Hillary Stiff - HostingCon July 2006, "Mergers & Acquisitions in the Web Hosting Industry."

Mergers & Acquisitions in the Web Hosting Industry Joe Bardenheier Endurance International Group, Inc. Hillary Stiff Cheval Capital, Inc.

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Cheval Capital, Inc. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Market Conditions - Multiples 2.5x – 7.0x 1.0x – 2.5x Multiple of Annual Revenue 2x – 4x 0.5x-1.2x x DN

Market Conditions – Future Multiples Hosting Transaction Multiples 1999 2006 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],10x 1x

Market Conditions – Deal Volume ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Market Conditions – Buyer Types ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Price vs. Profits & Risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Asset vs. Stock Deals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How do buyers pay? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

When do buyers pay? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation I ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation II ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation III – Other Factors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation IV - Financials ,[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Endurance International - Overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Endurance’s Acquisition Criteria ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Hillary Stiff - HostingCon July 2006, "Mergers & Acquisitions in the Web Hosting Industry."

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Hillary Stiff - HostingCon July 2006, "Mergers & Acquisitions in the Web Hosting Industry."