance tracking solutions Sold to Sold to Target: ClubReady [USA] Acquirer: Clubessential [Battery Ventures] [USA] - Client management software for the fitness and wellness industry Target: Pike13 [USA] Acquirer: Jonas Club Software [Constellation Software] [USA] - Mobile-first client management software
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    26 4.8x 19.7x Deal Spotlights: TransportationSolutions EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: STRATIM Systems [USA] Acquirer: KAR Auction Services [USA] - Mobility and fleet management software Target: TransLoc [USA] Acquirer: Ford Motor Company [USA] - Demand-response SaaS for city-owned microtransit solutions Sold to Sold to Sold to Target: Autonomic [Belgium] Acquirer: Ford Motor Company [USA] - Vehicle connectivity platform
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    27 4.8x 19.7x Deal Spotlight: FinancialCompliance EV Sales Corum Analysis EV EBITDA Dipped after a record- setting spike at the end of 2017 – but only back to November levels… …with EBITDA metrics remaining near record highs Vertical Application Software Market Since Q4 Feb. 2018 Target: Lombard Risk Management [United Kingdom] Acquirer: Vermeg [Netherlands] Transaction Value: $71M - Regulatory reporting and risk management software - Adds regtech solutions for banks and buy-side firms to Vermeg’s suite Sold to Target: Fraedom [United Kingdom] Acquirer: Visa [USA] Transaction Value: $197M - B2B transaction, spend, card and invoice management SaaS Sold to
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    28 3.5x 18.6x Public Valuation Multiples EV Sales CorumAnalysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017
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    29 3.5x 18.6x Deal Spotlights: Esports EV Sales CorumAnalysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Sold to Sold to Target: Valiance [Germany] Acquirer: Kuuhubb [Finland] - Mobile esports gaming platform Target: Nodwin Gaming [India] Acquirer: Nazara Technologies [India] - Esports ecosystem of online and offline gaming
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    30 3.5x 18.6x Deal Spotlights: Betting EV Sales CorumAnalysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Target: CrownBet [Crown Resorts] [Australia] Acquirer: The Stars Group [Canada] Transaction Value: $117.7M - Sport and racing events online betting platform Target: World of Sportsbetting [Malta] Acquirer: LeoVegas Group AB [Sweden] Transaction Value: $3.2M - Application for a sports betting Sold to Sold to
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    31 3.5x 18.6x Deal Spotlight: TravelAssistant EV Sales Corum Analysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Target: Mezi [USA] Acquirer: American Express [USA] - Personal travel assistant app to plan and book trips - Mezi’s tech already powers AskAmex, a personal concierge app for cardholders - Amex joins companies in the corporate space using chat-based technology Sold to
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    32 3.5x 18.6x Deal Spotlights: Ridesharing EV Sales CorumAnalysis EV EBITDA Consumer Software Market Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Sold to Sold to Target: LUXI [South Korea] Acquirer: Kakao Corp. [South Korea] - Carsharing platform Target: Splitting Fares [dba SPLT] [USA] Acquirer: Robert Bosch [Germany] - Carpooling platform that allows employees to share their commute
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    33 Horizontal Software Market 3.5x 18.6x DealSpotlight: Mobile Payments EV Sales Corum Analysis EV EBITDA Remains high after a market-driven pullback… …while EBITDA metrics continued their steady rise from a low in September Since Q4 Feb. 2017 Target: Oltio [South Africa] Acquirer: Mastercard [USA] - Mobile banking and payment solutions - Helps Mastercard to improve its digital cash economy solutions Sold to
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    34 Corum Research Report BeckyHill Analyst Yasmin Khodamoradi Director, Valuation Services Amber Stoner Director of Research
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    36 Seller’s Panel Juha Renfors CEO VisualComponents Wayne Steagall Founder Lending Manager Beth Guarnieri Co-Founder Infian Hal Guarnieri Co-Founder Infian
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    37 Juha Renfors hasled Visual Components since 2007, bringing three decades of progressive business experience, including 15 years in mechatronics, robotics and simulation expertise to the company. Since becoming CEO, he has taken the company from a growing start-up to established product leader. Prior to joining Visual Components, Juha worked on the Deneb/Dassault IGRIP software and held positions at VTT, Delfoi Oy and RTS Finland. He holds a Master of Science in Mechatronics, Robotics and Automation Engineering. Seller’s Panel: Juha Renfors Juha Renfors CEO Visual Components
