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1
Tech M&A Monthly
Misconceptions
Killing Deals Today
May 11, 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
SVP, Marketing
Corum Group Ltd.
3
Agenda
 Welcome
 Upcoming: WFS New York 2017
 Field Reports
 May 2017 Research Report
 Misconceptions Killing Deals Today
 Q&A
4
WFS New York 2017
Thursday, June 1, 2017
Register at:
https://www.wfs.com/ny-2017
5
Field Report: AI Enablement
Allan Wilson
Vice President
Corum Group Ltd.
Allan has over 30 years of executive and entrepreneurial experience and has built and sold several
software companies in sectors including, manufacturing, supply chain, big data, predictive analytics
and social networks. He has deep understanding of Aerospace, Automotive, High Tech, Healthcare,
Consumer Products and Military Contracting operating models.
Allan has extensive international experience and lived in Germany for a time working for SAP, following
the sale of his company to them in 2009.
6
Field Report: Online Exchanges
Entertainment software entrepreneur Jim Perkins is directly responsible for publishing some of the industry’s biggest
franchises, including Unreal, Duke Nukem, Wolfenstein, Doom, Hunting Unlimited, and Driver. A well-known senior
executive with a 22-year track record of publishing such bestselling hits, he founded and grew two highly successful
software publishing companies (FormGen and ARUSH) from start-ups to multi-million dollar enterprises.
Jim also launched Radar Group, the first Transmedia Incubation Company to monetize entertainment franchises across
all media, including film and television. His success and extensive experience in software production, marketing and
public relations, packaging, online and retail distribution and software M&A, uniquely qualify him as an expert in building
value and realizing wealth. Jim joined Corum Group, the world’s leading software M&A firm, with a specific focus on
educating and helping prospective sellers maximize the value of their digital media companies.
Jim Perkins
Executive Vice President
Corum Group, Ltd.
7
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Amanda Tallman
Senior Analyst
8
Public Markets
0%
5%
10%
15%
20%
25%
Weekly Percentage Change
S&P TECH Dow Jones NASDAQ
9
Corum Index
Market
Transactions
April 2017April 2016
329 267
Mega Deals
8 2
Largest Deal $2.5B $3.4B
Pipeline
Private Equity Deals
21 28
VC Backed Exits
5256
Attributes
38%
Cross Border
Transactions 39%
Start-Up
Acquisitions 11%13%
16 yrs14 yrs
Average Life
of Target
April 2016 April 2017
April 2016 April 2017
0%
19%
33%
75%
7%
36%
10
$2.4B
INTERNET
$7.7B
$1.9B
$3.4B
2017 Mega Deals – YTD
IT SERVICES
$9.7B
$2.6B
$4.3B
$2.8B
HR BPO assets
INFRASTRUCTURE
$7.5B
$3.7B
$1.6B
$1.1B
$1.1B
VERTICAL
$20B
$1.1B
$2.0B
$15.3B
$2.3B
11
$2.4B
INTERNET
$7.7B
$1.9B
$3.4B
2017 Mega Deals – YTD
IT SERVICES
$9.7B
$2.6B
$4.3B
$2.8B
HR BPO assets
INFRASTRUCTURE
$7.5B
$3.7B
$1.6B
$1.1B
$1.1B
VERTICAL
$20B
$1.1B
$2.0B
$15.3B
$2.3B
Target: Hitachi Kokusai Electric [Japan] strategic carve-outs
Acquirer: KKR [USA], others
Transaction Value: $2.3B
- Comm & chip production systems conglomerate founded in 1949
- Complex deal re-sorting parts among Hitachi Group entities and PEs
- Video and Communications Solutions business: face recognition, video
compression, other info search & systems buried in old-line industrial org
Visual Intelligence
Systems
Sold to
12
Corum Top Ten Technology Trends 2017
AI Enablement IoT
Software
Visual
Intelligence
Systems
Digital Currency
Flow
Data Science
Monetization
Online
Exchanges
Omni-channel
Sales
Connected
Health
Focused IT
Services
Data
Security
CORECONTOUR
13
Horizontal Application Software Market
3.9x
19.5x
Public Valuation Multiples
EV
Sales
Since Q1 Corum Analysis
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
April 2017
14
Horizontal Application Software Market
Deal Spotlights: Omni-channel Sales
3.9x
19.5x
EV
Sales
Since Q1
EV
EBITDA
April 2017 Corum Analysis
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
Target: ToutApp [USA]
Acquirer: Marketo [Vista Equity Partners] [USA]
- Sales productivity and email marketing SaaS
- Bridges the gap between Marketo’s marketing inventory and ToutApp’s sales tech
Sold to
Target: Moat [USA]
Acquirer: Oracle [USA]
Transaction Value: $600M (13.3x EV/Sales)
- Advertising analytics SaaS
- Moat remains an independent platform within Oracle Data Cloud
Sold to
15
Corum AnalysisApril 2017Since Q1
19.5x
Highest level since
Q1 2015.
