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Tech M&A Monthly
2
TECH M&A MONTHLY
….starts in 2 minutes
3
www.corumgroup.com
4
Past Attendees Include:
5
Past Conferences & Reports
 Private Equity Panel
 10 Key Terms in an M&A Contract
 Google Acquisition Strategy
 Deal Structures Today
 Disruptive Tech Trend Reports: IoT Software,
Majority Mobilization, Sports & Gaming, etc.
 Special Reports: Patents, New Buyers, M&A
Process, Increasing Deal Value…
6
TECH M&A MONTHLY
….starts in 1 minute
7
Merge Briefing
 Baltimore
 Las Vegas
 Buffalo
 Syracuse
 Sacramento
 90 Minutes
 Industry Update
 Overview of the M&A Process
 Upcoming events in:
 New York City
 Portland
 Indianapolis
 Cincinnati
8
Selling Up, Selling Out
 Austin
 Dallas
 Seattle
 Half-Day
 Tech M&A Bootcamp
 The most attended tech
executive conference in history
 Upcoming events in:
 Houston
 Boston
 Pittsburgh
9
1
8 Stages for an
Optimal Outcome
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
10
Typical Negotiation Flow
Seller
delivers
counter
offer
Discovery
process is
complete
Seller
presents
valuation
guidance
Buyer
delivers an
opening
offer
11
AVOIDING THE
DEAL DISASTERS
12
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
Baltimore
Seattle
Las Vegas
Pittsburgh
New York
Portland
Birmingham
Sacramento
Cincinnati
New York City
Dallas
Boston
13
Logistics
 Ask questions any time
 Use Q&A tab on bottom of screen
 Click “Refresh Now” to view responses
 This event is being recorded
 European broadcast December 9, 1 PM Berlin Time
 On demand webcast will be available at
www.corumgroup.com
14
Tech M&A Monthly
When You Are Approached:
12 Tips to Ensure Deal Success
December 8, 2016
15
A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical
market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the
world.
He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding
investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to
two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the
nation’s most active regional technology trade association.
He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most
influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100
Awards given to Europe’s top technology firms
A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for
success, including Power Planning. He is a frequent lecturer and author.
Welcome
Bruce Milne
CEO
Corum Group Ltd.
16
Agenda
Welcome
WFS London Report
End of Year Tax Planning
December 2016 Research Report
12 Tips for When You Are Approached
Q&A
17
WFS London Report
Peter Prince
Vice President
Corum Group International
Peter Prince has spent the last 27 years 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-ups and young companies over 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.
18
WFS London Report
19
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.
End of Year Tax Planning
Bruce Milne
CEO
Corum Group Ltd.
20
Corum Research Report
Amber Stoner
Director of Research
Thomas Wright
Analyst
Amanda Tallman
Senior Analyst
21
Public Markets
0%
5%
10%
15%
20%
25%
30%
35%
40% Weekly Percentage Change
NASDAQ S&P TECH Dow Jones
22
*Since the Great Depression. Source: S&P Capital IQ, The Associated Press
Macro view: 4 Longest* Bull Market Runs
Start End Years
Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5
Current Mar. 9, 2009 ? 7.8
Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1
That 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2
23
Corum Index
Market
Transactions
Nov. 2016Nov. 2015
322 246
Mega Deals
8 8
Largest Deal $5.9B $8.0B
Pipeline
Private Equity Deals
18 23
VC Backed Exits
6148
Attributes
36%
Cross Border
Transactions 37%
Start-Up
Acquisitions 13%16%
16 yrs16 yrs
Average Life
of Target
Nov. 2015 Nov. 2016
Nov. 2015 Nov. 2016
0%
24%
19%
28%
27%
3%
36%
24
Mega Deals - H2 2016 YTD
$9.9B $98B
INFRASTRUCTUREIT SERVICES
$22B
VERTICAL
$32.4B
$2.0B
$1.3B
$1.8B
$27B
INTERNET
Intellectual
Property Solutions
$3.5B
$7.0B
$4.8B
$3.3B
$2.2B
$8.8B
Non-Core Software Assets
$1.5B
$1.5B
$4.3B
$2.6B
HORIZONTAL
$21B
$1.5B
$1.4B
$1.4B
$3.3B
$9.3B
$1.6B
$1.6B
$5.5B
$4.0B
$4.4B
$3.2B
$39.1B
and others
$1.2B
$2.4B
$2.2B
$1.7B
$3.2B
$8.0B
$1.7B
$4.0B
CONSUMER
$11B
$2.0B
$4.4B
$2.7B
$2.3B $2.8B
25
