European technology sector financing q1 2014

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Some great analysis of European Technology Companies by William Blair & Co including public and private company data, M&A and venture financing

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European technology sector financing q1 2014

  1. 1. William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010 - 2013, the investment banking group completed 250 merger-and-acquisition transactions worth more than $52 billion in value, involving parties in 27 countries and four continents, was an underwriter on over 20% of all U.S. initial public offerings and arranged more than $11.5 billion of debt �inancing. About William Blair Investment Banking European Technology Report May 2014
  2. 2. William Blair & Company Quarterly European Technology Report Quarterly European Technology Report—Introduction Quarterly European Technology Report—Introduction This year is taking shape as one of the most dynamic in European technology in some time. Activity is heightened across private capital, IPO, and M&A markets. The availability of significant amounts of private capital from venture capital, growth equity, and private equity firms remains robust. For example, we advised on the record-setting $40 million Series A investment in WorldRemit by Accel Partners and the $41 million Series C investment in eCommera led by Dawn Capital. The reopening of the U.K. IPO market has been featured prominently in the press this year, with companies such as Just Eat, AO.COM, and others completing successful transactions in London. Other European markets have also seen renewed activity, such as the IPO of Triboo Media in Italy and BravoFly in Switzerland. Strategic acquirers are fueled by increasing confidence levels, strong balance sheets, and a focus on growth. Illustrative transactions include Euronet’s acquisition of HiFX and Rakuten’s acquisition of Viber. In addition, in more mature sectors, we are seeing a degree of consolidation, such as the Sopra/Steria merger. Private equity firms across the size spectrum are active with a mix of secondary, take-private, and corporate carve-out transactions. Cinven’s purchase of a stake in Visma, CVC’s acquisition of Avast, BC Partners’ acquisition of CarTrawler, Advent and Bain’s acquisition of Nets, and Advent’s acquisition of Unit4 are examples. As you will see from our transaction page in this report, the team at William Blair is increasingly active in European technology, and we look forward to working with you in 2014 and beyond. Sincerely, Raphael S. Grunschlag Head of European Technology Banking Telephone: +44 (0)20 7868 4501 Mobile: +44 (0)7768 993 085 rgrunschlag@williamblair.com
  3. 3. William Blair & Company Quarterly European Technology Report Contents Contents William Blair & Company Selected European Technology Transactions............................................................................................................................1 William Blair 2014 Technology Growth Conference.....................................................................................................................................................................2 William Blair Technology Team ..............................................................................................................................................................................................................3 Technology Research Coverage...............................................................................................................................................................................................................4 Market Snapshot .............................................................................................................................................................................................................................................5 Public Company Analysis............................................................................................................................................................................................................................6 Selected M&A Transactions....................................................................................................................................................................................................................15 Selected Private Capital Financings, IPOs and Follow-on Offerings ...................................................................................................................................22 Disclosures......................................................................................................................................................................................................................................................30
  4. 4. William Blair & Company Quarterly European Technology Report William Blair & Company Selected European Technology Transactions 1 William Blair & Company Selected European Technology Transactions Private Capital Advisory M&A IPO and Public Offerings $41,000,000 Series C Private Equity Placement Led by Dawn Capital February 2014 $40,000,000 Series A Private Equity Placement Led by Accel Partners February 2014 Not Disclosed has been acquired by Lyceum Capital Partners August 2013 Not Disclosed has been acquired by Montagu Private Equity July 2013 Not Disclosed has been acquired by INTEL Corporation April 2013 $32,200,000 Follow-on Offering March 2014 $288,143,977 Initial Public Offering October 2013 $40,608,750 Confidentially Marketed Follow-on Offering November 2013 $229,054,736 Initial Public Offering May 2013 $287,540,153 Follow-on Offering October 2013 $58,650,000 Confidentially Marketed Follow-on Offering February 2014 $236,250,000 Follow-on Offering March 2014
  5. 5. William Blair & Company Quarterly European Technology Report 2 William Blair 2014 Technology Growth Conference William Blair 2014 Technology Growth Conference Thursday, May 15, 2014, at the Four Seasons Hotel in San Francisco Summary Over 350 Professionals Attended Last Year  Exclusive full-day gathering of the late-stage tech community  Attendees: – CEOs of late-stage private tech companies – Executives from the most active corporate acquirers – Leading growth equity, late-stage, and public investors in the tech sector  Benefits: – Explore partnership opportunities – Attend private update meetings with companies of interest – Discover new, interesting acquisition and investment opportunities – Gain direct access to thought leaders in the industry – 25-minute presentation and full day of one-on-one meetings  75+ private presenting companies with revenues from $25 million-$200 million  200+ large- and midcap corporate, business development, and strategic investors  80+ late-stage, growth-focused technology investors: ® E Q U I T Y I N V E S T O R S SPECTRUM 17th Annual Private Equity Conference 17-18 September 2014, Chicago 2013 Event Highlights  55 participating companies  More than 600 registered institutional private equity investors  Roundtable discussions focused on the following industry sectors and topics: – Business services, commercial services, cross-border investing, debt capital markets, equity capital markets, healthcare, industrials, retail and restaurants, special situations and restructuring, and technology  Roughly 682 requested one-on-one meetings between private equity investors and company management Selected 2013 Presenting Companies ®
  6. 6. William Blair & Company Quarterly European Technology Report William Blair Technology Team 3 William Blair Technology Team Robert Metzger Group Head, Technology & Financial Services Jon Skinner Managing Director Daniel Connolly Managing Director Daniel Daul Managing Director Scott Stevens Managing Director Katan D’Souza Managing Director Robert Abbe Managing Director Per Stahl Managing Director Chris Lane Managing Director Andy Kaye Managing Director Raphael Grunschlag Managing Director Phil Olson Director Andrew Arno Director Scott Mattson Director Peter Dalrymple Vice President Drew Thomas Vice President James Hoak Vice President Charles Ruppert Vice President Daniel Laszlo Vice President
  7. 7. William Blair & Company Quarterly European Technology Report 4 Technology Research Coverage Technology Research Coverage IT and Business Process Services, Software, Software as a Service Bhavan Suri Internet Infrastructure and Communication Services Financial Technology Jim Breen Robert Napoli Digital Media, Internet Cybersecurity, Security Technology Ralph Schackart Jonathan Ho Semiconductors and Wireless Software as a Service Anil Doradla Justin Furby Communications Equipment, Hardware and Software Infrastructure IT and Business Process Services Jason Ader Dmitry Netis Rahul Bhangare SoftwareSaaS IT and Business Process Services SYSTEMS Electronic Components Wireless Communications Communication Semiconductors Storage Communication Equipment & Data Networking