Near historic highs,
as tech leads the
markets.
EV
EBITDA
EV
Sales 3.9x
Horizontal Application Software Market
Deal Spotlights: Marketing
Target: Experian (cross-channel marketing division) [Ireland]
Acquirer: Vector Capital [USA]
Transaction Value: $300M
- Cross-channel marketing automation and email advertising SaaS
Sold to
Target: Turnstyle Analytics [Canada]
Acquirer: Yelp [USA]
Transaction Value: $20M
- Customer analytics and marketing automation SaaS
Sold to
16
Since Q1 Corum AnalysisApril 2017
3.9x
EV
Sales
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
19.5x
Horizontal Application Software Market
Deal Spotlight: Digital Currency Flow
Sold to
Sold to
Target: 2Checkout.com [USA]
Acquirer: Avangate [Netherlands]
- Payment processing and mobile payment services for hosted checkout
Target: RatePay [Germany]
Acquirer: Advent International/Bain Capital [USA]
- Online payment, installment payment and invoicing SaaS
17
Since Q1 Corum AnalysisApril 2017
3.9x
EV
Sales
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
19.5x
Horizontal Application Software Market
Deal Spotlight: Omni-channel Sales
Target: Shopial [Israel]
Acquirer: Magento [USA]
- Allows online merchants to advertise on social media sites
- Forms core of Magento Social
Sold to
18
Since Q1 Corum AnalysisApril 2017
3.9x
EV
Sales
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
19.5x
Horizontal Application Software Market
Deal Spotlight: AI Enablement
Sold to
Target: 360pi [Canada]
Acquirer: Market Track [Aurora Capital Group] [USA]
- Price intelligence SaaS for retailers
- 360pi expands MarketTrack’s eCommerce offerings
19
3.9x
19.5x
EV
Sales
Since Q1 Corum Analysis
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
April 2017
Horizontal Application Software Market
Deal Spotlights: Workforce Management
Sold to
Target: Vertex Solutions Group [USA]
Acquirer: TCC Software Solutions [USA]
- Employee training and workforce management software
Sold to
Target: PRO Unlimited [Investcorp/Mumtalakat] [USA]
Acquirer: Harvest Partners [USA]
- E-procurement and contingent labor management SaaS
Sold to
Target: ShiftHound [USA]
Acquirer: ABILITY Network [USA]
- Workforce and revenue cycle management SaaS
20
Internet Market
Public Valuation Multiples
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
21
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Travel-Ticker.com [United Arab Emirates]
Acquirer: HotelPlanner.com [USA]
- Online travel reservation service and blog
- About one out of every 20 group bookings in the U.S. goes through HotelPlanner
Sold to
Target: Vacaleo [includes FeWo] [Germany]
Acquirer: AirBnB [USA]
- Online vacation rental search and price comparison service
Sold to
22
Deal Spotlights: Travel
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Sold to
Sold to
Target: Availpro [France]
Acquirer: Accor [dba AccorHotels] [France]
- Hotel reservation management and related marketing automation SaaS
Target: VeryChic [France]
Acquirer: Accor [dba AccorHotels] [France]
- Online service that allows finding deals on various hotels
23
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: TopTix [Israel]
Acquirer: SeatGeek [USA]
Transaction Value: $56M
- Event ticketing SaaS for entertainment and sports
- Will be integrated into SeatGeek Open, allowing artists and teams to
sell directly within other apps and websites
Sold to
24
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Sold to
Target: Beautyst [France]
Acquirer: Feelunique [United Kingdom]
- Online marketplace, community and blog for makeup and skincare products
Sold to
Target: eBay India [India]
Acquirer: Flipkart [India]
- Online product auction services for consumers and businesses in India
