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Tech M&A Monthly
M&A Launch: 10 Tips to Ensure Success
May 17, 2018
2
Agenda
 Welcome
 Field Reports
 Code Metro – Rob Schram, SVP, Corum Group
 Genohm – Jon Scott, MD, Corum Group Int’l
 May 2018 Research Report
 10 Tips for a Successful M&A Launch Meeting
 Q&A
3
Rob has over 30 years of executive and entrepreneurial experience in multiple technologies: Integrated circuit testing,
industrial process automation and control, communications software, security software, and energy software and
services.
Rob has founded and sold several companies and engaged in two IPOs. He was most recently CEO of Evergreen Fuel
Technologies, Inc. in the energy sector. Rob is a broadly skilled strategic development professional with a proven
reputation for targeting, negotiating and developing profitable ventures and a demonstrated ability to successfully
analyze an organization's critical business requirements, identify deficiencies and opportunities, and develop innovative
and cost-effective solutions for enhancing competitiveness, increasing revenues, and improving customer
relationships.
Field Report: Code Metro
Rob Schram
Senior Vice President
Corum Group
4
Jon joined Corum in 2010 out of their Seattle headquarters. He has close to 30 years experience serving high
technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has
become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building
strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to
Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired
by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of
communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and
business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a business
administration degree from San Francisco State University.
Field Report: Genohm
Jon Scott
Managing Director
Corum Group International
5
Corum Research Report
Elon Gasper
EVP, Research
Patrick Cunningham
Analyst
Amber Stoner
Director of Research
6
Public Markets
Jan Mar May Jul Sep Nov Jan Mar May
68%
26%
38%
0%
10%
20%
30%
40%
50%
60%
70%
Weekly Percentage Change
S&P TECH Dow Jones NASDAQ
USA Apr 2018
S&P Tech 2%
NASDAQ 0%
Dow Jones 0%
Asia Apr 2018
HANG SENG 2%
SSE Composite -3%
Nikkei 5%
Europe Apr 2018
CAC 40 7%
DAX 4%
FTSE 100 6%
2016 2017
7
The Bull Market, 2009-Present (?)
2009 2011 2013 2015 20172009 2011 2013 2015 2017 2018
0%
100%
200%
300%
400%
500%
600% Daily Percentage Change
NASDAQ S&P TECH Dow Jones
2018
8
Corum Index
Market
Transactions
April 2018April 2017
267 277
Mega Deals
2 10
Largest Deal $3.4B $5.4B
Pipeline
Private Equity
Platform Deals
28 44
VC-Backed Exits
3152
Attributes
39%
Cross Border
Transactions 38%
Start-Up
Acquisitions 10%11%
19 yrs16 yrs
Average Life
of Target
April 2017 April 2018
April 2017 April 2018
0%
57%
40%
400%
59%
4%
9
2018 Mega Deals – Through April
INTERNET
$27B
IT SERVICES
$12B
$6.8B
$5.1B
HORIZONTAL
$9.6B
INFRASTRUCTURE
$15B
VERTICAL
$20B$9.5B
$4.7B
CONSUMER
$17BFinancial Markets
Business
$3.5B
$2.4B
$1.1B
$2.6B
$1.0B
$6.6B
$2.0B
$3.4B
$1.5B
Healthcare IT assets
$1.9B
$1.4B
$2.1B
$5.4B
$1.2B
$1.2B
$1.1B
$1.1B
$2.9B$3.7B
$2.1B
Digital Farming
division
$3.4B
$5.4B
$1.2B
10
VERTICAL
$20B
Healthcare IT assets
$1.9B
$1.4B
$2.1B
$5.4B
$1.2B
$1.2B
$1.1B
$2.9B
$2.1B
Digital Farming
division
2018 Mega Deals – Through April
Sold to
Target: Sky Bet [United Kingdom]
Acquirer: The Stars Group [Canada]
Transaction Value: $4.7B
- Sports, casino, bingo and poker gaming website
INTERNET
$27B
IT SERVICES
$12B
$6.8B
$5.1B
HORIZONTAL
$9.6B
INFRASTRUCTURE
$15B$9.5B
$4.7B
CONSUMER
$17BFinancial Markets
Business
$3.5B
$2.4B
$1.1B
$2.6B
$1.0B
$6.6B
$2.0B
$3.4B
$1.5B
$1.1B
$3.7B
$3.4B
$5.4B
$1.2B
11
Horizontal Application Software Market
4.6x
19.2x
Public Valuation Multiples
EV
Sales
Since Q1 Corum Analysis
EV
EBITDA
Holding in a narrow
range for 12 months
Apr. 2018
Holding in a narrow
range for 24 months
