This document provides contact information for various professionals at Hyde Park Capital Advisors, LLC, an investment banking firm focused on mergers and acquisitions, capital raising, and technology. It then summarizes capital market performance in the first half of 2012, technology-focused initial public offerings, middle market M&A activity and trends in the technology sector, and notable technology M&A transactions announced in the second quarter of 2012.
Fostering An Open Alliance Among Competitors The Itanium Solutions AllianceAndrew Masland
The Itanium Solutions Alliance was formed in 2005 by Intel, Itanium platform providers, and over 200 ecosystem partners. The alliance aimed to increase momentum for the Itanium chip globally, expand the application ecosystem for Windows and Linux, and address negative press coverage of the chip's longevity and OEM commitment. It established a structure with executive, regional, and working groups to coordinate efforts to improve market perception and application availability for the Itanium platform.
The document summarizes the results of a compensation survey conducted by Connell & Partners in response to continuing economic uncertainty. Over 70 companies responded. Key findings include:
- 45% of companies are taking a "wait and see" approach to compensation changes
- 71% of companies making short-term changes are adjusting short-term incentive plans
- 50% expect short-term incentives to payout below target levels
- Two-thirds expect similar merit increase budgets to last year between 2.5-3.5%
- Companies are considering various long-term changes to compensation plans to address uncertainty
The document discusses NFC adoption in China. It notes that NFC is expected to reach mass adoption by the end of 2012, with over 4 million point-of-sale terminals supporting the 13.56 MHz contactless standard. The major mobile network operators in China are leading large-scale NFC rollouts for contactless mobile payments, supported by partnerships with payment companies. The market considers China Unionpay the leader in this space due to its role in the national interbank payment network.
Carol Bartz transformed Autodesk from a small single product company into one of the largest software providers in the world during her 14 year tenure as CEO. As Executive Chairman, she continues to help Autodesk expand into emerging markets. The document provides details on Autodesk's financial performance, leadership changes, and stock option review that resulted in financial restatements.
northrop grumman Ron Sugar, Chairman and CEO (Overview and Strategic Perspect...finance8
This document provides an overview and strategic perspective from Ron Sugar, Chairman and CEO of Northrop Grumman Corporation, at an institutional investor conference on November 9, 2006. It summarizes Northrop Grumman's vision, financial performance, balanced portfolio across key sectors, recent contract awards and opportunities in information and services, electronics, aerospace, and ships. It also outlines the leadership team structure and emphasizes growth, performance, and value-creating cash deployment going forward.
The document discusses the concept of a "storage hypervisor" which would provide a layer of abstraction between physical storage resources and applications using them, similar to how server hypervisors virtualize servers. It notes that server virtualization has proven very efficient by allowing multiple applications and operating systems to run on one physical server. A storage hypervisor could provide similar benefits by making storage from different vendors and with different protocols able to work together transparently and improve availability, speed, and utilization of storage resources. However, true storage hypervisors that provide all these capabilities in a multi-vendor environment have not been fully realized yet.
Three Reasons Investors Want You Off Spreadsheets; Risk Management Alternativesimaginesoftware
The document discusses the challenges of using spreadsheets in capital markets. It summarizes research finding that thousands of business critical spreadsheets are commonly used, but rarely audited, by financial organizations. Spreadsheets are heavily relied on for tasks like modeling financial instruments despite issues around operational risk, functionality, performance, and transparency. The document proposes migrating from spreadsheets to more robust enterprise platforms to gain controls, scalability, and satisfy increasing regulatory demands. It outlines Imagine Software's integrated solution approach using cloud-based software and comprehensive data management services to address the operational and transparency issues that motivate investors to move away from spreadsheets.
Quadrant 4 Systems Corporation (OTC: QFOR; Twitter: $QFOR) is the next generation entrepreneurial project of a team of accomplished IT industry veterans. The principals have built technology business enterprises from start up, grown organically and exited after creating shareholder value. The principals of Quadrant 4 cumulatively bring over 5 decades of entrepreneurial, technical and management expertise that are core to the success of building its next generation Information Technology (IT) services business.
Fostering An Open Alliance Among Competitors The Itanium Solutions AllianceAndrew Masland
The Itanium Solutions Alliance was formed in 2005 by Intel, Itanium platform providers, and over 200 ecosystem partners. The alliance aimed to increase momentum for the Itanium chip globally, expand the application ecosystem for Windows and Linux, and address negative press coverage of the chip's longevity and OEM commitment. It established a structure with executive, regional, and working groups to coordinate efforts to improve market perception and application availability for the Itanium platform.
The document summarizes the results of a compensation survey conducted by Connell & Partners in response to continuing economic uncertainty. Over 70 companies responded. Key findings include:
- 45% of companies are taking a "wait and see" approach to compensation changes
- 71% of companies making short-term changes are adjusting short-term incentive plans
- 50% expect short-term incentives to payout below target levels
- Two-thirds expect similar merit increase budgets to last year between 2.5-3.5%
- Companies are considering various long-term changes to compensation plans to address uncertainty
The document discusses NFC adoption in China. It notes that NFC is expected to reach mass adoption by the end of 2012, with over 4 million point-of-sale terminals supporting the 13.56 MHz contactless standard. The major mobile network operators in China are leading large-scale NFC rollouts for contactless mobile payments, supported by partnerships with payment companies. The market considers China Unionpay the leader in this space due to its role in the national interbank payment network.
Carol Bartz transformed Autodesk from a small single product company into one of the largest software providers in the world during her 14 year tenure as CEO. As Executive Chairman, she continues to help Autodesk expand into emerging markets. The document provides details on Autodesk's financial performance, leadership changes, and stock option review that resulted in financial restatements.
northrop grumman Ron Sugar, Chairman and CEO (Overview and Strategic Perspect...finance8
This document provides an overview and strategic perspective from Ron Sugar, Chairman and CEO of Northrop Grumman Corporation, at an institutional investor conference on November 9, 2006. It summarizes Northrop Grumman's vision, financial performance, balanced portfolio across key sectors, recent contract awards and opportunities in information and services, electronics, aerospace, and ships. It also outlines the leadership team structure and emphasizes growth, performance, and value-creating cash deployment going forward.
The document discusses the concept of a "storage hypervisor" which would provide a layer of abstraction between physical storage resources and applications using them, similar to how server hypervisors virtualize servers. It notes that server virtualization has proven very efficient by allowing multiple applications and operating systems to run on one physical server. A storage hypervisor could provide similar benefits by making storage from different vendors and with different protocols able to work together transparently and improve availability, speed, and utilization of storage resources. However, true storage hypervisors that provide all these capabilities in a multi-vendor environment have not been fully realized yet.
Three Reasons Investors Want You Off Spreadsheets; Risk Management Alternativesimaginesoftware
The document discusses the challenges of using spreadsheets in capital markets. It summarizes research finding that thousands of business critical spreadsheets are commonly used, but rarely audited, by financial organizations. Spreadsheets are heavily relied on for tasks like modeling financial instruments despite issues around operational risk, functionality, performance, and transparency. The document proposes migrating from spreadsheets to more robust enterprise platforms to gain controls, scalability, and satisfy increasing regulatory demands. It outlines Imagine Software's integrated solution approach using cloud-based software and comprehensive data management services to address the operational and transparency issues that motivate investors to move away from spreadsheets.
Quadrant 4 Systems Corporation (OTC: QFOR; Twitter: $QFOR) is the next generation entrepreneurial project of a team of accomplished IT industry veterans. The principals have built technology business enterprises from start up, grown organically and exited after creating shareholder value. The principals of Quadrant 4 cumulatively bring over 5 decades of entrepreneurial, technical and management expertise that are core to the success of building its next generation Information Technology (IT) services business.
ADINET was established in 1994 as a network of libraries in Gujarat, India to enable resource sharing and dissemination of information among libraries. Its goals are to connect libraries electronically, provide access to library collections, and offer library services and training. ADINET organizes professional development programs, celebrations, lectures and discussion forums. It provides services like an electronic discussion list, current awareness bulletins and a virtual reference service. ADINET also works on projects like a union catalog of periodicals and identity initiatives to raise the profile of librarians.
Este documento hace un llamado a respetar a los animales y adoptar en lugar de comprar mascotas. Explica que al domesticar a los animales les hemos robado su capacidad de decidir por sí mismos y ahora dependen completamente de los humanos. Insta a las personas a responsabilizarse de sus mascotas adoptadas, evitar su reproducción indiscriminada, y ayudar a los animales que viven en la calle dándoles refugio y alimento.
Este documento describe la historia y características de HTML y HTML5. Explica que HTML se originó en 1980 como un sistema de hipertexto y que HTML5 es la quinta revisión del lenguaje básico de la World Wide Web, publicada en 2014. Señala algunas diferencias clave entre HTML y HTML5, como que HTML5 contiene solo contenidos de bloque o en línea, no ambos, y agrega nuevas funcionalidades como audio y video a través de una interfaz estandarizada.
Docflow is a document management technology that provides capabilities for document composition, archiving, workflow support, templating, document imaging, digital rights management, OCR, indexing, storage, versioning, filing, document retrieval, security, disaster recovery, distribution, web publication, and personalized creation. It allows automated document creation from templates using extracted data from various sources, and outputs documents through multiple channels. Case studies demonstrate how Docflow can be used to generate thousands of document variations across departments and business cases for financial services and insurance companies from host systems, databases, and other data sources.