25
Deal Spotlights: Pets
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Just4MyPet [USA]
Acquirer: MailPix [USA]
- Online retailer of personalized pet products
Sold to
Target: Kampo [USA]
Acquirer: Petco [USA]
- Online service and app enabling pet-owners to connect with veterinarians
Sold to
26
$2.4B
INTERNET
$7.7B
$1.9B
$3.4B
2017 Mega Deals – YTD
IT SERVICES
$9.7B
$2.6B
$4.3B
$2.8B
HR BPO assets
INFRASTRUCTURE
$7.5B
$3.7B
$1.6B
$1.1B
$1.1B
VERTICAL
$20B
$1.1B
$2.0B
$15.3B
$2.3B
Sold to
Target: Chewy.com [USA]
Acquirer: PetSmart [USA]
Transaction Value: $3.4B (reported)
- Online pet products marketplace
27
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Sold to
Target: CreativeBug [USA]
Acquirer: Jo-Ann Stores [USA]
- Online video craft instruction
Target: Decorist [USA]
Acquirer: Bed Bath & Beyond [USA]
- Online interior design services
Sold to
28
Deal Spotlight: Digital Currency Flow
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Flattr [Sweden]
Acquirer: Eyeo [Germany]
- Online service enabling donations to content creators
- Both companies partnered before to launch Flattr Plus, which allows users
to contribute cash in exchange for content they consume online
Sold to
29
Deal Spotlight: Blockchain
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Mediachain Labs [USA]
Acquirer: Spotify [Sweden]
- Web-based peer-to-peer blockchain digital rights management service
- Mediachain plans to turn over its tech stack to the open source community
Sold to
30
Infrastructure Software Market
3.5x
16.6x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
31
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
Infrastructure Software Market
Deal Spotlights: Security
Sold to
Target: TeleSign [USA]
Acquirer: BICS [Proximus Group]
Transaction Value: $230M (2.3x EV/Sales and 23x EBITDA)
- Cloud-based APIs and SDKs for authentication & anti-fraud
Sold to
Target: SecurEnvoy [United Kingdom]
Acquirer: Shearwater Group [United Kingdom]
Transaction Value: $25.3M (6.2x EV/Sales and 9.1x EBITDA)
- SMS and email authentication software and SaaS
Sold to
Target: Little Flocker [USA]
Acquirer: F-Secure [Finland]
- Anti-malware and ransomware software for Macs
32
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
Infrastructure Software Market
Deal Spotlights: Data Security
Target: MXForce [USA]
Acquirer: J2 Global [USA]
- Web-based email security software
Sold to
Target: Send Technology [MXForce] [USA]
Acquirer: J2 Global [USA]
- Email encryption software integrating into Web
Sold to
33
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
Sold to
Target: Viptela [USA]
Acquirer: Cisco [USA]
Transaction Value: $610M (24.4x EV/Sales)
- Wide Area Network visualization SaaS
- Comes on heels of Cisco’s acquisition of business provider AppDynamics
Infrastructure Software Market
Deal Spotlight: Virtualization
34
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
.
Since Q1 April 2017
Infrastructure Software Market
Deal Spotlight: Telecom Expense Management
Sold to
Target: Tangoe [USA]
Acquirer: Marlin Equity Partners [USA]
Transaction Value: $305M
- Telecom management software and SaaS
- Combines Tangoe with Asentinel to support its commitment to TEM market
35
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Amanda Tallman
Senior Analyst
36
17 Misconceptions
Killing Deals Today
37
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.
17 Misconceptions Killing Deals Today
Bruce Milne
CEO
Corum Group Ltd.
38
17 Misconceptions Killing Deals Today
Bruce Milne
CEO
Corum Group Ltd.
Companies are
bought, not sold
39
17 Misconceptions Killing Deals Today
Ivan Ruzic, Ph.D.
Vice President
Corum Group Ltd.