12
Horizontal Application Software Market
Deal Spotlights: Workforce Management
Sold to
Sold to
Target: Keystyle Data Solutions [USA]
Acquirer: Viewpoint [Bain Capital] [USA]
- Payroll and workforce management software
Target: PeopleFluent [Bedford Funding] [USA]
Acquirer: Learning Technologies Group [United Kingdom]
Transaction Value: $150M (1.4x EV/Sales and 11.2x EV/EBITDA)
- Cloud-based talent management solutions
Sold to
Target: Allocate Software [HgCapital] [United Kingdom]
Acquirer: Vista Equity Partners Management [USA]
- Workforce optimization software
13
Horizontal Application Software Market
Deal Spotlights: Customer Analytics
Target: Mattersight [USA]
Acquirer: NICE [Israel]
Transaction Value: $125.9M (2.5x EV/Sales)
- Customer behavioral analytics SaaS
Sold to
Sold to
Target: Delighted [USA]
Acquirer: Qualtrics [USA]
- Online service gathering feedback from customers
14
Horizontal Application Software Market
Deal Spotlights: Nike
Target: Zodiac [USA]
Acquirer: NIKE [USA]
- Customer profitability predictive analytics solution
Sold to
Sold to
Target: Invertex [Israel]
Acquirer: NIKE [USA]
- 3D foot scanning software
Horizontal Application Software Market
15
Horizontal Application Software Market
Deal Spotlights: Advertising Enablement
Target: Grapeshot [USA]
Acquirer: Oracle [USA]
- Contextual intelligence solution transforming data into relevant insights
Sold to
Sold to
Target: Bizible [USA]
Acquirer: Marketo [Vista Equity Partners] [USA]
- Marketing attribution and revenue planning SaaS
16
Internet Software Market
Public Valuation Multiples
4.4x
21.8x
EV
Sales
Corum Analysis
EV
EBITDA
Gave up nearly a
year’s gain…
…while EBITDA
metrics recovered
moderately as
business model
fears abate
Apr. 2018Since Q1
17
Internet Software Market
Deal Spotlights: Ticketing
Target: Paylogic [LiveStyle] [Netherlands]
Acquirer: Vivendi [France]
- Ticket sales and access management platform
Target: Ticketea [Spain]
Acquirer: Eventbrite [USA]
- Event technology platform to organize and sell tickets
Sold to
Sold to
Sold to
Target: Moviefone [Verizon] [USA]
Acquirer: Helios and Matheson Analytics [USA]
Announced Transaction Value: $8.6M
- Online movie ticketing service
18
Internet Software Market
Deal Spotlights: Travel Booking
Target: FareHarbor Holding [USA]
Acquirer: Booking Holdings [USA]
- Reservation booking SaaS
Sold to
Sold to
Target: SideStory [United Kingdom]
Acquirer: Mr & Mrs Smith [United Kingdom]
- Highly curated creative and cultural experiences
Target: Bokun [Iceland]
Acquirer: TripAdvisor [USA]
- Marketplace for tours and activity products
Sold to
19
Internet Software Market
Deal Spotlights: Other Travel
Target: ResDiary [Scotland]
Acquirer: AccorHotels [France]
- Restaurant reservation SaaS
Sold to
Sold to
Target: Skiddoo [Australia]
Acquirer: Helloworld Travel Online [Australia]
- Web-based flight and hotel booking services
20
4.5x
19.3x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Dipped to late 2016
levels after a record-
setting spike late last
year…
…while EBITDA
metrics headed back
closer to historic
highs
Vertical Application Software Market
Since Q1 Apr. 2018
21
Healthcare IT assets
$1.2B
$1.1B
2018 Mega Deals – Through April
Sold to
Target: Viewpoint [Bain Capital] [USA]
Acquirer: Trimble [USA]
Transaction Value: $1.2B
- SaaS and on premise commercial construction software
INTERNET
$27B
IT SERVICES
$12B
$6.8B
$5.1B
HORIZONTAL
$9.6B
INFRASTRUCTURE
$15B
VERTICAL
$20B$9.5B
$4.7B
CONSUMER
$17BFinancial Markets
Business
$3.5B
$2.4B
$1.1B
$2.6B
$1.0B
$6.6B
$2.0B
$3.4B
$1.5B
$1.9B
$1.4B
$2.1B
$5.4B
$1.2B
$1.1B
$2.9B$3.7B
$2.1B
Digital Farming
division
$3.4B
$5.4B
$1.2B
22
Deal Spotlights: Construction / Building Modelling
Vertical Application Software Market
Target: FieldEdge [USA]
Acquirer: Advent International Corporation [USA]
- Field Service Management SaaS for home service contractors
Sold to
Sold to
Target: PP7 Affarssystem [Sweden]