Mega Deals - H2 2016 YTD
$9.9B $98B
INFRASTRUCTUREIT SERVICES
$22B
VERTICAL
$32.4B
$2.0B
$1.3B
$1.8B
$27B
INTERNET
Intellectual
Property Solutions
$3.5B
$7.0B
$4.8B
$3.3B
$2.2B
$8.8B
Non-Core Software Assets
$1.5B
$1.5B
$4.3B
$2.6B
HORIZONTAL
$21B
$1.5B
$1.4B
$1.4B
$3.3B
$9.3B
$1.6B
$1.6B
$5.5B
$4.0B
$4.4B
$3.2B
$39.1B
and others
$1.2B
$2.4B
$2.2B
$1.7B
$3.2B
$8.0B
$1.7B
$4.0B
CONSUMER
$11B
$2.0B
$4.4B
$2.7B
$2.3B $2.8B
Target: Harman International Industries [USA]
Acquirer: Samsung Electronics [South Korea]
Transaction Value: $8.0B (1.2x EV/S)
Sold to
26
Mega Deals - H2 2016 YTD
$9.9B $98B
INFRASTRUCTUREIT SERVICES
$22B
VERTICAL
$32.4B
$2.0B
$1.3B
$1.8B
$27B
INTERNET
Intellectual
Property Solutions
$3.5B
$7.0B
$4.8B
$3.3B
$2.2B
$8.8B
Non-Core Software Assets
$1.5B
$1.5B
$4.3B
$2.6B
HORIZONTAL
$21B
$1.5B
$1.4B
$1.4B
$3.3B
$9.3B
$1.6B
$1.6B
$5.5B
$4.0B
$4.4B
$3.2B
$39.1B
and others
$1.2B
$2.4B
$2.2B
$1.7B
$3.2B
$8.0B
$1.7B
$4.0B
CONSUMER
$11B
$2.0B
$4.4B
$2.7B
$2.3B $2.8B
Target: Skyscanner Holdings [Ireland]
Acquirer: Ctrip.com International [China]
Transaction Value: $1.7B
Sold to
27
Mega Deals - H2 2016 YTD
$9.9B $98B
INFRASTRUCTUREIT SERVICES
$22B
VERTICAL
$32.4B
$2.0B
$1.3B
$1.8B
$27B
INTERNET
Intellectual
Property Solutions
$3.5B
$7.0B
$4.8B
$3.3B
$2.2B
$8.8B
Non-Core Software Assets
$1.5B
$1.5B
$4.3B
$2.6B
HORIZONTAL
$21B
$1.5B
$1.4B
$1.4B
$3.3B
$9.3B
$1.6B
$1.6B
$5.5B
$4.0B
$4.4B
$3.2B
$39.1B
and others
$1.2B
$2.4B
$2.2B
$1.7B
$3.2B
$8.0B
$1.7B
$4.0B
CONSUMER
$11B
$2.0B
$4.4B
$2.7B
$2.3B $2.8B
Target: Mentor Graphics Corporation [USA]
Acquirer: Siemens [Germany]
Transaction Value: $4.0B (4.1x EV/S)
Sold to
28
Mega Deals - H2 2016 YTD
$9.9B $98B
INFRASTRUCTUREIT SERVICES
$22B
VERTICAL
$32.4B
$2.0B
$1.3B
$1.8B
$27B
INTERNET
Intellectual
Property Solutions
$3.5B
$7.0B
$4.8B
$3.3B
$2.2B
$8.8B
Non-Core Software Assets
$1.5B
$1.5B
$4.3B
$2.6B
HORIZONTAL
$21B
$1.5B
$1.4B
$1.4B
$3.3B
$9.3B
$1.6B
$1.6B
$5.5B
$4.0B
$4.4B
$3.2B
$39.1B
and others
$1.2B
$2.4B
$2.2B
$1.7B
$3.2B
$8.0B
$1.7B
$4.0B
CONSUMER
$11B
$2.0B
$4.4B
$2.7B
$2.3B $2.8B
Target: NXP Semiconductors [Netherlands]
Acquirer: Qualcomm Incorporated [USA]
Transaction Value: $39.1B (5.5x EV/S)
Sold to
29
Infrastructure Software Market
3.4x
15.2x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Holds steady, resisting
post-election transfer of
funds into non-tech
sectors…
…with EBITDA climbing
to a 12-month high.
Since Q3 Nov. 2016
30
Infrastructure Software Market
3.4x
15.2x
Deal Spotlights: Security
EV
Sales
Corum Analysis
EV
EBITDA
Holds steady, resisting
post-election transfer of
funds into non-tech
sectors…
…with EBITDA climbing
to a 12-month high.
Since Q3 Nov. 2016
Target: CardinalCommerce Corporation [USA]
Acquirer: Visa [USA]
- Web-based and mobile transaction authentication software
- Supports Visa’s moves to integrate tokenization into Visa Checkout
Sold to
Target: InAuth [USA]
Acquirer: American Express [USA]
- Mobile authentication and anti-fraud applications that enable transaction security
- Complements Amex’ risk prevention tools and exposes it to more digital channels
Sold to
31
Infrastructure Software Market
3.4x
15.2x
Deal Spotlight: Security
EV
Sales
Corum Analysis
EV
EBITDA
Holds steady, resisting
post-election transfer of
funds into non-tech
sectors…
…with EBITDA climbing
to a 12-month high.
Since Q3 Nov. 2016
Target: FireLayers [USA]
Acquirer: Proofpoint [USA]
Transaction Value: $55M
- Cloud application control software
- Extends Proofpoint’s Targeted Attack Protection (TAP) to SaaS applications
Sold to
32
Infrastructure Software Market
3.4x
15.2x
Deal Spotlights: Security
EV
Sales
Corum Analysis
EV
EBITDA
Holds steady, resisting
post-election transfer of
funds into non-tech
sectors…
…with EBITDA climbing
to a 12-month high.
Since Q3 Nov. 2016
Target: Cigital [USA]
Acquirer: Synopsys [USA]
- Application security testing and consulting
Sold to
Target: Codiscope [USA]
Acquirer: Synopsys [USA]
- Security software development tools software and SaaS
Sold to
33
Infrastructure Software Market
3.4x
15.2x
Deal Spotlights: Security
EV
Sales
Corum Analysis
EV
EBITDA
Holds steady, resisting
post-election transfer of
funds into non-tech
sectors…
…with EBITDA climbing
to a 12-month high.