We can’t sell –
we’re not profitable
40
17 Misconceptions Killing Deals Today
We have conflict
to resolve first
Rob Griggs
Vice President
Corum Group Ltd.
41
17 Misconceptions Killing Deals Today
Andy Hill
Regional Advisor
Corum Group Ltd.
I’ll launch my next
version, then sell
42
17 Misconceptions Killing Deals Today
Steve Jones
Vice President
Corum Group Ltd.
We’ll get locked
into a bad deal
43
17 Misconceptions Killing Deals Today
Jeff Brown
Senior Vice President
Corum Group Ltd.
We’ve lost key
people, can’t sell now
44
17 Misconceptions Killing Deals Today
Dan Bernstein
Vice President
Corum Group Ltd.
We’re going to work
it out with our
inbound buyer
45
17 Misconceptions Killing Deals Today
David Levine
Vice President
Corum Group Ltd.
We’ll raise another
round, then sell
46
17 Misconceptions Killing Deals Today
Nina Seghatoleslami
Vice President, Client Services
Corum Group Intl.
Preparation starts
when you decide to sell
47
17 Misconceptions Killing Deals Today
Rob Schram
Senior Vice President
Corum Group Ltd.
We have too much
debt to sell
48
17 Misconceptions Killing Deals Today
Allan Wilson
Vice President
Corum Group Ltd.
Buyers don’t want an
exclusive intermediary
49
17 Misconceptions Killing Deals Today
Jeff Riley
Vice President
Corum Group Ltd.
We’re not SaaS, so
buyers won’t bite
50
17 Misconceptions Killing Deals Today
Julius Telaranta
Vice President
Corum Group Intl.
I need an audit
before selling
51
17 Misconceptions Killing Deals Today
Jim Perkins
Executive Vice President
Corum Group Ltd.
I already know
my buyer
52
17 Misconceptions Killing Deals Today
Jon Scott
Managing Director
Corum Group Intl.
We want to buy
first, then sell
53
17 Misconceptions Killing Deals Today
Peter Prince
Vice President
Corum Group Intl.
Buyers won’t want
our legacy tech
54
17 Misconceptions Killing Deals Today
Joel Espelien
Vice President, Client Services
Corum Group Ltd.
I don’t want to go
to market too early
55
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
May 17: Singapore – SUSO
May 23: Sydney – MB
May 23: Lisbon – MB
May 23: Akron – MB
May 24: Madrid – MB
May 24: Cleveland – MB
May 24: Brisbane – SUSO
May 25: Melbourne – MB
May 25: Columbus – MB
May 29: Auckland – MB
May 30: Dublin – SUSO
May 31: London– SUSO
56
After the Deal – Celebration
57
www.corumgroup.com

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Tech M&A Monthly: Misconceptions Killing Deals Today

  • 1. 1 Tech M&A Monthly Misconceptions Killing Deals Today May 11, 2017
  • 2. 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 SVP, Marketing Corum Group Ltd.
  • 3. 3 Agenda  Welcome  Upcoming: WFS New York 2017  Field Reports  May 2017 Research Report  Misconceptions Killing Deals Today  Q&A
  • 4. 4 WFS New York 2017 Thursday, June 1, 2017 Register at: https://www.wfs.com/ny-2017
  • 5. 5 Field Report: AI Enablement Allan Wilson Vice President Corum Group Ltd. Allan has over 30 years of executive and entrepreneurial experience and has built and sold several software companies in sectors including, manufacturing, supply chain, big data, predictive analytics and social networks. He has deep understanding of Aerospace, Automotive, High Tech, Healthcare, Consumer Products and Military Contracting operating models. Allan has extensive international experience and lived in Germany for a time working for SAP, following the sale of his company to them in 2009.
  • 6. 6 Field Report: Online Exchanges Entertainment software entrepreneur Jim Perkins is directly responsible for publishing some of the industry’s biggest franchises, including Unreal, Duke Nukem, Wolfenstein, Doom, Hunting Unlimited, and Driver. A well-known senior executive with a 22-year track record of publishing such bestselling hits, he founded and grew two highly successful software publishing companies (FormGen and ARUSH) from start-ups to multi-million dollar enterprises. Jim also launched Radar Group, the first Transmedia Incubation Company to monetize entertainment franchises across all media, including film and television. His success and extensive experience in software production, marketing and public relations, packaging, online and retail distribution and software M&A, uniquely qualify him as an expert in building value and realizing wealth. Jim joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their digital media companies. Jim Perkins Executive Vice President Corum Group, Ltd.