Acquirer: Vitec Software Group [Sweden]
- Construction project management and ERP SaaS
23
Deal Spotlights: Education
Vertical Application Software Market
Since Q1
Target: Embibe [India]
Acquirer: Reliance Industries [India]
Transaction Value: $180M
- AI-enabled education data analytics SaaS
Target: Contact Group [United Kingdom]
Acquirer: IRIS Software Group [HgCapital] [United Kingdom]
- Parent notification and payment processing software
Sold to
Sold to
Sold to
Target: Edmodo [USA]
Acquirer: NetDragon Websoft [China]
Transaction Value: $137.5M
- Communication and coaching platform for K-12 schools
24
Deal Spotlights: Automotive
Vertical Application Software Market
Target: CAR360 [USA]
Acquirer: Carvana [USA]
Transaction Value: $21.9M
- Virtual car presentation software
Sold to
Sold to
Target: NoPileups [USA]
Acquirer: DRB Systems [New Mountain Capital] [USA]
- Full-tunnel accident prevention systems for carwashes
- Based in Boise, Idaho
25
Largest Ecommerce Deal Ever
Sold to
Target: Flipkart.com [India]
Acquirer: Walmart [USA]
Transaction Value: $16B (4.5x EV/Sales)
- India’s largest online retailer
- Walmart reportedly beat out a bid from Amazon
- Walmart’s largest deal ever – 5x Jet.com
- Driven by worldwide Composite Commerce trend
- India projected to be world’s third largest consumer market by 2025
26
Corum Research Report
Elon Gasper
EVP, Research
Patrick Cunningham
Analyst
Amber Stoner
Director of Research
27
Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Panel Moderator
Timothy Goddard
EVP, Marketing
Corum Group Ltd.
28
Martin comes to Corum Group with a diverse background…from fighter pilot in Africa to founder and CEO of his own
Internet advertising company. He has worked in strategic management consulting roles with over 25 startups in
multiple sectors of technology over the last 19 years, helping them grow, penetrate markets and, in some cases, be
acquired. The base of Martin’s tech experience was originally honed at Parametric Technology Corp. where he held
positions in customer education, international marketing and strategic development. Now, Martin works with tech
executives across the globe to reach an optimal outcome in their M&A endeavors.
Martin graduated from University of the Witwatersrand in Johannessburg with a B.S. in Mechanical Engineering.
Tip #1:
Prepare Thorough & Organized Corporate Information
Martin Lowrie
Vice President
Corum Group
29
Marc was the founder/CEO of WebProject, the first team collaboration internet company with the backing of Cisco and
Sun Microsystems. He then led the successful sale of the company to Novient Inc. He subsequently was the
founder/CEO of Projity, the leading SaaS project management solution. Marc led the successful acquisition of the
company to Serena Software. Serena was a publicly traded company (NASDAQ) taken private by Silver Lake
Partners for $1.2 billion.
Marc joined content management powerhouse Acquia as Vice President and General Manager, helping lead Acquia to
tremendous growth and raising over $194 million in venture funding with positioning for a future IPO. He is also
Chairman of the Board of ProjectLibre Inc, an open source alternative to Microsoft Project with over three million
downloads in over 200 countries.
He graduated from Clarkson University with a B.S. in Engineering & Management.
Tip #2:
Make Sure the Right People Are in the Room
Marc O’Brien
Vice President
Corum Group
30
Peter Prince has spent over three decades involved in starting and growing software companies or large divisions of
international software companies. As well as following his entrepreneurial spirit he has held a number of senior roles for
both privately held and public companies. He was part of several key acquisitions such as Software Artistry to IBM,
Infinium to SSA GT and SSA Global to Golden Gate (Infor). He was President of SSA Global EMEA prior to its sale
and then CEO of Cogniti.
