Our second annual State of SMB Software Report, looking at fundraising and exit activity in the Small and Mid-Sized Business (SMB) software space in North America in 2017
Our 3rd annual State of SMB Software Report looking at all the VC, PE & exit activity in the SMB software space in North America.
If you don't know SurePath, we are the only investment bank focused exclusively on SMB Software.
Download it and get in touch with us if you have questions.
Our second annual State of SMB Software Report, looking at fundraising and exit activity in the Small and Mid-Sized Business (SMB) software space in North America in 2017
Our 3rd annual State of SMB Software Report looking at all the VC, PE & exit activity in the SMB software space in North America.
If you don't know SurePath, we are the only investment bank focused exclusively on SMB Software.
Download it and get in touch with us if you have questions.
How Clients think: From SMB to EnterpriseRobin Leonard
An exploration into how Clients think from a digital agency perspective, across Small to Medium, Mid-Market/Corporate and Enterprise. What are their problems, and what can agencies offer them? This presentation was originally given at the Digital Agency Summit 2017 - http://digitalagencysummit.com/
DealMarket Digest Issue86 - 8th March 2013Urs Haeusler
SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 86 - 8th March 2013:
- Mutual Attraction: Family Offices and PE Fundraisers
- Survey Finds Investor Appetite for Big Buyout Funds
- PE Investors Eye Ista for $3.9 bn
- Doubts Linger About IPO as Exit in Europe
- Investments on the Rise in Latin America
- Quote of the Week: Sales Booster
0507 057 01 98 * Adana Klima Montaj Servisleri, Adana Klima Montaj Servisi, Adana Klima Montaj Servisleri, Arçelik Klima Montaj Servisi Adana, Beko Klima Montaj Servisi Adana, Demirdöküm Klima Montaj Servisi Adana, Vestel Klima Montaj Servisi Adana, Aeg Klima Montaj Servisi Adana, Bosch Klima Montaj Servisi Adana, Ariston Klima Montaj Servisi Adana, Samsung Klima Montaj Servisi Adana, Siemens Klima Montaj Servisi Adana, Profilo Klima Montaj Servisi Adana, Fujitsu Klima Montaj Servisi Adana, Baymak Klima Montaj Servisi Adana, Sharp Klima Montaj Servisi Adana, Mitsubishi Klima Montaj Servisi Adana, Alaska Klima Montaj Servisi Adana, Aura Klima Montaj Servisi Adana, Adana Çukurova Klima Montaj Servisleri, Adana Yüreğir Klima Montaj Servisleri
2017 SMB Cloud Summit: Investment Climate for Small Business SaaS – Temperatu...Localogy
This presentation was delivered at the first ever Local Search Association SMB Cloud Summit in San Francisco 12.7.17. For more visit: http://bit.ly/2nGhO8s
Achieving Meaningful Exits in SaaS - Mark MacLeod - Founder at SurePath Capit...SaaStock
Mark MacLeod - Founder at SurePath Capital Partners presented "Achieving Meaningful Exits in SaaS" on the Operator Stage at SaaStock 2016 in Dublin on 22nd September 2016
SaaStock is Europe’s Conference for B2B SaaS at RDS, Dublin Ireland in September 2017
How Clients think: From SMB to EnterpriseRobin Leonard
An exploration into how Clients think from a digital agency perspective, across Small to Medium, Mid-Market/Corporate and Enterprise. What are their problems, and what can agencies offer them? This presentation was originally given at the Digital Agency Summit 2017 - http://digitalagencysummit.com/
DealMarket Digest Issue86 - 8th March 2013Urs Haeusler
SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 86 - 8th March 2013:
- Mutual Attraction: Family Offices and PE Fundraisers
- Survey Finds Investor Appetite for Big Buyout Funds
- PE Investors Eye Ista for $3.9 bn
- Doubts Linger About IPO as Exit in Europe
- Investments on the Rise in Latin America
- Quote of the Week: Sales Booster
0507 057 01 98 * Adana Klima Montaj Servisleri, Adana Klima Montaj Servisi, Adana Klima Montaj Servisleri, Arçelik Klima Montaj Servisi Adana, Beko Klima Montaj Servisi Adana, Demirdöküm Klima Montaj Servisi Adana, Vestel Klima Montaj Servisi Adana, Aeg Klima Montaj Servisi Adana, Bosch Klima Montaj Servisi Adana, Ariston Klima Montaj Servisi Adana, Samsung Klima Montaj Servisi Adana, Siemens Klima Montaj Servisi Adana, Profilo Klima Montaj Servisi Adana, Fujitsu Klima Montaj Servisi Adana, Baymak Klima Montaj Servisi Adana, Sharp Klima Montaj Servisi Adana, Mitsubishi Klima Montaj Servisi Adana, Alaska Klima Montaj Servisi Adana, Aura Klima Montaj Servisi Adana, Adana Çukurova Klima Montaj Servisleri, Adana Yüreğir Klima Montaj Servisleri
2017 SMB Cloud Summit: Investment Climate for Small Business SaaS – Temperatu...Localogy
This presentation was delivered at the first ever Local Search Association SMB Cloud Summit in San Francisco 12.7.17. For more visit: http://bit.ly/2nGhO8s
Achieving Meaningful Exits in SaaS - Mark MacLeod - Founder at SurePath Capit...SaaStock
Mark MacLeod - Founder at SurePath Capital Partners presented "Achieving Meaningful Exits in SaaS" on the Operator Stage at SaaStock 2016 in Dublin on 22nd September 2016
SaaStock is Europe’s Conference for B2B SaaS at RDS, Dublin Ireland in September 2017
Summary of findings
2018 VC-backed fintech deals and funding set an annual record: In 2018, - VC-backed fintech companies raised $39.57B across 1,707 deals globally. Deals were up 15% year-over-year while funding surged 120% on the back of 52 mega-rounds ($100M+) worth $24.88B combined.