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    38  Finnish softwarecompany  Specializing in 3D simulation & factory planning  Founded in 1999, regionally funded  Goal: create a virtual version of the production line  Customers included Foxconn, Samsung, Caterpillar and more  By 2014, a clear tech edge and M&A overtures Juha Renfors, CEO
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    39 Juha Renfors, CEO Investigated many investment banks  Attended Corum events  Visited Corum HQ in Seattle  Extensive preparation process  Immediate interest from US, Europe, Asia  Chose KUKA, a longtime partner  Visual Components a core component of their robotics ecosystem
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    40 Seller’s Panel: Beth Guarnieri& Hal Guarnieri Beth Guarnieri Co-Founder Infian Hal Guarnieri Co-Founder Infian
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    41 Seller’s Panel: Wayne Steagall WayneSteagall Founder Lending Manager
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    42 Seller’s Panel Wayne Steagall Founder LendingManager Beth Guarnieri Co-Founder Infian Hal Guarnieri Co-Founder Infian
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    43 Upcoming Conference Schedule SellingUp Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position, research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A event ever – participants have done over $1 trillion in transaction value. Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends, valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.” www.CorumGroup.com/Events Mar. 13: San Diego – MB Mar. 15: Seattle – SUSO Mar. 21: Newcastle – MB Mar. 21: Houston – SUSO Mar. 21: Tel Aviv – SUSO Mar. 27: Palo Alto – MB Mar. 27: Cincinnati – SUSO Mar. 27: Haifa – MB Apr. 4: Pittsburgh – MB Apr. 5: Rochester – MB Apr. 10: Nashville – MB Apr. 10: Munich – MB Apr. 12: Charlotte – MB Apr. 17: Durham – MB
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    44 After the Deal– Celebration
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Editor's Notes

  • #11 Key Message: If you miss this cycle peak, history tells us it’s a long wait before the next peak   We are riding a 7 year high in M&A activity. M&A is strong. Since Y2K we’ve seen 3 run ups and 2 deep valleys. They track the general economy. We saw the .com run up where a business plan could generate $MM in VC then the bubble burst (a black swan event was the catalyst) – followed by a run up to the next peak in 2007/2008 before the Global Financial Crisis (GFC) hit us. Now we’re seeing a run up to new 7 year highs in deal activity and valuation. If you miss the market peak you may have to wait another 5 to 7 years before you see the market return to the current peak levels. What’s the risk that your company will survive, let alone thrive until the market returns to its current strength.  
  • #14 Key Message: Tech M&A for 2016 YTD remains strong, just like 2015, a very strong year We can see from the Corum Index how strong 2015 was for tech M&A. Here we see a snapshot the activity from Feb 2015 compared to the same for Feb 2016. In the broader market, the number of deals is down but only slightly for the month. This month to month fluctuation is normal while mega deals are up. The pipeline indices are down while financial buyers and investors catch their breath. Remember though the amount of dry powder (unspent cash) that remains to be invested. The Attributes remain steady, little notable change.
  • #17 IT services remain to be high in the end of 2014 as companies have some areas in need of growth preferring to do acquisitions to fill up those gaps…
  • #19 IT services remain to be high in the end of 2014 as companies have some areas in need of growth preferring to do acquisitions to fill up those gaps…
  • #20 IT services remain to be high in the end of 2014 as companies have some areas in need of growth preferring to do acquisitions to fill up those gaps…
  • #21 IT services remain to be high in the end of 2014 as companies have some areas in need of growth preferring to do acquisitions to fill up those gaps…
  • #45 We’ve reached the end. The celebration part. Selling software, IT and related technology companies is very satisfying. You become close to your clients after such an intense process. Unfortunately, the closings are often very anti-climactic. Ending with a whimper with some government filing, a wire transfer, the parties scattered across the globe. That why once a year we take our clients who successfully sold to Langara in the gulf of Alaska – we’ve been doing this for 23 years. You can more about these trips, and comments from those company owners like you who have attended. So, I’ll close by simply inviting you to go fishing with us. Thank you for your time today.