Peter has also focused on investing both time and funding into start-up and young companies over the recent years in
a diverse range of sectors.
He attended Chiltern University attaining a business degree and later attended Harvard Business School successfully
completing an executive course, Launching New Ventures.
Tip #3:
Present as if Speaking to a Buyer
Peter Prince
Vice President
Corum Group International
31
Steve joined Corum after 25 years of executive experience in various high-tech industries with both public and private
venture-backed startups. He has extensive global experience, opening international markets and growing sales from
zero to tens of million in revenue. He has been on the forefront of selling several companies and spinning off software
divisions, highlighted by the sale of GetFon to Alestra (AT&T Mexico). He is fluent in Spanish.
Steve was the founding CEO of Solera Networks, a real-time intrusion detection security company. He also co-founded
Auction Trust Network, an eCommerce company for online exchanges; which he sold to MediaForge (Rakuten
Marketing).
Steve is a board member of several software companies and has industry expertise in several areas: enterprise apps
and infrastructure, security, mobile and wireless, media & entertainment, supply chain, and embedded devices/systems
(IoT).
Tip #4:
Sell the Future – Avoid Extraneous Material
Steve Jones
Senior Vice President
Corum Group
32
Ivan Ruzic has had a successful 30+ year career in the software business that has included virtually every senior
executive role. His resume spans marquee companies such as BEA systems, Novell and Borland as well as multiple
startups including his own. His international experience is extensive and in addition to the United States has been
involved in mergers and acquisitions in Europe, Africa and Asia.
His success and extensive experience qualify him as an expert in building value and realizing wealth. Ivan joined
Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective
sellers maximize the value of their technology companies.
Tip #5:
Get Feedback from Multiple Perspectives
Ivan Ruzic
Vice President
Corum Group
33
Daniel Bernstein has worked in a number of roles over a twenty year career in high technology, most recently as the
founder and CEO of Sandlot Games Corporation, a leading casual games publisher and developer. Having sold
Sandlot Games to Digital Chocolate in 2011, Daniel started a small games studio and a consulting practice where he
advises larger companies such as RealNetworks and smaller high growth businesses on product development,
strategic initiatives, and M&A opportunities.
Prior to Sandlot Games, Daniel Bernstein held director level positions in companies such as Wild Tangent and
Monolith. An accomplished composer, Daniel also writes music for most of the games he works on.
Daniel holds a BS in Computer Science and an MA in Music Composition from the University of Virginia.
Tip #6:
Come Clean About All Your Potential Problems
Daniel Bernstein
Vice President
Corum Group
34
Mattias is based in Corum’s Zurich office and has been working with tech companies for over 20 years. Along with
extensive angel investments, he built a company acquired by and still operating under food services giant Sodexo.
Most recently he was Co-Founder and Board Member at GuidePal AB.
He has a Master of Science in Economics & Business Administration from Uppsala University.
Tip #7:
Begin Refining Your Positioning Statement
Mattias Borg
Vice President
Corum Group
35
Entertainment software entrepreneur Jim Perkins is directly responsible for publishing some of the industry’s biggest
franchises, including Unreal, Duke Nukem, Wolfenstein, Doom, Hunting Unlimited, and Driver. A well-known senior
executive with a 22-year track record of publishing such bestselling hits, he founded and grew two highly successful
software publishing companies (FormGen and ARUSH) from start-ups to multi-million dollar enterprises.
His success and extensive experience in software production, marketing and public relations, packaging, online and
retail distribution and software M&A, uniquely qualify him as an expert in building value and realizing wealth. Jim joined
Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective
sellers maximize the value of their digital media companies.
Tip #8:
Consider All Relevant Buyer Sectors
Jim Perkins
Executive Vice President
Corum Group
36
As a serial entrepreneur and investment banker, Rob Griggs has had a successful 35+ year career in the high
technology arena. Early in his career he was a top performer at Apple before starting his first software company in the
mid-1980’s. As a founder of Authorware / MacroMedia, NetRadio, Wit Capital, and many other companies, Rob’s
sales, marketing, business development and capital raising skills have been honed over supporting hundreds of
company financial transactions during his career.
His success and extensive experience in software M&A uniquely qualify him as an expert in building value and realizing
wealth. Rob joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping
prospective sellers maximize the value of their technology companies.
Tip #9:
Discuss Special Buyer Circumstances
Rob Griggs
Vice President
Corum Group
37
Based in Corum’s Southern California office, Serge has over 20 years of experience across technology and marketing.