Fintech is happening on global scale with deals outside of core markets (US, UK, and China) accounting for 39% of deals: Fintech deal hubs are starting to emerge globally. The count of unique fintech startups raising funding topped an annual high of 1,463 companies, and the unique number of investors reached 2,745 boosted by an influx of corporate investors.
Early-stage deals, as a percentage, fell to a 5-year low as investors concentrated bets in perceived winners: Global seed and Series A fintech deals grew 5% on an annual basis in 2018, but fell as a percentage of total deals to 57%. US early-stage deals were flat YOY as investors concentrated their bets in established fintech unicorns.
There are 39 VC-backed fintech unicorns worth a combined $147.37B: Q4'18 saw five new unicorns births (Plaid, Brex, Monzo, DevotedHealth, and Toss) and two in the first month of Q1’19 (N26 and Confluent). The cohort’s total valuation in 2018 was boosted by a record year for megarounds to existing unicorns, including Gusto and Robinhood, among others.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
Fintech in Latin America had a good year in 2020 considering the pandemic with over US$ 3 billion in raised capital. This report analyzes the fintech investments in the region with the goal of shedding light on the fintech environment in the region and its huge potential.
Similar to State of Canadian SaaS (Mark MacLeod) Mar 2019 (20)
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
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This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
1. THE STATE OF CANADIAN SAAS
Mark MacLeod, SurePath Capital Partners
March 20, 2019
SaaS Showcase Ottawa
2. A g e n d a
01 Introduction
02 Canadian SaaS Deals and Trends
03 Takeaways
3. M A R K M A C L E O D
FOUNDER
SUREPATH CAPITAL PARTNERS
Mark has over 19 years of industry experience with 14 years as CFO for leading companies such as FreshBooks, Shopify,
Tungle and more. He spent 3 years at Real Ventures, Canada’s most active seed stage venture fund, where he was one of
the original Partners.
Mark has raised hundreds of millions in capital from investors in Canada, the US and Asia and has sold companies to Airbnb,
Blackberry, Gannett, Rackable Systems, Return Path, Shopify and others.
I n t r o d u c t i o n
3
4. surepathcapital.com
S u r e P a t h : O u r P u r p o s e
Helping fund, grow, and exit SMB software companies
SurePath maximizes your optionality:
We make sure you know what it takes to build a market leader and capitalize you towards that goal.
We ensure you are always in the minds of strategic buyers so that if they decide to make a move in your
space, you are in the conversation. You can then decide; Keep going or exit?
The process of raising growth capital is very different from raising early stage capital
It is cheaper than ever to start companies, but more expensive than ever to build market leaders. If that’s your
aspiration, you need growth capital
We help you prepare for growth stage and help you raise the capital needed to become a market leader
Growth
Funding
We track every SMB software company in the market
Buyers have recognized that we have unique insights into this market
We leverage our in-depth coverage and insights to accelerate our clients’ acquisition programs
Acquisitions
Great exits don’t just happen. Buyers don’t just show up ready to pay a premium
We work with you to facilitate the BD and Corp Dev intros that pave the way to an eventual exit
No other investment banking firm has the depth of our relationships in the SMB world
Exits
4
4
5. surepathcapital.com
S u r e P a t h a n d S M B
Business Management E-Commerce
CRMMarketing Tech
Payments/ POS
We have been part of some the most successful SMB SaaS companies
We have deep relationships with SMB investors and buyers
SurePath is committed to becoming the leading strategic financial advisor to the global SMB software market
5
6. surepathcapital.com
R e c e n t S u r e P a t h D e a l s
6
served as the exclusive strategic
and financial advisor to
on its growth
financing led by
USD $60,000,000
served as the exclusive strategic
and financial advisor to
on its growth
financing led by
CAD $115,000,000
served as the exclusive strategic
and financial advisor to
on its sale to
served as the exclusive strategic
and financial advisor to
on its sale to
served as the exclusive strategic
and financial advisor to
on its growth
financing led by
USD $11,800,000
served as the exclusive strategic
and financial advisor to
a wholly-owned subsidiary of
on its sale to
served as the exclusive strategic
and financial advisor to
on its sale to
served as the exclusive strategic
and financial advisor to
on its growth
financing led by
USD $32,000,000
8. surepathcapital.com
S a a S V e n t u r e F u n d i n g B y Q u a r t e r
1. Source: Pitchbook
8
Total Deal
Count
(incl. deals with
undisclosed $)
53* 38*42* 50* 39* 54* 40* 41*
Over $1.7B has been raised across 273 deals in Canada throughout 2017 – 2018.
