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1
Tech M&A Monthly
Quarterly Report: Q3 2018
11 October 2018
2
Timothy joined Corum in 2011, and oversees the company’s global marketing efforts from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Welcome
Timothy Goddard
EVP, Marketing
Corum Group Ltd.
3
Agenda
Welcome
Event Report: WFS London 2018
Field Reports
 PowerVision
 Captio
2018 Q3 Research Report
6 Merger Myths & Misconceptions
4
Tanya is the Director of European Operations at Corum Group International. Tanya joined Corum in 2006, based in
Zurich, she works with the European team coordinating client launches, lead generation, marketing, planning &
strategy, recruitment and team integration. She is also the Conference Director of the World Financial Symposium’s
“Growth and Exit Strategies for Software and IT Companies” in London.
Prior to joining Corum’s team, she was a Senior Export Sales Manager for a Leading Asian foodstuff
manufacturing/exporting company in Bangkok. She also worked five years in hospitality management for Marriott
International.
She has an MBA in Technology Management and is fluent in English, German and Thai.
World Financial Symposiums London 2018
Tanya Froehlich
Director, European Operations
Corum Group International
5
6
7
8
9
10
11
12
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 25 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 numerous public and private companies, including one that recently filed for an IPO.
PowerVision Acquired by Cortex
David Levine
Senior Vice President
Corum Group
13
Peter Prince has spent over three decades involved in starting and growing software companies or large divisions of
international software companies. As well as following his entrepreneurial spirit he has held a number of senior roles for
both privately held and public companies. He was part of several key acquisitions such as Software Artistry to IBM,
Infinium to SSA GT and SSA Global to Golden Gate (Infor). He was President of SSA Global EMEA prior to its sale
and then CEO of Cogniti.
Peter has a diverse background within the software industry spanning Operations, Sales, Mergers and Acquisitions and
Integration. He’s been retained by some of the largest Private Equity firms in an advisory capacity.
Peter has also focused on investing both time and funding into start-up and young companies over the recent years in
a diverse range of sectors.
He attended Chiltern University attaining a business degree and later attended Harvard Business School successfully
completing an executive course, Launching New Ventures.
Captio Acquired by Certify
Peter Prince
Senior Vice President
Corum Group
14
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Nadia Eckardt
Client Services
Becky Hill
Research Analyst
Alden Mendoza
Research Analyst
Elizabeth Gotski
Marketing
15
Public Markets
2017 2018
Jan Mar May Jul Sep Nov Jan Mar May Jun Aug Oct
81%
34%
45%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Weekly Percentage Change
S&P TECH Dow Jones NASDAQ
USA Q3 2018
S&P Tech 12%
NASDAQ 7%
Dow Jones 9%
Asia Q3 2018
HANG SENG -4%
SSE Composite -1%
Nikkei 8%
Europe Q3 2018
CAC 40 3%
DAX 0%
FTSE 100 -2%
All-time high
16
*Since the Great Depression. Source: S&P Capital IQ, The Associated Press
Macro view: 4 Longest Bull Market Runs
Start End Years
Current Mar. 9, 2009 ? 9.6
Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5
Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1
That 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2
1
2
3
4
17
The Bull Market, 2009-Present
2009 2011 2013 2015 20172009 2011 2013 2015 2017 2018
0%
100%
200%
300%
400%
500%
600%
700% Daily Percentage Change
NASDAQ S&P TECH Dow Jones
2018
18
Effective Monthly US Fed Funds Rate
2009 2011 2013 2015 2017
Projected
0%
1%
2%
3%
4%
5%
6%
7%
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
19
Corum Index
Market
Transactions
Q3:2018Q3:2017
805 885
Mega Deals
16 19
Largest Deal $23B $19B
Pipeline
Private Equity
Platform Deals
111 103
VC Backed Exits
138142
Attributes
40%
Cross Border
Transactions 37%
Start-Up
Acquisitions 11%10%
17 yrs17 yrs
Average Life
of Target
Q3:2017 Q3:2018
Q3:2017 Q3:2018
0%
18%
3%
17%
10%
7%
20
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
21
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Pandora [USA]
Acquirer: Sirius.XM [USA]
Transaction Value: $3.2B (2.4x EV/Sales)
- Subscription-based online music service
- First full-on streaming service in Sirius.XM portfolio
Sold to
22
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Syntel [USA]
Acquirer: Atos [France]
Transaction Value: $3.4B (3.7x EV/Sales and 13.4x EBITDA)
- Digital transformation, IT, and knowledge process outsourcing services
- Strengthens Atos’ banking and financial services in the US
Sold to
23
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Sedgwick Claims Management Services [KKR] [USA]
Acquirer: The Carlyle Group [USA]
Transaction Value: $6.7B
- Tech-enabled insurance claims processing management services
Sold to
24
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Accruent [Genstar Capital] [USA]
Acquirer: Fortive Corporation [USA]
Transaction Value: $2.0B
- Facilities management software
Sold to
25
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Duo Security [USA]
Acquirer: Cisco Systems [USA]
Transaction Value: $2.4B
- Two-factor authentication SaaS
Sold to
26
3-Year Market Valuation Trends
27
Vertical Application Software Market
Public Valuation Multiples
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
EV/EBITDA 18.10 x 18.47 x 19.87 x 19.89 x 20.43 x 19.70 x 18.31 x 19.29 x 20.25 x 20.62 x 20.46 x 20.48 x 19.93 x
EV/S 5.05 x 5.15 x 4.88 x 5.31 x 5.35 x 4.82 x 4.67 x 4.50 x 4.72 x 4.76 x 4.74 x 4.96 x 4.97 x
28
Subsector Sales EBITDA Examples
A/E/C 9.87x 33.09x
Automotive 4.37x 16.52x
Energy &
Environment
3.08x 16.14x
Financial
Services
6.55x 22.81x
Government 2.34x 15.88x
Healthcare 4.24x 30.42x
Real Estate 6.57x 32.28x
Vertical Other 3.46x 16.77x
Vertical Application Software Valuations
29
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Eze Software Group [TPG Capital] [USA]
Acquirer: SS&C Technologies [USA]
Transaction Value: $1.5B (5.2x EV/Sales and 14x EBITDA)
- Financial trade execution SaaS
Sold to
30
Deal Spotlights: Financial Services
Vertical Application Software Market
Sold to
Sold to
Target: BestX [United Kingdom]
Acquirer: State Street Corporation [USA]
- Financial software for real-time, interactive analytics
Target: Taliance Group [France]
Acquirer: Altus Group [Canada]
Transaction Value: $23.4M
- Software solutions for investment management