Throughout those 20 years, he’s both worked in tech and started tech companies. Most recently he was President of
IVD Industry Connectivity Consortium, and President of Aertworks LLC.
Serge earned his degree in Industrial Design at Artesis University in Belgium.
Tip #10:
Leave with a Clear Understanding of Next Steps
Serge Jonnaert
Vice President
Corum Group
38
www.corumgroup.com

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#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success

  • 1. 1 Tech M&A Monthly M&A Launch: 10 Tips to Ensure Success May 17, 2018
  • 2. 2 Agenda  Welcome  Field Reports  Code Metro – Rob Schram, SVP, Corum Group  Genohm – Jon Scott, MD, Corum Group Int’l  May 2018 Research Report  10 Tips for a Successful M&A Launch Meeting  Q&A
  • 3. 3 Rob has over 30 years of executive and entrepreneurial experience in multiple technologies: Integrated circuit testing, industrial process automation and control, communications software, security software, and energy software and services. Rob has founded and sold several companies and engaged in two IPOs. He was most recently CEO of Evergreen Fuel Technologies, Inc. in the energy sector. Rob is a broadly skilled strategic development professional with a proven reputation for targeting, negotiating and developing profitable ventures and a demonstrated ability to successfully analyze an organization's critical business requirements, identify deficiencies and opportunities, and develop innovative and cost-effective solutions for enhancing competitiveness, increasing revenues, and improving customer relationships. Field Report: Code Metro Rob Schram Senior Vice President Corum Group
  • 4. 4 Jon joined Corum in 2010 out of their Seattle headquarters. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results. Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies. Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University. Field Report: Genohm Jon Scott Managing Director Corum Group International
  • 5. 5 Corum Research Report Elon Gasper EVP, Research Patrick Cunningham Analyst Amber Stoner Director of Research
  • 6. 6 Public Markets Jan Mar May Jul Sep Nov Jan Mar May 68% 26% 38% 0% 10% 20% 30% 40% 50% 60% 70% Weekly Percentage Change S&P TECH Dow Jones NASDAQ USA Apr 2018 S&P Tech 2% NASDAQ 0% Dow Jones 0% Asia Apr 2018 HANG SENG 2% SSE Composite -3% Nikkei 5% Europe Apr 2018 CAC 40 7% DAX 4% FTSE 100 6% 2016 2017
  • 7. 7 The Bull Market, 2009-Present (?) 2009 2011 2013 2015 20172009 2011 2013 2015 2017 2018 0% 100% 200% 300% 400% 500% 600% Daily Percentage Change NASDAQ S&P TECH Dow Jones 2018
  • 8. 8 Corum Index Market Transactions April 2018April 2017 267 277 Mega Deals 2 10 Largest Deal $3.4B $5.4B Pipeline Private Equity Platform Deals 28 44 VC-Backed Exits 3152 Attributes 39% Cross Border Transactions 38% Start-Up Acquisitions 10%11% 19 yrs16 yrs Average Life of Target April 2017 April 2018 April 2017 April 2018 0% 57% 40% 400% 59% 4%
  • 9. 9 2018 Mega Deals – Through April INTERNET $27B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B INFRASTRUCTURE $15B VERTICAL $20B$9.5B $4.7B CONSUMER $17BFinancial Markets Business $3.5B $2.4B $1.1B $2.6B $1.0B $6.6B $2.0B $3.4B $1.5B Healthcare IT assets $1.9B $1.4B $2.1B $5.4B $1.2B $1.2B $1.1B $1.1B $2.9B$3.7B $2.1B Digital Farming division $3.4B $5.4B $1.2B
  • 10. 10 VERTICAL $20B Healthcare IT assets $1.9B $1.4B $2.1B $5.4B $1.2B $1.2B $1.1B $2.9B $2.1B Digital Farming division 2018 Mega Deals – Through April Sold to Target: Sky Bet [United Kingdom] Acquirer: The Stars Group [Canada] Transaction Value: $4.7B - Sports, casino, bingo and poker gaming website INTERNET $27B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B INFRASTRUCTURE $15B$9.5B $4.7B CONSUMER $17BFinancial Markets Business $3.5B $2.4B $1.1B $2.6B $1.0B $6.6B $2.0B $3.4B $1.5B $1.1B $3.7B $3.4B $5.4B $1.2B
  • 11. 11 Horizontal Application Software Market 4.6x 19.2x Public Valuation Multiples EV Sales Since Q1 Corum Analysis EV EBITDA Holding in a narrow range for 12 months Apr. 2018 Holding in a narrow range for 24 months
  • 12. 12 Horizontal Application Software Market Deal Spotlights: Workforce Management Sold to Sold to Target: Keystyle Data Solutions [USA] Acquirer: Viewpoint [Bain Capital] [USA] - Payroll and workforce management software Target: PeopleFluent [Bedford Funding] [USA] Acquirer: Learning Technologies Group [United Kingdom] Transaction Value: $150M (1.4x EV/Sales and 11.2x EV/EBITDA) - Cloud-based talent management solutions Sold to Target: Allocate Software [HgCapital] [United Kingdom] Acquirer: Vista Equity Partners Management [USA] - Workforce optimization software