  8. 8. William Blair & Company Quarterly European Technology Report Market Snapshot 5 Market Snapshot 2009 2010 2011 2012 2013E 2014E Real GDP Growth Rate Europe (4.4%) 2.0% 1.4% (0.6%) 0.5% 1.7% United Kingdom (4.0%) 1.8% 0.9% 0.2% 1.8% 2.9% Germany (5.1%) 4.0% 3.1% 0.9% 0.5% 1.7% France (3.1%) 1.7% 1.7% 0.0% 0.3% 1.0% Italy (5.5%) 1.7% 0.4% (2.4%) (1.9%) 0.6% Spain (3.7%) (0.3%) 0.4% (1.4%) (1.2%) 0.9% Emerging Europe (3.6%) 4.6% 5.2% 1.6% 2.8% 2.4% United States (3.1%) 2.4% 1.8% 2.2% 1.9% 2.8% 2009 2010 2011 2012 2013 YTD Technology Equity Stoxx Europe 600 Technology 28.9% 8.6% (11.3%) 14.4% 17.4% 1.6% FTSE techmark 100 Index 32.5% 18% (0.7%) 18% 27% (2.0%) Nasdaq Composite 43.9% 16.9% (1.8%) 15.9% 38.3% (2.4%) Equity Markets Euro STOXX 50 21.1% (5.8%) (17.1%) 13.8% 17.9% 1.2% FTSE 100 22.1% 9.0% (5.6%) 5.8% 14.4% (0.9%) CAC 40 22.3% (3.3%) (17.0%) 15.2% 18.0% 3.4% Deutsche Börse AG German Stock Index DAX 23.8% 16.1% (14.7%) 29.1% 25.5% (1.6%) Ibex 35 Index 29.8% (17.4%) (13.1%) (4.7%) 21.4% 3.9% FTSE MIB Index 15.0% (13.2%) (27.6%) 5.3% 12.1% 13.3% AEX Index 36.3% 5.7% (11.9%) 9.7% 17.2% (2.2%) OMX Stockholm 30 Index 43.7% 21.4% (14.5%) 11.8% 20.7% 2.1% Swiss Market Index 18.3% (1.7%) (7.8%) 14.9% 20.2% 2.1% Volatility VIX Index 21.7 17.8 23.4 22.7 13.7 14.1 Government Bond Data(2) US 10 year 3.9% 3.3% 1.9% 1.8% 3.0% 2.7% UK 10 year 4.1% 3.5% 2.0% 1.8% 3.0% 2.8% Germany 10 year 3.4% 3.0% 1.8% 1.3% 1.9% 1.5% France 10 year 3.6% 3.4% 3.2% 2.0% 2.4% 1.8% Note (1): Emerging Europe includes countries Turkey, Poland, Romania, Hungary, Bulgaria, Serbia, Croatia, Lithuania, Latvia (IMF, World Economic Outlook) Note (2): Government bond data is as of year end Sources: Capital IQ as of April 25, 2014 and IMF
  9. 9. William Blair & Company Quarterly European Technology Report 6 Public Company Analysis Public Company Analysis European Technology Indexed Stock Price Performance (LTM) Source: Capital IQ as of April 25, 2014 European Technology Sector Valuation Overview Sector Median Enterprise Value/Revenue Enterprise Value/EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Software 2.37x 2.34x 11.3x 10.6x 20.3x 19.3x 6.1% 22.2% 1.5x Financial Technology 2.82x 2.48x 11.5x 10.3x 24.8x 20.5x 9.1% 20.3% 1.3x Communications 1.20x 1.19x 8.4x 7.7x 20.0x 16.6x 2.2% 14.9% 1.0x Internet / Digital Media 4.51x 4.09x 16.1x 14.1x 30.7x 23.8x 14.0% 17.6% 0.9x Technology Services 0.76x 0.73x 7.4x 6.6x 18.5x 14.1x 5.1% 10.7% 1.2x Semiconductors 1.60x 1.81x 10.2x 9.3x 24.8x 15.3x 1.5% 14.9% 0.9x Applied Technologies and Systems 1.29x 1.08x 13.2x 9.9x 30.9x 26.4x 2.2% 14.0% 1.4x Source: Capital IQ as of April 25, 2014 80.0 100.0 120.0 140.0 160.0 180.0 STOXX Europe 600 (+13.7%) NASDAQ Composite Index (+26.2%) Software (+11.3%) Fintech (+55.3%) Communications (+42.1%) Internet/Digital Media (+35.4%) Technology Services (+38.1%) Semiconductors (+25.6%) Systems/Applied Technologies (+30.0%)
  10. 10. William Blair & Company Quarterly European Technology Report Public Company Analysis 7 Publicly Traded European Technology Companies Market Capitalization Number of Companies All Transactions (Combined M&A and Private Financings) Transaction Value Number of Transactions 27% 16% 15% 14% 13% 4% 3% 3% 5% Germany Nordic Countries United Kingdom Benelux France Spain Russia Israel Other 30% 21%19% 13% 8% 7% 1% Software Semiconductors Communications Technology Services Internet/Digital Media Financial Technology Applied Technologies and Systems 29% 18% 17% 14% 6% 4% 2% 2% 8% United Kingdom Germany France Nordic Countries Benelux Switzerland Israel Russia Other 22% 21% 15% 12% 12% 12% 6% Software Technology Services Financial Technology Semiconductors Communications Internet/Digital Media Applied Technologies and Systems 25% 13% 11% 8% 6% 2% 1% 1% 33% United Kingdom Nordic Countries Germany Benelux France Italy Israel Spain Other 29% 20% 13% 12% 11% 10% 5% Software Communications Internet/Digital Media Technology Services Financial Technology Semiconductors Applied Technologies and Systems 34% 14% 10% 10% 7% 3% 2% 2% 18% United Kingdom Germany Nordic Countries France Benelux Israel Italy Switzerland Other 26% 23% 16% 15% 9% 6% 5% Software Internet/Digital Media Financial Technology Technology Services Communications Applied Technologies and Systems Semiconductors
  11. 11. William Blair & Company Quarterly European Technology Report 8 Public Company Analysis Software Company Share Price (Local Currency) 25/04/2014 % of 52 Week High Market Value (€MM) Enterprise Value (€MM) Enterprise Value/ Revenue Enterprise Value/ EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Enterprise Value > €1bn SAP AG 56.42 88% €67,332 €67,768 4.01x 3.87x 10.9x 11.2x 20.2x 19.0x 3.7% 36.8% 2.2x Dassault Systemes SA 86.89 84% €10,904 €9,544 4.58x 4.24x 13.7x 12.8x 32.9x 29.6x 8.1% 33.3% 3.2x Check Point Software Technologies 65.70 94% €9,130 €8,507 8.46x 7.97x 14.3x 13.9x 19.3x 19.3x 6.3% 59.1% 2.2x Sage Group plc 4.17 95% €5,559 €5,996 3.60x 3.57x 12.6x 12.0x NMF 18.5x 0.6% 28.6% 2.8x Amdocs Limited 45.59 97% €5,259 €4,436 1.81x 1.70x 9.0x 8.3x 17.5x 16.3x 6.6% 20.2% 1.9x Software AG 26.70 91% €2,176 €2,287 2.34x 2.38x 8.7x 8.5x 16.3x 15.6x (1.7%) 26.8% 2.1x NICE Systems Ltd. 153.80 97% €1,981 €1,835 2.69x 2.49x 10.7x 10.5x 49.6x 30.3x 8.2% 25.0% 2.5x Micro Focus International plc 7.58 85% €1,284 €1,409 4.53x 4.48x 10.1x 9.9x 14.0x 14.8x 1.0% 44.7% 2.2x Aveva Group plc 19.41 73% €1,504 €1,388 4.88x 4.44x 15.0x 13.2x 26.3x 26.3x 9.9% 32.5% 1.7x Asseco Poland Spólka Akcyjna 44.70 85% €881 €1,311 0.94x 0.91x 6.0x 5.9x 9.4x 10.8x 3.4% 15.6% N/A CompuGroup Medical AG 19.07 90% €948 €1,250 2.72x 2.45x 12.7x 11.4x 41.0x 26.1x 11.0% 21.3% 1.5x Opera Software ASA 76.80 81% €942 €1,149 5.21x 3.91x 18.5x 13.5x 27.8x 27.0x 33.2% 28.2% N/A Median 3.80x 3.72x 11.7x 11.3x 20.2x 19.1x 6.4% 28.4% 2.2x Average 3.81x 3.53x 11.9x 10.9x 24.9x 21.1x 7.5% 31.0% 2.2x Enterprise Value Between €200m and €1bn Advanced Computer Software Group 1.17 91% €652 €711 3.23x 2.79x 14.4x 12.2x 57.5x 69.5x 15.6% 22.5% N/A Nemetschek AG 58.75 96% €565 €521 2.80x 2.50x 11.7x 10.2x 23.6x 19.5x 12.2% 23.9% 1.4x Exact Holding NV 25.32 89% €578 €518 2.42x 2.34x 10.8x 10.9x 18.1x 19.7x 3.2% 22.4% N/A EMIS Group PLC 6.42 78% €490 €512 4.05x 3.16x 12.4x 10.0x 20.3x 19.1x 28.2% 32.8% N/A Axway Software S.A. 24.80 85% €507 €496 2.02x 1.96x 11.7x 11.0x 14.3x NMF 3.3% 17.3% N/A BasWare Oyj 34.06 83% €438 €423 3.42x 3.06x 38.1x 23.4x NMF 52.6x 11.8% 9.0% 0.5x Cegid Group SA 31.08 94% €272 €339 1.30x 1.28x NMF NMF 14.5x 12.7x 2.0% 26.7% 0.6x RIB Software AG 10.48 87% €391 €310 5.39x 4.29x 16.9x 12.7x 43.2x 30.3x 25.5% 29.4% 1.1x SDL plc 3.12 77% €307 €309 0.95x 0.93x 17.9x 12.0x NMF 44.0x 2.4% 5.3% 5.5x F-Secure Oyj 2.31 91% €360 €307 1.98x 1.94x 8.7x 9.4x 25.6x 20.9x 2.4% 22.7% NMF Anite plc 0.82 57% €283 €291 1.87x 1.76x 7.9x 7.1x 19.9x 23.7x 6.0% 23.5% 3.4x Init Innovation in Traffic Systems AG 2.02x 1.85x 10.0x 9.1x 18.0x 17.2x 9.5% 20.3% 1.6x Median 2.22x 2.15x 11.7x 10.9x 20.1x 20.9x 7.7% 22.6% 1.4x Average 2.62x 2.32x 14.6x 11.6x 25.5x 29.9x 10.2% 21.3% 2.0x Enterprise Value Below €200m Lectra SA 7.61 88% €226 €198 0.97x 0.92x 7.2x 8.1x 10.4x 17.0x 4.9% 8.8% 0.8x IDOX plc 0.39 72% €169 €193 2.69x 2.59x 10.3x 9.5x 18.5x 19.0x 3.7% 21.9% N/A PSI Aktiengesellschaft 12.64 79% €198 €183 0.97x 0.88x 11.0x 9.3x 21.2x 16.9x 1.6% 4.6% 0.5x Realtime Technology AG 39.80 87% €178 €168 NMF 1.44x 11.6x 7.9x 40.5x 26.5x N/A 12.5% N/A ESI Group SA 28.21 103% €155 €162 1.45x 1.33x 19.3x 15.8x 68.7x 30.4x 9.0% 6.9% N/A Comarch Spólka Akcyjna 87.50 82% €169 €161 0.71x 0.67x 6.6x 6.2x 27.8x 14.3x 4.8% 10.0% N/A Sword Group SE 19.16 103% €178 €146 1.37x 1.25x 9.4x 7.4x 12.3x 17.1x 9.9% 14.6% 0.3x VIZRT Ltd. 23.20 86% €188 €144 1.60x 1.46x 8.1x 7.4x NMF 15.6x 9.7% 19.4% 0.2x Mensch und Maschine Software SE 6.41 99% €99 €133 1.02x 0.96x 15.3x 11.6x 37.7x 18.9x 5.4% 3.0% 1.2x ATOSS Software AG 29.30 87% €117 €102 2.78x 2.68x 11.3x 10.6x 36.0x 18.5x 3.8% 25.6% 0.5x Myriad Group AG 1.30 49% €98 €97 NMF NMF NMF NMF NMF NMF N/A NMF N/A Microgen plc 1.25 79% €113 €88 2.41x 2.45x 7.4x 9.0x 14.5x 20.2x (1.7%) 32.7% N/A Allocate Software plc. 1.13 95% €93 €84 1.79x 1.68x 12.5x 10.6x NMF 50.2x 6.7% 10.2% N/A Advanced Computer Software Group 1.17 91% €652 €711 3.23x 2.79x 14.4x 12.2x 57.5x 69.5x 15.6% 18.5% N/A Comptel Oyj 0.56 95% €60 €57 0.69x 0.69x 5.0x NMF 17.9x 16.9x (1.1%) 10.6% 0.6x INTERSHOP Communications 1.77 79% €53 €46 0.82x 0.76x N/A N/A N/A N/A 7.5% N/A N/A Median 1.41x 1.33x 10.7x 9.3x 24.5x 18.7x 5.2% 11.6% 0.5x Average 1.61x 1.50x 10.7x 9.6x 30.2x 25.1x 5.7% 14.2% 0.6x Overall Median 2.37x 2.34x 11.3x 10.6x 20.3x 19.3x 6.1% 22.2% 1.5x Overall Average 2.62x 2.38x 12.2x 10.7x 27.0x 25.2x 7.7% 21.8% 1.7x Source: Capital IQ as of April 25, 2014