#Aprender3C - Excepciones a los Derechos de Autor para personas con discapaci...Aprender 3C
La Ley chilena establece excepciones a los derechos de autor para la elaboración y distribución de formatos accesibles para las personas con discapacidad desde el año 2010. El año 2013 se firmo el Tratado de Marrakech sobre excepciones a los derechos de autor en beneficio de las personas con discapacidad para la lectura. La Charla analizará los requisitos que establece la ley chilena para hacer uso de la excepción, asi como el marco juridico internacional para la produccion e intercambio internacional de formatos accesibles de acuerdo con el Tratado de Marrakech. En particular se analizarán cuales son las obras que pueden ser transformadas a formatos accesibles, quienes pueden hacerlo, los requisitos, asi como la identificación de los beneficiarios. Entre otros aspectos.
La Historia Secreta de los Jesuitas - Edmond ParisEbo Black
Las personas más peligrosas son aquellas que parecen ser muy religiosas, especialmente cuando están organizadas y ocupan puestos de autoridad. Así cuentan con el profundo respeto de la gente, que ignora su oculto y maligno afán de poder.
Estos hombres religiosos, que pretenden amar a Dios, recurren al homicidio e incitan a revoluciones y guerras si éstas ayudan a su causa. Son políticos religiosos astutos, inteligentes y sagaces que viven en un mundo misterioso de secretos, intrigas y santidad falsas.
Este documento trata sobre los temas de comercialización y servicio al cliente. Resume los conceptos clave de mercado, mercadeo, sistemas de comercialización, segmentación de mercados, factores que influyen en la comercialización como canales de distribución, proveedores y competencia. También explica las funciones de los canales de distribución, elementos del servicio al cliente y estrategias para ofrecer un buen servicio al cliente. El documento fue presentado por estudiantes de la Universidad Técnica de Manabí en Ecuador.
This document discusses concepts and principles for analyzing smiles and designing esthetic dental treatments. It begins with defining the differences between cosmetic and esthetic dentistry, emphasizing a natural appearance.
The process of smile design and analysis is described as involving 5 elements: 1) facial analysis, 2) dento-facial analysis, 3) dento-labial analysis, 4) dental analysis, and 5) an evaluation of the specific dental elements. These elements are interrelated and changing one impacts the others.
Key aspects of smile design analyzed in more detail include the dental midline relationship to the face, incisal edge position, incisal display during smiling, the smile line, and the buccal corridor
Advance communication through red tacton human area networking technology Pawan Sharma
WELCOME TO OUR PRESENTATION Its our great pleasure to presenting a paper at the NATIONAL CONFERENCE ON HUMAN COMPUTER INTERACTION IN ENGINEERING EDUCATION (NCHCIEE -2013) Organized by : Jahwaharlal institute of technology, borawa , dist khargone M.P Presented by : Mr. Pawan sharma Proff . Lokesh mehta Mr. Lokendre singh rathore (From SPITM, Mandleshwar dist khargone . M.p )
Advance Communication through Red Tacton -Human Area Networking Technology: Presented by : Mr. Pawan Sharma Proff . Lokesh mehta Mr. Lokendra Singh Rathore Advance Communication through Red Tacton -Human Area Networking Technology Dept. of Electronics & Communication
Bluetooth, infrared etc. were the most commonly used techniques for data transmission.
But these short-range wireless communication systems have some problems of packet collisions and it can be reduce by RED-TECTON.
The ultimate human area network solution to all these constraints of conventional technologies is “intra body” communication, in which the human body serves as the transmission medium.
Thomas Hardy was a Victorian author known for his novels and poetry. He was born in 1840 in Dorset, England and received some formal education but became an architect. He had a difficult marriage to his wife Emma that ended with her death in 1912, which deeply impacted him. His novels were controversial but popular, while his poetry was less appreciated during his lifetime. This analysis focuses on Hardy's poetry, including themes of loss, nature, and criticism of war. It also provides a close reading of his poem "If It's Ever Spring Again" which contrasts memories of past happiness with current feelings of lack and regret.
Este documento resume los objetivos y alcance de la Ley 1314 de 2009 en Colombia, la cual establece normas contables, de información financiera y de aseguramiento de información. El resumen incluye que la ley busca proveer información financiera comprensible y comparable para la toma de decisiones, aplica a todas las personas naturales y jurídicas obligadas a llevar contabilidad, y permite contabilidad simplificada para pequeñas empresas.
The document provides an overview of coffee trading and hedging basics. It describes the coffee supply chain from producers to roasters. It explains typical commercial and specialty coffee transactions. It then discusses keys to success for coffee traders, including managing quality, costs, logistics and risk. The document outlines how futures markets work using coffee as an example. It provides examples of how traders can use hedging and differential trading to manage price risk in their physical coffee inventory.
Este documento proporciona información sobre las principales religiones del mundo actual, incluido el cristianismo, el judaísmo, el islamismo, el hinduismo y el budismo. Para cada religión, se detallan el fundador, los hechos y libros sagrados más importantes, los lugares de oración, símbolos, días festivos y creencias centrales. También incluye actividades propuestas para que los estudiantes aprendan más sobre las diversas tradiciones religiosas.
Customer relationship management and supply chain managementRohit Kumar
Customer relationship management (CRM) is a model for managing a company's interactions with current and future customers using technology to organize sales, marketing, customer service, and technical support. CRM helps companies identify and reward loyal customers to retain business, acquire new customers through improved marketing efficiency, and enhance customer service to keep customers happy. Effective CRM requires centralizing customer data, supporting mobility, and flexibility to customize the software to user needs.
PERFACTS bietet Fakten und Neues für Freunde von perfact training. In dieser Ausgabe (September 2012) wird das Training für Führungskompetenz nach internationalem Standard (EBC*L Stufe C) vorgestellt: Ein speziell entwickeltes Konzept bestehend aus Präsenz-Trainings und Selbstlernphasen sorgt für Wirksamkeit. Außerdm: Wie Telefon Training Direkt funktioniert und was es bringt.
Herramientas de software libre para la gestión empresarialguestd4d0f7
El documento habla sobre las herramientas de gestión empresarial basadas en software libre. Discuten el modelo tradicional de software propietario y las ventajas del software libre para las empresas. También analizan casos exitosos de software libre y herramientas de gestión como ERP, CRM y contabilidad. Finalmente, identifican problemas comunes en la oferta y demanda de software libre y formas de abordarlos.
This document provides an overview of the technology mergers and acquisitions (M&A) landscape in the fourth quarter of 2011. It summarizes M&A deal activity and public market performance for the technology sector. Specifically, it notes that overall technology M&A deal volume declined in 2011 compared to 2010, though total deal value increased slightly. It also provides examples of notable technology M&A transactions announced in Q4 2011.
The document summarizes M&A activity in the infrastructure software sector from 2011-2012. It notes that deal volume doubled from 2009 to 142 deals in 2011, driven by cloud computing adoption. However, the largest deals lacked the billion-dollar transactions of 2010. The top 5 deals ranged from $700M to $591M in value. Cloud computing remains the biggest trend, with Forrester forecasting the cloud market to grow over six-fold to $241B by 2020. Large vendors made numerous acquisitions to expand their cloud, virtualization, and data offerings.
This document provides a ranking of the top 100 software companies in the world by revenue in 2011. IBM was ranked number 1 with $99.87 billion in revenue and focuses on middleware, application servers, and web servers. Microsoft was ranked number 2 with $62.48 billion in revenue and focuses on operating systems. Hewlett-Packard was ranked number 3 with $128.59 billion in revenue and focuses on system integration services.
This document provides an overview and analysis of software and IT services sectors for the quarter ended June 30, 2012. It includes highlights on market performance, valuations and recent M&A activity for different segments within these sectors such as Software as a Service, Internet Software & Services, and Enterprise Software. Valuation metrics like EV/Revenue and EV/EBITDA multiples are presented for representative public companies in each segment. Recent M&A transactions with deal size and acquirers/targets are also summarized for each segment.
ADINET was established in 1994 as a network of libraries in Gujarat, India to enable resource sharing and dissemination of information among libraries. Its goals are to connect libraries electronically, provide access to library collections, and offer library services and training. ADINET organizes professional development programs, celebrations, lectures and discussion forums. It provides services like an electronic discussion list, current awareness bulletins and a virtual reference service. ADINET also works on projects like a union catalog of periodicals and identity initiatives to raise the profile of librarians.
Este documento hace un llamado a respetar a los animales y adoptar en lugar de comprar mascotas. Explica que al domesticar a los animales les hemos robado su capacidad de decidir por sí mismos y ahora dependen completamente de los humanos. Insta a las personas a responsabilizarse de sus mascotas adoptadas, evitar su reproducción indiscriminada, y ayudar a los animales que viven en la calle dándoles refugio y alimento.
Este documento describe la historia y características de HTML y HTML5. Explica que HTML se originó en 1980 como un sistema de hipertexto y que HTML5 es la quinta revisión del lenguaje básico de la World Wide Web, publicada en 2014. Señala algunas diferencias clave entre HTML y HTML5, como que HTML5 contiene solo contenidos de bloque o en línea, no ambos, y agrega nuevas funcionalidades como audio y video a través de una interfaz estandarizada.
Docflow is a document management technology that provides capabilities for document composition, archiving, workflow support, templating, document imaging, digital rights management, OCR, indexing, storage, versioning, filing, document retrieval, security, disaster recovery, distribution, web publication, and personalized creation. It allows automated document creation from templates using extracted data from various sources, and outputs documents through multiple channels. Case studies demonstrate how Docflow can be used to generate thousands of document variations across departments and business cases for financial services and insurance companies from host systems, databases, and other data sources.
#Aprender3C - Excepciones a los Derechos de Autor para personas con discapaci...Aprender 3C
La Ley chilena establece excepciones a los derechos de autor para la elaboración y distribución de formatos accesibles para las personas con discapacidad desde el año 2010. El año 2013 se firmo el Tratado de Marrakech sobre excepciones a los derechos de autor en beneficio de las personas con discapacidad para la lectura. La Charla analizará los requisitos que establece la ley chilena para hacer uso de la excepción, asi como el marco juridico internacional para la produccion e intercambio internacional de formatos accesibles de acuerdo con el Tratado de Marrakech. En particular se analizarán cuales son las obras que pueden ser transformadas a formatos accesibles, quienes pueden hacerlo, los requisitos, asi como la identificación de los beneficiarios. Entre otros aspectos.