  • 7. 7 Corum Research Report Elon Gasper EVP, Research Amber Stoner Director of Research Amanda Tallman Senior Analyst
  • 9. 9 Corum Index Market Transactions April 2017April 2016 329 267 Mega Deals 8 2 Largest Deal $2.5B $3.4B Pipeline Private Equity Deals 21 28 VC Backed Exits 5256 Attributes 38% Cross Border Transactions 39% Start-Up Acquisitions 11%13% 16 yrs14 yrs Average Life of Target April 2016 April 2017 April 2016 April 2017 0% 19% 33% 75% 7% 36%
  • 10. 10 $2.4B INTERNET $7.7B $1.9B $3.4B 2017 Mega Deals – YTD IT SERVICES $9.7B $2.6B $4.3B $2.8B HR BPO assets INFRASTRUCTURE $7.5B $3.7B $1.6B $1.1B $1.1B VERTICAL $20B $1.1B $2.0B $15.3B $2.3B
  • 11. 11 $2.4B INTERNET $7.7B $1.9B $3.4B 2017 Mega Deals – YTD IT SERVICES $9.7B $2.6B $4.3B $2.8B HR BPO assets INFRASTRUCTURE $7.5B $3.7B $1.6B $1.1B $1.1B VERTICAL $20B $1.1B $2.0B $15.3B $2.3B Target: Hitachi Kokusai Electric [Japan] strategic carve-outs Acquirer: KKR [USA], others Transaction Value: $2.3B - Comm & chip production systems conglomerate founded in 1949 - Complex deal re-sorting parts among Hitachi Group entities and PEs - Video and Communications Solutions business: face recognition, video compression, other info search & systems buried in old-line industrial org Visual Intelligence Systems Sold to
  • 12. 12 Corum Top Ten Technology Trends 2017 AI Enablement IoT Software Visual Intelligence Systems Digital Currency Flow Data Science Monetization Online Exchanges Omni-channel Sales Connected Health Focused IT Services Data Security CORECONTOUR
  • 13. 13 Horizontal Application Software Market 3.9x 19.5x Public Valuation Multiples EV Sales Since Q1 Corum Analysis EV EBITDA Near historic highs, as tech leads the markets. Highest level since Q1 2015. April 2017
  • 14. 14 Horizontal Application Software Market Deal Spotlights: Omni-channel Sales 3.9x 19.5x EV Sales Since Q1 EV EBITDA April 2017 Corum Analysis Near historic highs, as tech leads the markets. Highest level since Q1 2015. Target: ToutApp [USA] Acquirer: Marketo [Vista Equity Partners] [USA] - Sales productivity and email marketing SaaS - Bridges the gap between Marketo’s marketing inventory and ToutApp’s sales tech Sold to Target: Moat [USA] Acquirer: Oracle [USA] Transaction Value: $600M (13.3x EV/Sales) - Advertising analytics SaaS - Moat remains an independent platform within Oracle Data Cloud Sold to
  • 15. 15 Corum AnalysisApril 2017Since Q1 19.5x Highest level since Q1 2015. Near historic highs, as tech leads the markets. EV EBITDA EV Sales 3.9x Horizontal Application Software Market Deal Spotlights: Marketing Target: Experian (cross-channel marketing division) [Ireland] Acquirer: Vector Capital [USA] Transaction Value: $300M - Cross-channel marketing automation and email advertising SaaS Sold to Target: Turnstyle Analytics [Canada] Acquirer: Yelp [USA] Transaction Value: $20M - Customer analytics and marketing automation SaaS Sold to
  • 16. 16 Since Q1 Corum AnalysisApril 2017 3.9x EV Sales EV EBITDA Near historic highs, as tech leads the markets. Highest level since Q1 2015. 19.5x Horizontal Application Software Market Deal Spotlight: Digital Currency Flow Sold to Sold to Target: 2Checkout.com [USA] Acquirer: Avangate [Netherlands] - Payment processing and mobile payment services for hosted checkout Target: RatePay [Germany] Acquirer: Advent International/Bain Capital [USA] - Online payment, installment payment and invoicing SaaS
  • 17. 17 Since Q1 Corum AnalysisApril 2017 3.9x EV Sales EV EBITDA Near historic highs, as tech leads the markets. Highest level since Q1 2015. 19.5x Horizontal Application Software Market Deal Spotlight: Omni-channel Sales Target: Shopial [Israel] Acquirer: Magento [USA] - Allows online merchants to advertise on social media sites - Forms core of Magento Social Sold to