  12. 12. William Blair & Company Quarterly European Technology Report Public Company Analysis 9 Financial Technology Company Share Price (Local Currency) 25/04/2014 % of 52 Week High Market Value (€MM) Enterprise Value (€MM) Enterprise Value/ Revenue Enterprise Value/ EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Enterprise Value > €1bn Ingenico SA 61.00 86% €3,221 €3,512 2.56x 2.46x 2.21x 14.0x 11.5x 10.3x 28.2x 22.0x 18.8x Wirecard AG 29.77 87% €3,676 €3,370 6.71x 5.59x 4.66x 27.7x 20.2x 16.6x 44.4x 31.5x 24.9x Temenos Group AG 31.25 98% €1,735 €1,805 5.28x 4.91x 4.52x 23.7x 15.1x 13.4x 34.8x 28.2x 23.8x Quindell Plc 0.25 54% €1,832 €1,666 3.61x 1.28x 1.04x 10.8x 4.1x 3.4x 18.2x 6.9x 5.2x Wincor Nixdorf Aktiengesellschaft 48.41 83% €1,441 €1,541 0.63x 0.60x 0.57x 8.0x 6.6x 6.2x 16.5x 12.8x 11.5x Monitise plc 0.62 75% €1,394 €1,313 11.81x 9.19x 6.47x NMF NMF NMF NMF NMF NMF SimCorp A/S 207.00 92% €1,140 €1,093 4.86x 4.42x 4.00x 19.3x 16.4x 14.1x 29.0x 24.8x 20.5x Fidessa group plc 24.57 90% €1,127 €1,039 3.06x 3.03x 2.85x 15.8x 11.2x 10.4x 29.2x 29.3x 27.2x Median 4.23x 3.72x 3.43x 15.8x 11.5x 10.4x 29.0x 24.8x 20.5x Average 4.82x 3.93x 3.29x 17.0x 12.1x 10.6x 28.6x 22.2x 18.8x Enterprise Value Between €200m and €1bn PayPoint plc 11.35 93% €936 €907 3.57x 3.29x 3.15x 15.3x 14.2x 13.3x 22.9x 22.9x 20.9x Qiwi plc 27.76 83% €1,046 €816 3.18x 5.41x 4.50x 13.8x 11.0x 8.5x 25.4x 21.4x 16.0x Optimal Payments Plc 3.61 69% €707 €595 3.21x 2.81x 2.45x 19.6x 13.3x 10.9x 30.7x 25.2x 21.9x First Derivatives plc 10.40 65% €249 €267 3.48x 2.82x 2.50x 24.9x 15.9x 13.7x 43.0x 32.4x 27.7x Sapiens International Corporation N.V. 7.54 88% €255 €209 2.13x 1.84x 1.57x 18.9x 16.4x 9.6x 30.5x 27.9x 20.9x Linedata Services SA 22.19 81% €162 €203 1.26x 1.25x 1.22x 5.8x 5.0x 4.9x 9.1x 10.2x 9.5x Earthport plc 0.44 89% €212 €202 NMF 12.18x 7.68x NMF NMF 25.2x NMF NMF NMF Median 3.19x 2.82x 2.50x 17.1x 13.8x 10.9x 27.9x 24.0x 20.9x Average 2.81x 4.23x 3.29x 16.4x 12.6x 12.3x 26.9x 23.3x 19.5x Enterprise Value Below €200m Rentabiliweb Group SA 10.95 100% €190 €185 2.57x 2.32x 2.01x 37.7x 22.3x 12.2x 66.4x 32.3x 20.5x Tungsten Corporation Plc 2.20 87% €267 €176 NMF 4.34x 2.42x N/A N/A N/A N/A NMF NMF Seamless Distribution AB 32.20 55% €148 €115 6.51x 4.61x 3.47x NMF N/A N/A NMF N/A N/A Hi-Media S.A. 2.11 86% €94 €97 0.52x 0.51x 0.49x 14.2x 7.0x 6.0x 59.8x 23.5x 17.4x Gresham Computing plc 1.32 92% €101 €96 5.60x 5.25x 4.38x 35.4x 24.7x 17.8x 39.6x 26.4x 20.3x Brady plc 0.78 93% €77 €68 1.91x 1.71x 1.59x 33.5x 9.5x 8.4x 56.6x 24.2x 20.6x Bango PLC 1.33 64% €74 €68 6.35x N/A N/A NMF N/A N/A NMF N/A N/A StatPro Group plc 0.83 84% €68 €63 1.60x 1.59x 1.56x 9.8x 11.4x 9.9x 26.9x 28.9x 23.9x DIBS Payment Services AB 55.00 86% €58 €53 3.02x 2.82x 2.51x 15.0x 11.2x 8.9x 26.6x 20.4x 15.3x COR&FJA AG 1.30 93% €53 €50 0.38x 0.50x 0.48x NMF 5.9x 6.1x NMF NMF 8.5x Median 2.32x 2.01x 11.2x 8.9x 25.3x 20.3x 10.2% 11.5% 3.6x Average 2.63x 2.10x 13.1x 9.9x 26.0x 18.1x 8.6% 11.9% 3.6x Overall Median 3.18x 2.82x 2.48x 15.8x 11.5x 10.3x 29.2x 24.8x 20.5x Overall Average 3.65x 3.53x 2.85x 19.1x 12.6x 10.9x 33.6x 23.7x 18.8x Source: Capital IQ as of April 25, 2014
  13. 13. William Blair & Company Quarterly European Technology Report 10 Public Company Analysis Communications Company Share Price (Local Currency) 25/04/2014 % of 52 Week High Market Value (€MM) Enterprise Value (€MM) Enterprise Value/ Revenue Enterprise Value/ EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Enterprise Value > €1bn Ericsson 80.20 88% €28,429 €22,370 0.93x 0.92x 0.88x 6.7x 7.1x 6.4x 26.3x 19.0x 16.0x Nokia Corporation 5.26 86% €19,517 €17,116 1.35x 1.35x 1.30x 10.0x 10.9x 9.7x NMF NMF 21.1x Alcatel-Lucent 2.89 84% €7,977 €8,514 0.60x 0.60x 0.59x 15.3x 6.8x 5.4x NMF NMF 16.7x Gemalto NV 78.96 91% €6,812 €6,368 2.79x 2.55x 2.31x 17.7x 13.3x 11.7x 27.5x 20.3x 6.4x Axis AB 204.30 81% €1,556 €1,510 2.90x 2.53x 2.18x 20.8x 17.5x 14.4x 31.2x 25.7x 20.8x Pace plc 4.00 82% €1,504 €1,480 0.81x 0.75x 0.74x 9.2x 7.2x 6.9x 21.0x 18.8x 15.3x Logitech International SA 12.15 79% €1,612 €1,337 0.83x 0.82x 0.81x 11.1x 9.2x 8.4x 29.4x 22.3x 17.1x Ascom Holding AG 16.60 88% €1,317 €1,153 1.28x 1.23x 1.17x 9.2x 7.9x 7.2x 15.9x 13.6x 12.3x Median 1.10x 1.07x 1.03x 10.6x 8.5x 7.8x 26.9x 19.7x 16.4x Average 1.44x 1.34x 1.25x 12.5x 10.0x 8.8x 25.2x 20.0x 15.7x Enterprise Value Between €300m and €1bn TomTom NV 4.77 76% €1,060 €977 1.02x 1.07x 1.08x 8.2x 7.8x 7.1x 54.5x NMF 57.6x Kudelski SA 15.00 98% €663 €736 1.08x 0.99x 0.95x 8.7x 7.0x 6.4x 19.5x 14.6x 12.9x Jenoptik AG 11.85 86% €678 €723 1.24x 1.15x 1.07x 10.6x 8.8x 7.7x 14.8x 14.3x 12.1x EVS Broadcast Equipment S.A. 45.50 80% €614 €613 4.80x 4.26x 4.27x 11.9x 10.3x 10.9x 18.3x 16.2x 17.5x Spirent Communications Plc. 1.01 64% €753 €595 1.89x 1.75x 1.62x 12.1x 11.8x 9.5x 30.8x 27.9x 19.0x u-blox Holding AG 106.40 82% €568 €518 2.96x 2.49x 2.12x 16.7x 11.8x 10.1x 28.8x 23.6x 20.0x Telit Communications PLC 2.32 94% €317 €326 1.85x 1.52x 1.32x 19.4x 12.7x 10.5x 40.1x N/A N/A Median 1.85x 1.52x 1.32x 11.9x 10.3x 9.5x 28.8x 16.2x 18.3x Average 2.12x 1.89x 1.78x 12.5x 10.0x 8.9x 29.5x 19.3x 23.2x Enterprise Value Below €300m Transmode AB 98.00 80% €298 €251 2.21x 2.00x 1.82x 13.8x 10.4x 9.7x 21.9x 19.1x 16.6x Sepura PLC 1.34 86% €224 €227 2.06x 1.87x 1.77x 20.6x 14.0x 12.5x 31.5x 19.3x 16.0x Globo Plc 0.45 51% €203 €192 3.30x 1.95x 1.63x 6.6x 3.3x 2.6x 7.3x 6.8x 5.6x Parrot S.A. 22.15 91% €268 €188 0.79x 0.78x 0.70x 11.7x 9.6x 5.1x NMF 37.8x 13.8x ADVA Optical Networking SE 3.21 65% €154 €116 0.37x 0.34x 0.32x 6.8x 2.9x 2.3x 35.9x 20.8x 17.6x Netgem SA 3.67 95% €148 €97 1.20x 1.04x 0.97x 9.2x 9.0x 7.7x 16.0x 20.5x 17.6x Median 1.63x 1.45x 1.30x 10.4x 9.3x 6.4x 21.9x 19.9x 16.3x Average 1.66x 1.33x 1.20x 11.4x 8.2x 6.7x 22.5x 20.7x 14.5x Overall Median 1.28x 1.23x 1.17x 11.1x 9.2x 7.7x 26.9x 19.3x 16.7x Overall Average 1.69x 1.49x 1.39x 12.1x 9.5x 8.2x 26.1x 20.0x 17.5x Source: Capital IQ as of April 25, 2014
  14. 14. William Blair & Company Quarterly European Technology Report Public Company Analysis 11 Internet/Digital Media Company Share Price (Local Currency) 25/04/2014 % of 52 Week High Market Value (€MM) Enterprise Value (€MM) Enterprise Value/ Revenue Enterprise Value/ EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Enterprise Value > €1bn United Internet AG 30.69 86% €5,947 €6,255 2.13x 1.97x 12.2x 10.6x 20.9x 17.9x 10.7% 14.6% 0.7x Yandex N.V. 24.00 53% €5,571 €5,469 5.25x 4.28x 12.8x 9.9x 19.0x 15.6x 20.0% 40.7% 0.6x ASOS plc 43.79 61% €4,408 €4,363 3.36x 2.67x 39.2x 28.8x NMF 48.3x 28.9% 8.1% 2.1x King Digital Entertainment plc 18.52 87% €4,215 €4,077 2.34x 2.13x 5.7x 6.7x N/A 14.1x 28.1% 38.2% N/A Mail.ru Group 25.27 56% €3,819 €3,129 4.55x 3.82x 8.5x 7.1x 13.9x 11.5x 29.6% 48.3% 0.6x Rightmove plc 23.50 84% €2,816 €2,810 NMF NMF 19.5x 17.1x 25.6x 22.9x 15.7% 69.9% 1.2x Ubisoft Entertainment SA 13.12 97% €1,488 €1,631 1.15x 1.04x 4.6x 3.3x 24.7x 23.9x N/A 37.7% 1.4x Moneysupermarket.com Group PLC 1.84 83% €1,214 €1,240 4.27x 4.00x 11.4x 10.7x 15.3x 20.2x 5.9% 35.9% 3.1x AO World Plc 2.40 92% €1,227 €1,233 2.22x 1.74x NMF 38.0x NMF NMF 27.2% 2.6% 2.4x Median 2.85x 2.40x 11.8x 10.6x 20.0x 19.0x 23.6% 37.7% 1.3x Average 3.16x 2.71x 14.2x 14.7x 19.9x 21.8x 20.8% 32.9% 1.5x Enterprise Value Between €200m and €1bn boohoo.com plc 0.54 72% €738 €731 4.13x 3.07x N/A N/A N/A N/A N/A 5.5% N/A Perform Group plc. 2.28 37% €728 €668 2.23x 2.06x 12.3x 10.1x 21.2x 21.9x 18.7% 14.1% 0.7x Net Entertainment NE AB 157.00 95% €681 €664 NMF 6.50x 17.0x 14.1x 29.2x 23.2x 26.2% 32.6% N/A BravoFly SA 45.60 96% €544 € 544 N/A N/A N/A N/A N/A N/A N/A N/A N/A GameLoft SA 6.92 82% €581 €521 1.95x 1.68x 9.4x 7.7x 25.8x 17.2x 14.7% 15.6% 0.8x XING AG 91.98 86% €513 €444 4.62x 4.12x 15.3x 12.5x 37.1x 27.6x 15.4% 21.9% 1.2x Blinkx plc 0.83 35% €402 €350 1.73x 1.43x 11.2x 9.1x 16.5x 13.8x N/A 14.0% 0.5x Tomorrow Focus AG 4.09 90% €239 €251 1.21x 1.09x 9.8x 7.1x 21.7x 13.5x 7.1% 5.9% 2.6x auFeminin.com 33.20 87% €297 €242 NMF NMF NMF NMF NMF NMF N/A 34.5% N/A Progressive Digital Media Group PLC 2.65 98% €245 €236 3.09x 2.87x 13.7x 10.9x 23.0x 20.5x 9.5% 18.2% 1.0x Median 2.23x 2.46x 12.3x 10.1x 23.0x 20.5x 15.0% 15.6% 0.9x Average 2.71x 2.85x 12.7x 10.2x 24.9x 19.7x 15.3% 18.0% 1.1x Enterprise Value Below €200m Triboo Media S.p.A. 5.30 91% €84 €87 NMF NMF N/A N/A N/A N/A N/A N/A N/A blur Group plc 2.58 31% €93 €82 4.60x 2.30x NMF NMF N/A N/A N/A NMF N/A LeGuide.com S.A. 30.00 75% €107 €80 N/A NMF N/A N/A N/A N/A N/A 14.4% N/A TradeDoubler AB 14.20 60% €66 €37 0.18x 0.17x 4.1x 3.7x 16.0x 12.1x NMF 2.2% N/A Cupid plc 0.45 48% €39 €24 0.66x NMF NMF NMF N/A N/A 10.0% NMF N/A Babylon Ltd. 4.91 16% €47 €22 N/A NMF NMF NMF N/A N/A N/A 23.7% N/A Velti Plc 0.02 1% €1 €10 NMF NMF NMF NMF N/A N/A N/A NMF N/A Median 0.66x 1.23x 4.1x 3.7x 16.0x 12.1x 10.0% 14.4% N/A Average 1.81x 1.23x 4.1x 3.7x 16.0x 12.1x 10.0% 13.4% N/A Overall Median 2.28x 2.21x 11.8x 10.1x 21.5x 19.0x 15.7% 18.2% 1.1x Overall Average 2.76x 2.61x 12.9x 12.2x 22.1x 20.3x 17.8% 23.7% 1.3x Source: Capital IQ as of April 25, 2014