La Historia Secreta de los Jesuitas - Edmond ParisEbo Black
Las personas más peligrosas son aquellas que parecen ser muy religiosas, especialmente cuando están organizadas y ocupan puestos de autoridad. Así cuentan con el profundo respeto de la gente, que ignora su oculto y maligno afán de poder.
Estos hombres religiosos, que pretenden amar a Dios, recurren al homicidio e incitan a revoluciones y guerras si éstas ayudan a su causa. Son políticos religiosos astutos, inteligentes y sagaces que viven en un mundo misterioso de secretos, intrigas y santidad falsas.
Este documento trata sobre los temas de comercialización y servicio al cliente. Resume los conceptos clave de mercado, mercadeo, sistemas de comercialización, segmentación de mercados, factores que influyen en la comercialización como canales de distribución, proveedores y competencia. También explica las funciones de los canales de distribución, elementos del servicio al cliente y estrategias para ofrecer un buen servicio al cliente. El documento fue presentado por estudiantes de la Universidad Técnica de Manabí en Ecuador.
This document discusses concepts and principles for analyzing smiles and designing esthetic dental treatments. It begins with defining the differences between cosmetic and esthetic dentistry, emphasizing a natural appearance.
The process of smile design and analysis is described as involving 5 elements: 1) facial analysis, 2) dento-facial analysis, 3) dento-labial analysis, 4) dental analysis, and 5) an evaluation of the specific dental elements. These elements are interrelated and changing one impacts the others.
Key aspects of smile design analyzed in more detail include the dental midline relationship to the face, incisal edge position, incisal display during smiling, the smile line, and the buccal corridor
Advance communication through red tacton human area networking technology Pawan Sharma
WELCOME TO OUR PRESENTATION Its our great pleasure to presenting a paper at the NATIONAL CONFERENCE ON HUMAN COMPUTER INTERACTION IN ENGINEERING EDUCATION (NCHCIEE -2013) Organized by : Jahwaharlal institute of technology, borawa , dist khargone M.P Presented by : Mr. Pawan sharma Proff . Lokesh mehta Mr. Lokendre singh rathore (From SPITM, Mandleshwar dist khargone . M.p )
Advance Communication through Red Tacton -Human Area Networking Technology: Presented by : Mr. Pawan Sharma Proff . Lokesh mehta Mr. Lokendra Singh Rathore Advance Communication through Red Tacton -Human Area Networking Technology Dept. of Electronics & Communication
Bluetooth, infrared etc. were the most commonly used techniques for data transmission.
But these short-range wireless communication systems have some problems of packet collisions and it can be reduce by RED-TECTON.
The ultimate human area network solution to all these constraints of conventional technologies is “intra body” communication, in which the human body serves as the transmission medium.
Thomas Hardy was a Victorian author known for his novels and poetry. He was born in 1840 in Dorset, England and received some formal education but became an architect. He had a difficult marriage to his wife Emma that ended with her death in 1912, which deeply impacted him. His novels were controversial but popular, while his poetry was less appreciated during his lifetime. This analysis focuses on Hardy's poetry, including themes of loss, nature, and criticism of war. It also provides a close reading of his poem "If It's Ever Spring Again" which contrasts memories of past happiness with current feelings of lack and regret.
Este documento resume los objetivos y alcance de la Ley 1314 de 2009 en Colombia, la cual establece normas contables, de información financiera y de aseguramiento de información. El resumen incluye que la ley busca proveer información financiera comprensible y comparable para la toma de decisiones, aplica a todas las personas naturales y jurídicas obligadas a llevar contabilidad, y permite contabilidad simplificada para pequeñas empresas.
The document provides an overview of coffee trading and hedging basics. It describes the coffee supply chain from producers to roasters. It explains typical commercial and specialty coffee transactions. It then discusses keys to success for coffee traders, including managing quality, costs, logistics and risk. The document outlines how futures markets work using coffee as an example. It provides examples of how traders can use hedging and differential trading to manage price risk in their physical coffee inventory.
Este documento proporciona información sobre las principales religiones del mundo actual, incluido el cristianismo, el judaísmo, el islamismo, el hinduismo y el budismo. Para cada religión, se detallan el fundador, los hechos y libros sagrados más importantes, los lugares de oración, símbolos, días festivos y creencias centrales. También incluye actividades propuestas para que los estudiantes aprendan más sobre las diversas tradiciones religiosas.
Customer relationship management and supply chain managementRohit Kumar
Customer relationship management (CRM) is a model for managing a company's interactions with current and future customers using technology to organize sales, marketing, customer service, and technical support. CRM helps companies identify and reward loyal customers to retain business, acquire new customers through improved marketing efficiency, and enhance customer service to keep customers happy. Effective CRM requires centralizing customer data, supporting mobility, and flexibility to customize the software to user needs.
PERFACTS bietet Fakten und Neues für Freunde von perfact training. In dieser Ausgabe (September 2012) wird das Training für Führungskompetenz nach internationalem Standard (EBC*L Stufe C) vorgestellt: Ein speziell entwickeltes Konzept bestehend aus Präsenz-Trainings und Selbstlernphasen sorgt für Wirksamkeit. Außerdm: Wie Telefon Training Direkt funktioniert und was es bringt.
Herramientas de software libre para la gestión empresarialguestd4d0f7
El documento habla sobre las herramientas de gestión empresarial basadas en software libre. Discuten el modelo tradicional de software propietario y las ventajas del software libre para las empresas. También analizan casos exitosos de software libre y herramientas de gestión como ERP, CRM y contabilidad. Finalmente, identifican problemas comunes en la oferta y demanda de software libre y formas de abordarlos.
This document provides an overview of the technology mergers and acquisitions (M&A) landscape in the fourth quarter of 2011. It summarizes M&A deal activity and public market performance for the technology sector. Specifically, it notes that overall technology M&A deal volume declined in 2011 compared to 2010, though total deal value increased slightly. It also provides examples of notable technology M&A transactions announced in Q4 2011.
The document summarizes M&A activity in the infrastructure software sector from 2011-2012. It notes that deal volume doubled from 2009 to 142 deals in 2011, driven by cloud computing adoption. However, the largest deals lacked the billion-dollar transactions of 2010. The top 5 deals ranged from $700M to $591M in value. Cloud computing remains the biggest trend, with Forrester forecasting the cloud market to grow over six-fold to $241B by 2020. Large vendors made numerous acquisitions to expand their cloud, virtualization, and data offerings.
This document provides a ranking of the top 100 software companies in the world by revenue in 2011. IBM was ranked number 1 with $99.87 billion in revenue and focuses on middleware, application servers, and web servers. Microsoft was ranked number 2 with $62.48 billion in revenue and focuses on operating systems. Hewlett-Packard was ranked number 3 with $128.59 billion in revenue and focuses on system integration services.
This document provides an overview and analysis of software and IT services sectors for the quarter ended June 30, 2012. It includes highlights on market performance, valuations and recent M&A activity for different segments within these sectors such as Software as a Service, Internet Software & Services, and Enterprise Software. Valuation metrics like EV/Revenue and EV/EBITDA multiples are presented for representative public companies in each segment. Recent M&A transactions with deal size and acquirers/targets are also summarized for each segment.
This document discusses the rise of the information center and Hitachi Data Systems' vision and strategy. It summarizes that HDS sees a major growth in digital data requiring new IT approaches, and that its blueprint is to create a common virtualized platform for all data, applications, and information. HDS claims its strategy can deliver significant cost savings and value to customers through virtualization, automation, cloud-readiness, and sustainability.
Big Data will drive Business Organization IT spending till 2016Rajesh Prabhakar
Big data is growing exponentially as more data is created every day from various sources such as social media, digital content, and sensors. According to estimates, big data will drive over $200 billion in IT spending by 2016. Currently, big data spending is focused on adapting traditional solutions to handle large and complex unstructured data sets. However, by 2020, big data capabilities are expected to be standard features of IT systems. The big data market is forecast to grow rapidly over the next five years, topping $50 billion worldwide.
The document discusses the business opportunity for software-as-a-service (SaaS) and how Microsoft can help independent software vendors (ISVs) transition to hosted delivery models. It outlines Microsoft programs and tools to support ISVs in delivering hosted software, including connecting ISVs to hosting partners and channels to help grow their businesses. Sample surveys of software adoption trends are also presented to demonstrate customer demand for SaaS applications.
This document discusses the business opportunity for software-as-a-service (SaaS) and how Microsoft can help independent software vendors (ISVs) take advantage. It outlines Microsoft programs that provide guidance and infrastructure to help ISVs transition to hosted models. This includes connecting ISVs to hosting partners and distribution channels to create new opportunities. Case studies show how telcos are becoming platforms for SaaS distribution by aggregating applications on a shared infrastructure.
The document provides an overview of the software product sector M&A outlook in India. It finds that:
- The number of software product companies in India has grown five-fold over the last decade to around 500 companies currently.
- However, most companies are small-to-medium in size, with revenues between $0.4-10 million. The top 10 companies account for over half of total sector revenues.
- Revenues from software products in India are predicted to reach $9.5 billion by 2015, representing continued growth, though many small companies currently focus only on the domestic market.
- Increased global demand, technology disruption, and a more mature startup ecosystem are driving growth in software
The document provides an overview of the Student Investment Fund at Salisbury University for Fall 2010. It includes sections on the fund's investment policy statement and strategy, an economic analysis by the lead analyst Frank Balas, the fund's sector allocations for spring and fall 2010, highlights on individual companies in top sectors like materials, industrials, energy, and information technology, and an analysis of the fund's performance relative to benchmarks like the S&P 500 over various time periods.