  • 18. 18 Since Q1 Corum AnalysisApril 2017 3.9x EV Sales EV EBITDA Near historic highs, as tech leads the markets. Highest level since Q1 2015. 19.5x Horizontal Application Software Market Deal Spotlight: AI Enablement Sold to Target: 360pi [Canada] Acquirer: Market Track [Aurora Capital Group] [USA] - Price intelligence SaaS for retailers - 360pi expands MarketTrack’s eCommerce offerings
  • 19. 19 3.9x 19.5x EV Sales Since Q1 Corum Analysis EV EBITDA Near historic highs, as tech leads the markets. Highest level since Q1 2015. April 2017 Horizontal Application Software Market Deal Spotlights: Workforce Management Sold to Target: Vertex Solutions Group [USA] Acquirer: TCC Software Solutions [USA] - Employee training and workforce management software Sold to Target: PRO Unlimited [Investcorp/Mumtalakat] [USA] Acquirer: Harvest Partners [USA] - E-procurement and contingent labor management SaaS Sold to Target: ShiftHound [USA] Acquirer: ABILITY Network [USA] - Workforce and revenue cycle management SaaS
  • 20. 20 Internet Market Public Valuation Multiples 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1
  • 21. 21 Deal Spotlights: Online Exchanges Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Target: Travel-Ticker.com [United Arab Emirates] Acquirer: HotelPlanner.com [USA] - Online travel reservation service and blog - About one out of every 20 group bookings in the U.S. goes through HotelPlanner Sold to Target: Vacaleo [includes FeWo] [Germany] Acquirer: AirBnB [USA] - Online vacation rental search and price comparison service Sold to
  • 22. 22 Deal Spotlights: Travel Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Sold to Sold to Target: Availpro [France] Acquirer: Accor [dba AccorHotels] [France] - Hotel reservation management and related marketing automation SaaS Target: VeryChic [France] Acquirer: Accor [dba AccorHotels] [France] - Online service that allows finding deals on various hotels
  • 23. 23 Deal Spotlights: Online Exchanges Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Target: TopTix [Israel] Acquirer: SeatGeek [USA] Transaction Value: $56M - Event ticketing SaaS for entertainment and sports - Will be integrated into SeatGeek Open, allowing artists and teams to sell directly within other apps and websites Sold to
  • 24. 24 Deal Spotlights: Online Exchanges Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Sold to Target: Beautyst [France] Acquirer: Feelunique [United Kingdom] - Online marketplace, community and blog for makeup and skincare products Sold to Target: eBay India [India] Acquirer: Flipkart [India] - Online product auction services for consumers and businesses in India
  • 25. 25 Deal Spotlights: Pets Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Target: Just4MyPet [USA] Acquirer: MailPix [USA] - Online retailer of personalized pet products Sold to Target: Kampo [USA] Acquirer: Petco [USA] - Online service and app enabling pet-owners to connect with veterinarians Sold to
  • 26. 26 $2.4B INTERNET $7.7B $1.9B $3.4B 2017 Mega Deals – YTD IT SERVICES $9.7B $2.6B $4.3B $2.8B HR BPO assets INFRASTRUCTURE $7.5B $3.7B $1.6B $1.1B $1.1B VERTICAL $20B $1.1B $2.0B $15.3B $2.3B Sold to Target: Chewy.com [USA] Acquirer: PetSmart [USA] Transaction Value: $3.4B (reported) - Online pet products marketplace
  • 27. 27 Deal Spotlights: Online Exchanges Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Sold to Target: CreativeBug [USA] Acquirer: Jo-Ann Stores [USA] - Online video craft instruction Target: Decorist [USA] Acquirer: Bed Bath & Beyond [USA] - Online interior design services Sold to
