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Tech M&A Monthly: 9 Practical Tips for Presenting to Acquirer

The document outlines insights from the tech mergers and acquisitions (M&A) landscape, emphasizing practical tips for presenting to potential acquirers and highlighting notable mega deals and market trends. It features contributions from industry leaders, including Bruce Milne, and provides data on public market performance and valuation multiples. Various sectors within technology are analyzed, showcasing significant transactions and emphasizing the importance of experienced M&A advisors.

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1 Tech M&A Monthly 9 Practical Tips for Presenting to Acquirers August 10, 2017
2 A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the world. He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the nation’s most active regional technology trade association. He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100 Awards given to Europe’s top technology firms A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for success, including Power Planning. He is a frequent lecturer and author. Welcome Bruce Milne CEO Corum Group Ltd.
3 Agenda Welcome Special Report: Langara Celebration  How is fishing like M&A? August 2017 Research Report 9 Practical Tips for M&A Presentations Q&A
4 Fishing Celebration 2017
5 Dennis & Tobias Gurock, Gurock Software
6 How is fishing like M&A?
7 Scott Barrows, ZeroHero
8 Moe Arnaiz, eMOBUS
9 Mike Schmalz, Digital Extremes
10 Rex Hale, Hospicesoft “Take an M&A advisor who’s sailed these waters before, and has fished these waters before. [Who] knows the market, knows the buyers, knows what they’re looking for, what they’re asking for.”
11 Rex Hale, Hospicesoft “…an M&A consultant can come in and say ‘Oh, this is what they’re looking for. This is what the buyer wants to know. If we can just explain this, we’ll mitigate this situation’. And that’s been very, very helpful.”
12 Join us next year!
13 Corum Research Report Elon Gasper EVP, Research Yasmin Khodamoradi Director, Valuation Services
14 Public Markets Dec. Jan. Feb. Mar. Apr. May Jun. 30% 12% 18% 0% 5% 10% 15% 20% 25% 30% 35% Weekly Percentage Change S&P TECH Dow Jones NASDAQ Jul.
15 The Bull Market, 2009-Present Last 7 months 2009 2011 2013 2015 2017 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 500% Daily Percentage Change NASDAQ S&P TECH Dow Jones 2009 2011 2013 2015 2017
16 Corum Index Market Transactions July 2017July 2016 315 234 Mega Deals 13 6 Largest Deal $32B $7.1B Pipeline Private Equity Deals 21 35 VC Backed Exits 4054 Attributes 40% Cross Border Transactions 43% Start-Up Acquisitions 10%10% 19 yrs15 yrs Average Life of Target July 2016 July 2017 July 2016 July 2017 0% 67% 78% 26% 26% 54%
17 2017 Mega Deals – YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B
18 2017 Mega Deals – YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: WebMD Health [USA] Acquirer: Internet Brands [USA] Transaction Value: $2.8B (3.9x EV/Sales and 16.4x EV/EBITDA) - Web-based educational medical information for consumers and healthcare professionals
19 2017 Mega Deals – YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Civica [UK] Acquirer: Partners Group Holding [Switzerland] Transaction Value: $1.37B - Business-critical software for the clients operating in highly regulated industries
20 Horizontal Application Software Market 4.4x 19.9x Public Valuation Multiples EV Sales Since Q2 Corum Analysis EV EBITDA Back near 2-year high set last quarter July 2017 Holding steady after rising with the markets all year
21 Back near 2-year high set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Human Capital Management EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: SwipeClock [USA] Acquirer: Inverness Graham Investments [USA] - Timekeeping and payroll management SaaS Target: Wisetail LMS [USA] Acquirer: Alchemy Systems [USA] - Employee training SaaS for restaurant, fitness and retail industries Sold to
22 Back near 2-year high set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlight: Enterprise Resource Planning EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Intacct [USA] Acquirer: Sage Group [United Kingdom] Transaction Value: $850M (9.7x EV/Sales) - Accounting and financial management SaaS - Largest ever acquisition made by Sage - The third startup acquired by Sage this year - Strengthens Sage’s position in the US cloud-solutions market