- Teradata presented its first quarter 2015 results, highlighting its portfolio of data warehousing and big data analytics platforms.
- It discussed its various workload-specific platforms that scale from terabytes to petabytes and its offerings for Hadoop, positioning itself as the leader in data warehousing.
- The presentation also reviewed Teradata's industry-leading technology, partnerships, financial results and positioning by analysts as the leader in data warehousing and marketing solutions.
Video Streaming Outside The Firewall Market Shares, Strategies, and Forecasts...ReportLinker.com
This document provides an overview and market analysis of video streaming outside the firewall from 2012 to 2018. It discusses key companies in the industry like Google, YouTube, Akamai, Ustream, and Kaltura. It also covers the technologies used for video streaming like HTML5, Flash, and 4G networks. Finally, it profiles major players in the video streaming market and their products and strategies.
This document summarizes the results of a survey about how businesses are using SharePoint. Over 2100 participants responded to questions about which versions of SharePoint they are using, how SharePoint is being used, the biggest challenges, satisfaction with training programs, and opinions on the user experience. Key findings include that more organizations are using SharePoint 2010 than 2007, and that content management, collaboration, and workflow are the most common uses. The biggest challenges are user adoption and training. Many organizations said they do not have training programs or are not satisfied with them. The majority said the user experience requires in-house design improvements.
Open Source Solutions: Managing, Analyzing and Delivering Business Informationmark madsen
These slides on the usage of open source solutions within the business intelligence and data warehousing market go with a webcast and research report. The webcast is archived at http://ow.ly/KLz0 along with a PDF of the report, This presentation describes what open source software is being deployed and presents the benefits, challenges and practices for organizations adopting open source technologies.
The document summarizes M&A activity and market performance in the industrials sector in Q4 2011. It notes that overall M&A transaction volume and value declined from Q4 2010 levels, with the number of deals down 32% and total value down 14%. However, public company stock prices in the sector increased over both 3 and 12 month periods. The electrical equipment industry saw the strongest performance with median multiples of 10.0x LTM EBITDA. Recent M&A transactions highlighted include the acquisitions of Heil Trailer and Unifrax.
Siemens Ltd is an industrial conglomerate operating in industry, energy, and healthcare sectors. Some key points:
- Revenue declined 4% in FY2009 due to exiting IT services but profits grew 16% due to higher other income
- Operations are divided into industry, energy, and healthcare with diversified revenue streams
- Acquisitions help expand product range and increase market share
- Stock has outperformed the market with 39% returns YTD compared to Nifty's 18%
Cloud computing provides on-demand access to configurable computing resources over the network. It has driven market shifts due to economics like pay-per-use and agility. While security and reliability are risks, consumers benefit from collaboration and a focus on core business strengths. The cloud computing market was worth $111 billion in 2012 and is projected to reach $131 billion in 2013, with software as a service making up nearly half of revenue. Infrastructure as a service, platform as a service, and software as a service are the main service models.
The Zen and Art of IT Management (VM World Keynote 2012)CA Technologies
This document discusses strategies for IT management to drive business innovation. It suggests allocating resources between maintaining current systems versus delivering new business services, with 63% of spending going towards the latter. Maintaining systems is seen as a "chore" while investing in new services enables innovation. It also discusses using tools like CA Service Assurance to improve efficiency, streamline processes, and increase capacity for innovation. Case studies show how these tools helped companies like Jack Henry & Associates and Wikimedia Foundation improve service quality and the user experience.
Esg research 2010 data protection trendsCA RMDM Latam
The document is a research report on 2010 data protection trends from a survey of 510 IT professionals. It finds that organizations have large and growing data storage environments that impact protection strategies. While on-site disk and tape still dominate backups, advanced technologies are gaining ground. Organizations also use business value to guide data protection strategies. Capacity reduction technology adoption has become extensive.
The document analyzes the size and growth of the big data market from 2012 to 2017. It estimates the 2012 market size at $5 billion and forecasts rapid growth to over $50 billion by 2017, representing a 58% compound annual growth rate. It breaks down revenue sources and market leaders. Most innovative technologies are coming from pure-play vendors, though IBM, Intel and HP currently lead in revenue. The pure-plays are driving innovations in Hadoop distributions, next-gen data warehousing, analytics platforms, and big-data-as-a-service offerings.
Similar to Hyde Park Capital Technology Report (20)
Navigating Risk In Data & Technology TransactionsMMMTechLaw
The document discusses various risks and considerations for negotiating data and technology contracts. It covers indemnification provisions, confidentiality obligations, security requirements, limitations of liability, export controls, open source software risks, and patent licensing issues. The parties should address allocation of risks, third party intellectual property claims, data protection policies, liability caps, exceptions for gross negligence, compliance with export laws, risks to intellectual property and revenue from open source software, and product liability insurance requirements.
This document is a proposed bill to amend Georgia law to create the Invest Georgia Fund as a component of the existing Seed-Capital Fund. The bill provides legislative findings about increasing private investment capital for Georgia businesses. It defines key terms related to venture capital funds, early stage businesses, and the new Invest Georgia Board. The bill also establishes provisions for insurance premium tax credits that can be purchased by insurance companies to offset tax liability and be allocated to the new Invest Georgia Fund.
Here are the key points about post-closing purchase price adjustments from the document:
- Post-closing purchase price adjustments allow the purchase price to be adjusted based on the target's financial position at closing compared to estimates made prior to closing.
- Adjustments are typically made based on working capital balances like cash, accounts receivable and accounts payable at closing relative to pre-closing estimates.
- An "Adjustment Amount" is calculated as the difference between the actual closing working capital and the estimated "Initial Working Capital" used to determine the upfront purchase price payment.
- The Adjustment Amount can increase or decrease the purchase price paid at closing depending on whether the actual closing working capital is higher or lower than the initial
- SaaS M&A activity was down slightly in August from the previous year, with 13 transactions totaling $1.48 billion compared to 19 transactions totaling $173 million in August 2011.
- The SaaS index increased 8.8% in August, outperforming the Nasdaq which increased 4.1%. Large-cap and small-cap SaaS groups increased over 10% and 6.8% respectively.
- Notable SaaS transactions in August included IBM's acquisition of Kenexa for $1.4 billion and Tangoe's acquisition of Symphony Teleca for $44 million.
Financial Technology July Market AnalysisMMMTechLaw
Raymond James provides an overview of their financial technology investment banking services and recent transaction experience. They cover areas such as payments, banking technology, trading technology, and outsourced solutions. Services include M&A advisory, public offerings, private placements, debt origination, and valuation. Recent transactions since 2010 include acquisitions, mergers, and public offerings totaling over $3 billion across various fintech subsectors.
This document discusses six healthcare trends and why user experience matters for addressing them. It provides definitions of usability and user experience, arguing that user experience is broader and requires understanding user needs from the start. The six trends are: 1) increased adoption of electronic medical records, 2) increased patient engagement, 3) mobile health becoming mainstream, 4) moving towards accountable care, 5) rise of retail health clinics, and 6) increased care at home solutions. For each trend, the document discusses challenges and how user-centered design can help address them.
The document summarizes the key risk factors cited in SEC filings by the 100 largest US technology companies. Competition, economic concerns, and regulations were the top 3 risks. Concerns about natural disasters/conflicts, data breaches, and supply chain disruptions have increased significantly. Successful product development and M&A integration are also major challenges given competitive pressures.
This document summarizes recent employment law cases from the United States Supreme Court and the National Labor Relations Board.
1) The Supreme Court upheld a state law mandating employer use of E-Verify and found that oral complaints are protected under the FLSA's anti-retaliation provision. Additionally, the Court enforced arbitration agreements prohibiting class actions.
2) An NLRB decision found that mandatory arbitration clauses cannot restrict employees' rights to collective or class actions. The NLRB also required employers to post notices informing employees of their NLRA rights. New NLRB rules make it easier for unions to organize small employee groups.
3) The document discusses the implications of these rulings, including states' ability
The document discusses the results of a survey of over 100 private equity professionals. It finds that respondents are cautiously optimistic about 2012, expecting more deal flow and an easier fundraising environment compared to 2011. Specifically, 70% expect to close 2-3 deals in the next 12 months compared to 47% closing no deals in 2011. Respondents also anticipate investing more capital in 2012, with middle market funds in particular expecting to nearly double their investment levels.
This document is an executive summary of the Deloitte Open Mobile Survey 2012. It finds that the mobile industry is undergoing rapid changes as new entrants rewrite the rules of competition. Nearly half of respondents believe internet companies will dominate mobile in 5 years, while carriers will focus on connectivity. Most companies must transition from closed to open models. The summary also notes that mobile cloud, machine-to-machine technologies, and mobile payments show the most potential for future revenue. Gaming is seen as the most lucrative app category long-term.
This document provides an industry update on the education sector from Hyde Park Capital Advisors. It summarizes recent stock performance and valuation multiples for different education industry subsectors. It also lists several recent private placement and M&A transactions in the education industry, including a proposed acquisition of Archipelago Learning by PLATO Learning for $305 million.
Financial Technology Market Analysis - March 2012MMMTechLaw
Raymond James provides the following in their financial technology investment banking services:
- A market analysis of the financial technology sector including coverage of payments, banking technology, insurance technology, and more.
- Expertise in transaction processing, investment technology, outsourced solutions, and other business models.
- A range of investment banking services including M&A advisory, public offerings, private placements, debt origination, and valuation.