Since Q3 Nov. 2016
Target: Barricade Security Systems [Ireland]
Acquirer: Sophos [United Kingdom]
- Network intrusion protection, behavior anomaly detection and anti-malware SaaS
Sold to
Target: Soltra Solutions [USA]
Acquirer: NC4 [USA]
- Enterprise threat intelligence data aggregation and collaboration software
Sold to
34
Infrastructure Software Market
3.4x
15.2x
Deal Spotlight: Security
EV
Sales
Corum Analysis
EV
EBITDA
Holds steady, resisting
post-election transfer of
funds into non-tech
sectors…
…with EBITDA climbing
to a 12-month high.
Since Q3 Nov. 2016
Target: AGNITiO [Spain]
Acquirer: Nuance Communications [USA]
- Voice ID recognition, authentication and biometrics servers and software
- Strengthens Nuance’s position in EU, and in the government sector
Sold to
35
Horizontal Application Software Market
3.5x
18.2x
Public Valuation Multiples
EV
Sales
Since Q3 Corum Analysis
EV
EBITDA
Nov. 2016
Small dip to yearly
averages after jump
in the fall…
…with EBITDA’s
pullback keeping it
well above early 2016
numbers
36
Horizontal Application Software Market
3.5x
18.2x
Deal Spotlight: Video Advertising
EV
Sales
Since Q3 Corum Analysis
EV
EBITDA
Nov. 2016
Small dip to yearly
averages after jump
in the fall…
…with EBITDA’s
pullback keeping it
well above early 2016
numbers
Target: TubeMogul [USA]
Acquirer: Adobe Systems [USA]
Transaction Value: $540M (2.5x EV/S)
- Video advertising enablement and customer analytics SaaS
- Helps Adobe create a “one-stop shop” for video advertising
Sold to
37
Horizontal Application Software Market
3.5x
18.2x
Deal Spotlights: Artificial Intelligence
EV
Sales
Since Q3 Corum Analysis
EV
EBITDA
Nov. 2016
Small dip to yearly
averages after jump
in the fall…
…with EBITDA’s
pullback keeping it
well above early 2016
numbers
Target: ServiceMax [USA]
Acquirer: GE Digital [USA]
Transaction Value: $915M
- Field service and contract management SaaS
Sold to
Target: Wise.io [USA]
Acquirer: GE Digital [USA]
- Machine learning customer service automation and predictive analytics software
Sold to
38
Horizontal Application Software Market
3.5x
18.2x
Deal Spotlights: Artificial Intelligence
EV
Sales
Since Q3 Corum Analysis
EV
EBITDA
Nov. 2016
Small dip to yearly
averages after jump
in the fall…
…with EBITDA’s
pullback keeping it
well above early 2016
numbers
Target: BrightTarget [France]
Acquirer: Sidetrade [United Kingdom]
- Cloud-based CRM and artificial intelligence software
Sold to
Target: Fluid (XPS division) [USA]
Acquirer: IBM Corporation [USA]
- Machine learning customer service automation and predictive analytics software
Sold to
39
Horizontal Application Software Market
3.5x
18.2x
Deal Spotlight: CRM and BI Analytics
EV
Sales
Since Q3 Corum Analysis
EV
EBITDA
Nov. 2016
Small dip to yearly
averages after jump
in the fall…
…with EBITDA’s
pullback keeping it
well above early 2016
numbers
Target: Datahug [Ireland]
Acquirer: Callidus Software [dba CallidusCloud] [USA]
Transaction Value: $13M
- Salesforce management and business intelligence analytics SaaS
- Enables Callidus to expand into the real estate and financial services markets
Sold to
40
Horizontal Application Software Market
3.5x
18.2x
Deal Spotlight: Customer Engagement
EV
Sales
Since Q3 Corum Analysis
EV
EBITDA
Nov. 2016
Small dip to yearly
averages after jump
in the fall…
…with EBITDA’s
pullback keeping it
well above early 2016
numbers
Target: OpinionLab [USA]
Acquirer: Verint Systems [USA]
- Digital customer feedback and Web optimization SaaS
- Extends Verint’s Customer Engagement Optimization portfolio
Sold to
41
4.5x
16.3x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Nov. 2016Since Q3
Following similar
pattern to Horizontal
multiples, in line with
post-election
investment strategies
EBITDA multiples
drop more
significantly, back to
Q1 levels
Vertical Application Software Market
42
4.5x
16.3x
EV
Sales
Corum Analysis
EV
EBITDA
Nov. 2016Since Q3
Following similar
pattern to Horizontal
multiples, in line with
post-election
investment
strategies
EBITDA multiples
drop more
significantly, back to
Q1 levels
Deal Spotlight: Healthcare
Sold to
Target: ConsentSolution [USA]
Acquirer: DrugDev [USA]
- Mobile electronic informed consent (e-Consent) SaaS and applications for
the pharmaceutical and healthcare industries
- Adds to DrugDev’s Unified Clinical Operations Suite
Vertical Application Software Market
43
4.5x
16.3x
EV
Sales
Corum Analysis
EV
EBITDA
Nov. 2016Since Q3
Following similar
pattern to Horizontal
multiples, in line with
post-election
investment
strategies
EBITDA multiples
drop more
significantly, back to
Q1 levels
patient management, engagement, payment processing and analytics software and
SaaSpatient management, engagement, payment processing and analytics software