  15. 15. William Blair & Company Quarterly European Technology Report 12 Public Company Analysis Technology Services Company Share Price (Local Currency) 25/04/2014 % of 52 Week High Market Value (€MM) Enterprise Value (€MM) Enterprise Value/ Revenue Enterprise Value/ EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Enterprise Value > €1bn Amadeus IT Holding SA 30.18 94% €13,416 €14,616 4.33x 4.04x 11.1x 10.3x 21.5x 19.8x 8.8% 38.4% 2.7x Cap Gemini S.A. 52.75 91% €8,444 €7,878 0.76x 0.73x 7.1x 6.5x 16.6x 14.9x 3.1% 9.5% 1.5x Atos S.A. 63.31 89% €6,215 €5,339 0.62x 0.60x 5.5x 5.1x 17.8x 15.5x 0.2% 10.8% 1.8x Indra Sistemas, S.A. 13.90 92% €2,281 €2,882 0.97x 0.93x 10.2x 9.2x 18.3x 15.3x 0.4% 8.8% 1.7x Telecity Group plc 6.42 63% €1,579 €1,950 4.48x 4.01x 9.4x 8.4x 16.6x 14.5x 10.1% 47.1% 1.2x Interxion Holding NV 25.97 93% €1,293 €1,618 4.80x 4.28x 11.0x 9.6x 33.7x 27.1x 10.2% 41.0% 2.2x Altran Technologies S.A. 8.44 99% €1,471 €1,483 0.85x 0.81x 8.1x 7.0x 14.6x 12.6x 7.1% 9.3% 0.8x Tieto Oyj 19.55 101% €1,436 €1,447 0.91x 0.90x 5.3x 6.1x 14.5x 12.5x (4.9%) 13.0% 1.9x Bechtle AG 64.26 100% €1,349 €1,289 0.54x 0.51x 10.5x 9.7x 18.4x 16.6x 5.9% 4.9% 1.6x Sopra Group 81.60 85% €974 €1,129 0.78x 0.75x 8.0x 7.3x 12.5x 11.4x 6.9% 8.7% 1.1x Alten SA 36.60 93% €1,181 €1,108 0.82x 0.79x 7.9x 7.3x 14.1x 13.1x 10.7% 11.0% 2.1x Median 0.85x 0.81x 8.1x 7.3x 16.6x 14.9x 6.9% 10.8% 1.7x Average 1.80x 1.67x 8.6x 7.9x 18.1x 15.7x 5.3% 18.4% 1.7x Enterprise Value Between €300m and €1bn ComputaCenter plc 6.55 91% €1,067 €980 0.26x 0.25x 6.9x 6.5x 14.0x 13.0x 1.7% 3.4% 2.5x Groupe Steria SCA 20.63 99% €655 €888 0.47x 0.46x 5.7x 5.2x 16.0x 12.0x 6.9% 7.1% 0.4x Atea ASA 65.75 95% €817 €867 0.31x 0.30x 7.6x 6.9x 13.6x 11.6x 4.6% 3.1% 0.8x EVRY ASA 10.20 97% €327 €669 0.42x 0.41x 4.4x 4.0x 7.2x 5.2x 4.0% 9.8% N/A Reply S.p.A. 64.50 95% €603 €601 1.00x N/A 7.4x N/A 15.1x N/A 7.2% 13.6% N/A NCC Group plc. 1.92 82% €486 €518 3.68x 3.39x 14.5x 13.3x 28.2x 25.3x 10.1% 24.4% N/A iEnergizer Limited 2.00 55% €372 €456 3.67x N/A 12.0x N/A 14.2x 14.2x 6.5% 26.3% N/A IBS Group Holding Limited 19.20 64% €425 €473 0.68x 0.61x 6.0x 5.0x 13.3x 11.3x 9.4% 7.8% N/A AT&S 8.15 89% €316 €429 0.72x 0.68x 3.4x 3.3x 10.2x 7.8x 0.9% 22.4% 0.5x Cancom SE 31.15 79% €455 €389 0.56x 0.53x 8.6x 7.6x 19.7x 16.5x 13.6% 5.0% 0.7x GFI Informatique S.A. 6.16 94% €332 €377 0.49x 0.47x 6.6x 6.2x 15.9x 13.7x 4.1% 5.2% N/A iomart Group plc 2.52 59% €327 €355 4.61x 4.13x 10.9x 9.6x N/A N/A 21.1% 36.6% N/A Xchanging PLC 1.59 84% €469 €349 0.62x 0.59x 3.6x 3.3x 16.4x 13.8x (32.5%) 8.7% 1.3x Median 0.62x 0.53x 6.9x 6.2x 14.6x 13.0x 6.5% 8.7% 0.8x Average 1.35x 1.08x 7.5x 6.4x 15.3x 13.1x 4.4% 13.4% 1.0x Enterprise Value Below €300m Neurones SA 15.12 95% €362 €290 0.82x 0.77x 7.8x 7.1x N/A N/A 3.1% 10.6% N/A Bull Société Anonyme 3.59 90% €438 €276 0.21x 0.21x 3.4x 2.8x 13.6x 10.9x 2.2% 5.3% N/A Phoenix IT Group PLC 1.16 67% €106 €198 0.70x 0.69x 5.3x 5.0x NMF 12.7x (2.2%) 10.5% N/A Ordina NV 2.10 97% €195 €197 0.51x 0.49x 9.0x 7.3x 19.5x 11.0x 2.5% 2.3% N/A GFT Technologies AG 8.30 94% €219 €197 0.63x 0.61x 7.0x 7.0x 14.1x 13.0x 17.7% 7.7% 0.6x HiQ International AB 37.30 90% €216 €194 1.30x 1.18x 10.4x 8.6x 16.2x 13.2x 4.6% 11.5% N/A Tessi SA 90.50 89% €253 €175 0.73x 0.71x 3.9x 3.8x 11.7x 11.6x 0.0% 18.5% N/A Devoteam SA 18.49 96% €135 €128 0.32x 0.31x 6.2x 4.9x NMF 17.3x (12.2%) 3.7% N/A SNP AG 11.26 57% €126 €123 3.73x 3.15x 35.3x 18.0x NMF 27.1x 28.7% NMF N/A Acando AB (publ.) 15.00 90% €116 €105 0.61x 0.57x 7.8x 6.5x 12.2x 9.8x 8.7% 5.4% N/A Secunet Security Networks AG 19.75 82% €128 €99 1.39x 1.26x 13.5x 12.3x 32.4x 29.5x 11.1% 7.3% 1.2x Enea AB 56.25 98% €101 €83 1.79x 1.58x 7.3x 6.3x 13.7x 12.3x 3.4% 21.5% N/A RM Plc 1.40 78% €136 €61 0.26x 0.28x N/A N/A N/A N/A (25.7%) 6.6% N/A Median 0.70x 0.69x 7.6x 6.7x 13.9x 12.7x 3.1% 7.5% 0.9x Average 1.00x 0.91x 9.7x 7.5x 16.7x 15.3x 3.2% 9.2% 0.9x Overall Median 0.73x 0.69x 7.7x 6.9x 15.1x 13.1x 4.6% 9.4% 1.3x Overall Average 1.36x 1.20x 8.6x 7.3x 16.6x 14.7x 4.3% 13.5% 1.4x Source: Capital IQ as of April 25, 2014
  16. 16. William Blair & Company Quarterly European Technology Report Public Company Analysis 13 Semiconductors Company Share Price (Local Currency) 25/04/2014 % of 52 Week High Market Value (€MM) Enterprise Value (€MM) Enterprise Value/ Revenue Enterprise Value/ EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Enterprise Value > €1bn ASML Holding NV 59.51 79% €26,100 €24,199 3.92x 3.47x 15.6x 11.5x 21.6x 14.8x 18.4% 24.3% 0.6x NXP Semiconductors NV 59.78 94% €10,481 €13,127 3.44x 3.19x 11.2x 10.7x 21.1x 16.6x 10.4% 29.3% 0.9x ARM Holdings plc 9.46 85% €13,322 €12,753 16.21x 13.83x 30.1x 25.6x 48.8x 38.2x 11.8% 52.8% 2.2x Infineon Technologies AG 8.24 92% €9,241 €7,193 1.65x 1.52x 6.5x 6.1x 18.5x 13.7x 9.6% 21.8% 0.8x STMicroelectronics NV 6.70 87% €5,967 €5,483 0.95x 0.90x 6.8x 5.6x NMF 20.4x (2.4%) 7.0% 4.6x ASM International NV 30.50 99% €1,938 €1,567 2.82x 2.58x 15.0x 13.5x 18.1x 14.2x (1.1%) 11.3% 0.3x ams AG 124.00 93% €1,351 €1,306 3.01x 2.70x 10.3x 8.9x 16.7x 13.4x 12.8% 26.0% 0.9x Dialog Semiconductor Plc 17.61 93% €1,215 €1,290 1.70x 1.51x 9.6x 8.0x 19.7x 14.7x 16.7% 15.7% 0.8x Melexis NV 29.20 97% €1,170 €1,153 3.78x 3.46x 12.6x 11.5x 17.4x 16.4x 12.4% 29.0% 1.1x CSR plc 6.56 80% €1,326 €1,101 1.76x 1.73x 11.0x 9.6x 34.5x 24.3x (11.4%) 13.3% 1.4x Aixtron SE 11.56 83% €1,290 €1,002 4.65x 2.91x NMF 19.3x NMF NMF 13.8% NMF 1.6x Median 3.01x 2.70x 11.1x 10.7x 19.7x 15.6x 11.8% 23.1% 0.9x Average 3.99x 3.44x 12.9x 11.8x 24.1x 18.7x 8.3% 23.1% 1.4x Enterprise Value Below €1bn Nordic Semiconductor ASA 36.60 94% €726 €702 5.77x 4.32x 29.3x 17.8x 47.8x 27.3x 33.4% 14.4% N/A Imagination Technologies 1.90 42% €613 €635 2.83x 2.55x 15.1x 12.8x NMF NMF 10.0% 20.2% N/A Soitec S.A. 1.94 61% €335 €449 1.44x 1.16x NMF 7.6x NMF NMF N/A NMF NMF BE Semiconductor Industries 11.54 99% €431 €360 1.22x 1.10x 6.9x 5.7x 15.5x 11.8x 15.6% 11.8% N/A ELMOS Semiconductor AG 14.00 94% €271 €280 1.36x 1.25x 7.4x 5.9x 20.4x 13.5x 9.0% 16.3% 0.6x Nanoco Group PLC 1.04 55% €272 €255 NMF 18.23x NMF NMF NMF NMF 29.5% NMF N/A IQE Plc 0.23 70% €179 €223 1.47x 1.39x 6.8x 5.9x 12.6x 8.5x (1.4%) 19.1% 0.7x Wolfson Microelectronics plc 1.32 58% €184 €165 1.21x 1.02x 16.1x 7.8x NMF 20.3x 2.7% NMF 1.4x Suss MicroTec AG 6.78 74% €130 €94 0.67x 0.57x NMF 6.1x NMF 18.5x 4.8% NMF NMF Sequans Communications S.A. 1.90 56% €81 €67 2.36x 1.15x NMF NMF NMF NMF NMF NMF NMF Micronas Semiconductor 7.72 96% €187 €47 0.35x 0.32x NMF NMF 31.1x 18.0x 7.7% 13.4% NMF Median 1.40x 1.16x 11.3x 6.9x 20.4x 18.0x 9.0% 15.3% 0.7x Average 1.87x 3.01x 13.6x 8.7x 25.5x 16.8x 12.4% 15.9% 0.9x Overall Median 1.76x 1.62x 11.1x 8.9x 20.1x 16.4x 10.2% 17.7% 0.9x Overall Average 2.98x 3.22x 13.2x 10.5x 24.6x 17.9x 10.1% 20.4% 1.3x Source: Capital IQ as of April 25, 2014
  17. 17. William Blair & Company Quarterly European Technology Report 14 Public Company Analysis Applied Technologies and Systems Company Share Price (Local Currency) 25/04/2014 % of 52 Week High Market Value (€MM) Enterprise Value (€MM) Enterprise Value/ Revenue Enterprise Value/ EBITDA P/E Ratio ’13A-’14E Revenue Growth EBITDA Margin 2014E P/E/G2013A 2014E 2013A 2014E 2013A 2014E Oxford Instruments plc 13.58 74% €941 €902 1.83x 1.65x 10.9x 9.4x 35.5x 31.5x 14.3% 16.5% 3.1x Smart Metering Systems Plc 3.90 90% €403 €443 NMF NMF NMF NMF NMF NMF N/A N/A N/A The Vitec Group plc 6.22 85% €330 €405 1.04x 1.01x 6.1x 5.8x 12.5x 11.6x 0.7% 17.2% N/A LPKF Laser & Electronics AG 15.68 75% €349 €360 2.56x 2.29x 10.5x 9.0x 21.0x 17.5x 9.6% 23.9% 1.3x TT Electronics plc 2.03 90% €381 €351 0.53x 0.51x 5.1x 4.1x 34.9x 13.6x 5.7% 9.9% 1.9x Elektrobit Oyj 2.56 79% €336 €298 1.30x 1.14x 11.6x 9.9x 29.0x 19.7x 16.9% 8.7% 0.6x Kontron AG 4.93 85% €274 €283 0.61x 0.53x 14.2x 5.7x NMF 17.8x (12.8%) 2.3% NMF Store Electronic Systems 16.00 96% €175 €157 1.61x 1.35x 12.1x 8.7x 29.6x 18.8x 17.8% 11.7% 0.6x accesso Technology Group plc 5.95 76% €147 €148 N/A N/A N/A N/A NMF N/A N/A 15.3% N/A Q-Free ASA 13.65 76% €113 €95 1.03x 0.67x 7.6x 3.0x 32.1x 5.3x 30.4% 3.4% N/A Pricer AB 6.15 66% €75 €66 1.09x 0.94x 17.0x 11.8x 41.0x 22.0x 1.6% 8.0% N/A Median 1.09x 1.01x 10.9x 8.7x 30.9x 17.8x 9.6% 10.8% 1.3x Average 1.29x 1.12x 10.5x 7.5x 29.5x 17.5x 9.4% 11.7% 1.5x Source: Capital IQ as of April 25, 2014
  18. 18. William Blair & Company Quarterly European Technology Report Selected M&A Transactions 15 Selected M&A Transactions Selected Software M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Apr-14 Visma Group Holdings Cinven €2,524.0 3.30x 15.9x Apr-14 Systar SA Axway Software S.A. €37.9 2.71x - Apr-14 AMT-SYBEX Group Ltd. Capita plc €127.1 4.73x - Apr-14 i:FAO AG Amadeus Corporate Business AG €75.7 4.97x 15.6x Mar-14 Blancco Oy Ltd. Regenersis Plc €60.1 4.89x - Mar-14 Fieldglass, Inc. SAP AG €724.9 - - Feb-14 Transics International NV WABCO Europe BVBA €99.8 1.63x 7.2x Feb-14 Avast Software B.V. CVC Capital Partners Limited €739.0 - - Feb-14 Compass Computer Consultants Ltd. Advanced Computer Software Group plc €17.5 2.09x 3.6x Jan-14 Accelrys Inc. Dassault Systemes SA €550.7 4.05x NMF Dec-13 Secunia Dansk Kapitalanlaeg €13.0 - - Dec-13 The Property Software Group LDC Ltd. €21.2 - - Dec-13 Total Specific Solutions B.V. Constellation Software Inc. €240.0 1.38x - Dec-13 Tell Me More S.A. Rosetta Stone Ltd. €20.8 - - Dec-13 QUMAS, Limited Accelrys Software Inc. €34.9 2.48x - Dec-13 Realtime Technology AG Dassault Systemes SA €171.3 2.31x 18.6x Nov-13 P&I Personal & Informatik Aktiengesellschaft HgCapital €365.4 4.15x 11.6x Nov-13 Unit 4 N.V. Advent International Corporation €1,287.7 2.64x 17.8x Nov-13 COR&FJA Banking Solutions GmbH Sopra Group S.A. €13.0 0.60x 0.0x Nov-13 Delcam plc Autodesk Development B.V. €197.5 3.11x 22.0x Nov-13 Celcite Management