Grant Thornton/Pitchbook PE Exits ReportMMMTechLaw
The document summarizes private equity exit activity in 2011 and 2012 trends. It found that 420 US companies were exited in 2011 through sales or IPOs totaling $104 billion, similar to 2010 levels. While exit levels remain strong, the growing gap between investment and exits is concerning as it indicates portfolio companies are being held longer. Secondary buyouts could help address the growing inventory of companies by shortening hold periods. The report aims to analyze industry-level data to better understand which sectors may see more exits or hold periods lengthen further.
The document summarizes a report from Hyde Park Capital Advisors on healthcare mergers and acquisitions (M&A) activity in the fourth quarter of 2011. It provides contact information for several senior directors and associates at the firm. It then reviews capital market performance in Q4 2011 and lists several healthcare-related initial public offerings (IPOs) and secondary offerings. The rest of the document analyzes trends in annual and quarterly middle market M&A activity and transaction pricing in the healthcare industry for 2011.
This document provides a summary of key changes and impacts from the America Invents Act of 2011, which overhauled the U.S. patent system. The Act transitions the U.S. from a "first to invent" system to a "first to file" system, increasing the urgency to file patent applications quickly. It also aims to improve patent quality through new procedures allowing easier challenges of patents outside the court system. However, the Act likely will not cut back on large patent lawsuit damages or significantly impact patent "trolls" in the near future. The biggest change is transitioning to a "first to file" priority system.
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
The Multi-State Employers Council will host its ninth annual invitation-only conference from May 2-4, 2012 at The Sea Pines Resort in Hilton Head Island, South Carolina. The conference will allow employers to network, address recent developments in employment law, and explore strategies for managing human resources issues. A proposed agenda includes sessions on legal updates, HR audits, FLSA compliance, and unemployment claims. Registration is $250 per person and hotel rooms are $175 per night.
This document provides an overview and analysis of private equity deals from 2001 to 2010 based on data from PitchBook. Some key findings include:
- There were 17,361 private equity deals totaling $1.73 trillion in invested capital over the decade.
- Lower middle-market companies accounted for 81% of deals.
- Private equity investment multiples peaked at 11.5x in 2008 before declining during the financial crisis.
- The average time between investments dropped from six months in 2002 to 2.5 months in 2007, indicating increased deal velocity.
- Add-on deals accounted for 46% of PE buyouts by the end of the decade.
- Texas saw more PE deals
The document summarizes 15 frequently asked questions about the impact of the Leahy-Smith America Invents Act of 2011 (AIA) on patent law. The main impacts are changing from a "first to invent" to a "first to file" system, expanding the definition of prior art, and increasing the urgency to file patent applications early. While the AIA establishes new procedures to challenge patents, it does not make major changes to patentability requirements or affect patent trolls or damages awards. The AIA also aims to improve the operations of the US Patent and Trademark Office but does not fully end fee diversion.
Software Equity Group is an investment bank that has advised software and technology companies for over 20 years. It publishes quarterly reports on software and internet industry trends including public company performance, IT spending, M&A activity, and macroeconomic indicators. In Q3 2011, public software, SaaS, and internet company stock prices declined significantly due to market volatility related to the European debt crisis. However, areas like cloud computing, mobility, and SaaS solutions continued to see strong spending growth and enterprise adoption compared to the overall IT market. M&A activity in the software and internet sectors also remained robust in Q3 despite macroeconomic uncertainties.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
1. Elemental Economics - Introduction to mining.pdf
Hyde Park Capital Technology Report
1. HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising
John Hill
Senior Managing Director
hill@hydeparkcapital.com
(813) 383-0205
John McDonald
Senior Managing Director
Technology
mcdonald@hydeparkcapital.com
(813) 383-0206 M&A Report
Keith Hodgdon Q2 2012
Senior Vice President
hodgdon@hydeparkcapital.com
(813) 383-0208
Jeffrey Bridge
Vice President
bridge@hydeparkcapital.com
(813) 383-0204
Michael Mariani
Associate
mariani@hydeparkcapital.com
(813) 597-2649
Jennifer Paul
Associate
paul@hydeparkcapital.com
(813) 383-0203
Hyde Park Capital Advisors, LLC
701 N. Franklin Street
Tampa, FL 33602
Tel: 813-383-0202
www.hydeparkcapital.com
Member FINRA/SIPC
2. Capital Markets Overview
Commentary Select Initial Public Offerings – Technology (Q2 2012)
($ in millions) Transaction
As of June 30, 2012 major market indices including the S&P 500 Offer Date Issuer Industry Sector Value
and Nasdaq, increased 3.1% and 5.8%, respectively, over the 12- 05/17/12 Facebook, Inc. (NasdaqGS:FB) Internet $16,007
month period, while the S&P Global Information Technology index
outperformed the overall market, increasing 6.1% over the same 04/18/12 Splunk, Inc. (NasdaqGS:SPLK) Software $230
period.
06/28/12 ServiceNow, Inc. (NYSE:NOW) Software $210
Technology companies continue to account for the majority of the
initial public offerings (“IPOs”) in the U.S. As detailed in the table on 04/19/12 Infoblox, Inc. (NYSE:BLOX) Software $120
the right, eight IPOs were completed by companies in the
Technology industry during Q2 2012, including the anticipated 05/09/12 Audience, Inc. (NasdaqGS:ADNC) Technology Hardware $90
debut of Facebook, Inc.
04/19/12 Proofpoint, Inc. (NasdaqGM:PFPT) Software $82
The Software-as-a-Service (SaaS) sector was the strongest
performing sector in terms of valuation during the 2nd quarter, 04/24/12 Envivio, Inc. (NasdaqGS:ENVI) Software $70
trading at LTM revenue and EBITDA multiples of 4.0x and 23.7x,
06/28/12 Exa Corp. (NasdaqGM:EXA) Software $63
respectively.
Public Market Performance (LTM) Market Performance by Sector
130%
Median
120% Change in Stock Price Enterprise Value / LTM
6.1%
Industry Sector 3 Months 12 months Revenue EBITDA
110% Enterprise Software (5.6%) (5.4%) 3.4x 11.5x
5.8%
Software-as-a-Service (SaaS) (7.3%) 0.3% 4.0x 23.7x
100%
3.1% Infrastructure Software (11.4%) (5.8%) 3.1x 12.4x
90% Informatics & Data Services (6.7%) (6.0%) 2.4x 10.1x
Internet (1.5%) 9.3% 1.9x 10.6x
80%
IT Services (9.2%) (7.4%) 1.4x 9.1x
70% Technology Hardware (10.1%) 19.8% 0.8x 5.5x
Jun-11 Sep-11 Dec-11 Mar-12 Jun-12
Nasdaq S&P 500 S&P Global Information Technology Index
Source: S&P Capital IQ
HYDE PARK CAPITAL 2
Investment Banking | Mergers & Acquisitions | Capital Raising
3. Annual Middle Market M&A Activity – Technology
Commentary Middle Market Purchase Multiples
As detailed in the charts below, overall U.S. middle market M&A 35.0x 3.5x
activity, or deal volume, in the Technology industry decreased in the
30.0x 3.0x
1st half of 2012 to 117 closed transactions, a 32% decrease from 1H 2.6x
2.8x
2.6x
2011.
Enterprise Value / Revenue
Enterprise Value / EBITDA
2.5x
25.0x 2.4x 2.4x 2.5x
2.3x 2.3x 2.3x
During 1H 2012 the total value of completed M&A transactions in 20.0x 1.8x
1.9x
2.0x
the Technology industry dropped 30% to $15.7 billion from $22.4
billion in the prior year period. 15.0x
32.2x
1.5x
25.8x 26.4x
23.0x
Despite the decline in M&A activity, transaction pricing or purchase 10.0x 19.9x
21.5x
1.0x
18.2x 17.5x
multiples, defined as Enterprise Value over revenue and Enterprise 13.6x
16.5x 15.7x
Value over EBITDA, remained strong from a historical perspective 5.0x 0.5x
at an average of 2.8x and 17.5x, respectively, for completed middle
market transactions across the Technology industry in the 1st half of 0.0x
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H 2012
0.0x
2012. EV / EBITDA EV / Revenue
U.S. Middle Market M&A Activity – Annual Trends: VOLUME U.S. Middle Market M&A Activity – Annual Trends: VALUE
Total Transaction Value ($ in billions)
Total Transaction Volume
Less than $100M $100 - $499M $500 - $1,000M Less than $100M $100 - $499M $500 - $1,000M
Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)
HYDE PARK CAPITAL 3
Investment Banking | Mergers & Acquisitions | Capital Raising
4. Quarterly Middle Market M&A Activity – Technology
Commentary Middle Market M&A Transactions by Deal Size – Technology
As detailed in the table on the right, Technology M&A transaction ($ in billions)
volume and value decreased year-over-year across all segments of
the middle market during the 2nd quarter of 2012. Q2 2011 Q2 2012 % Change
Deal Size Volume Value Volume Value Volume Value
The total volume of completed middle market Technology deals Less than $100M 50 $1.7 39 $1.4 (22%) (17%)
(transactions valued at less than $1 billion) declined 30% in Q2 $100 - $499M 27 $6.2 14 $3.1 (48%) (50%)
2012 versus the prior year period, while total middle market deal $500 - $1,000M 5 $3.6 4 $3.1 (20%) (16%)
value fell 34% to $7.6 billion during the quarter. Total Middle Market 82 $11.5 57 $7.6 (30%) (34%)
% of Total Market
Transactions valued at less than $100 million represented Less than $100M 61% 15% 68% 19%
approximately 68% of the total number of closed deals in Q2 2012. $100 - $499M 33% 53% 25% 41%
$500 - $1,000M 6% 32% 7% 40%
Despite representing less than 35% of the total deal volume in Q2 Total Middle Market 100% 100% 100% 100%
2012, transactions valued between $100 million and $1 billion
accounted for more than 80% of the total deal value during the
quarter.