  • 13. 13 Horizontal Application Software Market Deal Spotlights: Customer Analytics Target: Mattersight [USA] Acquirer: NICE [Israel] Transaction Value: $125.9M (2.5x EV/Sales) - Customer behavioral analytics SaaS Sold to Sold to Target: Delighted [USA] Acquirer: Qualtrics [USA] - Online service gathering feedback from customers
  • 14. 14 Horizontal Application Software Market Deal Spotlights: Nike Target: Zodiac [USA] Acquirer: NIKE [USA] - Customer profitability predictive analytics solution Sold to Sold to Target: Invertex [Israel] Acquirer: NIKE [USA] - 3D foot scanning software Horizontal Application Software Market
  • 15. 15 Horizontal Application Software Market Deal Spotlights: Advertising Enablement Target: Grapeshot [USA] Acquirer: Oracle [USA] - Contextual intelligence solution transforming data into relevant insights Sold to Sold to Target: Bizible [USA] Acquirer: Marketo [Vista Equity Partners] [USA] - Marketing attribution and revenue planning SaaS
  • 16. 16 Internet Software Market Public Valuation Multiples 4.4x 21.8x EV Sales Corum Analysis EV EBITDA Gave up nearly a year’s gain… …while EBITDA metrics recovered moderately as business model fears abate Apr. 2018Since Q1
  • 17. 17 Internet Software Market Deal Spotlights: Ticketing Target: Paylogic [LiveStyle] [Netherlands] Acquirer: Vivendi [France] - Ticket sales and access management platform Target: Ticketea [Spain] Acquirer: Eventbrite [USA] - Event technology platform to organize and sell tickets Sold to Sold to Sold to Target: Moviefone [Verizon] [USA] Acquirer: Helios and Matheson Analytics [USA] Announced Transaction Value: $8.6M - Online movie ticketing service
  • 18. 18 Internet Software Market Deal Spotlights: Travel Booking Target: FareHarbor Holding [USA] Acquirer: Booking Holdings [USA] - Reservation booking SaaS Sold to Sold to Target: SideStory [United Kingdom] Acquirer: Mr & Mrs Smith [United Kingdom] - Highly curated creative and cultural experiences Target: Bokun [Iceland] Acquirer: TripAdvisor [USA] - Marketplace for tours and activity products Sold to
  • 19. 19 Internet Software Market Deal Spotlights: Other Travel Target: ResDiary [Scotland] Acquirer: AccorHotels [France] - Restaurant reservation SaaS Sold to Sold to Target: Skiddoo [Australia] Acquirer: Helloworld Travel Online [Australia] - Web-based flight and hotel booking services
  • 20. 20 4.5x 19.3x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Dipped to late 2016 levels after a record- setting spike late last year… …while EBITDA metrics headed back closer to historic highs Vertical Application Software Market Since Q1 Apr. 2018
  • 21. 21 Healthcare IT assets $1.2B $1.1B 2018 Mega Deals – Through April Sold to Target: Viewpoint [Bain Capital] [USA] Acquirer: Trimble [USA] Transaction Value: $1.2B - SaaS and on premise commercial construction software INTERNET $27B IT SERVICES $12B $6.8B $5.1B HORIZONTAL $9.6B INFRASTRUCTURE $15B VERTICAL $20B$9.5B $4.7B CONSUMER $17BFinancial Markets Business $3.5B $2.4B $1.1B $2.6B $1.0B $6.6B $2.0B $3.4B $1.5B $1.9B $1.4B $2.1B $5.4B $1.2B $1.1B $2.9B$3.7B $2.1B Digital Farming division $3.4B $5.4B $1.2B
  • 22. 22 Deal Spotlights: Construction / Building Modelling Vertical Application Software Market Target: FieldEdge [USA] Acquirer: Advent International Corporation [USA] - Field Service Management SaaS for home service contractors Sold to Sold to Target: PP7 Affarssystem [Sweden] Acquirer: Vitec Software Group [Sweden] - Construction project management and ERP SaaS
  • 23. 23 Deal Spotlights: Education Vertical Application Software Market Since Q1 Target: Embibe [India] Acquirer: Reliance Industries [India] Transaction Value: $180M - AI-enabled education data analytics SaaS Target: Contact Group [United Kingdom] Acquirer: IRIS Software Group [HgCapital] [United Kingdom] - Parent notification and payment processing software Sold to Sold to Sold to Target: Edmodo [USA] Acquirer: NetDragon Websoft [China] Transaction Value: $137.5M - Communication and coaching platform for K-12 schools
  • 24. 24 Deal Spotlights: Automotive Vertical Application Software Market Target: CAR360 [USA] Acquirer: Carvana [USA] Transaction Value: $21.9M - Virtual car presentation software Sold to Sold to Target: NoPileups [USA] Acquirer: DRB Systems [New Mountain Capital] [USA] - Full-tunnel accident prevention systems for carwashes - Based in Boise, Idaho