  • 28. 28 Deal Spotlight: Digital Currency Flow Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Target: Flattr [Sweden] Acquirer: Eyeo [Germany] - Online service enabling donations to content creators - Both companies partnered before to launch Flattr Plus, which allows users to contribute cash in exchange for content they consume online Sold to
  • 29. 29 Deal Spotlight: Blockchain Internet Market 4.2x 26.4x EV Sales Corum Analysis EV EBITDA Small increase along with other markets… …with EBITDA metric spiking to multi-year highs. April 2017Since Q1 Target: Mediachain Labs [USA] Acquirer: Spotify [Sweden] - Web-based peer-to-peer blockchain digital rights management service - Mediachain plans to turn over its tech stack to the open source community Sold to
  • 30. 30 Infrastructure Software Market 3.5x 16.6x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Holding level from Q1’s highs… …as EBITDA multiples continue to closely track Sales metrics. Since Q1 April 2017
  • 31. 31 3.5x 16.6x EV Sales Corum Analysis EV EBITDA Holding level from Q1’s highs… …as EBITDA multiples continue to closely track Sales metrics. Since Q1 April 2017 Infrastructure Software Market Deal Spotlights: Security Sold to Target: TeleSign [USA] Acquirer: BICS [Proximus Group] Transaction Value: $230M (2.3x EV/Sales and 23x EBITDA) - Cloud-based APIs and SDKs for authentication & anti-fraud Sold to Target: SecurEnvoy [United Kingdom] Acquirer: Shearwater Group [United Kingdom] Transaction Value: $25.3M (6.2x EV/Sales and 9.1x EBITDA) - SMS and email authentication software and SaaS Sold to Target: Little Flocker [USA] Acquirer: F-Secure [Finland] - Anti-malware and ransomware software for Macs
  • 32. 32 3.5x 16.6x EV Sales Corum Analysis EV EBITDA Holding level from Q1’s highs… …as EBITDA multiples continue to closely track Sales metrics. Since Q1 April 2017 Infrastructure Software Market Deal Spotlights: Data Security Target: MXForce [USA] Acquirer: J2 Global [USA] - Web-based email security software Sold to Target: Send Technology [MXForce] [USA] Acquirer: J2 Global [USA] - Email encryption software integrating into Web Sold to
  • 33. 33 3.5x 16.6x EV Sales Corum Analysis EV EBITDA Holding level from Q1’s highs… …as EBITDA multiples continue to closely track Sales metrics. Since Q1 April 2017 Sold to Target: Viptela [USA] Acquirer: Cisco [USA] Transaction Value: $610M (24.4x EV/Sales) - Wide Area Network visualization SaaS - Comes on heels of Cisco’s acquisition of business provider AppDynamics Infrastructure Software Market Deal Spotlight: Virtualization
  • 34. 34 3.5x 16.6x EV Sales Corum Analysis EV EBITDA Holding level from Q1’s highs… …as EBITDA multiples continue to closely track Sales metrics. . Since Q1 April 2017 Infrastructure Software Market Deal Spotlight: Telecom Expense Management Sold to Target: Tangoe [USA] Acquirer: Marlin Equity Partners [USA] Transaction Value: $305M - Telecom management software and SaaS - Combines Tangoe with Asentinel to support its commitment to TEM market
  • 35. 35 Corum Research Report Elon Gasper EVP, Research Amber Stoner Director of Research Amanda Tallman Senior Analyst
  • 37. 37 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. 17 Misconceptions Killing Deals Today Bruce Milne CEO Corum Group Ltd.
  • 38. 38 17 Misconceptions Killing Deals Today Bruce Milne CEO Corum Group Ltd. Companies are bought, not sold
  • 39. 39 17 Misconceptions Killing Deals Today Ivan Ruzic, Ph.D. Vice President Corum Group Ltd. We can’t sell – we’re not profitable
  • 40. 40 17 Misconceptions Killing Deals Today We have conflict to resolve first Rob Griggs Vice President Corum Group Ltd.