Solutions, LLC Amdocs Limited €95.7 - - Oct-13 epyx Limited Fleetcor Technologies, Inc. €230.0 9.50x 13.2x Oct-13 Cameleon Software SA PROS Holdings, Inc. €22.9 1.51x 17.2x Oct-13 Pironet NDH AG Cancom SE €47.4 1.07x 7.7x Sep-13 Ascribe Limited EMIS Group Plc €72.0 2.50x 8.1x Aug-13 e-conomic international a/s HgCapital €89.1 - - Aug-13 Cordys B.V. Open Text Corporation €24.8 - - Aug-13 Isotrak Lyceum Capital Partners - - - Jul-13 icon-scm AG E2open, Inc. €25.5 - - Jul-13 CliniSys Montagu Private Equity - - - Jul-13 Joint Collaboration AS Addnode Group AB €23.1 1.58x 8.3x Jun-13 Neolane SA Adobe Systems Incorporated €460.0 10.50x - Jun-13 Rivo Software Ltd. Kennet Partners Limited; Fidelity Growth Partners €22.8 - - Jun-13 Hybris SAP €800.0 8.60x - May-13 Civica OMERS Private Equity €461.0 1.90x 10.3x May-13 Arieso JDSU €65.0 - - May-13 Stonesoft McAfee €288.0 7.08x NMF Apr-13 Aepona Intel Corporation Ltd. N/A - - Mar-13 Computer Software Holdings Limited Advanced Computer Software Group €121.4 1.79x 8.3x Feb-13 Sage Aytos S.L. and C&I and ATL and Automotive Argos Soditic €32.8 - - Feb-13 Sage (ACT! And Saleslogic business) Accel-KKR €75.0 - - Feb-13 Skyfire Labs Opera Software €116.0 - - Jan-13 Cerved Group S.p.A. CVC Capital Partners Limited €1,102.0 3.87x - Dec-12 NewBay Software Limited Synchronoss Technologies Ireland Ltd. €42.7 - - Nov-12 Tikit Group plc BT Group plc €75.1 2.07x 11.4x
  19. 19. William Blair & Company Quarterly European Technology Report 16 Selected M&A Transactions Selected Software M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Nov-12 LMS International NV Siemens €543.0 4.97x - Nov-12 Retalix NCR Corp. €468.0 2.37x 26.3x Oct-12 Heiler Software AG Informatica Deutschland AG €82.4 3.44x NMF Aug-12 Automic Software GmbH EQT Partners AB €208.2 3.55x - Aug-12 UC4 Software Gmbh EQT Partners €220.0 4.29x - Jul-12 GMC Software AG Neopost SA €139.4 4.16x - Jul-12 Easy Software AG Allgeier SE €23.4 0.43x 1.6x May-12 Ariba Inc. SAP €3,385.0 8.30x NMF May-12 BigHand Ltd. LDC; Bridgepoint €59.6 - - May-12 SiteMaker Software Ltd. Hibu Plc €22.0 - - May-12 Traen A/S Formpipe Software AB €33.9 1.40x 6.1x May-12 Kewill Francisco Partners €84.0 1.24x 23.3x Apr-12 Transics International NV CreaFund CVBA; Uniholding SA €25.6 1.17x 6.9x Apr-12 blueKiwi Software SA Atos S.A. €20.2 4.00x - Apr-12 Torex Retail MICROS Systems €163.0 1.21x 13.9x Feb-12 IBS Siemens Industry Automation Holding AG €22.6 1.33x 13.4x Feb-12 Misys plc Vista Equity €1,700.0 - - Median € 84.0 2.57x 12.4x Average € 318.9 3.37x 13.1x Sources: Capital IQ and MergerMarket as of April 25, 2014
  20. 20. William Blair & Company Quarterly European Technology Report Selected M&A Transactions 17 Selected Financial Technology M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Mar-14 Nets Holding A/S Advent, Bain, ATP Group €2,277.4 2.50x 12.8x Mar-14 HiFX Euronet Worldwide €175.0 3.78x 13.4x Mar-14 Ullink SAS HgCapital; HgCapital Trust plc - - - Mar-14 Pozitron Yazilim A.S. Monitise plc €72.3 - - Jan-14 TDX Group Limited Equifax Inc. €240.2 3.67x - Jan-14 Nordic Insurance Software A/S Summit Partners €67.0 - - Dec-13 Sofort AG Klarna AB - - - Dec-13 Alaric Systems Limited NCR Limited €57.8 - - Feb-13 SIA S.p.A. Fondi Italiani per le Infrastrutture, Orizzonte SGR, FSI €454.0 2.20x 8.5x Nov-13 PT. Aprisma Indonesia Wirecard AG €88.5 - - Nov-13 Brand Loyalty International B.V. Alliance Data Systems Corporation €266.0 - - Oct-13 The 41st Parameter Inc. Experian plc €239.4 - - Sep-13 PaymentLink Pte. Ltd. Wirecard AG €30.9 - - Sep-13 Grapple Mobile Limited Monitise Create Limited €44.1 - - Sep-13 OB10 Ltd. Tungsten Corporation Plc €117.0 4.22x - Aug-13 Avelo FS Limited Iress Limited €243.0 3.80x - Aug-13 Skrill CVC Capital Partners Limited €600.0 3.00x 12.0x Jul-13 MACH Syniverse €550.0 4.10x - Jun-13 IntelliFlo HGCapital N/A - - May-13 Quindell Property Services Limited Quindell Portfolio Plc €40.1 - - Feb-13 FFastFill plc Pattington Limited €93.3 4.97x 34.2x Jan-13 Ogone BVBA/SPRL Ingenico SA €358.5 8.57x - Dec-12 PS Yandex.Money, LLC Sberbank €46.2 6.40x - Dec-12 Mobile Money Network Ltd. Monitise plc €21.9 - - Oct-12 Ericsson Internet Payment Exchange AB Gemalto NV N/A - - Aug-12 Adeptra Ltd. Fair Isaac Software Holdings Ltd. €88.5 2.56x 25.6x Aug-12 Nets Oy Nets Holding A/S €161.2 0.85x - Mar-12 ClairMail Monitise €131.0 9.70x NMF Feb-12 Callataÿ & Wouters S.A. Sopra Group €140.6 2.28x - Feb-12 Navita Systems AS Brady Plc €21.4 - - Feb-12 Integral Computers Limited Sage Pay Europe Limited €20.4 - - Median €117.0 3.80x 12.8x Average €246.1 4.24x 18.6x Sources: Capital IQ and MergerMarket as of April 25, 2014
  21. 21. William Blair & Company Quarterly European Technology Report 18 Selected M&A Transactions Selected Communications M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Apr-14 Updata Infrastructure Capita plc €96.5 2.40x 12.9x Mar-14 Conax AS Kudelski SA €180.9 2.41x 6.2x Mar-14 Cyvera Ltd Palo Alto Networks, Inc. €143.8 - - Mar-14 Pebble Beach Systems Ltd. Vislink plc €17.7 1.58x 6.9x Feb-14 Alcatel-Lucent Enterprise S.A. China Huaxin Post €201.0 - - Feb-14 DAX Technologies Corp. Spirent Communications Plc. €26.9 - - Feb-14 Octo Telematics S.p.A. Renova Group, LLC €405.0 3.20x 5.5x Jan-14 skobbler GmbH Telenav, Inc. €17.6 - - Jan-14 Pilat Media Global plc SintecMedia Ltd. €59.3 1.60x 12.4x Nov-13 AIRCOM International Limited TEOCO Corporation - - - Oct-13 Aurora Networks, Inc. Pace plc €234.4 1.49x 10.8x Sep-13 Actix, Ltd. Amdocs Ltd. €88.7 - - Sep-13 Nokia (Devices and Services segment) Microsoft €5,440.0 0.35x NMF Aug-13 Arkadin S.A. NTT Communications Corporation €350.0 2.00x - Jul-13 Nokia Siemens Networks Oy Nokia Oyi €1,700.0 0.10x 1.4x May-13 Axell Wireless Ltd. Cobham plc €96.3 1.90x 4.6x Jan-13 Elektrobit System Test Oy Anite plc €30.8 1.94x - Aug-12 Starhome BV Fortissimo Capital €52.0 - - Jul-12 Audio Visual Machines Ltd. Alcuin Capital Partners LLP €22.8 0.48x - Mar-12 NDS Group Ltd. Cisco Systems €3,823.0 5.2x 18.2x Mar-12 Ascom Holding AG, Defence Unit RUAG Schweiz AG €21.5 - - Jan-12 Synchronica plc Myriad Group AG €39.0 2.75x - Median € 92.5 1.70x 7.7x Average € 647.5 1.38x 8.7x Sources: Capital IQ and MergerMarket as of April 25, 2014
  22. 22. William Blair & Company Quarterly European Technology Report Selected M&A Transactions 19 Selected Internet/Digital Media M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Mar-14 Car Trawler BC Partners €452.6 - 14.5x Feb-14 People & Print Group B.V. Vistaprint N.V. €24.0 0.71x 8.0x Feb-14 Viber Media Inc. Rakuten, Inc. €657.5 - - Jan-14 NaturalMotion Ltd. Zynga Game International Limited €388.9 - - Jan-14 Deepmind Technologies Limited Google Inc. €293.5 - - Dec-13 Rhythm NewMedia, Inc. Blinkx Plc €50.0 3.40x - Nov-13 Scout24 Holding GmbH Hellman & Friedman LLC €1,500.0 - - Nov-13 SAS My Little Paris auFeminin.com €40.2 8.20x - Oct-13 Supercell Oy Softbank Corp., GungHo Online Entertainment €1,135.7 - - Sep-13 Meetic S.A. Match.com, L.L.C. €87.0 2.50x 11.4x Sep-13 Icelolly Marketing Limited Palatine Private Equity LLP €19.7 - - Jul-13 Swerford Holdings Ltd. Playtech Limited €36.9 - - Jul-13 Opta Sportsdata Limited Perform Group plc. €45.2 3.70x 44.4x Apr-13 Mendeley Limited Elsevier B.V. €53.0 0.00x 0.0x Jan-13 Global Betting Exchange Limited Ladbrokes PLC €29.7 - - Nov-12 A&N Media, Profesia, Tau on-line, Autovia, 25% Stake in Infostud & 30% Stake in Development Studio Alma Media Oyj €23.6 - - Nov-12 Immoweb SA/NV Axel Springer Digital Classifieds GmbH €125.7 - - Oct-12 XING AG Burda Digital GmbH €165.3 3.00x 10.3x Oct-12 Qype GmbH Yelp Ireland Ltd. €37.6 - - Sep-12 LBi International NV Publicis Groupe SA €448.0 1.86x 11.9x Aug-12 allesklar.com AG Axel Springer Digital Classifieds GmbH €55.5 - - Aug-12 LeGuide.com S.A. Lagardere Active SAS €36.8 2.29x 9.5x Aug-12 Matrix S.p.A. Libero S.r.l. €83.3 0.92x - Jul-12 Webassets B.V. Tomorrow Focus AG €19.8 - - Jun-12 Grupa Onet.pl S.A. Ringier Axel Springer Media AG €209.4 - - Jun-12 MoneySavingExpert.com Moneysupermarket.com Group PLC €103.6 5.56x 6.9x May-12 RunningBall Holding AG Perform Media Services Limited €119.6 7.57x 16.8x May-12 Buongiorno SpA DOCOMO Deutschland GmbH €299.5 1.10x 11.4x Apr-12 Hattrick Holdings Limited Zattikka Plc €22.7 - - Apr-12 OnlinePizza Norden AB Delivery Hero Holding GmbH €29.5 4.21x - Feb-12 Brighter Option Ltd. Buddy Media UK Limited €19.3 - - Jan-12 Aspiro AB Schibsted ASA €19.6 1.23x - Median €54.3 3.20x 11.4x Average €207.3 5.32x 15.3x Sources: Capital IQ and MergerMarket as of April 25, 2014