  • 25. 25 Largest Ecommerce Deal Ever Sold to Target: Flipkart.com [India] Acquirer: Walmart [USA] Transaction Value: $16B (4.5x EV/Sales) - India’s largest online retailer - Walmart reportedly beat out a bid from Amazon - Walmart’s largest deal ever – 5x Jet.com - Driven by worldwide Composite Commerce trend - India projected to be world’s third largest consumer market by 2025
  • 26. 26 Corum Research Report Elon Gasper EVP, Research Patrick Cunningham Analyst Amber Stoner Director of Research
  • 27. 27 Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing, the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in technology mergers and acquisitions. Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc., and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de Janeiro. Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and Biology. Panel Moderator Timothy Goddard EVP, Marketing Corum Group Ltd.
  • 28. 28 Martin comes to Corum Group with a diverse background…from fighter pilot in Africa to founder and CEO of his own Internet advertising company. He has worked in strategic management consulting roles with over 25 startups in multiple sectors of technology over the last 19 years, helping them grow, penetrate markets and, in some cases, be acquired. The base of Martin’s tech experience was originally honed at Parametric Technology Corp. where he held positions in customer education, international marketing and strategic development. Now, Martin works with tech executives across the globe to reach an optimal outcome in their M&A endeavors. Martin graduated from University of the Witwatersrand in Johannessburg with a B.S. in Mechanical Engineering. Tip #1: Prepare Thorough & Organized Corporate Information Martin Lowrie Vice President Corum Group
  • 29. 29 Marc was the founder/CEO of WebProject, the first team collaboration internet company with the backing of Cisco and Sun Microsystems. He then led the successful sale of the company to Novient Inc. He subsequently was the founder/CEO of Projity, the leading SaaS project management solution. Marc led the successful acquisition of the company to Serena Software. Serena was a publicly traded company (NASDAQ) taken private by Silver Lake Partners for $1.2 billion. Marc joined content management powerhouse Acquia as Vice President and General Manager, helping lead Acquia to tremendous growth and raising over $194 million in venture funding with positioning for a future IPO. He is also Chairman of the Board of ProjectLibre Inc, an open source alternative to Microsoft Project with over three million downloads in over 200 countries. He graduated from Clarkson University with a B.S. in Engineering & Management. Tip #2: Make Sure the Right People Are in the Room Marc O’Brien Vice President Corum Group
  • 30. 30 Peter Prince has spent over three decades involved in starting and growing software companies or large divisions of international software companies. As well as following his entrepreneurial spirit he has held a number of senior roles for both privately held and public companies. He was part of several key acquisitions such as Software Artistry to IBM, Infinium to SSA GT and SSA Global to Golden Gate (Infor). He was President of SSA Global EMEA prior to its sale and then CEO of Cogniti. Peter has also focused on investing both time and funding into start-up and young companies over the recent years in a diverse range of sectors. He attended Chiltern University attaining a business degree and later attended Harvard Business School successfully completing an executive course, Launching New Ventures. Tip #3: Present as if Speaking to a Buyer Peter Prince Vice President Corum Group International
  • 31. 31 Steve joined Corum after 25 years of executive experience in various high-tech industries with both public and private venture-backed startups. He has extensive global experience, opening international markets and growing sales from zero to tens of million in revenue. He has been on the forefront of selling several companies and spinning off software divisions, highlighted by the sale of GetFon to Alestra (AT&T Mexico). He is fluent in Spanish. Steve was the founding CEO of Solera Networks, a real-time intrusion detection security company. He also co-founded Auction Trust Network, an eCommerce company for online exchanges; which he sold to MediaForge (Rakuten Marketing). Steve is a board member of several software companies and has industry expertise in several areas: enterprise apps and infrastructure, security, mobile and wireless, media & entertainment, supply chain, and embedded devices/systems (IoT). Tip #4: Sell the Future – Avoid Extraneous Material Steve Jones Senior Vice President Corum Group