Sold to
Target: Cinnober Financial Technology [Sweden]
Acquirer: NASDAQ [USA]
Transaction Value: $190M
- Business-critical system solutions for exchange trading, risk management
31
Deal Spotlights: Connected Car
Vertical Application Software Market
Sold to
Target: Veltec [Brazil]
Acquirer: Trimble [USA]
- Telematic fleet management solutions
Sold to
Target: Road Track Holding [Mexico]
Acquirer: Ituran Location and Control [Israel]
Transaction Value: $91.7M and 1.2x EV/Sales; 5.3x EBITDA
- End-to-end connected car platform, OEM software and services
Sold to
Target: Acyclica [USA]
Acquirer: FLIR Systems [USA]
- Big Data analytics SaaS-platform for traffic data
32
Deal Spotlights: Healthcare
Vertical Application Software Market
Sold to
Target: NueMD [USA]
Acquirer: AdvancedMD Software [Marlin Equity Partners] [USA]
- Cloud-based practice management, EHR and medical billing solutions
Sold to
Sold to
Sold to
Target: ADS Data Systems [USA]
Acquirer: Consolo Services Group [Bluff Point Associates] [USA]
- Affordable software solutions to enhance daily operations, compliance, and cash flow
Target: RL Solutions [USA]
Acquirer: Datix [TA Associates] [United Kingdom]
- Software for patient feedback, incident reporting & risk management
Target: HealthGrid [USA]
Acquirer: Tabula Rasa HealthCare [USA]
Transaction Value: $22.5M
- EHR software systems and services for healthcare information management
33
Deal Spotlights: Healthcare
Vertical Application Software Market
Sold to
Target: Rock-Pond Solutions [USA]
Acquirer: Mediware Information Systems [TPG Capital] [USA]
- Business intelligence and analytics software for pharmacy industry
Sold to
Target: Fazzi Associates [USA]
Acquirer: Mediware Information Systems [TPG Capital] [USA]
- Home care consulting services
Sold to
Target: BlueStrata EHR [USA]
Acquirer: Mediware Information Systems [TPG Capital] [USA]
- Cloud-based EHR solution
34
Deal Spotlights: Oil & Gas
Vertical Application Software Market
Sold to
Target: Coreworx [Canada]
Acquirer: Vela Software International [Constellation Software] [Canada]
- Planning software for upstream oil and gas industry
Sold to
Target: Powervision Software [Canada]
Acquirer: Cortex [Canada]
Transaction Value: $7M
- Electronic document management and workflow management software
Sold to
Target: Quorum Software [Silver Lake Partners] [USA]
Acquirer: Thoma Bravo [USA]
- Mobile and cloud based oil and gas software platform
35
Deal Spotlights: Energy Consumption Analytics
Vertical Application Software Market
Sold to
Sold to
Target: Yousave [Innowatio Group] [Italy]
Acquirer: Enel [Italy]
- Energy efficiency services to industrial and service companies
Target: WegoWise [USA]
Acquirer: AppFolio [USA]
- Online software for tracking utility data
36
Internet Market
Public Valuation Multiples
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
28.00 x
30.00 x
EV/SEV/EBITDA
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
EV/EBITDA 25.69 x 26.95 x 25.76 x 26.58 x 28.79 x 21.30 x 18.16 x 21.77 x 21.09 x 22.44 x 22.28 x 18.84 x 18.61 x
EV/S 4.65 x 4.89 x 4.11 x 4.64 x 4.78 x 4.76 x 4.84 x 4.37 x 4.26 x 4.11 x 4.09 x 4.58 x 4.47 x
37
Subsector Sales EBITDA Examples
Diversified
Internet
4.98x 19.28x
eCommerce 0.62x 23.25x
Social Network 6.87x 16.91x
Travel & Leisure 6.76x 22.53x
Internet Software Valuations
38
Since Q1
Sold to
Sold to
Sold to
Deal Spotlights: E-Commerce
Internet Market
Target: CafePress [USA]
Acquirer: Snapfish [District Photo] [USA]
Transaction Value: $27M
- Online retailer of stock and user-customized on demand products
Target: Vida & Co [USA]
Acquirer: Cimpress [Netherlands]
Transaction Value: $29M
- Platform for manufacturers and artists for design and production of clothing
Target: BuildASign.com [PWP Growth Equity] [USA]
Acquirer: Cimpress [Netherlands]
Transaction Value: $274M (2.1x EV/Sales)
- Custom printing services for signs, vinyl banners, car magnets etc.
39
Deal Spotlights: Travel
Internet Market
Sold to
Target: Getaroom.com [USA]
Acquirer: Court Square Capital Partners [USA]
- Online hotel search and booking services
Sold to
Target: Gagfare [Hong Kong]
Acquirer: Sharing Economy International [Hong Kong]
Transaction Value: $3.6M
- Online platform for searching and booking flights
Sold to
Sold to
Target: Tropo [ProSiebenSat.1 Media] [Germany]
Acquirer: dnata [Emirates Group] [UAE]
- Online booking for flights, hotels, car hire
Target: PrivateFly [USA]
Acquirer: OneSky [Directional Aviation] [USA]
- Online private flight booking service
40
Deal Spotlights: Ticketing
Internet Market
Sold to
Target: Picatic [Canada]
Acquirer: Eventbrite [USA]
- Crowd-funding platform for event ticket sales
Sold to
Target: Rukkus [USA]
Acquirer: TickPick [USA]
- Live entertainment search engine that explores ticket sites
Sold to
Sold to
Target: Boxxo [Canada]
Acquirer: Vendini [USA]
- Event ticket management software
Target: SportStadion [Netherlands]
Acquirer: Motorsport.com [USA]
- Formula 1, MotoGP and football tickets service
41
IT Services – Developed Markets
Public Valuation Multiple
0.40 x
0.60 x
0.80 x
1.00 x
1.20 x
1.40 x
1.60 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
14.00 x
EV/SEV/EBITDA
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
EV/EBITDA 12.52 x 12.86 x 12.26 x 12.21 x 12.96 x 12.32 x 12.15 x 12.31 x 12.16 x 11.94 x 12.90 x 12.87 x 12.88 x
EV/S 1.41 x 1.36 x 1.34 x 1.31 x 1.53 x 1.32 x 1.34 x 1.38 x 1.32 x 1.18 x 1.31 x 1.34 x 1.32 x
42
IT Services – Emerging Markets
Public Valuation Multiples
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
5.00 x
7.00 x
9.00 x
11.00 x
13.00 x
15.00 x
17.00 x
19.00 x
21.00 x
23.00 x
25.00 x
EV/SEV/EBITDA
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
EV/EBITDA 20.45 x 21.18 x 23.26 x 22.67 x 23.09 x 21.70 x 22.02 x 21.30 x 20.22 x 22.01 x 20.61 x 22.04 x 21.93 x
EV/S 3.27 x 3.40 x 3.55 x 3.71 x 3.33 x 3.32 x 3.20 x 3.22 x 3.27 x 3.44 x 3.61 x 3.70 x 3.66 x
43
IT Services
Deal Spotlights: AWS Integrators
Target Acquirer
Target
Country
Month AWS Specialty
USA July Machine learning-based workloads
USA August Analytics and machine learning
Canada August DevOps
USA September Public sector
Australia September Private cloud
44
IT Services
Deal Spotlights: Salesforce SI
Target Acquirer
Target
Country
Month Description
India August Consulting, integration, implementation services
USA September CPQ and Billing integrated solutions
Australia September Consulting services for enterprise businesses
Netherlands September Omni-channel solutions
USA September Web and application developing services
USA September Salesforce and Pardot consulting services