and SaaS
Deal Spotlights: Healthcare
Sold to
Target: Conworx Technology [Germany]
Acquirer: Siemens Healthineers [UK]
- Point-of-care medical data management SaaS
Target: Ateb [USA]
Acquirer: Omnicell [USA]
Transaction Value: $41M
- Patient management, payment processing and analytics software and SaaS
Sold to
Vertical Application Software Market
44
4.5x
16.3x
Deal Spotlight: Connected Vehicles
EV
Sales
Corum Analysis
EV
EBITDA
Nov. 2016Since Q3
Following similar
pattern to Horizontal
multiples, in line with
post-election
investment
strategies
EBITDA multiples
drop more
significantly, back to
Q1 levels
Vertical Application Software Market
Target: Enovation Controls [USA]
Acquirer: Sun Hydraulics [USA]
Transaction value: $200M + up to $50M in earnout
- The Power Controls (PC) and Vehicle Technologies (VT) businesses that
provides digital control systems for gaseous fuel engines and engine-driven
equipment
Sold to
45
4.5x
16.3x
Deal Spotlight: Real Estate
EV
Sales
Corum Analysis
EV
EBITDA
Nov. 2016Since Q3
Following similar
pattern to Horizontal
multiples, in line with
post-election
investment
strategies
EBITDA multiples
drop more
significantly, back to
Q1 levels
Vertical Application Software Market
Target: REXPROP [India]
Acquirer: BroEx [India]
- Provides a real estate business to business (B2B) website and Android
mobile application for property consultants
- Speeds up property search for buyers and deal flow between brokers
Sold to
46
4.5x
16.3x
Deal Spotlight: Real Estate
EV
Sales
Corum Analysis
EV
EBITDA
Nov. 2016Since Q3
Following similar
pattern to Horizontal
multiples, in line with
post-election
investment
strategies
EBITDA multiples
drop more
significantly, back to
Q1 levels
Vertical Application Software Market
Target: Hightower [USA]
Acquirer: View the Space [USA]
Transaction value: $300M (reported)
- Provides portfolio and document management, reporting SaaS and mobile
apps for the commercial real estate (CRE) sector
Sold to
47
Horizontal Application Software Market
3.5x
18.2x
Deal Spotlight: Artificial Intelligence
EV
Sales
Since Q3 Corum Analysis
EV
EBITDA
Nov. 2016
Small dip to yearly
averages after jump
in the fall…
…with EBITDA’s
pullback keeping it
well above early 2016
numbers
Target: Geometric Intelligence [USA]
Acquirer: Uber Technologies [dba Uber] [USA]
- AI and machine learning developer
- Helps Uber create its own artificial intelligence research lab
- Extends Uber’s expertise beyond a single carpooling domain
Sold to
48
Corum Research Report
Amber Stoner
Director of Research
Thomas Wright
Analyst
Amanda Tallman
Senior Analyst
49
When You Are Approached:
12 Tips to Ensure Deal Success
50
12 Tips for When You Are Approached
Bruce Milne
CEO
Corum Group Ltd.
Understand the
numbers
Know your odds
51
Tech M&A Guideline Percentages
 Buyer solicitations that result in transaction
 Average improvement from first offer with an
auction process
 How often another firm is willing to pay more
than the initial bidder
 Deals involving only one bidder that are
suboptimal
 Failure rate in “self-managed” tech M&A
52
12 Tips for When You Are Approached
Julius Telaranta
Vice President
Corum Group Ltd.
Protect Yourself
Get an NDA &
nonsolicitation
agreement
53
12 Tips for When You Are Approached
Jon Scott
Managing Director
Corum Group International
Qualify the Buyer
Are they a
bottom feeder?
54
12 Tips for When You Are Approached
Rob Schram
Senior Vice President
Corum Group Ltd.
Qualify the Buyer
Can they do
the deal?
55
12 Tips for When You Are Approached
Peter Prince
Vice President
Corum Group International
Qualify the Buyer
What deals have
they done?
56
12 Tips for When You Are Approached
Steve Jones
Vice President
Corum Group Ltd.
Examine the
landscape
Are there other buyers
willing to pay more?
57
12 Tips for When You Are Approached
Rob Griggs
Vice President
Corum Group Ltd.
Are they serious?
Get a due-diligence
checklist
58
12 Tips for When You Are Approached
Ivan Ruzic, Ph.D.
Vice President
Corum Group Ltd.
Prepare your numbers
Build three year
financials & projections
59
12 Tips for When You Are Approached
David Levine
Vice President
Corum Group Ltd.
Build out your
assumptions
Are they credible?
60
12 Tips for When You Are Approached
Dan Bernstein
Vice President
Corum Group Ltd.
Buy time with a
valuation
Cover your fiduciary
responsibility
61
12 Tips for When You Are Approached
Jim Perkins
Executive Vice President
Corum Group Ltd.
Make discreet inquiries
to other suitors
Must be at the highest
level
62
12 Tips for When You Are Approached
Allan Wilson
Vice President
Corum Group Ltd.
Under no circumstances
have only one bidder
One buyer is no buyer
63
Q&A
 We welcome your questions!