  • 41. 41 17 Misconceptions Killing Deals Today Andy Hill Regional Advisor Corum Group Ltd. I’ll launch my next version, then sell
  • 42. 42 17 Misconceptions Killing Deals Today Steve Jones Vice President Corum Group Ltd. We’ll get locked into a bad deal
  • 43. 43 17 Misconceptions Killing Deals Today Jeff Brown Senior Vice President Corum Group Ltd. We’ve lost key people, can’t sell now
  • 44. 44 17 Misconceptions Killing Deals Today Dan Bernstein Vice President Corum Group Ltd. We’re going to work it out with our inbound buyer
  • 45. 45 17 Misconceptions Killing Deals Today David Levine Vice President Corum Group Ltd. We’ll raise another round, then sell
  • 46. 46 17 Misconceptions Killing Deals Today Nina Seghatoleslami Vice President, Client Services Corum Group Intl. Preparation starts when you decide to sell
  • 47. 47 17 Misconceptions Killing Deals Today Rob Schram Senior Vice President Corum Group Ltd. We have too much debt to sell
  • 48. 48 17 Misconceptions Killing Deals Today Allan Wilson Vice President Corum Group Ltd. Buyers don’t want an exclusive intermediary
  • 49. 49 17 Misconceptions Killing Deals Today Jeff Riley Vice President Corum Group Ltd. We’re not SaaS, so buyers won’t bite
  • 50. 50 17 Misconceptions Killing Deals Today Julius Telaranta Vice President Corum Group Intl. I need an audit before selling
  • 51. 51 17 Misconceptions Killing Deals Today Jim Perkins Executive Vice President Corum Group Ltd. I already know my buyer
  • 52. 52 17 Misconceptions Killing Deals Today Jon Scott Managing Director Corum Group Intl. We want to buy first, then sell
  • 53. 53 17 Misconceptions Killing Deals Today Peter Prince Vice President Corum Group Intl. Buyers won’t want our legacy tech
  • 54. 54 17 Misconceptions Killing Deals Today Joel Espelien Vice President, Client Services Corum Group Ltd. I don’t want to go to market too early
  • 55. 55 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 May 17: Singapore – SUSO May 23: Sydney – MB May 23: Lisbon – MB May 23: Akron – MB May 24: Madrid – MB May 24: Cleveland – MB May 24: Brisbane – SUSO May 25: Melbourne – MB May 25: Columbus – MB May 29: Auckland – MB May 30: Dublin – SUSO May 31: London– SUSO
  • 56. 56 After the Deal – Celebration

Editor's Notes

  1. Dec 31, 2015 – Dec 30, 2016 US Public Markets
  2. 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.
  3. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  4. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  5. Key Message: Align your company with one or more of these trends to maximize your opportunity   Let's look at the Top Ten disruptive technology trends that are creating the acquisition activity across the technology landscape.   At Corum, we have compiled our list of Top Ten disruptive technologies creating this extraordinary M&A opportunity. We’ve comprised our list from our perspective of what’s driving M&A deals, what is creating the strongest valuations, wealth and liquidity for our clients. As you think about your position within your technology arena, what’s important to know is this: That your company is not being made obsolete by any of these disruptive forces. Generally, if you are not aligned with one or two disruptive technologies then you are at risk of becoming obsolete by someone who is. That you are making your company, products, services relevant by seizing the opportunity within the disruption driven by one or more of these trends. Don’t become the casualty of disruption. That you are riding the wave of one or more disruptive trends. Be sure to position your company and tell your story within this disruptive context.   These disruptive forces will be evident in your markets in varying degrees, some more than others. If they are not so obvious yet, that doesn’t mean they are not bubbling below the surface and will become critical with some unexpected trigger or a black swan event. Be aware, understand their impact and take advantage. Position your business around one or more. They are driving the fastest change, the greatest opportunity, the most rapid adoption, the differentiation and sustained competitive advantage. Most importantly the value creation.   I won’t spend a lot of time on each of these. We cover them in detail in our monthly webinars. They break down into 2 segments – Technologies that CONNECT and those that are used to CREATE.  
  6. While multiples in the Internet market experienced a slight dip since last month, activity in its pure play subsector remained steady and saw some interesting transaction sets in advertising and online recruitment space….
  7. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  8. 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.