45
IT Services
Deal Spotlight: Digital Signage
Sold to
Target: Allure Global Solutions [Christie Digital Systems] [USA]
Acquirer: Creative Realities [USA]
- Digital signage, insight and analytics, and point-of-sale solutions
- Strengthens CRI’s content optimization and transactional analytics services
46
IT Services
Deal Spotlight: Connected Car
Sold to
Target: Objective Software [Germany]
Acquirer: Luxoft [Switzerland]
- Software development services and IP based solutions
- Expands Luxoft’s autonomous drive and connected mobility capabilities
47
Horizontal Application Software Market
Public Valuation Multiples
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
EV/EBITDA 20.36 x 21.12 x 20.23 x 20.56 x 20.78 x 19.66 x 19.25 x 19.18 x 19.65 x 19.73 x 21.01 x 22.35 x 22.46 x
EV/S 4.27 x 4.35 x 4.30 x 4.33 x 4.60 x 4.47 x 4.51 x 4.57 x 4.75 x 4.75 x 5.03 x 5.28 x 5.32 x
48
Subsector Sales EBITDA Examples
Business
Intelligence
4.33x 22.39x
Marketing 4.86x 18.98x
CRM 6.63x 53.98x
ERP 4.97x 18.88x
Human
Resources
8.62x 49.93x
SCM 6.41x 31.60x
Payments 5.19x 26.44x
Other 3.43x 23.02x
Horizontal Application Software Valuations
49
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Marketo [Vista Equity Partners] [USA]
Acquirer: Adobe Systems [USA]
Transaction Value: $4.8B
- Marketing automation software
Sold to
50
Horizontal Application Software Market
Deal Spotlights: Marketing Automation
Sold to
Sold to
Target: QuantumGraph Solutions [India]
Acquirer: Appier [Taiwan]
- Software for e-commerce marketing
Target: Karix Mobile [GSO Capital Partners LP] [India]
Acquirer: Tanla Solutions [India]
Transaction Value: $33.9M (8.7x EV/EBITDA)
- Mobile engagement platform
51
Horizontal Application Software Market
Deal Spotlights: AI-Enabled Marketing
Sold to
Sold to
Target: Cluep [Canada]
Acquirer: Impact Group [CI Capital Partners] [USA]
- AI mobile ad-tech platform
Target: Liv.ai [India]
Acquirer: Flipkart [Walmart] [India]
- Application program interface for speech converting
Sold to
Target: Datorama [USA]
Acquirer: Salesforce [USA]
Transaction Value: $800M (reported)
- Cloud-based, AI-powered marketing software
52
Horizontal Application Software Market
Deal Spotlights: Human Capital Management
Sold to
Sold to
Target: ExakTime Innovations [USA]
Acquirer: Providence Equity Partners [USA]
- Time-tracking and attendance solutions
Target: InfinityHR [USA]
Acquirer: Arcoro [Providence Equity Partners] [Germany]
- HR management systems, payroll and enrollment solutions
Sold to
Target: BirdDogHR [USA]
Acquirer: Providence Equity Partners [USA]
- Recruitment and applicant tracking solutions
53
Horizontal Application Software Market
Deal Spotlights: Expense Management
Sold to
Sold to
Sold to
Target: Captio [Spain]
Acquirer: Certify [K1 Investment Management] [USA]
- Platform for managing travel expenses
Target: Abacus [USA]
Acquirer: Certify [K1 Investment Management] [USA]
- Cloud-based expense reporting solution
Target: Esize Holdings [Netherlands]
Acquirer: PROACTIS Holdings [United Kingdom]
Transaction Value: $16M (3.0x EV/Sales and 8.9x EV/EBITDA)
- Cloud-based spend management solutions
54
Deal Spotlights: Logistics Software
Horizontal Application Software Market
Sold to
Target: Trinium Technologies [USA]
Acquirer: WiseTech Global [Australia]
Transaction Value: $29M
- Trucking transportation management systems
Sold to
Target: Taric [Spain]
Acquirer: WiseTech Global [Australia]
Transaction Value: $18.6M (5.3x EV/Sales and 39.1x EV/EBITDA)
- Software for managing customs tariff information
Sold to
Sold to
Target: TranspariX [Netherlands]
Acquirer: Logistyx Technologies [USA]
- Transport management optimization solutions
Target: Cloud Logistics [USA]
Acquirer: E2open [Insight Venture Partners] [USA]
- Transportation management SaaS
55
Infrastructure Software Market
Public Valuation Multiples
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
EV/EBITDA 14.97 x 14.66 x 16.09 x 18.15 x 18.22 x 16.23 x 15.90 x 16.39 x 17.13 x 16.92 x 17.06 x 17.75 x 17.67 x
EV/S 3.83 x 3.95 x 4.09 x 4.44 x 4.78 x 4.84 x 5.02 x 4.98 x 4.87 x 4.80 x 4.78 x 4.88 x 5.01 x
56
Subsector Sales EBITDA Examples
Endpoint 4.09x 17.64x
IT Services
Management
7.09x 14.59x
Network
Management
5.17x 15.33x
Security 7.28x 47.14x
Storage
& Hosting
4.24x 58.00x
Other 4.59x 11.64x
Infrastructure Software Market
57
Deal Spotlights: Identity and Access Management
Target: Avecto [United Kingdom]
Acquirer: Bomgar Corporation [Francisco Partners] [USA]
- Privileged access management and identity management software
Sold to
Sold to
Target: Software [Veritas Capital] [USA]
Acquirer: Bomgar Corporation [Francisco Partners] [USA]
- Privileged account management and vulnerability management software
Infrastructure Software Market
58
Deal Spotlights: Identity and Access Management
Sold to
Target: IdentityForce [USA]
Acquirer: EZShield [USA]
- Identity theft protection services for individuals, businesses, and government agencies
Sold to
Target: SMS Passcode [Denmark]
Acquirer: Entrust Datacard [USA]
- Adaptive multi-factor authentication platform to governments, telcos, enterprises
Infrastructure Software Market
Sold to
Target: Pirean [United Kingdom]
Acquirer: Exostar [USA]
- Identity and access management SaaS to businesses
Sold to
Target: Crossmatch [Francisco Partners] [USA]
Acquirer: HID Global [ASSA ABLOY] [USA]
- Manufactures biometric identity management solutions to defense, finance, government
59
Deal Spotlights: Network Security
Since Q1
Target: Secure Designs [USA]
Acquirer: ADT Corporation [USA]
- Managed security products and services to business
Target: ICEBRG [USA]
Acquirer: Gigamon [USA]
- Network security software platform for risk reduction
Sold to
Sold to
Sold to
Target: Inocybe Technologies [Canada]
Acquirer: Kontron S&T [Germany]
- SaaS to build and manage open networking components
Infrastructure Software Market
60
Deal Spotlights: Security
Infrastructure Software Market
Sold to
Sold to
Sold to
Target: Prevoty [USA]
Acquirer: Imperva [USA]
Transaction Value: $140M
- Web application security
Target: Intego [Bessemer Venture Partners] [USA]
Acquirer: Kape Technologies [United Kingdom]
Transaction Value: $16M
- Malware protection SaaS and cybersecurity
Target: Sift Security [USA]
Acquirer: Netskope [USA]
- Big data and advanced analytics services for risk identification
61
Infrastructure Software Market
Deal Spotlights: Data Management
Sold to
Sold to
Sold to
Target: Podium Data [USA]
Acquirer: Qlik [Thoma Bravo] [USA]
- End-to-end big data management platform
Target: AnalytiX DS [USA]
Acquirer: erwin [Parallax] [USA]