23 Back near 2-year high set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Business Intelligence EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Kemvi [USA] Acquirer: HubSpot [USA] - AI-powered growth automation for B2B sales and marketing teams - Brings AI and machine learning features as a competitive advantage to transform routine processes
24 Back near 2-year high set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Ad Tech EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Rocket Fuel [USA] Acquirer: Sizmek [Vector Capital] [USA] Transaction Value: $125M - Media-buying platform developing AI to improve marketing ROI in digital media Target: nToggle [USA] Acquirer: Rubicon Project [USA] Transaction Value: $38.5M - RTB automation, monetization and analytics SaaS Sold to
25 Back near 2-year high set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Mobile Marketing EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Waterfall International [USA] Acquirer: Upland Software [USA] Transaction Value: $25.9M (2.9x EV/Sales) - Targeted mobile marketing automation SaaS Target: Boomtrain [USA] Acquirer: Zeta Interactive [USA] - Customer analytics and marketing automation SaaS Sold to
26 Back near 2-year high set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Supply Chain Management EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Perfect Commerce [USA] Acquirer: PROACTIS Holdings [United Kingdom] Transaction Value: $127.5M (19.8x EV/EBITDA) - SCM SaaS for procurement, SRM, contract management and spend analysis Target: TXT Retail [TXT e-solutions] [Italy] Acquirer: Aptos [Apax Partners] [USA] Transaction Value: $99M - Merchandise lifecycle management SaaS for the retail industry Sold to
27 2017 Mega Deals – YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Worldpay [UK] Acquirer: Vantiv [USA] Transaction Value: $10.4B - Payment and credit transaction processing
28 2017 Mega Deals – YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Bambora [Sweden] Acquirer: Ingenico Group [France] Transaction Value: $1.7B (8.1x EV/Sales) - Payments processing services which provide access to online and in-store segments of the end-to-end payment solutions market for SMBs
29 Internet Market Public Valuation Multiples 4.4x 28.8x EV Sales Corum Analysis EV EBITDA Sales multiples steadily improving… …with EBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments July 2017Since Q2
30 2017 Mega Deals – YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Bankrate [USA] Acquirer: Red Ventures [USA] Transaction Value: $1.24B (3x EV/Sales) - Online financial interest rate and insurance policy comparison service - Biggest acquisition of Red Ventures to date
31 Sales multiples steadily improving… …with EBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlight: Content Management Internet Application Software Market Sold to Target: GKD Index Partners [dba Alerian] [USA] Acquirer: ZZ Capital International Limited [aka ZZCI] [China] Transaction Value: $812M - Online energy industry information, indices, market intelligence - Shows the continued trend in outbound M&A deals by PRC companies
32 Sales multiples steadily improving… …with EBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlights: Ticketing Services Internet Application Software Market Sold to Sold to Sold to Target: ExtremeTix [USA] Acquirer: Etix.com [USA] Transaction Value: $16.5M - Entertainment event ticket resale website and directory Target: TheaterMania.com [USA] Acquirer: AudienceView Ticketing Corporation [RUBICON Technology Partners] [Canada] - Online ticketing service through OvationTix SaaS Target: Wasteland Entertainment [dba Insider.in] [India] Acquirer: One97 Communications [dba Paytm] [Alibaba] [India] - Online ticketing service for entertainment events and experiences
33 Sales multiples steadily improving… …with EBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlight: Diversified Internet Internet Application Software Market Sold to Target: Graphiq [USA] Acquirer: Amazon.com [USA] - Online search, reference content, data aggregation and visualization website - Improves Amazon’s Alexa virtual assistant, as the competition in the market heats up