U.S. Middle Market M&A Activity – Quarterly Trends: VOLUME U.S. Middle Market M&A Activity – Quarterly Trends: VALUE
Total Transaction Value ($ in billions)
Total Transaction Volume
Less than $100M $100 - $499M $500 - $1,000M Less than $100M $100 - $499M $500 - $1,000M
Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)
HYDE PARK CAPITAL 4
Investment Banking | Mergers & Acquisitions | Capital Raising
5. Recent M&A Activity – Technology
Select Announced M&A Transactions (Q2 2012)
Enterprise EV / EV /
Announced Date Target Industry Sector Buyer Value ($mm) Revenue EBITDA
06/28/2012 Open E Cry, LLC Internet GAIN Capital Group $12.0 0.9x NA
06/27/2012 Active Internet Technologies, LLC Internet Spectrum Equity Investors $55.0 NA NA
06/25/2012 Quest Software, Inc. Software Dell, Inc. $2,407.7 2.7x 15.0x
Fidelity National Information Services, Inc.
06/25/2012 Software Lightyear Capital $335.0 NA NA
(Healthcare Benefit Solutions Business)
06/21/2012 Savings.com, Inc. Internet Cox Target Media, Inc. $100.0 NA NA
06/21/2012 Brand.net, Inc. Internet Valassis Communications, Inc. $18.0 NA NA
06/20/2012 Wavelink Corp. Software LANDesk Software, Inc. $82.0 NA NA
06/18/2012 Network Engines, Inc. Technology Hardware UNICOM Systems, Inc. $55.3 0.2x 5.1x
06/18/2012 Network Equipment Technologies, Inc. Technology Hardware Sonus Networks, Inc. $42.4 0.8x NM
06/15/2012 Yammer, Inc. Internet Microsoft Corp. $1,200.0 NA NA
06/13/2012 SinglePlatform Corp. Internet Constant Contact, Inc. $95.0 NA NA
06/13/2012 Integrated Export Systems, Ltd. Software The Descartes Systems Group, Inc. $34.2 NA NA
06/12/2012 GlobalSpec, Inc. Internet HIS, Inc. $135.0 NA NA
06/11/2012 Vital Support Systems, LLC IT Services TDS Hosted & Managed Services, LLC $45.0 0.6x NA
06/07/2012 Bytemobile, Inc. Internet Citrix Systems International Gmbh $435.0 NA NA
06/05/2012 PlanetSoft, Inc. Software Ebix, Inc. $40.0 NA NA
06/04/2012 Buddy Media, Inc. Internet Salesforce.com $745.0 NA NA
06/01/2012 Nascent Systems, LP IT Services Perficient, Inc. $18.1 1.1x NA
05/30/2012 Clarus Systems, Inc. Software OPNET Technologies, Inc. $11.7 NA NA
05/29/2012 LeCroy Corp. Technology Hardware Teledyne Technologies, Inc. $291.7 1.5x 8.9x
05/24/2012 PowerReviews, Inc. Software Bazaarvoice, Inc. $127.8 11.1x NA
05/22/2012 Ariba, Inc. Software SAP AG $4,411.4 8.8x NM
05/22/2012 EDGAR Online, Inc. Internet R.R. Donnelley & Sons Co. $71.2 2.3x NM
05/14/2012 Tii Network Technologies, Inc. Technology Hardware Kelta, Inc. $28.1 0.5x 11.1x
05/11/2012 Xedar Corp. Software HIS, Inc. $28.0 NA NA
05/10/2012 Spectralink Corp. Technology Hardware Sun Capital Partners $114.0 1.2x NA
05/09/2012 AssetNation, Inc. Internet Ritchie Bros. Auctioneers, Inc. $64.0 NA NA
05/07/2012 Anue Systems, Inc. Technology Hardware Ixia $145.0 3.0x NA
05/07/2012 SpeechCycle, Inc. Internet Synchronoss Technologies, Inc. $38.0 NA NA
Source: S&P Capital IQ
HYDE PARK CAPITAL 5
Investment Banking | Mergers & Acquisitions | Capital Raising
6. Recent M&A Activity – Technology
Select Announced M&A Transactions (Q2 2012)
Enterprise EV / EV /
Announced Date Target Industry Sector Buyer Value ($mm) Revenue EBITDA
05/07/2012 GTSI Corp. Distributors UNICOM Systems, Inc. $18.8 0.1x 3.3x
05/03/2012 SlideShare, Inc. Internet LinkedIn Corp. $72.1 NA NA
05/03/2012 Avista Solutions, Inc. Software Davis + Henderson Corp. $40.0 NA NA
05/02/2012 RentJuice Corp. Internet Zillow, Inc. $37.4 NM NM
05/01/2012 EasyLink Services International Corp. Internet Open Text Corp. $309.5 1.7x 7.3x
05/01/2012 Funzio, Inc. Internet GREE International, Inc. $210.0 NA NA
05/01/2012 nLayer Communications, Inc. Internet Global Internetworking, Inc. $18.0 1.2x NA
04/30/2012 Fox Enterprises, Inc. Distributors Integrated Device Technology, Inc. $30.0 1.3x NA
04/27/2012 Demandforce, Inc. Internet Intuit, Inc. $423.5 NA NA
04/25/2012 Inflection, LLC (Archives.com) Internet Ancestry.com, Inc. $100.0 NA NA
04/24/2012 Cray, Inc. (Interconnect Hardware Assets) Technology Hardware Intel Corp. $140.0 NA NA
04/23/2012 Peer39, Inc. Internet MediaMind Technologies, Inc. $15.6 NA NA
04/20/2012 MU Dynamics, Inc. Software Spirent Communications Plc. $40.0 NA NA
04/17/2012 SRS Labs, Inc. Software DTS, Inc. $113.2 3.4x NM
Openwave Systems, Inc. (Mediation and
04/16/2012 Internet Marlin Equity Partners $49.6 NA NA
Messaging Product Businesses)
04/10/2012 Elo Touch Solutions Technology Hardware The Gores Group $380.0 0.9x NA
04/09/2012 Instagram, Inc. Internet Facebook, Inc. $1,000.0 NA NA
04/05/2012 Automation Technology, Inc. Internet Intertek Group plc $16.0 NA NA
04/04/2012 DRI Corp. Software Luminator Holding, LLC $25.3 0.3x NM
04/03/2012 LogLogic, Inc. Software TIBCO Software, Inc. $131.6 NA NA
Average $293.0 2.2x 8.4x
Median $71.2 1.2x 8.1x
Source: S&P Capital IQ
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7. Recent M&A Transactions Profiled – Technology
Ariba, Inc. (NasdaqGS:ARBA) Transaction Details
Ariba, Inc. (NasdaqGS:ARBA) is a leader in cloud-based, Financial Profile Transaction Analysis
collaborative business solutions for spend management, finance ($ in millions)
LTM
management and sales acceleration management. Income Statement 3/31/12 Purchase Price (Equity) $4,598.6
On May 22, 2012 SAP AG (DB:SAP), one of the largest developers of Revenue $501.8 Total Rights/Warrants/Options $9.1
enterprise software, entered into an agreement to acquire Ariba for
$45.00 per share of common stock in an all–cash transaction, EBITDA $40.9 Net Assumed Liabilities ($196.4)
implying an enterprise value of approximately $4.4 billion for Ariba. Net Income ($8.8) Implied Enterprise Value $4,411.4
The purchase price represented a considerable premium to Ariba’s As of
stock price one-day prior (37%) to the announcement and the 52- Balance Sheet 3/31/12 Implied Purchase Multiples
week average (44%), as well as implied attractive multiples of both
Cash $196.4 Revenue 8.8x
revenue and EBITDA, as illustrated to the right.
Debt $0.0 EBITDA NM
The acquisition of Ariba will expand SAP’s portfolio of cloud-based
applications, further increasing its presence in the cloud. Net Debt ($196.4) Net Income NM
Quest Software, Inc. (NasdaqGS:QSFT) Transaction Details
Quest Software, Inc. (NasdaqGS:QSFT) is an award winning Financial Profile Transaction Analysis
developer of enterprise system management software that provides ($ in millions)
LTM Purchase Price (Equity) $2,382.9
solutions for common IT challenges. Income Statement 3/31/12
Total Rights/Warrants/Options $149.0
On June 30, 2012 Dell, Inc. (NasdaqGS:DELL) announced that it had Revenue $881.5 Minority Interest $34.9
entered into a definitive agreement to acquire Quest Software for
approximately $2.4 billion, which represents an offer price of EBITDA $160.3 Net Assumed Liabilities ($159.1)
$27.50 per share of common stock. Net Income $43.3 Implied Enterprise Value $2,407.7
The offer from Dell was deemed by Quest Software’s Board of As of
Directors to represent a superior offer to the Company’s previously Balance Sheet 3/31/12 Implied Purchase Multiples
announced merger agreement with Insight Venture Partners.