- Data mapping and ETL conversion tools
Target: Treasure Data [USA]
Acquirer: ARM Holdings [SoftBank] [United Kingdom]
Transaction Value: $600M (reported)
- End-to-end, fully-managed cloud software for big data
62
Sold to
Target: Vertex.AI [USA]
Acquirer: Intel Corporation [USA]
- AI-based software to track and identify objects in real time
- Reinforces Intel’s deep learning resources
Deal Spotlight: AI-based Analytics
Infrastructure Software Market
63
Sold to
Target: Built.io [USA]
Acquirer: Software AG [Germany]
- iPaaS and a plug and play integration solution for businesses
- Creates hybrid integration platform with Software AG´s iPaaS
Deal Spotlight: Integration PaaS
Infrastructure Software Market
64
Consumer Application Software Market
Public Valuation Multiples
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
EV/EBITDA 13.09 x 14.49 x 16.65 x 18.01 x 18.88 x 18.64 x 19.04 x 17.90 x 16.90 x 17.76 x 17.72 x 17.35 x 19.07 x
EV/S 2.96 x 2.63 x 2.91 x 3.89 x 3.93 x 3.46 x 4.04 x 3.56 x 3.30 x 3.21 x 3.08 x 3.12 x 3.22 x
65
Subsector Sales EBITDA Examples
Casual Gaming 3.22x 20.22x
Core Gaming 3.54x 11.02x
Other 1.96x N/A
Consumer Application Software Valuations
66
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Shanda Games [Shengyue Network] [China]
Acquirer: Zhejiang Century Huatong Group [China]
Transaction Value: $4.4B (7.1x EV/Sales)
- Massively multiplayer online role playing games
Sold to
67
Deal Spotlights: Mobile Gaming
Consumer Application Software Market
Sold to
Target: Seismic Games [USA]
Acquirer: Niantic [USA]
- Social games
Sold to
Target: Industrial Toys [USA]
Acquirer: Electronic Arts [USA]
- Mobile games for core gamers
Sold to
Sold to
Target: Plexchat [USA]
Acquirer: Warner Bros. Entertainment [Warner Media LLC [AT&T]] [USA]
- Mobile chat platform for gamers to connect and communicate
Target: Chengdu Skymoons Digital Entertainment [China]
Acquirer: iQiyi [Baidu] [China]
Transaction Value: $190M
- Online mobile games
68
Deal Spotlight: Mobile Gaming
Consumer Application Software Market
Sold to
Target: Imperia Online [Bulgaria]
Acquirer: Stillfront Group [Sweden]
Transaction Value: $11.7M
- Multiplayer online strategic games
- Points to the growing game development industry in Bulgaria
69
Deal Spotlights: Betting
Target: Highlight Games [United Kingdom]
Acquirer: Cherry [Sweden]
Transaction Value: $7M
- Virtual sports games and traditional slot games
Sold to
Sold to
Target: Oryx Gaming [USA]
Acquirer: Breaking Data [Canada]
Transaction Value: $8.7M
- Turnkey gaming solutions
Consumer Application Software Market
70
Megadeals H2 2018 to Date
$8.2B $28B
IT SERVICES INFRASTRUCTUREVERTICAL
$16B $19B
HORIZONTAL
$2.5B
$19B
$2.4B
$2.6B
$1.5B
$1.5B
$1.5B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$6.7B
$7.6B
CONSUMER
$3.2B
$4.4B
$2.0B
$2.3B
$2.0B
$3.4B
$1.5B
$1.8B
$1.5B
$2.1B
Target: Hortonworks [USA]
Acquirer: Cloudera [USA]
Transaction Value: $2.0B (6.6x EV/Sales)
- Hadoop data processing and management software
Sold to
71
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Nadia Eckardt
Client Services
Becky Hill
Research Analyst
Alden Mendoza
Research Analyst
Elizabeth Gotski
Marketing
72
Special Report:
6 Merger Myths & Misconceptions
73
Joel Espelien has worked in a number of roles over a twenty year career in the technology industry. Most recently Joel
served as Senior Advisor to Karmel Capital, where he advised on corporate spin-offs and M&A transactions, including
the private-equity backed purchase of DivX LLC from Rovi Corporation and subsequent sale to Neulion, Inc, as well as
the successful spin-off of Snaptracs, Inc. and its Tagg wireless pet tracking product from Qualcomm and the eventual
two-stage sale to Whistle Labs and Mars Petcare. Joel has also served on the boards of multiple venture-backed
companies resulting in successful exits, including AI startup IQ Engines (acquired by Yahoo) and IoT-for-AgTech
pioneer 640 Labs (acquired by Monsanto/Climate Corporation). Joel has also written extensively on the future of video
in his capacity as Senior Analyst for the Diffusion Group where he published 14 industry research reports as well as a
widely recognized weekly blog.
Previously, Joel was the Chief Business Officer, SVP of Strategy and General Counsel of PacketVideo, a pioneer in the
mobile video market. While at PacketVideo, Joel led corporate development activities, including multiple buy-side
acquisitions in the US and Europe, a groundbreaking technology partnership with Google that helped launch Android, a
private-equity backed MBO and ultimately the sale of the company to NTT DoCoMo (Japan).
Joel Espelien
President
Corum Group
Moderator
74
6 Merger Myths and Misconceptions
Jon Scott
Managing Director
Corum Group International
Companies are
bought, not sold
75
6 Merger Myths and Misconceptions
Rob Schram
Senior Vice President
Corum Group Ltd.
Just Hang Out
with the
Companies that
Might Buy You
76
6 Merger Myths and Misconceptions
Marc O’Brien
Vice President
Corum Group Ltd.
A Weak Balance
Sheet / No Profits
Means I Can’t Sell
77
6 Merger Myths and Misconceptions
Dan Bernstein
Senior Vice President
Corum Group Ltd.
I Am Too
Small to Sell
78
6 Merger Myths and Misconceptions
Rob Griggs
Senior Vice President
Corum Group International
If a Seller Has
Problems,
They Can’t Sell
79
6 Merger Myths and Misconceptions
Ivan Ruzic
Senior Vice President
Corum Group Ltd.
The Buyer Will
Relocate (or Cut)
Management & Staff
80
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
Oct. 11: Grenoble – MB
Oct. 16: Geneva – MB
Oct. 17: Amsterdam – SUSO
Oct. 17: Sacramento – MB
Oct. 18: La Jolla – SUSO
Oct. 23: Atlanta – MB
Oct. 23: Barcelona – SUSO
Oct. 23: Kansas City – SUSO
Oct. 24: Madrid – MB
Oct. 24: Reno – MB
Oct. 24: Richmond, VA – MB
Oct. 25: Lisbon – SUSO
Oct. 25: Ottawa – SUSO
Oct. 25: St. Louis – SUSO
81
After the Deal – Celebration
82
www.corumgroup.com

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Tech M&A Monthly: 6 Merger Myth and Misconceptions

  • 1. 1 Tech M&A Monthly Quarterly Report: Q3 2018 11 October 2018
  • 2. 2 Timothy joined Corum in 2011, and oversees the company’s global marketing efforts from the headquarters near Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing, the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in technology mergers and acquisitions. Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc., and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de Janeiro. Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and Biology. Welcome Timothy Goddard EVP, Marketing Corum Group Ltd.