34 Sales multiples steadily improving… …with EBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlight: Food Ordering Internet Application Software Market Sold to Target: Eat24.com [Yelp] [USA] Acquirer: GrubHub [USA] Transaction Value: $287.5M - Web-based food and delivery service - Solidifies Grubhub’s position as the largest food ordering platform in the US
35 Infrastructure Software Market 3.5x 15.0x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Holding within this year’s range as this… …continues to be one of the most stable sectors July 2017Since Q2
36 Holding within this year’s range as this… …continues to be one of the most stable sectors Infrastructure Software Market 3.5x 15.0x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Sold to Sold to Target: Fireglass [Israel] Acquirer: Symantec [USA] Transaction Value: $200M - Anti-malware software via cloud-based containers or on-premise virtual appliances Target: Skycure [USA] Acquirer: Symantec [USA] Transaction Value: $250M - Mobile security SaaS that builds a threat intelligence database
37 Holding within this year’s range as this… …continues to be one of the most stable sectors Infrastructure Software Market 3.5x 15.0x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Sold to Sold to Target: Brighterion [USA] Acquirer: Mastercard [USA] - Provides AI and machine learning transaction and analytics security Target: G2 Web Services [USA] Acquirer: Verisk Analytics [USA] Transaction Value: $112M - Merchant risk intelligence SaaS in the investment and financial industries
38 Holding within this year’s range as this… …continues to be one of the most stable sectors Infrastructure Software Market 3.5x 15.0x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Sold to Sold to Target: Komand [USA] Acquirer: Rapid7 [USA] - Enterprise security automation and orchestration SaaS Target: Observable Networks [USA] Acquirer: Cisco Systems [USA] - Endpoint security modeling SaaS to monitor multiple devices on enterprise networks
39 2017 Mega Deals – YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: BAMtech [USA] Acquirer: Walt Disney [USA] Transaction Value: $1.58B - Streaming video software & services
40 Corum Research Report Elon Gasper EVP, Research Yasmin Khodamoradi Director, Valuation Services
41 9 Practical Tips for Presenting to Acquirers
42 Peter Prince Vice President Corum Group Intl. Present crucial material first 9 Practical Tips for Presenting to Acquirers
43 Julius Telaranta Vice President Corum Group Intl. Don’t do highest- value presentations first 9 Practical Tips for Presenting to Acquirers
44 Jeff Riley Vice President Corum Group Ltd. Limit participation to critical team members 9 Practical Tips for Presenting to Acquirers
45 Steve Jones Vice President Corum Group Ltd. Don’t give a history lesson 9 Practical Tips for Presenting to Acquirers
46 Map to your Executive Summary Rob Griggs Vice President Corum Group Ltd. 9 Practical Tips for Presenting to Acquirers
47 Jim Perkins Executive Vice President Corum Group Ltd. Demonstrate excitement for the possibilities 9 Practical Tips for Presenting to Acquirers
48 9 Practical Tips for Presenting to Acquirers Ivan Ruzic, Ph.D. Vice President Corum Group Ltd. Be prepared to answer questions
49 Rob Schram Senior Vice President Corum Group Ltd. Listen for, and respond to, specific buyer needs 9 Practical Tips for Presenting to Acquirers
50 Allan Wilson Vice President Corum Group Ltd. Never stop selling 9 Practical Tips for Presenting to Acquirers
51 Q&A  We welcome your questions!  Use Q&A tab at the bottom of screen  Submit to queue at any time
52 Upcoming Conference Schedule Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position, research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A event ever – participants have done over $1 trillion in transaction value. Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends, valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.” www.CorumGroup.com/Events Aug. 22: Reno – MB Aug. 23: Albuquerque – MB Aug. 24: Gold Coast – MB Sep. 7: Seattle – SUSO Sep. 12: Chicago – SUSO Sep. 14: Indianapolis – MB Sep. 19: Austin – MB Sep. 20: Costa Mesa – MB Sep. 21: San Diego – SUSO Sep. 27: London – MB Sep. 28: Dublin – MB Oct. 3: Kansas City – SUSO
53 After the Deal – Celebration
54 www.corumgroup.com

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Tech M&A Monthly: 9 Practical Tips for Presenting to Acquirer

  • 1.