  23. 23. William Blair & Company Quarterly European Technology Report 20 Selected M&A Transactions Selected Technology Services M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Apr-14 Updata Infrastructure Capita plc €96.5 2.40x - Apr-14 Groupe Steria SCA Sopra Group (Bid) €953.0 0.53x 7.0x Mar-14 Groupe Telindus France S.A. Vivendi Société Anonyme €95.0 - - Jan-14 ControlCircle Ltd. Alternative Networks Plc €47.8 1.87x 20.7x Dec-13 NextiraOne Management SAS Dimension Data Holdings Nederland B.V. - - - Dec-13 Context Information Security Limited Babcock International Group plc €37.8 3.20x - Nov-13 InTechnology Managed Services Limited Redcentric plc €77.4 1.59x 7.8x Nov-13 Amor Business Technology Solutions Limited Lockheed Martin Corporation - - - Oct-13 Indecs Computer Services Limited and Indecs Computers Limited Daisy Group plc €21.1 1.70x 6.9x Oct-13 Backup Technology Ltd. iomart Group plc €27.6 4.42x 9.6x Jul-13 Host Europe WVS Limited Cinven Limited €508.3 - - Sep-13 Osiatis SA Econocom Group €70.8 0.48x 5.9x Aug-13 Arsys Internet S.L. 1&1 Internet AG €138.1 3.50x 9.3x Aug-13 DADA SpA Italiaonline S.r.l. €24.1 1.02x 10.8x Jul-13 Host Europe WVS Ltd. Cinven Ltd. €493.8 - - Jul-13 S&T AG Grosso Holding Gesellschaft GmbH €93.5 0.33x 7.8x Jun-13 GFI Informatique S.A. Boussard & Gavaudan Holding Ltd; Itefin Participations SAS €82.6 0.38x 5.9x Jun-13 Trustmarque Solutions Ltd. Dunedin LLP €49.5 0.33x - May-13 Sempla Srl GFT Holding Italy S.r.l. €21.4 0.54x 3.9x May-13 Branded3 Search Ltd. Company St Ives plc €28.3 6.10x 14.7x Apr-13 ZAO R-Style Softlab Asseco Poland Spólka Akcyjna €21.9 - - Mar-13 Nebula Oy Ratos AB €52.3 2.75x - Mar-13 2e2 Morse Spain Logicalis Group Ltd. €22.9 0.21x 3.9x Feb-13 Sigma AB Danir AB €46.0 0.48x 8.4x Feb-13 Capita Managed IT Solutions Ltd. Capita plc €74.5 0.46x - Jan-13 ZETO Bydgoszcz SA Asseco Systems sp. z o.o. €21.5 - - Dec-12 ScoLocate Ltd. Pulsant Ltd. €32.6 - - Dec-12 Raber+Märcker GmbH Konica Minolta Business Solutions €28.0 0.59x - Nov-12 Academica Oy Telecity Group plc €27.6 1.87x - Oct-12 itelligence AG NTT DATA EUROPE GmbH & CO. KG €33.9 1.00x 11.2x Oct-12 Epsilon AB ÅF AB €332.9 1.35x - Oct-12 KMD A/S Advent International Corporation N/A - - Oct-12 Atento Holding, Inversiones y Teleservicios Bain Capital LLC €1,039.0 0.60x 6.5x Sep-12 Vanerum Group Services NV Sofindev Management NV €30.0 0.90x - Aug-12 ThinkGrid Ltd. Colt Technology Services Group Ltd. €20.9 - - Aug-12 AMADEUS MARKETING CSA s.r.o. Amadeus IT Group S.A. €96.3 - - Jun-12 E-consultancy.com Ltd. Centaur Communications Ltd. €59.9 7.58x 45.5x May-12 Logica PLC CGI Group Holdings Europe Ltd. €2,649.1 0.57x 18.7x May-12 SecureData Europe Ltd. August Equity LLP €20.7 - - Apr-12 Accounting Plaza B.V. Genpact Netherlands B.V. €29.8 - - Feb-12 Sygnity Spólka Akcyjna Asseco Poland Spólka Akcyjna €71.8 0.49x 12.0x Jan-12 Pixelpark AG MMS Germany Holdings GmbH €36.0 1.27x - Jan-12 Network Resource Group Ltd. Cloud XL €24.0 - - Jan-12 Consinto GmbH Datagroup AG €19.9 0.40x - Median € 46.0 0.95x 8.1x Average € 186.8 1.66x 11.0x Sources: Capital IQ and MergerMarket as of April 25, 2014
  24. 24. William Blair & Company Quarterly European Technology Report Selected M&A Transactions 21 Selected Semiconductors M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Apr-14 Wolfon Microelectronics Plc. Cirrus Logic Inc. €333.0 2.40x - Apr-14 Metaforic Limited INSIDE Secure €11.7 - - Nov-13 Novaled AG Samsung Display Co., Ltd. €23.4 - - Apr-13 TPACK A/S Altera European Trading Company €25.1 - - Dec-12 Ismeca Semiconductor Holding S.A. Delta Design Luxembourg S.à r.l €42.1 0.58x - Nov-12 ZiiLABS Ltd Intel Corporation (UK), Ltd. €23.1 - - Oct-12 Cymer, Inc. ASML Holding N.V. €1,728.0 3.80x 17.7x Jul-12 ASML Holding NV Samsung; TSMC; Intel Capital €3,854.0 2.80x 8.7x Jul-12 Frontier Silicon (Holdings) Ltd. Toumaz Limited €37.7 1.42x - Mar-12 CT-Concept Technologie AG Power Integrations Netherlands B.V. €89.5 - - Median €39.9 2.40x 13.2x Average €616.8 2.20x 13.2x Sources: Capital IQ and Mergermarket as of April 25, 2014 Selected Applied Technologies and Systems M&A Transactions (€ in millions) Announced Date Target Acquirer Transaction Value EV/LTM Revenue EV/LTM EBITDA Mar-14 TDC Systems Ltd and TDC Systems Pty Q-Free ASA €15.1 2.66x 15.6x Mar-14 Euroscan Holdings, B.V. ORBCOMM Netherlands B.V. €24.7 - - Jan-14 Teseq AG Ametek Inc. €67.4 1.73x - Dec-13 Xyratex Ltd. Seagate Technology International €273.7 0.33x 17.4x Oct-13 ParkingEye Ltd. Capita plc €69.1 - - Sep-12 Image Recognition Integrated Systems Group S.A. Canon Europa N.V. €71.0 0.69x 9.7x Jun-12 Elster Group SE Melrose Industries plc €2,217.6 1.49x 10.2x May-12 LaCie SA Seagate Technology plc €96.8 0.29x 3.4x May-12 QUNDIS GmbH HgCapital €153.2 - - Feb-12 Hirschmann Car Communication GmbH VOXX International €87.0 0.59x - Median €79.0 0.64x 9.9x Average €307.6 0.85x 10.1x Sources: Capital IQ and MergerMarket as of April 25, 2014
  25. 25. William Blair & Company Quarterly European Technology Report 22 Selected Private Capital Financings, IPOs and Follow-on Offerings Selected Private Capital Financings, IPOs and Follow-on Offerings Selected Software Private Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Feb-14 eCommera Limited €29.6 West Coast Capital; Frog Capital; ePlanet Capital; Dawn Capital; WPP Digital Jan-14 Advanced Manufacturing Control Systems €23.5 Highland Capital Partners; Investec Ventures Ireland Ltd Dec-13 Plumbee Ltd €10.2 IDInvest Partners; Endemol Group B.V. Dec-13 Talend SA €29.0 Iris Capital; Silver Lake; IDInvest Partners; Balderton Capital; Bpifrance Participations SA Nov-13 MetaPack Limited €24.0 Index Ventures Nov-13 cXense AS €11.1 - Nov-13 Itineris nv €8.5 GIMV NV; Participatiemaatschappij Vlaanderen NV Nov-13 6 Wunderkinder GmbH €14.1 Sequoia Capital; Earlybird Venture Capital GmbH & Co. KG; Atomico Investment Holdings Limited Oct-13 SkySQL Ab €14.5 Finnish Industry Investment Ltd; Intel Capital; California Technology Ventures, LLC; Open Ocean Capital Ltd.; OnCorps Capital Sep-13 TalentSoft SA €15.0 Highland Capital Partners; Bpifrance Investissement Sep-13 TouchType Limited €13.3 Index Ventures; Octopus Investments Limited; Cambridge Holdings Group, Inc. Jul-13 Zimory GmbH €15.5 T-Venture Holding GmbH; KfW Mittelstandsbank, Investment Arm; IBB Beteiligungsgesellschaft mbH; CREATHOR VENTURE Management GmbH; High-Tech Gründerfonds Management GmbH; Deutsche Boerse AG, Asset Management Arm Jun-13 NumberFour AG €29.0 T-Venture Holding GmbH; Index Ventures; Allen & Company LLC, Investment Arm; Hommels Holding GmbH May-13 BonitaSoft SA €10.1 Auriga Partners; Ventech; Bpifrance Investissement; Serena Capital Mar-13 ForgeRock AS €11.8 Accel Management Co, Inc.; Foundation Capital Mar-13 Fanzy SAS €11.5 Kima Ventures; Orefa Investment; Start/Capital Mar-13 ProfitBricks GmbH €15.1 United Internet AG Mar-13 hybris GmbH €23.0 Greylock Partners; MeriTech Capital Partners; HGGC, LLC Feb-13 Elasticsearch NL €18.0 Benchmark Capital; Index Ventures; SV Angel Nov-12 MediaSift Limited €12.0 Upfront Ventures; Scale Venture Partners; Northgate Capital Group, L.L.C.; IA Ventures; Daher Capital Oct-12 Netbiscuits GmbH €20.6 T-Venture Holding GmbH; CREATHOR VENTURE Management GmbH; Stripes Group Sep-12 Mimecast Ltd. €48.4 Insight Venture Partners; Dawn Capital Sep-12 SkyDox Ltd €25.0 Scottish Equity Partners LLP; Business Growth Fund plc Sources: Capital IQ and MergerMarket as of April 25, 2014
  26. 26. William Blair & Company Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 23 Selected Financial Technology Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Apr-14 The Currency Cloud €7.2 Atlas Venture, Anthemis, Notion Capital, Xange Private Equity Mar-14 Klarna AB €90.0 General Atlantic LLC; Sequoia Capital; Atomico Investment Holdings Limited Mar-14 WorldRemit Ltd €28.9 Accel Partners Mar-14 Duedil Ltd. €12.3 Oak Investment Partners; Notion Capital Partners LLP; Passion Capital Investments LLP Feb-14 Tradeshift Inc. €54.5 Scentan Ventures Feb-14 Funding Circle Ltd. €48.6 British Business Bank PLC Jan-14 Powa Technologies €14.4 Wellington Management Jan-14 Zopa Ltd. €18.3 Arrowgrass Capital Partners LLP Jan-14 Iwoca Ltd. €6.1 Global Founders Capital; Redline Capital Management S.A Nov-13 PRET d'UNION S.A. €10.0 Schibsted ASA; Credit Mutuel Arkea S.A.; AG2R La Mondiale; Weber Investissements SAS; Kima Ventures Oct-13 Funding Circle Ltd. €26.9 Accel Partners; Index Ventures; Union Square Ventures; Ribbit Capital Sep-13 Calastone Limited €13.5 Accel Management Co, Inc.; Octopus Investments Limited Aug-13 Powa Technologies Ltd. €56.6 Wellington Jun-13 Payleven Holding GmbH €11.8 Rocket Internet GmbH Jan-13 Paymill €10.0 Holtzbrinck Ventures and Sunstone Jan-13 Payleven €11.8 NEA, Holtzbrinck et al. Dec-12 CloudPay Solutions Limited €12.2 Rho Capital Partners, Inc.; Pinnacle Investment Partners, LP Dec-12 Kreditech €5.3 Blumberg Capital / Point Nine Capital Aug-12 SumUp Limited €15.9 B-To-V Partners AG; Tengelmann Ventures GmbH; Shortcut Ventures GmbH Aug-12 OpenGamma Limited €12.2 Accel Management Co, Inc.; FirstMark Capital, L.L.C.; ICAP plc; Euclid Opportunities Fund Jun-12 iZettle AB €31.2 Greylock Partners; Index Ventures; American Express Company; Northzone Ventures; SEB Venture Capital; MasterCard Incorporated; Creandum AB May-12 Notemachine Holdings Ltd. €12.4 European Capital Ltd Mar-12 Funding Circle Ltd. €12.1 Index Ventures; Union Square Ventures Selected Communications Private Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Apr-14 Nujira Limited €14.8 Amadeus Capital Partners Limited; Investec Bank Plc; GAM (UK) Ltd.; Environmental Technologies Fund LP; Climate Change Capital Asset Management; RobecoSAM Private Equity; New Energy Solutions Management ApS Mar-14 Anaveo Groupe SA €8.4 Viveris Management SAS; CM-CIC Capital Finance Jan-14 FON Wireless Ltd. €10.3 Google Inc.; Index Ventures; Deutsche Telekom AG; QUALCOMM Ventures; Coral Group; Atomico Investment Holdings Limited Nov-13 Compass EOS Ltd. €31.1 Benchmark Capital; North Bridge Venture Partners; Comcast Ventures; T-Venture Holding GmbH; Pitango Venture Capital; Cisco Systems, Investment Arm; RusNano; Marker LLC Sep-13 NewVoiceMedia Limited €25.9 Bessemer Venture Partners; Highland Capital Partners; Eden Ventures Ltd.; Notion Capital Partners LLP Jan-13 NewVoiceMedia Limited €14.8 Highland Capital Partners; MMC VENTURES Ltd; Eden Ventures Ltd.; Notion Capital Partners LLP Aug-12 Ubiquisys Ltd. €15.5 Accel Management Co, Inc.; Advent Venture Partners; Atlas Venture L.P.; Mobile Internet Capital Inc.; Nissay Capital Co.,Ltd; Yasuda Enterprise Development Co. Ltd.; Sallfort Privatbank AG; 5 Continents Consulting Group Jul-12 Newtec Cy N.V €19.0 Participatiemaatschappij Vlaanderen NV Jun-12 Openet Telecom Limited €12.7 Kreos Capital; Cross Atlantic Capital Partners LLC; Balderton Capital; NS Solutions Corp., Investment Arm Sources: Capital IQ and MergerMarket as of April 25, 2014