Cash $263.2 Revenue 2.7x
The proposed combination will add critical components to Dell’s
Debt $104.1 EBITDA 15.0x
enterprise software solutions, including systems management,
security and data protection. Net Debt ($159.1) Net Income NM
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8. M&A Activity by Technology Sector
U.S. Middle Market M&A Activity by Technology Sector: VOLUME % Change
53
Software 36%
34
49
Internet 16%
41
26
IT Services 73%
7
43
Technology Hardware 19%
35
0 10 20 30 40 50 60
1H 2011 1H 2012
U.S. Middle Market M&A Activity by Technology Sector: VALUE % Change
($ in millions)
$9.6
Software 51%
$4.7
$3.9
Internet 13%
$4.4
$2.8
IT Services 79%
$0.6
$6.1 2%
Technology Hardware
$6.0
$0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0
1H 2011 1H 2012
Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion)
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9. Private Equity Activity – Technology
Commentary Select Private Equity Transactions (Q2 2012)
($ in millions) Transaction
With financing markets cooperating, financial sponsors remained Announced Date Target Buyer Industry Value
active investors across all sectors of the Technology industry in the 06/27/12 Active Internet Technologies, LLC Spectrum Equity Investors Internet $55
2nd quarter of 2012, as shown in the table on the right. 06/14/12 Bullhorn, Inc. Vista Equity Partners Internet NA
06/06/12 Plex Systems, Inc. Francisco Partners Management Internet NA
Several notable private equity backed transactions were 05/30/12 Infogix, Inc. H.I.G. Capital Software NA
announced during Q2 2012 including GTCR’s acquisition of CAMP 05/10/12 Spectralink Corp. Sun Capital Partners Technology Hardware $114
Systems International, Inc., a provider of aircraft maintenance
05/10/12 CAMP Systems International, Inc. GTCR Internet $675
tracking software, for $675 million; and The Gores Group buyout
05/03/12 Ajubeo, LLC Grey Mountain Partners Internet NA
of Elo TouchSystems, Inc. a developer and manufacturer of touch
screen products, for $380 million. 04/18/12 Help/Systems, LLC Summit Partners Software NA
Openwave Systems, Inc. (Mediation and
04/16/12 Marlin Equity Partners Internet $50
Messaging Product Businesses)
During the 1st half of 2012 financial sponsors participated in 10% 04/10/12 Elo TouchSystems, Inc. The Gores Group Technology Hardware $380
of completed deals and accounted for 15% of total transaction 04/10/12 Network Instruments, LLC Thoma Bravo Technology Hardware NA
value, which is consistent with 1H 2011. 04/05/12 Legacy.com, Inc. Great Hill Partners Internet NA
04/02/12 MSDSonline, Inc. ICG Group Internet $48
Financial Sponsors vs. Strategic Buyers Select Private Placements (Q2 2012)
($ in millions) Transaction
Announced Date Target Lead Investor(s) Industry Value
06/29/12 DocuSign, Inc. Kleiner, Perkins, Caufield & Byers Internet $56
Total Transaction Value ($ in billions)
06/28/12 Rocket Fuel, Inc. Northgate Capital Group Internet $50
Total Transaction Volume
06/20/12 Bromium, Inc. Highland Capital Partners Software $27
06/12/12 Message Systems, Inc. LLR Partners Software $32
06/07/12 GoHealth, LLC Norwest Equity Partners Internet $50
06/05/12 Donuts, Inc. Austin Ventures Internet $100
05/23/12 10gen, Inc. New Enterprise Associates Internet $50
Goldman Sachs Group (Merchant
05/21/12 AnchorFree, Inc. Internet $52
Banking Division)
05/17/12 Pinterest Bessemer Venture Partners Internet $100
05/16/12 Fotolia, LLC Kohlberg Kravis Roberts & Co. Internet $150
Accel Management Co, Inc. /
05/15/12 Qualtrics, Inc. Internet $70
Sequoia Capital
05/11/12 Utopia, Inc. FTV Capital IT Services $50
Financial Sponsor Strategic Buyer Financial Sponsor Strategic Buyer
04/19/12 Evernote Corp. MeriTech Capital Partners Internet $70
Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion)
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10. Industry Sector Overview – Recent Stock Price Performance
Commentary Enterprise Software
The charts included on the following pages detail the recent stock 130%
price performance by sector for the leading public companies
within the Technology industry for the 12-month period ended 120%
June 30, 2012. The shaded section is the most recent 3-month
110%
period (Q2). 3.1%
100%
The Technology Hardware and Internet indices delivered the
strongest gains in the Technology industry for the 12-month 90% 5.4%
period ending June 30, 2012, increasing 19.8% and 9.3%,
respectively. 80%
70%
Due to mixed earnings reports by public companies in the
Technology industry and increased volatility in the market, all 60%
sector indices of the Technology industry decreased during Q2 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12
2012. S&P 500 Enterprise Software
Software-as-a-Service (SaaS) Infrastructure Software
130% 130%
120% 120%
110% 110%
3.1% 3.1%
100% 100%
0.3%
90% 90% 5.8%
80% 80%
70% 70%
60% 60%
Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12
S&P 500 Software-as-a-Service (SaaS) S&P 500 Infastructure Software
Source: S&P Capital IQ
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11. Industry Sector Overview – Recent Stock Price Performance
Informatics & Data Services Internet
130% 130%
120% 120%
9.3%
110% 110%
3.1%
100% 100% 3.1%
90% 6.0% 90%
80% 80%
70% 70%
60% 60%
Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12
S&P 500 Inormatics & Data Services S&P 500 Internet
IT Services Technology Hardware
130% 140%
120% 130%
120% 19.8%
110%
3.1% 110%
100%
3.1%
100%
90%
7.4%
90%
80%
80%
70% 70%
60% 60%
Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12
S&P 500 IT Services S&P 500 Tehnology Hardware
Source: S&P Capital IQ
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12. Industry Sector Overview – Public Company Analysis
Enterprise Software
($ in millions, except per share)
Enterprise Resource Planning
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Oracle Corp. ORCL $29.70 87.0% $151,322 $137,519 $37,121 $29,263 $16,050 78.8% 43.2% 3.7x 8.6x
SAP AG DB:SAP $59.36 85.3% $70,465 $71,052 $19,214 $13,758 $6,882 71.6% 35.8% 3.7x 10.3x
Sage Group plc LSE:SGE $4.35 88.5% $5,747 $5,552 $2,138 $2,004 $620 93.7% 29.0% 2.6x 9.0x
NetSuite, Inc. N $54.77 99.9% $3,719 $3,568 $252 $177 ($17) 70.0% (6.8%) 14.1x* NM
Deltek, Inc. PROJ $11.59 99.6% $755 $871 $343 $220 $50 64.0% 14.6% 2.5x 17.3x
Exact Holding NV ENXTAM:EXACT $21.86 81.0% $499 $434 $280 $111 $64 39.6% 22.9% 1.5x 6.8x
Average 90.2% $38,751 $36,499 $9,891 $7,589 $3,942 69.6% 23.1% 2.8x 10.4x
Median 87.8% $4,733 $4,560 $1,240 $1,112 $342 70.8% 26.0% 2.6x 9.0x
Supply/Demand Chain Management
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Ariba, Inc. ARBA $44.76 98.4% $4,191 $3,995 $502 $330 $41 65.8% 8.1% 8.0x NM
JDA Software Group, Inc. JDAS $29.69 85.2% $1,270 $1,257 $672 $406 $165 60.4% 24.5% 1.9x 7.6x
Manhattan Associates, Inc. MANH $45.71 89.6% $966 $869 $349 $204 $76 58.6% 21.7% 2.5x 11.5x
SciQuest, Inc. SQI $17.96 99.1% $405 $345 $55 $41 $7 73.4% 12.1% 6.2x 51.8x
Average 93.1% $1,708 $1,617 $394 $245 $72 64.6% 16.6% 4.6x 23.6x
Median 94.0% $1,118 $1,063 $425 $267 $58 63.1% 16.9% 4.4x 11.5x
Customer Relationship Management
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Oracle Corp. ORCL $29.70 87.0% $151,322 $137,519 $37,121 $29,263 $16,050 78.8% 43.2% 3.7x 8.6x
SAP AG DB:SAP $59.36 85.3% $70,465 $71,052 $19,214 $13,758 $6,882 71.6% 35.8% 3.7x 10.3x
Salesforce.com CRM $138.26 83.9% $18,869 $18,709 $2,458 $1,920 $106 78.1% 4.3% 7.6x NM
Amdocs, Ltd. DOX $29.72 91.8% $5,266 $4,371 $3,230 $1,147 $596 35.5% 18.5% 1.4x 7.3x
NetSuite, Inc. N $54.77 99.9% $3,719 $3,568 $252 $177 ($17) 70.0% (6.8%) 14.1x* NM