  • 3. 3 Agenda Welcome Event Report: WFS London 2018 Field Reports  PowerVision  Captio 2018 Q3 Research Report 6 Merger Myths & Misconceptions
  • 4. 4 Tanya is the Director of European Operations at Corum Group International. Tanya joined Corum in 2006, based in Zurich, she works with the European team coordinating client launches, lead generation, marketing, planning & strategy, recruitment and team integration. She is also the Conference Director of the World Financial Symposium’s “Growth and Exit Strategies for Software and IT Companies” in London. Prior to joining Corum’s team, she was a Senior Export Sales Manager for a Leading Asian foodstuff manufacturing/exporting company in Bangkok. She also worked five years in hospitality management for Marriott International. She has an MBA in Technology Management and is fluent in English, German and Thai. World Financial Symposiums London 2018 Tanya Froehlich Director, European Operations Corum Group International
  • 5. 5
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  • 7. 7
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  • 10. 10
  • 11. 11
  • 12. 12 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 25 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 numerous public and private companies, including one that recently filed for an IPO. PowerVision Acquired by Cortex David Levine Senior Vice President Corum Group
  • 13. 13 Peter Prince has spent over three decades involved in starting and growing software companies or large divisions of international software companies. As well as following his entrepreneurial spirit he has held a number of senior roles for both privately held and public companies. He was part of several key acquisitions such as Software Artistry to IBM, Infinium to SSA GT and SSA Global to Golden Gate (Infor). He was President of SSA Global EMEA prior to its sale and then CEO of Cogniti. Peter has a diverse background within the software industry spanning Operations, Sales, Mergers and Acquisitions and Integration. He’s been retained by some of the largest Private Equity firms in an advisory capacity. Peter has also focused on investing both time and funding into start-up and young companies over the recent years in a diverse range of sectors. He attended Chiltern University attaining a business degree and later attended Harvard Business School successfully completing an executive course, Launching New Ventures. Captio Acquired by Certify Peter Prince Senior Vice President Corum Group
  • 14. 14 Corum Research Report Elon Gasper EVP, Research Amber Stoner Director of Research Nadia Eckardt Client Services Becky Hill Research Analyst Alden Mendoza Research Analyst Elizabeth Gotski Marketing
  • 15. 15 Public Markets 2017 2018 Jan Mar May Jul Sep Nov Jan Mar May Jun Aug Oct 81% 34% 45% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Weekly Percentage Change S&P TECH Dow Jones NASDAQ USA Q3 2018 S&P Tech 12% NASDAQ 7% Dow Jones 9% Asia Q3 2018 HANG SENG -4% SSE Composite -1% Nikkei 8% Europe Q3 2018 CAC 40 3% DAX 0% FTSE 100 -2% All-time high
  • 16. 16 *Since the Great Depression. Source: S&P Capital IQ, The Associated Press Macro view: 4 Longest Bull Market Runs Start End Years Current Mar. 9, 2009 ? 9.6 Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5 Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1 That 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2 1 2 3 4
  • 17. 17 The Bull Market, 2009-Present 2009 2011 2013 2015 20172009 2011 2013 2015 2017 2018 0% 100% 200% 300% 400% 500% 600% 700% Daily Percentage Change NASDAQ S&P TECH Dow Jones 2018
  • 18. 18 Effective Monthly US Fed Funds Rate 2009 2011 2013 2015 2017 Projected 0% 1% 2% 3% 4% 5% 6% 7% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
  • 19. 19 Corum Index Market Transactions Q3:2018Q3:2017 805 885 Mega Deals 16 19 Largest Deal $23B $19B Pipeline Private Equity Platform Deals 111 103 VC Backed Exits 138142 Attributes 40% Cross Border Transactions 37% Start-Up Acquisitions 11%10% 17 yrs17 yrs Average Life of Target Q3:2017 Q3:2018 Q3:2017 Q3:2018 0% 18% 3% 17% 10% 7%
  • 20. 20 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B
  • 21. 21 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Pandora [USA] Acquirer: Sirius.XM [USA] Transaction Value: $3.2B (2.4x EV/Sales) - Subscription-based online music service - First full-on streaming service in Sirius.XM portfolio Sold to
  • 22. 22 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Syntel [USA] Acquirer: Atos [France] Transaction Value: $3.4B (3.7x EV/Sales and 13.4x EBITDA) - Digital transformation, IT, and knowledge process outsourcing services - Strengthens Atos’ banking and financial services in the US Sold to
  • 23. 23 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Sedgwick Claims Management Services [KKR] [USA] Acquirer: The Carlyle Group [USA] Transaction Value: $6.7B - Tech-enabled insurance claims processing management services Sold to
  • 24. 24 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Accruent [Genstar Capital] [USA] Acquirer: Fortive Corporation [USA] Transaction Value: $2.0B - Facilities management software Sold to
  • 25. 25 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Duo Security [USA] Acquirer: Cisco Systems [USA] Transaction Value: $2.4B - Two-factor authentication SaaS Sold to
  • 27. 27 Vertical Application Software Market Public Valuation Multiples 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 5.50 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 EV/EBITDA 18.10 x 18.47 x 19.87 x 19.89 x 20.43 x 19.70 x 18.31 x 19.29 x 20.25 x 20.62 x 20.46 x 20.48 x 19.93 x EV/S 5.05 x 5.15 x 4.88 x 5.31 x 5.35 x 4.82 x 4.67 x 4.50 x 4.72 x 4.76 x 4.74 x 4.96 x 4.97 x
  • 28. 28 Subsector Sales EBITDA Examples A/E/C 9.87x 33.09x Automotive 4.37x 16.52x Energy & Environment 3.08x 16.14x Financial Services 6.55x 22.81x Government 2.34x 15.88x Healthcare 4.24x 30.42x Real Estate 6.57x 32.28x Vertical Other 3.46x 16.77x Vertical Application Software Valuations
  • 29. 29 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Eze Software Group [TPG Capital] [USA] Acquirer: SS&C Technologies [USA] Transaction Value: $1.5B (5.2x EV/Sales and 14x EBITDA) - Financial trade execution SaaS Sold to
  • 30. 30 Deal Spotlights: Financial Services Vertical Application Software Market Sold to Sold to Target: BestX [United Kingdom] Acquirer: State Street Corporation [USA] - Financial software for real-time, interactive analytics Target: Taliance Group [France] Acquirer: Altus Group [Canada] Transaction Value: $23.4M - Software solutions for investment management Sold to Target: Cinnober Financial Technology [Sweden] Acquirer: NASDAQ [USA] Transaction Value: $190M - Business-critical system solutions for exchange trading, risk management