 Use Q&A tab at the bottom of screen
 Submit to queue at any time
64
Coming Soon:
2017 Annual Report
Register at
www.corumgroup.com
• Corum 2017 Predictions
• Top 10 Disruptive Tech Trends
• Market valuations for 6 sectors
and 30 sub-sectors
• Luminary Panel
65
After the Deal – Celebration
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Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal Success

  • 5. 5 Past Conferences & Reports  Private Equity Panel  10 Key Terms in an M&A Contract  Google Acquisition Strategy  Deal Structures Today  Disruptive Tech Trend Reports: IoT Software, Majority Mobilization, Sports & Gaming, etc.  Special Reports: Patents, New Buyers, M&A Process, Increasing Deal Value…
  • 7. 7 Merge Briefing  Baltimore  Las Vegas  Buffalo  Syracuse  Sacramento  90 Minutes  Industry Update  Overview of the M&A Process  Upcoming events in:  New York City  Portland  Indianapolis  Cincinnati
  • 8. 8 Selling Up, Selling Out  Austin  Dallas  Seattle  Half-Day  Tech M&A Bootcamp  The most attended tech executive conference in history  Upcoming events in:  Houston  Boston  Pittsburgh
  • 9. 9 1 8 Stages for an Optimal Outcome IntegrationClosing Due Diligence NegotiationDiscoveryContactResearchPreparation
  • 10. 10 Typical Negotiation Flow Seller delivers counter offer Discovery process is complete Seller presents valuation guidance Buyer delivers an opening offer
  • 12. 12 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 Baltimore Seattle Las Vegas Pittsburgh New York Portland Birmingham Sacramento Cincinnati New York City Dallas Boston
  • 13. 13 Logistics  Ask questions any time  Use Q&A tab on bottom of screen  Click “Refresh Now” to view responses  This event is being recorded  European broadcast December 9, 1 PM Berlin Time  On demand webcast will be available at www.corumgroup.com
  • 14. 14 Tech M&A Monthly When You Are Approached: 12 Tips to Ensure Deal Success December 8, 2016
  • 15. 15 A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the world. He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the nation’s most active regional technology trade association. He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100 Awards given to Europe’s top technology firms A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for success, including Power Planning. He is a frequent lecturer and author. Welcome Bruce Milne CEO Corum Group Ltd.
  • 16. 16 Agenda Welcome WFS London Report End of Year Tax Planning December 2016 Research Report 12 Tips for When You Are Approached Q&A
  • 17. 17 WFS London Report Peter Prince Vice President Corum Group International Peter Prince has spent the last 27 years 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-ups and young companies over 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.
  • 19. 19 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. End of Year Tax Planning Bruce Milne CEO Corum Group Ltd.
  • 20. 20 Corum Research Report Amber Stoner Director of Research Thomas Wright Analyst Amanda Tallman Senior Analyst
  • 21. 21 Public Markets 0% 5% 10% 15% 20% 25% 30% 35% 40% Weekly Percentage Change NASDAQ S&P TECH Dow Jones
  • 22. 22 *Since the Great Depression. Source: S&P Capital IQ, The Associated Press Macro view: 4 Longest* Bull Market Runs Start End Years Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5 Current Mar. 9, 2009 ? 7.8 Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1 That 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2
  • 23. 23 Corum Index Market Transactions Nov. 2016Nov. 2015 322 246 Mega Deals 8 8 Largest Deal $5.9B $8.0B Pipeline Private Equity Deals 18 23 VC Backed Exits 6148 Attributes 36% Cross Border Transactions 37% Start-Up Acquisitions 13%16% 16 yrs16 yrs Average Life of Target Nov. 2015 Nov. 2016 Nov. 2015 Nov. 2016 0% 24% 19% 28% 27% 3% 36%
  • 24. 24 Mega Deals - H2 2016 YTD $9.9B $98B INFRASTRUCTUREIT SERVICES $22B VERTICAL $32.4B $2.0B $1.3B $1.8B $27B INTERNET Intellectual Property Solutions $3.5B $7.0B $4.8B $3.3B $2.2B $8.8B Non-Core Software Assets $1.5B $1.5B $4.3B $2.6B HORIZONTAL $21B $1.5B $1.4B $1.4B $3.3B $9.3B $1.6B $1.6B $5.5B $4.0B $4.4B $3.2B $39.1B and others $1.2B $2.4B $2.2B $1.7B $3.2B $8.0B $1.7B $4.0B CONSUMER $11B $2.0B $4.4B $2.7B $2.3B $2.8B
  • 25. 25 Mega Deals - H2 2016 YTD $9.9B $98B INFRASTRUCTUREIT SERVICES $22B VERTICAL $32.4B $2.0B $1.3B $1.8B $27B INTERNET Intellectual Property Solutions $3.5B $7.0B $4.8B $3.3B $2.2B $8.8B Non-Core Software Assets $1.5B $1.5B $4.3B $2.6B HORIZONTAL $21B $1.5B $1.4B $1.4B $3.3B $9.3B $1.6B $1.6B $5.5B $4.0B $4.4B $3.2B $39.1B and others $1.2B $2.4B $2.2B $1.7B $3.2B $8.0B $1.7B $4.0B CONSUMER $11B $2.0B $4.4B $2.7B $2.3B $2.8B Target: Harman International Industries [USA] Acquirer: Samsung Electronics [South Korea] Transaction Value: $8.0B (1.2x EV/S) Sold to