Comverse Technology, Inc. CMVT $5.82 74.6% $1,230 $1,463 $1,589 $844 $145 53.1% 9.2% 0.9x 10.1x
Pegasystems, Inc. PEGA $32.98 69.4% $1,300 $1,212 $425 $259 $27 60.9% 6.5% 2.8x NM
CSG Systems International, Inc. CSGS $17.28 88.2% $568 $685 $737 $372 $165 50.5% 22.4% 0.9x 4.1x
Average 85.0% $31,593 $29,822 $8,128 $5,967 $2,994 62.3% 16.6% 3.0x 8.1x
Source: S&P Capital IQ *Excluded from average and median calculation. Median 86.2% $4,493 $3,969 $2,023 $995 $155 65.5% 13.8% 2.8x 8.6x
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13. Industry Sector Overview – Public Company Analysis
Enterprise Software
($ in millions, except per share)
Human Capital Management
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Concur Technologies, Inc. CNQR $68.10 98.3% $3,687 $3,457 $393 $282 $53 71.6% 13.6% 8.8x 64.8x
The Ultimate Software Group, Inc. ULTI $88.93 97.3% $2,481 $2,420 $283 $160 $28 56.4% 9.9% 8.6x 86.7x
Cornerstone OnDemand, Inc. CSOD $23.81 100.0% $1,156 $1,074 $81 $58 ($21) 71.0% (25.5%) 13.2x NM
Kenexa Corp. KNXA $29.03 85.6% $771 $722 $301 $180 $26 59.7% 8.5% 2.4x 28.2x
Vocus, Inc. VOCS $18.60 55.2% $352 $404 $138 $111 ($4) 80.3% (3.1%) 2.9x NM
Average 87.3% $1,689 $1,615 $239 $158 $16 67.8% 0.7% 7.2x 59.9x
Median 97.3% $1,156 $1,074 $283 $160 $26 71.0% 8.5% 8.6x 64.8x
Content Management
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Adobe Systems, Inc. ADBE $32.37 93.1% $16,192 $14,704 $4,335 $3,875 $1,492 89.4% 34.4% 3.4x 9.9x
Open Text Corp. OTEX $49.90 69.0% $2,928 $3,024 $1,187 $861 $325 72.5% 27.4% 2.5x 9.3x
Synchronoss Technologies, Inc. SNCR $18.47 47.5% $717 $596 $241 $130 $40 54.1% 16.7% 2.5x 14.8x
LogMeIn, Inc. LOGM $30.52 68.4% $779 $586 $125 $114 $16 90.8% 12.8% 4.7x 36.5x
Average 69.5% $5,154 $4,727 $1,472 $1,245 $468 76.7% 22.8% 3.3x 17.6x
Median 68.7% $1,853 $1,810 $714 $495 $183 80.9% 22.0% 3.0x 12.3x
Business Intelligence/Analytics
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Teradata Corp. TDC $72.01 90.1% $12,375 $11,683 $2,469 $1,359 $566 55.0% 22.9% 4.7x 20.6x
TIBCO Software, Inc. TIBX $29.92 86.3% $5,126 $5,034 $992 $724 $225 73.0% 22.7% 5.1x 22.3x
Informatica Corp. INFA $42.36 67.9% $4,772 $4,206 $812 $685 $183 84.4% 22.5% 5.2x 23.0x
Qlik Technologies, Inc. QLIK $22.12 62.1% $1,923 $1,717 $337 $301 $21 89.5% 6.1% 5.1x NM
MicroStrategy, Inc. MSTR $129.86 72.7% $1,439 $1,227 $585 $437 $28 74.7% 4.7% 2.1x NM
Average 75.8% $5,127 $4,773 $1,039 $701 $205 75.3% 15.8% 4.4x 22.0x
Median 72.7% $4,772 $4,206 $812 $685 $183 74.7% 22.5% 5.1x 22.3x
Source: S&P Capital IQ
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14. Industry Sector Overview – Public Company Analysis
Software-as-a-Service (SaaS)
($ in millions, except per share) Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Salesforce.com CRM $138.26 83.9% $18,869 $18,709 $2,458 $1,920 $106 78.1% 4.3% 7.6x NM
NetSuite, Inc. N $54.77 99.9% $3,719 $3,568 $252 $177 ($17) 70.0% (6.8%) 14.1x* NM
athenahealth, Inc. ATHN $79.17 90.8% $2,903 $2,748 $376 $230 $50 61.1% 13.4% 7.3x 54.6x
The Ultimate Software Group, Inc. ULTI $88.93 97.3% $2,481 $2,420 $283 $160 $28 56.4% 9.9% 8.6x NM
Compuware Corp. CPWR $9.30 90.1% $2,065 $2,018 $1,006 $666 $176 66.2% 17.5% 2.0x 11.4x
Blackbaud, Inc. BLKB $25.67 75.5% $1,138 $1,092 $379 $217 $68 57.2% 18.0% 2.9x 16.0x
Cornerstone OnDemand, Inc. CSOD $23.81 100.0% $1,156 $1,074 $81 $58 ($21) 71.0% (25.5%) 13.2x* NM
OpenTable, Inc. OPEN $45.01 49.5% $1,085 $1,027 $145 $105 $43 72.2% 29.8% 7.1x 23.7x
Kenexa Corp. KNXA $29.03 85.6% $771 $722 $301 $180 $26 59.7% 8.5% 2.4x 28.2x
Synchronoss Technologies, Inc. SNCR $18.47 47.5% $717 $596 $241 $130 $40 54.1% 16.7% 2.5x 14.8x
LogMeIn, Inc. LOGM $30.52 68.4% $779 $586 $125 $114 $16 90.8% 12.8% 4.7x 36.5x
Demandware, Inc. DWRE $23.69 74.1% $548 $443 $61 $40 $1 66.0% 2.3% 7.3x NM
Constant Contact, Inc. CTCT $17.86 55.5% $556 $413 $224 $160 $24 71.3% 10.9% 1.8x 16.9x
Vocus, Inc. VOCS $18.60 55.2% $352 $404 $138 $111 ($4) 80.3% (3.1%) 2.9x NM
Bazaarvoice, Inc. BV $18.20 86.3% $481 $355 $106 $70 ($21) 65.7% (19.4%) 3.3x NM
SciQuest, Inc. SQI $17.96 99.1% $405 $345 $55 $41 $7 73.4% 12.1% 6.2x 51.8x
Average 78.7% $2,376 $2,282 $389 $274 $33 68.4% 6.3% 4.8x 28.2x
Median 84.8% $932 $874 $233 $145 $25 68.1% 10.4% 4.0x 23.7x
Source: S&P Capital IQ *Excluded from average and median calculation.
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15. Industry Sector Overview – Public Company Analysis
Infrastructure Software
($ in millions, except per share)
Enterprise IT Management
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
VMware, Inc. VMW $91.04 76.6% $39,490 $34,593 $4,180 $3,511 $1,075 84.0% 25.7% 8.3x 32.2x
Citrix Systems, Inc. CTXS $83.94 95.4% $15,895 $14,597 $2,389 $2,121 $592 88.8% 24.8% 6.1x 24.7x
CA Technologies CA $27.09 96.8% $13,193 $11,943 $4,814 $4,174 $1,729 86.7% 35.9% 2.5x 6.9x
Red Hat, Inc. RHT $56.48 90.0% $11,091 $10,272 $1,183 $1,001 $262 84.6% 22.1% 8.7x 39.2x
BMC Software, Inc. BMC $42.68 75.5% $7,375 $6,636 $2,172 $1,603 $675 73.8% 31.1% 3.1x 9.8x
TIBCO Software, Inc. TIBX $29.92 86.3% $5,126 $5,034 $992 $724 $225 73.0% 22.7% 5.1x 22.3x
SolarWinds, Inc. SWI $43.56 89.6% $3,273 $3,090 $233 $218 $114 93.4% 48.7% 13.2x* 27.2x
Quest Software, Inc. QSFT $27.81 99.4% $2,405 $2,281 $881 $780 $160 88.5% 18.2% 2.6x 14.2x
Compuware Corp. CPWR $9.30 90.1% $2,065 $2,018 $1,006 $666 $176 66.2% 17.5% 2.0x 11.4x
Pegasystems, Inc. PEGA $32.98 69.4% $1,300 $1,212 $425 $259 $27 60.9% 6.5% 2.8x NM
Progress Software Corp. PRGS $20.87 79.4% $1,349 $1,021 $504 $415 $95 82.3% 18.8% 2.0x 10.8x
Average 86.2% $9,324 $8,427 $1,707 $1,407 $466 80.2% 24.7% 4.3x 19.9x
Median 89.6% $5,126 $5,034 $1,006 $780 $225 84.0% 22.7% 3.0x 18.3x
Data Storage
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
EMC Corp. EMC $25.63 85.4% $56,771 $53,237 $20,494 $12,649 $4,850 61.7% 23.7% 2.6x 11.0x
Teradata Corp. TDC $72.01 90.1% $12,375 $11,683 $2,469 $1,359 $566 55.0% 22.9% 4.7x 20.6x
Iron Mountain, Inc. IRM $32.96 92.1% $6,219 $9,503 $3,015 $1,767 $934 58.6% 31.0% 3.2x 10.2x
NetApp, Inc. NTAP $31.82 58.3% $12,228 $8,095 $6,233 $3,713 $940 59.6% 15.1% 1.3x 8.6x
CommVault Systems, Inc. CVLT $49.57 89.3% $2,340 $2,040 $407 $353 $54 86.9% 13.2% 5.0x 37.9x
Average 83.1% $17,987 $16,911 $6,524 $3,968 $1,469 64.4% 21.2% 3.4x 17.7x
Median 89.3% $12,228 $9,503 $3,015 $1,767 $934 59.6% 22.9% 3.2x 11.0x
Source: S&P Capital IQ *Excluded from average and median calculation.
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16. Industry Sector Overview – Public Company Analysis
Infrastructure Software
($ in millions, except per share)
Security
Enterprise Value /
Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM
Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA
Symantec Corp. SYMC $14.61 73.1% $10,928 $9,834 $6,730 $5,739 $1,797 85.3% 26.7% 1.5x 5.5x
Check Point Software Technologies, Ltd. CHKP $49.59 76.3% $10,525 $9,154 $1,307 $1,156 $739 88.4% 56.6% 7.0x 12.4x
VeriSign, Inc. VRSN $43.57 99.0% $7,172 $6,479 $796 $631 $427 79.2% 53.6% 8.1x 15.2x
Fortinet, Inc. FTNT $23.22 80.6% $3,820 $3,392 $458 $336 $98 73.5% 21.4% 7.4x 34.6x
Trend Micro, Inc. TSE:4704 $29.26 81.0% $3,854 $2,568 $1,153 $940 $399 81.5% 34.6% 2.2x 6.4x
Sourcefire, Inc. FIRE $51.40 86.2% $1,533 $1,383 $181 $140 $15 77.1% 8.5% 7.6x NM
Websense, Inc. WBSN $18.73 67.3% $745 $745 $365 $306 $72 83.8% 19.7% 2.0x 10.3x
Average 82.8% $3,425 $2,913 $591 $471 $202 79.0% 27.6% 5.5x 16.6x
Median 81.0% $3,820 $2,568 $458 $336 $98 79.2% 21.4% 7.4x 12.8x
Source: S&P Capital IQ
HYDE PARK CAPITAL 16
Investment Banking | Mergers & Acquisitions | Capital Raising