  • 31. 31 Deal Spotlights: Connected Car Vertical Application Software Market Sold to Target: Veltec [Brazil] Acquirer: Trimble [USA] - Telematic fleet management solutions Sold to Target: Road Track Holding [Mexico] Acquirer: Ituran Location and Control [Israel] Transaction Value: $91.7M and 1.2x EV/Sales; 5.3x EBITDA - End-to-end connected car platform, OEM software and services Sold to Target: Acyclica [USA] Acquirer: FLIR Systems [USA] - Big Data analytics SaaS-platform for traffic data
  • 32. 32 Deal Spotlights: Healthcare Vertical Application Software Market Sold to Target: NueMD [USA] Acquirer: AdvancedMD Software [Marlin Equity Partners] [USA] - Cloud-based practice management, EHR and medical billing solutions Sold to Sold to Sold to Target: ADS Data Systems [USA] Acquirer: Consolo Services Group [Bluff Point Associates] [USA] - Affordable software solutions to enhance daily operations, compliance, and cash flow Target: RL Solutions [USA] Acquirer: Datix [TA Associates] [United Kingdom] - Software for patient feedback, incident reporting & risk management Target: HealthGrid [USA] Acquirer: Tabula Rasa HealthCare [USA] Transaction Value: $22.5M - EHR software systems and services for healthcare information management
  • 33. 33 Deal Spotlights: Healthcare Vertical Application Software Market Sold to Target: Rock-Pond Solutions [USA] Acquirer: Mediware Information Systems [TPG Capital] [USA] - Business intelligence and analytics software for pharmacy industry Sold to Target: Fazzi Associates [USA] Acquirer: Mediware Information Systems [TPG Capital] [USA] - Home care consulting services Sold to Target: BlueStrata EHR [USA] Acquirer: Mediware Information Systems [TPG Capital] [USA] - Cloud-based EHR solution
  • 34. 34 Deal Spotlights: Oil & Gas Vertical Application Software Market Sold to Target: Coreworx [Canada] Acquirer: Vela Software International [Constellation Software] [Canada] - Planning software for upstream oil and gas industry Sold to Target: Powervision Software [Canada] Acquirer: Cortex [Canada] Transaction Value: $7M - Electronic document management and workflow management software Sold to Target: Quorum Software [Silver Lake Partners] [USA] Acquirer: Thoma Bravo [USA] - Mobile and cloud based oil and gas software platform
  • 35. 35 Deal Spotlights: Energy Consumption Analytics Vertical Application Software Market Sold to Sold to Target: Yousave [Innowatio Group] [Italy] Acquirer: Enel [Italy] - Energy efficiency services to industrial and service companies Target: WegoWise [USA] Acquirer: AppFolio [USA] - Online software for tracking utility data
  • 36. 36 Internet Market Public Valuation Multiples 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 5.50 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x 24.00 x 26.00 x 28.00 x 30.00 x EV/SEV/EBITDA Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 EV/EBITDA 25.69 x 26.95 x 25.76 x 26.58 x 28.79 x 21.30 x 18.16 x 21.77 x 21.09 x 22.44 x 22.28 x 18.84 x 18.61 x EV/S 4.65 x 4.89 x 4.11 x 4.64 x 4.78 x 4.76 x 4.84 x 4.37 x 4.26 x 4.11 x 4.09 x 4.58 x 4.47 x
  • 37. 37 Subsector Sales EBITDA Examples Diversified Internet 4.98x 19.28x eCommerce 0.62x 23.25x Social Network 6.87x 16.91x Travel & Leisure 6.76x 22.53x Internet Software Valuations
  • 38. 38 Since Q1 Sold to Sold to Sold to Deal Spotlights: E-Commerce Internet Market Target: CafePress [USA] Acquirer: Snapfish [District Photo] [USA] Transaction Value: $27M - Online retailer of stock and user-customized on demand products Target: Vida & Co [USA] Acquirer: Cimpress [Netherlands] Transaction Value: $29M - Platform for manufacturers and artists for design and production of clothing Target: BuildASign.com [PWP Growth Equity] [USA] Acquirer: Cimpress [Netherlands] Transaction Value: $274M (2.1x EV/Sales) - Custom printing services for signs, vinyl banners, car magnets etc.
  • 39. 39 Deal Spotlights: Travel Internet Market Sold to Target: Getaroom.com [USA] Acquirer: Court Square Capital Partners [USA] - Online hotel search and booking services Sold to Target: Gagfare [Hong Kong] Acquirer: Sharing Economy International [Hong Kong] Transaction Value: $3.6M - Online platform for searching and booking flights Sold to Sold to Target: Tropo [ProSiebenSat.1 Media] [Germany] Acquirer: dnata [Emirates Group] [UAE] - Online booking for flights, hotels, car hire Target: PrivateFly [USA] Acquirer: OneSky [Directional Aviation] [USA] - Online private flight booking service
  • 40. 40 Deal Spotlights: Ticketing Internet Market Sold to Target: Picatic [Canada] Acquirer: Eventbrite [USA] - Crowd-funding platform for event ticket sales Sold to Target: Rukkus [USA] Acquirer: TickPick [USA] - Live entertainment search engine that explores ticket sites Sold to Sold to Target: Boxxo [Canada] Acquirer: Vendini [USA] - Event ticket management software Target: SportStadion [Netherlands] Acquirer: Motorsport.com [USA] - Formula 1, MotoGP and football tickets service
  • 41. 41 IT Services – Developed Markets Public Valuation Multiple 0.40 x 0.60 x 0.80 x 1.00 x 1.20 x 1.40 x 1.60 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x 12.00 x 13.00 x 14.00 x EV/SEV/EBITDA Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 EV/EBITDA 12.52 x 12.86 x 12.26 x 12.21 x 12.96 x 12.32 x 12.15 x 12.31 x 12.16 x 11.94 x 12.90 x 12.87 x 12.88 x EV/S 1.41 x 1.36 x 1.34 x 1.31 x 1.53 x 1.32 x 1.34 x 1.38 x 1.32 x 1.18 x 1.31 x 1.34 x 1.32 x
  • 42. 42 IT Services – Emerging Markets Public Valuation Multiples 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x 21.00 x 23.00 x 25.00 x EV/SEV/EBITDA Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 EV/EBITDA 20.45 x 21.18 x 23.26 x 22.67 x 23.09 x 21.70 x 22.02 x 21.30 x 20.22 x 22.01 x 20.61 x 22.04 x 21.93 x EV/S 3.27 x 3.40 x 3.55 x 3.71 x 3.33 x 3.32 x 3.20 x 3.22 x 3.27 x 3.44 x 3.61 x 3.70 x 3.66 x
  • 43. 43 IT Services Deal Spotlights: AWS Integrators Target Acquirer Target Country Month AWS Specialty USA July Machine learning-based workloads USA August Analytics and machine learning Canada August DevOps USA September Public sector Australia September Private cloud