  • 26. 26 Mega Deals - H2 2016 YTD $9.9B $98B INFRASTRUCTUREIT SERVICES $22B VERTICAL $32.4B $2.0B $1.3B $1.8B $27B INTERNET Intellectual Property Solutions $3.5B $7.0B $4.8B $3.3B $2.2B $8.8B Non-Core Software Assets $1.5B $1.5B $4.3B $2.6B HORIZONTAL $21B $1.5B $1.4B $1.4B $3.3B $9.3B $1.6B $1.6B $5.5B $4.0B $4.4B $3.2B $39.1B and others $1.2B $2.4B $2.2B $1.7B $3.2B $8.0B $1.7B $4.0B CONSUMER $11B $2.0B $4.4B $2.7B $2.3B $2.8B Target: Skyscanner Holdings [Ireland] Acquirer: Ctrip.com International [China] Transaction Value: $1.7B Sold to
  • 27. 27 Mega Deals - H2 2016 YTD $9.9B $98B INFRASTRUCTUREIT SERVICES $22B VERTICAL $32.4B $2.0B $1.3B $1.8B $27B INTERNET Intellectual Property Solutions $3.5B $7.0B $4.8B $3.3B $2.2B $8.8B Non-Core Software Assets $1.5B $1.5B $4.3B $2.6B HORIZONTAL $21B $1.5B $1.4B $1.4B $3.3B $9.3B $1.6B $1.6B $5.5B $4.0B $4.4B $3.2B $39.1B and others $1.2B $2.4B $2.2B $1.7B $3.2B $8.0B $1.7B $4.0B CONSUMER $11B $2.0B $4.4B $2.7B $2.3B $2.8B Target: Mentor Graphics Corporation [USA] Acquirer: Siemens [Germany] Transaction Value: $4.0B (4.1x EV/S) Sold to
  • 28. 28 Mega Deals - H2 2016 YTD $9.9B $98B INFRASTRUCTUREIT SERVICES $22B VERTICAL $32.4B $2.0B $1.3B $1.8B $27B INTERNET Intellectual Property Solutions $3.5B $7.0B $4.8B $3.3B $2.2B $8.8B Non-Core Software Assets $1.5B $1.5B $4.3B $2.6B HORIZONTAL $21B $1.5B $1.4B $1.4B $3.3B $9.3B $1.6B $1.6B $5.5B $4.0B $4.4B $3.2B $39.1B and others $1.2B $2.4B $2.2B $1.7B $3.2B $8.0B $1.7B $4.0B CONSUMER $11B $2.0B $4.4B $2.7B $2.3B $2.8B Target: NXP Semiconductors [Netherlands] Acquirer: Qualcomm Incorporated [USA] Transaction Value: $39.1B (5.5x EV/S) Sold to
  • 29. 29 Infrastructure Software Market 3.4x 15.2x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Holds steady, resisting post-election transfer of funds into non-tech sectors… …with EBITDA climbing to a 12-month high. Since Q3 Nov. 2016
  • 30. 30 Infrastructure Software Market 3.4x 15.2x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA Holds steady, resisting post-election transfer of funds into non-tech sectors… …with EBITDA climbing to a 12-month high. Since Q3 Nov. 2016 Target: CardinalCommerce Corporation [USA] Acquirer: Visa [USA] - Web-based and mobile transaction authentication software - Supports Visa’s moves to integrate tokenization into Visa Checkout Sold to Target: InAuth [USA] Acquirer: American Express [USA] - Mobile authentication and anti-fraud applications that enable transaction security - Complements Amex’ risk prevention tools and exposes it to more digital channels Sold to
  • 31. 31 Infrastructure Software Market 3.4x 15.2x Deal Spotlight: Security EV Sales Corum Analysis EV EBITDA Holds steady, resisting post-election transfer of funds into non-tech sectors… …with EBITDA climbing to a 12-month high. Since Q3 Nov. 2016 Target: FireLayers [USA] Acquirer: Proofpoint [USA] Transaction Value: $55M - Cloud application control software - Extends Proofpoint’s Targeted Attack Protection (TAP) to SaaS applications Sold to
  • 32. 32 Infrastructure Software Market 3.4x 15.2x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA Holds steady, resisting post-election transfer of funds into non-tech sectors… …with EBITDA climbing to a 12-month high. Since Q3 Nov. 2016 Target: Cigital [USA] Acquirer: Synopsys [USA] - Application security testing and consulting Sold to Target: Codiscope [USA] Acquirer: Synopsys [USA] - Security software development tools software and SaaS Sold to
  • 33. 33 Infrastructure Software Market 3.4x 15.2x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA Holds steady, resisting post-election transfer of funds into non-tech sectors… …with EBITDA climbing to a 12-month high. Since Q3 Nov. 2016 Target: Barricade Security Systems [Ireland] Acquirer: Sophos [United Kingdom] - Network intrusion protection, behavior anomaly detection and anti-malware SaaS Sold to Target: Soltra Solutions [USA] Acquirer: NC4 [USA] - Enterprise threat intelligence data aggregation and collaboration software Sold to
  • 34. 34 Infrastructure Software Market 3.4x 15.2x Deal Spotlight: Security EV Sales Corum Analysis EV EBITDA Holds steady, resisting post-election transfer of funds into non-tech sectors… …with EBITDA climbing to a 12-month high. Since Q3 Nov. 2016 Target: AGNITiO [Spain] Acquirer: Nuance Communications [USA] - Voice ID recognition, authentication and biometrics servers and software - Strengthens Nuance’s position in EU, and in the government sector Sold to
  • 35. 35 Horizontal Application Software Market 3.5x 18.2x Public Valuation Multiples EV Sales Since Q3 Corum Analysis EV EBITDA Nov. 2016 Small dip to yearly averages after jump in the fall… …with EBITDA’s pullback keeping it well above early 2016 numbers
  • 36. 36 Horizontal Application Software Market 3.5x 18.2x Deal Spotlight: Video Advertising EV Sales Since Q3 Corum Analysis EV EBITDA Nov. 2016 Small dip to yearly averages after jump in the fall… …with EBITDA’s pullback keeping it well above early 2016 numbers Target: TubeMogul [USA] Acquirer: Adobe Systems [USA] Transaction Value: $540M (2.5x EV/S) - Video advertising enablement and customer analytics SaaS - Helps Adobe create a “one-stop shop” for video advertising Sold to