  27. 27. William Blair & Company Quarterly European Technology Report 24 Selected Private Capital Financings, IPOs and Follow-on Offerings Selected Internet/Digital Media Private Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Apr-14 Farfetch €47.5 Vitruvian Partners, Condé Nast International, Advent Ventures , Richard Chen Apr-14 Delivery Hero Holding GmbH €61.5 Luxor Capital Group, LP Mar-14 Sportority Limited €13.1 Battery Ventures; Gemini Israel Funds; Dawn Capital Mar-14 Hoccer Betriebs GmbH €50.0 Media Ventures GmbH Feb-14 Socialbakers Ltd. €18.9 Index Ventures; Earlybird Venture Capital GmbH & Co. KG Feb-14 True Software Scandinavia AB €13.8 Sequoia Capital India; Open Ocean Capital Ltd. Jan-14 SoundCloud €43.6 GGV Capital; Index Ventures; Institutional Venture Partners; Kleiner Perkins Caufield & Byers; The Chernin Group, LLC; Union Square Ventures Jan-14 Delivery Hero Holding GmbH €64.5 Insight Venture Partners Jan-14 Trustpilot A/S €18.3 Draper Fisher Jurvetson; DFJ Esprit LLP; Index Ventures; Northzone Ventures; SEED Capital Denmark Nov-13 MediaSift Limited €30.9 Upfront Ventures; Insight Venture Partners; Scale Venture Partners; Northgate Capital Group, L.L.C.; Cendana Capital; IA Ventures; Daher Capital Nov-13 Spotify Limited €185.5 Technology Crossover Ventures Oct-13 Skyscanner Ltd. - Sequoia Capital Jul-13 Shazam Entertainment Ltd. €31.2 America Movil S.A.B. de C.V. Jul-13 Ocapo Limited €11.1 Northzone Ventures; BOOST&Co SAS Jun-13 Wrapp (Bohemian Wrappsody AB) €11.3 Greylock Partners; American Express Company; QUALCOMM Ventures; SEB Venture Capital; Creandum AB; Atomico Investment Holdings Limited May-13 Urturn €10.4 Debiopharm Group; Balderton Capital May-13 Dailymotion SA €50.0 Orange May-13 Hellofood (Jade 1352. GmbH) €15.3 Investment AB Kinnevik; Rocket Internet GmbH; Phenomen Ventures May-13 Affinitas GmbH €22.2 IBB Beteiligungsgesellschaft GmbH; Holtzbrinck Ventures Gmbh; Rocket Internet GmbH; PDV Inter-Media Venture GmbH Apr-13 ResearchGATE GmbH €26.8 Benchmark Capital; The Founders Fund; Tenaya Capital; Thrive Capital; Dragoneer Investment Group, LLC Apr-13 Supercell Oy €96.1 Institutional Venture Partners; Index Ventures; Atomico Investment Holdings Ltd. Mar-13 Farfetch.com Limited €15.3 Advent Venture Partners; e.ventures; Index Ventures; Advance Magazine Publishers Inc. Mar-13 Softonic International S.L. €79.2 Partners Group Holding AG Feb-13 Game Insight LLC €18.4 IMI.VC Jan-13 Appgratis (iMediapp SAS) €10.2 Iris Capital Dec-12 Hailo Network Limited €22.5 Accel Management Co, Inc.; Wellington Partners Venture Capital GmbH; KDDI Corporation; Union Square Ventures; Felicis Ventures; Atomico Investment Holdings Limited; Forward Investment Partners; Red Swan Ventures; Phenomen Ventures Dec-12 Trustpilot A/S €10.1 Index Ventures; Northzone Ventures; SEED Capital Denmark Oct-12 Trustpilot A/S €31.1 Accel Management Co, Inc.; Index Ventures; Balderton Capital Oct-12 Deezer.com €100.0 IDInvest Partners; Access Industries, Inc. Sep-12 Broadbandchoices.co.uk (Decision Technologies) €12.6 Business Growth Fund plc Sep-12 Criteo SA €30.0 Bessemer Venture Partners; Adams Street Partners, LLC; SAP Ventures; Index Ventures; SoftBank Capital; YJ Capital Aug-12 Delivery Hero Holding GmbH €63.1 Kreos Capital; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; ru-Net II; Tengelmann Ventures GmbH; Kite Ventures; Point Nine Capital; Phenomen Ventures Aug-12 Deezer.com €30.0 Access Industries Jun-12 Lieferando (yd. yourdelivery GmbH) €15.0 Deutsche Investitions- und Entwicklungsgesellschaft mbH; Logan Capital AG; DuMont Venture Holding GmbH & Co. KG; Macquarie Capital Group Limited; Moraún Investments SA; Rheingau Ventures GmbH; BCM Bruker Capital Management GmbH Jun-12 Westwing Home & Living GmbH €40.1 Summit Partners; Holtzbrinck Ventures Gmbh; Investment AB Kinnevik; Access Industries, Inc.; Rocket Internet GmbH May-12 Fotolia LLC €118.0 KKR May-12 Supponor Oy €14.0 Sports Investment Partners LLP
  28. 28. William Blair & Company Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 25 Selected Internet/Digital Media Private Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Apr-12 Just-Eat Group Holdings Ltd €48.4 Greylock Partners; Redpoint Ventures; Index Ventures; Vitruvian Partners LLP Apr-12 Viadeo S.A. €24.0 Allianz Capital Partners GmbH; IDInvest Partners; Ventech; Bpifrance Participations SA; Jefferies Group, Inc., Investment Arm Mar-12 Hailo Network Limited €12.8 Accel Management Co, Inc.; Atomico Investment Holdings Limited Mar-12 Wikimart Ltd. €23.0 Tiger Global Management LLC Mar-12 Axel Springer Digital Classifieds GmbH €239.5 General Atlantic Coöperatief U.A. Feb-12 Delivery Hero Holding GmbH €25.0 ruNet Holdings Limited; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; Tengelmann Ventures GmbH; Kite Ventures Jan-12 Playcast Media Systems Ltd. €16.3 Jerusalem Venture Partners; Xenia Venture Capital Jan-12 Farfetch.com Limited €14.2 Advent Venture Partners; e.ventures; Index Ventures Jan-12 SoundCloud Ltd. €38.7 Kleiner, Perkins, Caufield & Byers; GGV Capital Sources: Capital IQ and MergerMarket as of April 25, 2014 Selected Technology Services Private Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Feb-14 FACELIFT brand building technologies GmbH €11.0 Corporate Finance Partners Oct-13 PTS Consulting Group Plc €10.3 Business Growth Fund plc Sep-13 Exclusive Networks SAS €12.0 Omnes Capital; Edmond de Rothschild Investment Partners, S.A.S.; Socadif SA, SCR Sep-13 Inoapps Limited €11.9 Business Growth Fund plc Jul-12 Six Degrees Technology Group Ltd €10.2 Penta Capital Jul-12 Sportradar AG €44.0 EQT Partners AB Mar-12 Pulsant Limited €28.7 Bridgepoint Development Capital Sources: Capital IQ and Mergermarket as of April 25, 2014
  29. 29. William Blair & Company Quarterly European Technology Report 26 Selected Private Capital Financings, IPOs and Follow-on Offerings Selected Semiconductors Private Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Mar-14 glo AB €21.6 Teknoinvest AS; Wellington Partners Venture Capital GmbH; Foundation Asset Management AB; Nano Future Invest AS; Contango Kapital AS Dec-13 XMOS, Ltd. €10.3 Foundation Capital; DFJ Esprit LLP; Amadeus Capital Partners Limited Nov-13 Hanwha Q CELLS GmbH €138.8 Hanwha Chemical Corp. Sep-13 Thin Film Electronics ASA €17.5 INVESCO Asset Management Limited Aug-13 Movidius Ltd. €12.5 DFJ Esprit LLP; Dublin Business Innovation Centre, Investment Arm; Enterprise Equity (Irl) Limited; Western Investment Fund; Atlantic Bridge; Capital-E NV; Robert Bosch Venture Capital GmbH Jul-13 Crocus Technology SA €34.0 IDInvest Partners; Sofinnova Ventures, Inc.; Ventech; Innovation Capital SAS; NanoDimension Management Limited; Industrial Investors; RusNano Aug-12 MAPPER Lithography B.V. €80.0 Parcom Capital; DEMCON Holding B.V.; RusNano; Technolution B.V.; NL Agency; Hoving & Partners S.A. Sources: Capital IQ and MergerMarket as of April 25, 2014 Selected Applied Technology and Systems Private Capital Financings (€ in millions) Announced Date Issuer Transaction Value Investors Apr-14 Scytl Secure Electronic Voting, S.A. €29.1 Vulcan Capital Jan-14 Eyefreight BV €9.0 De Hoge Dennen Capital PE BV; Global Cleantech Capital Fund B.V. Jan-14 Idex ASA €35.9 INVESCO Asset Management Limited Feb-13 Leosphere, Inc. €21.0 ORAXYS S.A. Nov-12 Tattile srl €15.0 Ambienta SGR S.p.A. Sep-12 Wireless Energy Management Systems International Limited €16.3 WHEB Partners; Hermes GPE Jun-12 Power Plus Communications AG €12.0 Siemens Venture Capital GmbH; Climate Change Capital Asset Management; British Gas Energy Services Ltd. Jun-12 Flatfrog Laboratories AB €20.0 The Invus Group, LLC; Intel Capital; Sunstone Capital A/S May-12 Exosun SAS €12.0 Omnes Capital; Grand Sud Ouest Capital, S.C.R. SA.; French Environment and Energy Management Agency; Crédit Agricole Aquitaine Expansion, SAS Mar-12 Tobii Technology AB €16.1 Amadeus Capital Partners Limited; Intel Capital; Investor Growth Capital; Northzone Ventures Mar-12 Heliatek GmbH €60.0 BASF; Bosch; RWE Mar-12 Aldebaran Robotics, SA €38.8 SoftBank Corp. Sources: Capital IQ and MergerMarket as of April 25, 2014