  • 44. 44 IT Services Deal Spotlights: Salesforce SI Target Acquirer Target Country Month Description India August Consulting, integration, implementation services USA September CPQ and Billing integrated solutions Australia September Consulting services for enterprise businesses Netherlands September Omni-channel solutions USA September Web and application developing services USA September Salesforce and Pardot consulting services
  • 45. 45 IT Services Deal Spotlight: Digital Signage Sold to Target: Allure Global Solutions [Christie Digital Systems] [USA] Acquirer: Creative Realities [USA] - Digital signage, insight and analytics, and point-of-sale solutions - Strengthens CRI’s content optimization and transactional analytics services
  • 46. 46 IT Services Deal Spotlight: Connected Car Sold to Target: Objective Software [Germany] Acquirer: Luxoft [Switzerland] - Software development services and IP based solutions - Expands Luxoft’s autonomous drive and connected mobility capabilities
  • 47. 47 Horizontal Application Software Market Public Valuation Multiples 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 5.50 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 EV/EBITDA 20.36 x 21.12 x 20.23 x 20.56 x 20.78 x 19.66 x 19.25 x 19.18 x 19.65 x 19.73 x 21.01 x 22.35 x 22.46 x EV/S 4.27 x 4.35 x 4.30 x 4.33 x 4.60 x 4.47 x 4.51 x 4.57 x 4.75 x 4.75 x 5.03 x 5.28 x 5.32 x
  • 48. 48 Subsector Sales EBITDA Examples Business Intelligence 4.33x 22.39x Marketing 4.86x 18.98x CRM 6.63x 53.98x ERP 4.97x 18.88x Human Resources 8.62x 49.93x SCM 6.41x 31.60x Payments 5.19x 26.44x Other 3.43x 23.02x Horizontal Application Software Valuations
  • 49. 49 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Marketo [Vista Equity Partners] [USA] Acquirer: Adobe Systems [USA] Transaction Value: $4.8B - Marketing automation software Sold to
  • 50. 50 Horizontal Application Software Market Deal Spotlights: Marketing Automation Sold to Sold to Target: QuantumGraph Solutions [India] Acquirer: Appier [Taiwan] - Software for e-commerce marketing Target: Karix Mobile [GSO Capital Partners LP] [India] Acquirer: Tanla Solutions [India] Transaction Value: $33.9M (8.7x EV/EBITDA) - Mobile engagement platform
  • 51. 51 Horizontal Application Software Market Deal Spotlights: AI-Enabled Marketing Sold to Sold to Target: Cluep [Canada] Acquirer: Impact Group [CI Capital Partners] [USA] - AI mobile ad-tech platform Target: Liv.ai [India] Acquirer: Flipkart [Walmart] [India] - Application program interface for speech converting Sold to Target: Datorama [USA] Acquirer: Salesforce [USA] Transaction Value: $800M (reported) - Cloud-based, AI-powered marketing software
  • 52. 52 Horizontal Application Software Market Deal Spotlights: Human Capital Management Sold to Sold to Target: ExakTime Innovations [USA] Acquirer: Providence Equity Partners [USA] - Time-tracking and attendance solutions Target: InfinityHR [USA] Acquirer: Arcoro [Providence Equity Partners] [Germany] - HR management systems, payroll and enrollment solutions Sold to Target: BirdDogHR [USA] Acquirer: Providence Equity Partners [USA] - Recruitment and applicant tracking solutions
  • 53. 53 Horizontal Application Software Market Deal Spotlights: Expense Management Sold to Sold to Sold to Target: Captio [Spain] Acquirer: Certify [K1 Investment Management] [USA] - Platform for managing travel expenses Target: Abacus [USA] Acquirer: Certify [K1 Investment Management] [USA] - Cloud-based expense reporting solution Target: Esize Holdings [Netherlands] Acquirer: PROACTIS Holdings [United Kingdom] Transaction Value: $16M (3.0x EV/Sales and 8.9x EV/EBITDA) - Cloud-based spend management solutions
  • 54. 54 Deal Spotlights: Logistics Software Horizontal Application Software Market Sold to Target: Trinium Technologies [USA] Acquirer: WiseTech Global [Australia] Transaction Value: $29M - Trucking transportation management systems Sold to Target: Taric [Spain] Acquirer: WiseTech Global [Australia] Transaction Value: $18.6M (5.3x EV/Sales and 39.1x EV/EBITDA) - Software for managing customs tariff information Sold to Sold to Target: TranspariX [Netherlands] Acquirer: Logistyx Technologies [USA] - Transport management optimization solutions Target: Cloud Logistics [USA] Acquirer: E2open [Insight Venture Partners] [USA] - Transportation management SaaS
  • 55. 55 Infrastructure Software Market Public Valuation Multiples 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 5.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 EV/EBITDA 14.97 x 14.66 x 16.09 x 18.15 x 18.22 x 16.23 x 15.90 x 16.39 x 17.13 x 16.92 x 17.06 x 17.75 x 17.67 x EV/S 3.83 x 3.95 x 4.09 x 4.44 x 4.78 x 4.84 x 5.02 x 4.98 x 4.87 x 4.80 x 4.78 x 4.88 x 5.01 x
  • 56. 56 Subsector Sales EBITDA Examples Endpoint 4.09x 17.64x IT Services Management 7.09x 14.59x Network Management 5.17x 15.33x Security 7.28x 47.14x Storage & Hosting 4.24x 58.00x Other 4.59x 11.64x Infrastructure Software Market
  • 57. 57 Deal Spotlights: Identity and Access Management Target: Avecto [United Kingdom] Acquirer: Bomgar Corporation [Francisco Partners] [USA] - Privileged access management and identity management software Sold to Sold to Target: Software [Veritas Capital] [USA] Acquirer: Bomgar Corporation [Francisco Partners] [USA] - Privileged account management and vulnerability management software Infrastructure Software Market
  • 58. 58 Deal Spotlights: Identity and Access Management Sold to Target: IdentityForce [USA] Acquirer: EZShield [USA] - Identity theft protection services for individuals, businesses, and government agencies Sold to Target: SMS Passcode [Denmark] Acquirer: Entrust Datacard [USA] - Adaptive multi-factor authentication platform to governments, telcos, enterprises Infrastructure Software Market Sold to Target: Pirean [United Kingdom] Acquirer: Exostar [USA] - Identity and access management SaaS to businesses Sold to Target: Crossmatch [Francisco Partners] [USA] Acquirer: HID Global [ASSA ABLOY] [USA] - Manufactures biometric identity management solutions to defense, finance, government
  • 59. 59 Deal Spotlights: Network Security Since Q1 Target: Secure Designs [USA] Acquirer: ADT Corporation [USA] - Managed security products and services to business Target: ICEBRG [USA] Acquirer: Gigamon [USA] - Network security software platform for risk reduction Sold to Sold to Sold to Target: Inocybe Technologies [Canada] Acquirer: Kontron S&T [Germany] - SaaS to build and manage open networking components Infrastructure Software Market