  • 37. 37 Horizontal Application Software Market 3.5x 18.2x Deal Spotlights: Artificial Intelligence EV Sales Since Q3 Corum Analysis EV EBITDA Nov. 2016 Small dip to yearly averages after jump in the fall… …with EBITDA’s pullback keeping it well above early 2016 numbers Target: ServiceMax [USA] Acquirer: GE Digital [USA] Transaction Value: $915M - Field service and contract management SaaS Sold to Target: Wise.io [USA] Acquirer: GE Digital [USA] - Machine learning customer service automation and predictive analytics software Sold to
  • 38. 38 Horizontal Application Software Market 3.5x 18.2x Deal Spotlights: Artificial Intelligence EV Sales Since Q3 Corum Analysis EV EBITDA Nov. 2016 Small dip to yearly averages after jump in the fall… …with EBITDA’s pullback keeping it well above early 2016 numbers Target: BrightTarget [France] Acquirer: Sidetrade [United Kingdom] - Cloud-based CRM and artificial intelligence software Sold to Target: Fluid (XPS division) [USA] Acquirer: IBM Corporation [USA] - Machine learning customer service automation and predictive analytics software Sold to
  • 39. 39 Horizontal Application Software Market 3.5x 18.2x Deal Spotlight: CRM and BI Analytics EV Sales Since Q3 Corum Analysis EV EBITDA Nov. 2016 Small dip to yearly averages after jump in the fall… …with EBITDA’s pullback keeping it well above early 2016 numbers Target: Datahug [Ireland] Acquirer: Callidus Software [dba CallidusCloud] [USA] Transaction Value: $13M - Salesforce management and business intelligence analytics SaaS - Enables Callidus to expand into the real estate and financial services markets Sold to
  • 40. 40 Horizontal Application Software Market 3.5x 18.2x Deal Spotlight: Customer Engagement EV Sales Since Q3 Corum Analysis EV EBITDA Nov. 2016 Small dip to yearly averages after jump in the fall… …with EBITDA’s pullback keeping it well above early 2016 numbers Target: OpinionLab [USA] Acquirer: Verint Systems [USA] - Digital customer feedback and Web optimization SaaS - Extends Verint’s Customer Engagement Optimization portfolio Sold to
  • 41. 41 4.5x 16.3x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Nov. 2016Since Q3 Following similar pattern to Horizontal multiples, in line with post-election investment strategies EBITDA multiples drop more significantly, back to Q1 levels Vertical Application Software Market
  • 42. 42 4.5x 16.3x EV Sales Corum Analysis EV EBITDA Nov. 2016Since Q3 Following similar pattern to Horizontal multiples, in line with post-election investment strategies EBITDA multiples drop more significantly, back to Q1 levels Deal Spotlight: Healthcare Sold to Target: ConsentSolution [USA] Acquirer: DrugDev [USA] - Mobile electronic informed consent (e-Consent) SaaS and applications for the pharmaceutical and healthcare industries - Adds to DrugDev’s Unified Clinical Operations Suite Vertical Application Software Market
  • 43. 43 4.5x 16.3x EV Sales Corum Analysis EV EBITDA Nov. 2016Since Q3 Following similar pattern to Horizontal multiples, in line with post-election investment strategies EBITDA multiples drop more significantly, back to Q1 levels patient management, engagement, payment processing and analytics software and SaaSpatient management, engagement, payment processing and analytics software and SaaS Deal Spotlights: Healthcare Sold to Target: Conworx Technology [Germany] Acquirer: Siemens Healthineers [UK] - Point-of-care medical data management SaaS Target: Ateb [USA] Acquirer: Omnicell [USA] Transaction Value: $41M - Patient management, payment processing and analytics software and SaaS Sold to Vertical Application Software Market
  • 44. 44 4.5x 16.3x Deal Spotlight: Connected Vehicles EV Sales Corum Analysis EV EBITDA Nov. 2016Since Q3 Following similar pattern to Horizontal multiples, in line with post-election investment strategies EBITDA multiples drop more significantly, back to Q1 levels Vertical Application Software Market Target: Enovation Controls [USA] Acquirer: Sun Hydraulics [USA] Transaction value: $200M + up to $50M in earnout - The Power Controls (PC) and Vehicle Technologies (VT) businesses that provides digital control systems for gaseous fuel engines and engine-driven equipment Sold to
  • 45. 45 4.5x 16.3x Deal Spotlight: Real Estate EV Sales Corum Analysis EV EBITDA Nov. 2016Since Q3 Following similar pattern to Horizontal multiples, in line with post-election investment strategies EBITDA multiples drop more significantly, back to Q1 levels Vertical Application Software Market Target: REXPROP [India] Acquirer: BroEx [India] - Provides a real estate business to business (B2B) website and Android mobile application for property consultants - Speeds up property search for buyers and deal flow between brokers Sold to