2018 deal count and $ down from 2017
$166M
$230M $241M
$294M
$82M
$338M
$194M $195M
30
34
41
34
27
46
28
33
0
5
10
15
20
25
30
35
40
45
50
-
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18
Capital Raised (Millions, USD) Deal Count (excl. undisclosed values)
9. surepathcapital.com
2 0 1 8 S a a S V e n t u r e A c t i v i t y b y S t a g e
1. Source: Pitchbook
9
~ 50% of $ went to later stage deals. This is a good sign that we are building category leaders and attracting
large investors
74* 66* 34*
$81M
$328M
$399M
54
51
29
0
10
20
30
40
50
60
-
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
$450M
Seed Round Early Stage VC Later Stage VC
Capital Raised (Millions, USD) Deal Count (excl. undisclosed values)
Total Deal
Count
(incl. deals with
undisclosed $)
10. surepathcapital.com
2 0 1 8 S a a S V e n t u r e F u n d i n g B y G e o g r a p h y
1. Source: Pitchbook
2. Includes deals with an undisclosed value. Excludes deals with an unknown geography.
10
Total Deals
174
87
40
23
7
2
1
9
3
$163M
British
Columbia
$5M
Alberta
$577M
Ontario
$52M
Quebec
$8M
Nova Scotia
$0.2M
PEI
$2M
Newfoundland
$1M
New
Brunswick
Total
Raised
$809M
11. surepathcapital.com
$40M Kleiner Perkins Caufield & Byers
$38M Napier Park Financial Partners
$34M ScaleUP Venture Partners / David Mirvish /
Intercap (Debt)
$18M iNovia Capital
$16M OpenView Venture Partners
$100M Warburg Pincus
$55M OMERS Ventures / JP Morgan Chase &
Company
$50M Insight Venture Partners
$47M TELUS Ventures / Wittington Investments
$43M Sageview Capital
2 0 1 8 ’ s T o p 1 0 S a a S V e n t u r e R a i s e s
Source: Pitchbook
11
12. surepathcapital.com
2 0 1 8 N e w C a n a d i a n F u n d F o r m a t i o n s
1. Source: Pitchbook and publicly available information.
* Foreign fund solely or largely focused on Investments in Canada and the US.
12
$100M
$174M
$23M
$100M
$10M
$10M
$198M
$19M
$59M
$58M
$550M
$15M
$40M
$20M
Yaletown Partners
White Star Capital*
Vancouver Founder Fund
Salesforce Canadian Trail. Fund*
Ripple Ventures
Ramen Ventures
Portag3 Ventures
Panache Ventures
Luge Capital
Golden Ventures
Georgian Partners
Concrete Ventures
Build Ventures
7 Gate Ventures
Fund Size (Millions, USD)
In 2018, ~$1.4B was raised in new funds by SaaS/Software focused VC’s.
14. surepathcapital.com
P E G r o w t h C a p i t a l A c t i v i t y B y Q u a r t e r
1. Source: Pitchbook
14
Although, there has historically been fewer PE Growth deals in Canada, over $478M capital has been raised
throughout 2017-2018.