  • 60. 60 Deal Spotlights: Security Infrastructure Software Market Sold to Sold to Sold to Target: Prevoty [USA] Acquirer: Imperva [USA] Transaction Value: $140M - Web application security Target: Intego [Bessemer Venture Partners] [USA] Acquirer: Kape Technologies [United Kingdom] Transaction Value: $16M - Malware protection SaaS and cybersecurity Target: Sift Security [USA] Acquirer: Netskope [USA] - Big data and advanced analytics services for risk identification
  • 61. 61 Infrastructure Software Market Deal Spotlights: Data Management Sold to Sold to Sold to Target: Podium Data [USA] Acquirer: Qlik [Thoma Bravo] [USA] - End-to-end big data management platform Target: AnalytiX DS [USA] Acquirer: erwin [Parallax] [USA] - Data mapping and ETL conversion tools Target: Treasure Data [USA] Acquirer: ARM Holdings [SoftBank] [United Kingdom] Transaction Value: $600M (reported) - End-to-end, fully-managed cloud software for big data
  • 62. 62 Sold to Target: Vertex.AI [USA] Acquirer: Intel Corporation [USA] - AI-based software to track and identify objects in real time - Reinforces Intel’s deep learning resources Deal Spotlight: AI-based Analytics Infrastructure Software Market
  • 63. 63 Sold to Target: Built.io [USA] Acquirer: Software AG [Germany] - iPaaS and a plug and play integration solution for businesses - Creates hybrid integration platform with Software AG´s iPaaS Deal Spotlight: Integration PaaS Infrastructure Software Market
  • 64. 64 Consumer Application Software Market Public Valuation Multiples 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 EV/EBITDA 13.09 x 14.49 x 16.65 x 18.01 x 18.88 x 18.64 x 19.04 x 17.90 x 16.90 x 17.76 x 17.72 x 17.35 x 19.07 x EV/S 2.96 x 2.63 x 2.91 x 3.89 x 3.93 x 3.46 x 4.04 x 3.56 x 3.30 x 3.21 x 3.08 x 3.12 x 3.22 x
  • 65. 65 Subsector Sales EBITDA Examples Casual Gaming 3.22x 20.22x Core Gaming 3.54x 11.02x Other 1.96x N/A Consumer Application Software Valuations
  • 66. 66 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Shanda Games [Shengyue Network] [China] Acquirer: Zhejiang Century Huatong Group [China] Transaction Value: $4.4B (7.1x EV/Sales) - Massively multiplayer online role playing games Sold to
  • 67. 67 Deal Spotlights: Mobile Gaming Consumer Application Software Market Sold to Target: Seismic Games [USA] Acquirer: Niantic [USA] - Social games Sold to Target: Industrial Toys [USA] Acquirer: Electronic Arts [USA] - Mobile games for core gamers Sold to Sold to Target: Plexchat [USA] Acquirer: Warner Bros. Entertainment [Warner Media LLC [AT&T]] [USA] - Mobile chat platform for gamers to connect and communicate Target: Chengdu Skymoons Digital Entertainment [China] Acquirer: iQiyi [Baidu] [China] Transaction Value: $190M - Online mobile games
  • 68. 68 Deal Spotlight: Mobile Gaming Consumer Application Software Market Sold to Target: Imperia Online [Bulgaria] Acquirer: Stillfront Group [Sweden] Transaction Value: $11.7M - Multiplayer online strategic games - Points to the growing game development industry in Bulgaria
  • 69. 69 Deal Spotlights: Betting Target: Highlight Games [United Kingdom] Acquirer: Cherry [Sweden] Transaction Value: $7M - Virtual sports games and traditional slot games Sold to Sold to Target: Oryx Gaming [USA] Acquirer: Breaking Data [Canada] Transaction Value: $8.7M - Turnkey gaming solutions Consumer Application Software Market
  • 70. 70 Megadeals H2 2018 to Date $8.2B $28B IT SERVICES INFRASTRUCTUREVERTICAL $16B $19B HORIZONTAL $2.5B $19B $2.4B $2.6B $1.5B $1.5B $1.5B $2.3B $1.3B $2.0B $5.4B $1.2B $4.8B $6.7B $7.6B CONSUMER $3.2B $4.4B $2.0B $2.3B $2.0B $3.4B $1.5B $1.8B $1.5B $2.1B Target: Hortonworks [USA] Acquirer: Cloudera [USA] Transaction Value: $2.0B (6.6x EV/Sales) - Hadoop data processing and management software Sold to
  • 71. 71 Corum Research Report Elon Gasper EVP, Research Amber Stoner Director of Research Nadia Eckardt Client Services Becky Hill Research Analyst Alden Mendoza Research Analyst Elizabeth Gotski Marketing
  • 72. 72 Special Report: 6 Merger Myths & Misconceptions
  • 73. 73 Joel Espelien has worked in a number of roles over a twenty year career in the technology industry. Most recently Joel served as Senior Advisor to Karmel Capital, where he advised on corporate spin-offs and M&A transactions, including the private-equity backed purchase of DivX LLC from Rovi Corporation and subsequent sale to Neulion, Inc, as well as the successful spin-off of Snaptracs, Inc. and its Tagg wireless pet tracking product from Qualcomm and the eventual two-stage sale to Whistle Labs and Mars Petcare. Joel has also served on the boards of multiple venture-backed companies resulting in successful exits, including AI startup IQ Engines (acquired by Yahoo) and IoT-for-AgTech pioneer 640 Labs (acquired by Monsanto/Climate Corporation). Joel has also written extensively on the future of video in his capacity as Senior Analyst for the Diffusion Group where he published 14 industry research reports as well as a widely recognized weekly blog. Previously, Joel was the Chief Business Officer, SVP of Strategy and General Counsel of PacketVideo, a pioneer in the mobile video market. While at PacketVideo, Joel led corporate development activities, including multiple buy-side acquisitions in the US and Europe, a groundbreaking technology partnership with Google that helped launch Android, a private-equity backed MBO and ultimately the sale of the company to NTT DoCoMo (Japan). Joel Espelien President Corum Group Moderator
  • 74. 74 6 Merger Myths and Misconceptions Jon Scott Managing Director Corum Group International Companies are bought, not sold
  • 75. 75 6 Merger Myths and Misconceptions Rob Schram Senior Vice President Corum Group Ltd. Just Hang Out with the Companies that Might Buy You
  • 76. 76 6 Merger Myths and Misconceptions Marc O’Brien Vice President Corum Group Ltd. A Weak Balance Sheet / No Profits Means I Can’t Sell
  • 77. 77 6 Merger Myths and Misconceptions Dan Bernstein Senior Vice President Corum Group Ltd. I Am Too Small to Sell
  • 78. 78 6 Merger Myths and Misconceptions Rob Griggs Senior Vice President Corum Group International If a Seller Has Problems, They Can’t Sell
  • 79. 79 6 Merger Myths and Misconceptions Ivan Ruzic Senior Vice President Corum Group Ltd. The Buyer Will Relocate (or Cut) Management & Staff
  • 80. 80 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 Oct. 11: Grenoble – MB Oct. 16: Geneva – MB Oct. 17: Amsterdam – SUSO Oct. 17: Sacramento – MB Oct. 18: La Jolla – SUSO Oct. 23: Atlanta – MB Oct. 23: Barcelona – SUSO Oct. 23: Kansas City – SUSO Oct. 24: Madrid – MB Oct. 24: Reno – MB Oct. 24: Richmond, VA – MB Oct. 25: Lisbon – SUSO Oct. 25: Ottawa – SUSO Oct. 25: St. Louis – SUSO
  • 81. 81 After the Deal – Celebration