  • 46. 46 4.5x 16.3x Deal Spotlight: Real Estate EV Sales Corum Analysis EV EBITDA Nov. 2016Since Q3 Following similar pattern to Horizontal multiples, in line with post-election investment strategies EBITDA multiples drop more significantly, back to Q1 levels Vertical Application Software Market Target: Hightower [USA] Acquirer: View the Space [USA] Transaction value: $300M (reported) - Provides portfolio and document management, reporting SaaS and mobile apps for the commercial real estate (CRE) sector Sold to
  • 47. 47 Horizontal Application Software Market 3.5x 18.2x Deal Spotlight: Artificial Intelligence EV Sales Since Q3 Corum Analysis EV EBITDA Nov. 2016 Small dip to yearly averages after jump in the fall… …with EBITDA’s pullback keeping it well above early 2016 numbers Target: Geometric Intelligence [USA] Acquirer: Uber Technologies [dba Uber] [USA] - AI and machine learning developer - Helps Uber create its own artificial intelligence research lab - Extends Uber’s expertise beyond a single carpooling domain Sold to
  • 48. 48 Corum Research Report Amber Stoner Director of Research Thomas Wright Analyst Amanda Tallman Senior Analyst
  • 49. 49 When You Are Approached: 12 Tips to Ensure Deal Success
  • 50. 50 12 Tips for When You Are Approached Bruce Milne CEO Corum Group Ltd. Understand the numbers Know your odds
  • 51. 51 Tech M&A Guideline Percentages  Buyer solicitations that result in transaction  Average improvement from first offer with an auction process  How often another firm is willing to pay more than the initial bidder  Deals involving only one bidder that are suboptimal  Failure rate in “self-managed” tech M&A
  • 52. 52 12 Tips for When You Are Approached Julius Telaranta Vice President Corum Group Ltd. Protect Yourself Get an NDA & nonsolicitation agreement
  • 53. 53 12 Tips for When You Are Approached Jon Scott Managing Director Corum Group International Qualify the Buyer Are they a bottom feeder?
  • 54. 54 12 Tips for When You Are Approached Rob Schram Senior Vice President Corum Group Ltd. Qualify the Buyer Can they do the deal?
  • 55. 55 12 Tips for When You Are Approached Peter Prince Vice President Corum Group International Qualify the Buyer What deals have they done?
  • 56. 56 12 Tips for When You Are Approached Steve Jones Vice President Corum Group Ltd. Examine the landscape Are there other buyers willing to pay more?
  • 57. 57 12 Tips for When You Are Approached Rob Griggs Vice President Corum Group Ltd. Are they serious? Get a due-diligence checklist
  • 58. 58 12 Tips for When You Are Approached Ivan Ruzic, Ph.D. Vice President Corum Group Ltd. Prepare your numbers Build three year financials & projections
  • 59. 59 12 Tips for When You Are Approached David Levine Vice President Corum Group Ltd. Build out your assumptions Are they credible?
  • 60. 60 12 Tips for When You Are Approached Dan Bernstein Vice President Corum Group Ltd. Buy time with a valuation Cover your fiduciary responsibility
  • 61. 61 12 Tips for When You Are Approached Jim Perkins Executive Vice President Corum Group Ltd. Make discreet inquiries to other suitors Must be at the highest level
  • 62. 62 12 Tips for When You Are Approached Allan Wilson Vice President Corum Group Ltd. Under no circumstances have only one bidder One buyer is no buyer
  • 63. 63 Q&A  We welcome your questions!  Use Q&A tab at the bottom of screen  Submit to queue at any time
  • 64. 64 Coming Soon: 2017 Annual Report Register at www.corumgroup.com • Corum 2017 Predictions • Top 10 Disruptive Tech Trends • Market valuations for 6 sectors and 30 sub-sectors • Luminary Panel
  • 65. 65 After the Deal – Celebration

Editor's Notes

  1. READ . . The 8 Stages of an Optial Outcome. The timetable to complete these steps will vary by company depending upon the condition of your financials, your competitive analysis, your business model analysis, financial projections, etc.
  2. Will vary depending on the situation, may or may not present valuation. Buyer will generally deliver an opening offer to me – call: we’re really impressed with ABC Co. like to put together an offer, thinking in the range of ___. Great, they like you as well… put it in writing. We don’t like paraphrasing the terms, we want them to do that. Writing shows they’ve put some thought into it. 2-3 days to 2-3 weeks. EventTracker scenario – buyer wants an indication from the seller
  3. We’ve covered how you can generate wealth for generations by following an Optimal Outcome process. Now let’s talk about how you can keep from becoming a Deal Disaster!
  4. February 12, 2016 – Dec 2, 2016 US Public Markets
  5. 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.
  6. The Power Controls (PC) and Vehicle Technologies (VT) lines of business of Enovation Controls, which provides digital control systems for gaseous fuel engines and engine-driven equipment primarily for the transportation and energy sectors.
  7. http://realty.economictimes.indiatimes.com/news/technology/broex-acquires-realty-tech-startup-rexprop/55182987
  8. http://www.wsj.com/articles/tech-advisers-to-real-estate-industry-to-join-forces-1480431601
  9. 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.