  30. 30. William Blair & Company Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 27 Selected Technology IPOs Date Issuer Offering Size % Price Change Offer/Current % of Total Offering Stock Exchange SectorPrimary Secondary Filed Materialise NV €90.9 - - - Nasdaq Global Market Software Apr-14 BravoFly SA €210.7 (5.0%) 45.5% 54.5% Six Swiss Exchange Internet and Digital Media Apr-14 Eagle Eye Solutions Ltd €8.2 9.8% 89.1% 10.9% London Stock Exchange Financial Technology Mar-14 XLMedia plc €50.1 38.8% 78.5% 21.5% London Stock Exchange AIM Market Internet and Digital Media Mar-14 boohoo.com plc €361.8 8.5% 100.0% 0.0% London Stock Exchange AIM Market Internet and Digital Media Mar-14 Triboo Media S.p.A. €24.0 32.5% 90.0% 10.0% Borsa Italiana Internet and Digital Media Feb-14 JUST EAT plc €435.7 (10.4%) 27.8% 72.2% London Stock Exchange Internet and Digital Media Feb-14 AO World Plc €514.9 (15.8%) 14.2% 85.8% London Stock Exchange Internet and Digital Media Feb-14 King Digital Entertainment plc €362.6 (17.7%) 70.0% 30.0% New York Stock Exchange Internet and Digital Media Nov-13 Arria NLG Plc €123.5 (65.0%) 100.0% 0.0% London Stock Exchange AIM Market Applied Technologies and Systems Nov-13 Napatech A/S €16.7 (22.4%) 83.3% 16.7% Oslo Bors Communications Nov-13 GameAccount Network plc €26.6 (17.4%) 100.0% 0.0% London Stock Exchange AIM Market Internet/Digital Media Oct-13 Servelec Group plc €147.7 54.2% 0.0% 100.0% London Stock Exchange Applied Technologies and Systems Oct-13 Tungsten Corporation €185.2 3.6% 100.0% 0.0% London Stock Exchange AIM Market Software Oct-13 Criteo SA €208.8 (6.6%) 100.0% 0.0% Nasdaq Internet/Digital Media Jun-13 Keywords International Ltd. €32.5 30.9% 35.7% 64.3% London Stock Exchange AIM Market Technology Services May-13 Outsourcery PLC €14.8 (17.7%) 100.0% 0.0% London Stock Exchange AIM Market Technology Services May-13 Luxoft Holding, Inc. €53.2 65.2% 50.0% 50.0% New York Stock Exchange Technology Services Mar-13 Qiwi plc €162.9 62.1% 0.0% 100.0% Nasdaq Global Select Financial Technology Mar-13 Asetek A/S €25.6 4.4% 75.0% 25.0% Oslo Bors Software Aug-12 Fleetmatics Group PLC €102.2 76.4% 70.0% 30.0% New York Stock Exchange Software May-12 Etherstack plc €41.4 (82.5%) 50.0% 50.0% Australian Securities Exchange Communications May-12 WANdisco plc €22.4 381.9% 100.0% 0.0% London Stock Exchange AIM Market Software Feb-12 INSIDE Secure €69.0 (55.7%) 100.0% 0.0% Euronext Paris Semiconductors Jan-12 AVG Technologies N.V. €97.0 15.6% 50.0% 50.0% New York Stock Exchange Software Median €90.9 Average €135.5 Sources: Capital IQ as of April 25, 2014
  31. 31. William Blair & Company Quarterly European Technology Report 28 Selected Private Capital Financings, IPOs and Follow-on Offerings Selected Technology Follow-on Offerings Date Issuer Offering Size % Price Change Offer/Current % of Total Offering Stock Exchange SectorPrimary Secondary Mar-14 Monitise plc €130.9 (8.5%) 100.0% 0.0% London Stock Exchange AIM Market Financial Technology Mar-14 Phoenix IT Group PLC €10.3 1.3% 100.0% 0.0% London Stock Exchange Technology Services Mar-14 Criteo SA €236.3 (35.7%) 10.0% 90.0% Nasdaq Global Select Internet / Digital Media Feb-14 Wirecard AG €366.8 (9.1%) 100.0% 0.0% XETRA Trading Platform Financial Technology Feb-14 Innovation Group plc €80.1 1.6% 100.0% 0.0% London Stock Exchange Software Feb-14 Expert System S.p.A. €17.3 17.8% 100.0% 0.0% Borsa Italiana Applied Technologies and Systems Feb-14 Idex ASA €35.4 19.6% 100.0% 0.0% Oslo Bors Applied Technologies and Systems Jan-14 Incadea Plc €14.0 (2.4%) 100.0% 0.0% London Stock Exchange AIM Market Software Jan-14 SolarWorld AG €174.8 (8.0%) 100.0% 0.0% XETRA Trading Platform Semiconductors Dec-13 Fingerprint Cards AB €13.3 17.2% 100.0% 0.0% OMX Nordic Exchange Stockholm Applied Technology and Systems Dec-13 NXP Semiconductors NV €771.9 38.5% 0.0% 100.0% Nasdaq Global Select Semiconductors Nov-13 Manz AG €26.9 5.4% 100.0% 0.0% XETRA Trading Platform Applied Technology and Systems Nov-13 Sequans Communications S.A. €16.7 4.4% 100.0% 0.0% New York Stock Exchange Semiconductors Nov-13 Redcentric plc €76.2 45.0% 100.0% 0.0% London Stock Exchange AIM Market Technology Services Nov-13 Cancom SE €56.0 35.4% 100.0% 0.0% XETRA Trading Platform Technology Services Nov-13 Quindell Plc €251.5 53.1% 0.0% 100.0% London Stock Exchange AIM Market Software Nov-13 Sapiens International Corp. NV €40.6 21.1% 100.0% 0.0% Nasdaq Capital Market Software Nov-13 SQS Software Quality Systems AG (AIM:SQS) €13.7 30.0% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-13 Opera Software ASA €66.6 12.4% 100.0% 0.0% Oslo Bors Software Nov-13 Opus Group AB €17.4 42.4% - - OMX Nordic Exchange Stockholm Applied Technology and Systems Nov-13 Seamless Distribution AB €36.4 (19.5%) 100.0% 0.0% OMX Nordic Exchange Stockholm Financial Technology Nov-13 Alcatel-Lucent, S.A. €956.7 37.4% 100.0% 0.0% Euronext Paris Communications Oct-13 Aixtron SE €101.2 16.8% 100.0% 0.0% Deutsche Boerse AG Semiconductors Oct-13 Nanoco Group plc €11.8 (1.3%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors Oct-13 Globo plc €28.5 13.7% 100.0% 0.0% London Stock Exchange AIM Market Software Sep-13 WANdisco plc €22.6 21.7% 100.0% 0.0% London Stock Exchange AIM Market Software Sep-13 QIWI plc €177.6 (9.7%) 0.0% 100.0% Nasdaq Global Select Financial Technology Sep-13 Fleetmatics Group plc €207.0 (35.9%) 0.0% 100.0% New York Stock Exchange Software Sep-13 NXP Semiconductors NV €708.8 56.4% 0.0% 100.0% Nasdaq Global Select Semiconductors Jul-13 Fleetmatics Group plc €266.9 (9.1%) 9.2% 90.8% New York Stock Exchange Software Jun-13 Soitec S.A. €71.5 33.8% 100.0% 0.0% Euronext Paris Semiconductors May-13 1Spatial Plc €21.1 18.8% 100.0% 0.0% London Stock Exchange AIM Market Software Mar-13 Atos S.A. €129.2 (97.7%) 0.0% 100.0% Euronext Paris Services Mar-13 Yandex N.V. €423.4 5.5% 0.0% 100.0% Nasdaq Global Select Internet/Digital Media Mar-13 NXP Semiconductors NV €599.5 87.5% 0.0% 100.0% Nasdaq Global Select Semiconductor Feb-13 Mail.ru Group €406.7 (26.2%) 0.0% 100.0% London Stock Exchange Internet/Digital Media Feb-13 Tomorrow Focus AG €19.2 7.7% 100.0% 0.0% Deutsche Borse Internet/Digital Media Feb-13 NXP Semiconductors NV €672.3 94.0% 0.0% 100.0% Nasdaq Global Select Semiconductors Jan-13 Fleetmatics Group PLC €150.4 20.0% 0.0% 100.0% New York Stock Exchange Software Jan-13 IQE Public Limited Company €20.1 (21.6%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors Dec-12 Monitise plc €123.0 107.5% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-12 Quindell Portfolio Plc €24.9 88.5% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-12 Quindell Portfolio Plc €33.1 88.5% 100.0% 0.0% London Stock Exchange AIM Market Software Oct-12 Fleetmatics Group PLC €113.1 344.3% 69.6% 30.4% New York Stock Exchange Software Apr-12 itelligence AG €36.8 - 100.0% 0.0% Frankfurt Stock Exchange Prime Standard Services Mar-12 Wirecard AG €139.5 117.3% - - Frankfurt Stock Exchange Financial Technology Feb-12 Quindell Portfolio Plc €38.3 263.0% 100.0% 0.0% London Stock Exchange AIM Market Financial Technology
  32. 32. William Blair & Company Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 29 Selected Technology Follow-on Offerings Date Issuer Offering Size % Price Change Offer/Current % of Total Offering Stock Exchange SectorPrimary Secondary Feb-12 Brady plc €21.6 1.3% 100.0% 0.0% London Stock Exchange AIM Market Financial Technology Median €69.0 Average €166.2 Sources: Capital IQ as of April 25, 2014
  33. 33. William Blair & Company Quarterly European Technology Report Disclosures 30 Quarterly European Technology Report 30 Disclosures Disclosures William Blair & Company, L.L.C. is a Delaware company and is regulated by the Securities and Exchange Commission, the financial industry regulatory authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. William Blair & Company only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at professional clients and eligible counterparties (as defined in cobs 3.5 and 3.6 of the FCA handbook). This is an advertisement and is not intended to be investment advice, marketing communication or investment research. Although every precaution has been taken to ensure the details in the Technology report are accurate, no reliance should be placed on these details. William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com May 8, 2014
  34. 34. William Blair’s investment banking group combines signi icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth inancing, inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010 - 2013, the investment banking group completed 250 merger-and-acquisition transactions worth more than $52 billion in value, involving parties in 27 countries and four continents, was an underwriter on over 20% of all U.S. initial public offerings and arranged more than $11.5 billion of debt inancing. About William Blair Investment Banking

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