  • 32. 32 Ivan Ruzic has had a successful 30+ year career in the software business that has included virtually every senior executive role. His resume spans marquee companies such as BEA systems, Novell and Borland as well as multiple startups including his own. His international experience is extensive and in addition to the United States has been involved in mergers and acquisitions in Europe, Africa and Asia. His success and extensive experience qualify him as an expert in building value and realizing wealth. Ivan joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their technology companies. Tip #5: Get Feedback from Multiple Perspectives Ivan Ruzic Vice President Corum Group
  • 33. 33 Daniel Bernstein has worked in a number of roles over a twenty year career in high technology, most recently as the founder and CEO of Sandlot Games Corporation, a leading casual games publisher and developer. Having sold Sandlot Games to Digital Chocolate in 2011, Daniel started a small games studio and a consulting practice where he advises larger companies such as RealNetworks and smaller high growth businesses on product development, strategic initiatives, and M&A opportunities. Prior to Sandlot Games, Daniel Bernstein held director level positions in companies such as Wild Tangent and Monolith. An accomplished composer, Daniel also writes music for most of the games he works on. Daniel holds a BS in Computer Science and an MA in Music Composition from the University of Virginia. Tip #6: Come Clean About All Your Potential Problems Daniel Bernstein Vice President Corum Group
  • 34. 34 Mattias is based in Corum’s Zurich office and has been working with tech companies for over 20 years. Along with extensive angel investments, he built a company acquired by and still operating under food services giant Sodexo. Most recently he was Co-Founder and Board Member at GuidePal AB. He has a Master of Science in Economics & Business Administration from Uppsala University. Tip #7: Begin Refining Your Positioning Statement Mattias Borg Vice President Corum Group
  • 35. 35 Entertainment software entrepreneur Jim Perkins is directly responsible for publishing some of the industry’s biggest franchises, including Unreal, Duke Nukem, Wolfenstein, Doom, Hunting Unlimited, and Driver. A well-known senior executive with a 22-year track record of publishing such bestselling hits, he founded and grew two highly successful software publishing companies (FormGen and ARUSH) from start-ups to multi-million dollar enterprises. His success and extensive experience in software production, marketing and public relations, packaging, online and retail distribution and software M&A, uniquely qualify him as an expert in building value and realizing wealth. Jim joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their digital media companies. Tip #8: Consider All Relevant Buyer Sectors Jim Perkins Executive Vice President Corum Group
  • 36. 36 As a serial entrepreneur and investment banker, Rob Griggs has had a successful 35+ year career in the high technology arena. Early in his career he was a top performer at Apple before starting his first software company in the mid-1980’s. As a founder of Authorware / MacroMedia, NetRadio, Wit Capital, and many other companies, Rob’s sales, marketing, business development and capital raising skills have been honed over supporting hundreds of company financial transactions during his career. His success and extensive experience in software M&A uniquely qualify him as an expert in building value and realizing wealth. Rob joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their technology companies. Tip #9: Discuss Special Buyer Circumstances Rob Griggs Vice President Corum Group
  • 37. 37 Based in Corum’s Southern California office, Serge has over 20 years of experience across technology and marketing. Throughout those 20 years, he’s both worked in tech and started tech companies. Most recently he was President of IVD Industry Connectivity Consortium, and President of Aertworks LLC. Serge earned his degree in Industrial Design at Artesis University in Belgium. Tip #10: Leave with a Clear Understanding of Next Steps Serge Jonnaert Vice President Corum Group