6* 9*4* 4* 9* 4* 4* 2*
$4M
$22M
$64M
$110M
$100M
$133M
$40M
$5M
1
3
2
4
3
3
2
1
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
-
$20M
$40M
$60M
$80M
$100M
$120M
$140M
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18
Deal Size (Millions, USD) Deal Count (excl. undisclosed values)
Total Deal
Count
(incl. deals with
undisclosed $)
15. surepathcapital.com
S a a S E x i t A c t i v i t y B y Q u a r t e r
1. Source: Pitchbook
15
18 18
13 14
20
27
15
20
8 7
7
10
5
9
4
9
0
5
10
15
20
25
30
35
40
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18
M&A Deal Count Buyout/LBO Deal Count
16. surepathcapital.com
T o p 5 S a a S E x i t D e a l s i n t h e P a s t 5 Y e a r s
16
Total Deal
Proceeds
Buyer Exit Type Acquirer Age at Exit
Amount of
Capital Raised
Pre-exit
$125M Public-to-private
LBO
Saba Software /
HarbourVest Partners
/ Vector Capital
21 $54.2M
$97.5M M&A Verifone Systems 22 NA
$88.7M M&A
Fairfax Financial
Holdings
16 $0.5M
$85.2M M&A VASCO Data
Security International
23 $72M
$70M M&A Xero 7 $6.0M
Source: Pitchbook
17. surepathcapital.com
A c t i v e S a a S B u y e r s i n t h e P a s t 5 Y e a r s
1. Source: Pitchbook
17
18. surepathcapital.com
E x i t s b y A g e i n t h e P a s t 5 Y e a r s
1. Source: Pitchbook
18
Good things (usually) take time
Average time to exit > 10 years
4
3 3
4
2
20
47
25
30
33
10
12 12
11
14
0
5
10
15
20
25
30
35
40
45
50
2014 2015 2016 2017 2018
CompanyAgeatAcquisition(Years)
Minimum Age at Exit Maximum Age at Exit Average Age at Exit
19. surepathcapital.com
R a i s e v s . E x i t i n t h e P a s t 5 Y e a r s
1. Source: Pitchbook
19
~ 2 Raises to every Exit
176
191
174 183 174
79
113
108 95 109
1.8
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0
50
100
150
200
250
300
350
2014 2015 2016 2017 2018
Raises Deal Count Exits Deal Count Average Raise/Exit Ratio
20. surepathcapital.com
T h e V C F u n n e l
20
Source: https://www.cbinsights.com/research/venture-capital-funnel-2/
23. surepathcapital.com
C a n a d i a n s t a r t u p s n o t o n a l e v e l
p l a y i n g f i e l d f o r f u n d i n g
1. Source: Pitchbook
23
$9M
$11M $10M $11M
$15M
$4M $4M
$6M $7M $6M
0
2
4
6
8
10
12
14
16
18
2014 2015 2016 2017 2018
Average US VC Investment Average Canadian VC Investment
Max. US
VC Deal
$740M $513M $690M $413M $450M
Comparing the average fundraising size, Canadian VC investments were on average ~50% smaller in size
than those in the U.S.
Max.
Canadian
VC Deal
$85M $79M $100M $166M $100M
24. surepathcapital.com
US PE Firms Investments
$115M $122M $27M
$48M $65M
$18M Undisclosed
U S P E F i r m s a r e g o i n g t o b e a b i g f o r c e
i n t h e m a r k e t
24
Notable US PE firms are also making multiple investments in the Canadian SaaS Market.
25. surepathcapital.com
W e h a v e w o r k t o d o t o d e l i v e r B I G e x i t s
1. Source: Pitchbook
25
Max. US
Deal Size $2.6B $9.8B $9.3B $3.7B $7.5B
Comparing the average deal size for M&A activity, Canadian acquisitions were significantly smaller than
those in the U.S.
Max.
Canadian
Deal Size
$89M $85M $153M $96M $80M
$135M
$194M
$323M
$230M
$327M
$17M $19M $26M $22M $24M
0
50
100
150
200
250
300
350
2014 2015 2016 2017 2018
Average US M&A Deal Size Average Canadian M&A Deal Size
26. surepathcapital.com
C a n a d i a n T a l e n t
26
New Toronto Engineering Hub
to open in 2019
New Toronto headquarters to
open in 2020
Major tech startup
conference is relocating to
Toronto in 2019
MaRS Discovery District
welcomes Facebook
Opens first Canadian Office
in Toronto
Meaningful Canadian
presence
Fastest growing tech talent in
Canada
New engineering office to
open in Kitchener-Waterloo
We are continuing to see a growing list of tech giants and enterprises launching and growing significant
operations in Canada, particularly in Toronto.
27. surepathcapital.com
A r t i f i c i a l I n t e l l i g e n c e a n d M a c h i n e
L e a r n i n g
27
29. surepathcapital.com
S h o p i f y : A $ 2 2 B h o m e g r o w n s u c c e s s !
1. Source: Pitchbook
2. Stock Price is based on the quarter end
29
$444
$509
$581
$673
$760
$854
$952
$1,073
$68
$87
$117
$101
$124
$145
$163
$139
0
20
40
60
80
100
120
140
160
180
-
$200M
$400M
$600M
$800M
$1,000M
$1,200M
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18
TTM Revenue (Thousands, USD) Stock Price (USD)
30. Mark MacLeod
Founder & President
mark@surepathcapital.com
416.843.6004
Toronto • San Francisco
30