    1 Tech M&A Monthly 9Practical Tips for Presenting to Acquirers August 10, 2017
  • 2.
    2 A leader inthe software industry, Bruce has founded or owned four software companies, including the largest vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the world. He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the nation’s most active regional technology trade association. He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100 Awards given to Europe’s top technology firms A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for success, including Power Planning. He is a frequent lecturer and author. Welcome Bruce Milne CEO Corum Group Ltd.
  • 3.
    3 Agenda Welcome Special Report: LangaraCelebration  How is fishing like M&A? August 2017 Research Report 9 Practical Tips for M&A Presentations Q&A
  • 4.
  • 5.
    5 Dennis & TobiasGurock, Gurock Software
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
    10 Rex Hale, Hospicesoft “Takean M&A advisor who’s sailed these waters before, and has fished these waters before. [Who] knows the market, knows the buyers, knows what they’re looking for, what they’re asking for.”
  • 11.
    11 Rex Hale, Hospicesoft “…anM&A consultant can come in and say ‘Oh, this is what they’re looking for. This is what the buyer wants to know. If we can just explain this, we’ll mitigate this situation’. And that’s been very, very helpful.”
  • 12.
  • 13.
    13 Corum Research Report ElonGasper EVP, Research Yasmin Khodamoradi Director, Valuation Services
  • 14.
    14 Public Markets Dec. Jan.Feb. Mar. Apr. May Jun. 30% 12% 18% 0% 5% 10% 15% 20% 25% 30% 35% Weekly Percentage Change S&P TECH Dow Jones NASDAQ Jul.
  • 15.
    15 The Bull Market,2009-Present Last 7 months 2009 2011 2013 2015 2017 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 500% Daily Percentage Change NASDAQ S&P TECH Dow Jones 2009 2011 2013 2015 2017
  • 16.
    16 Corum Index Market Transactions July 2017July2016 315 234 Mega Deals 13 6 Largest Deal $32B $7.1B Pipeline Private Equity Deals 21 35 VC Backed Exits 4054 Attributes 40% Cross Border Transactions 43% Start-Up Acquisitions 10%10% 19 yrs15 yrs Average Life of Target July 2016 July 2017 July 2016 July 2017 0% 67% 78% 26% 26% 54%
  • 17.
    17 2017 Mega Deals– YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B
  • 18.
    18 2017 Mega Deals– YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: WebMD Health [USA] Acquirer: Internet Brands [USA] Transaction Value: $2.8B (3.9x EV/Sales and 16.4x EV/EBITDA) - Web-based educational medical information for consumers and healthcare professionals
  • 19.
    19 2017 Mega Deals– YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Civica [UK] Acquirer: Partners Group Holding [Switzerland] Transaction Value: $1.37B - Business-critical software for the clients operating in highly regulated industries
  • 20.
    20 Horizontal Application SoftwareMarket 4.4x 19.9x Public Valuation Multiples EV Sales Since Q2 Corum Analysis EV EBITDA Back near 2-year high set last quarter July 2017 Holding steady after rising with the markets all year
  • 21.
    21 Back near 2-yearhigh set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Human Capital Management EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: SwipeClock [USA] Acquirer: Inverness Graham Investments [USA] - Timekeeping and payroll management SaaS Target: Wisetail LMS [USA] Acquirer: Alchemy Systems [USA] - Employee training SaaS for restaurant, fitness and retail industries Sold to
  • 22.
    22 Back near 2-yearhigh set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlight: Enterprise Resource Planning EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Intacct [USA] Acquirer: Sage Group [United Kingdom] Transaction Value: $850M (9.7x EV/Sales) - Accounting and financial management SaaS - Largest ever acquisition made by Sage - The third startup acquired by Sage this year - Strengthens Sage’s position in the US cloud-solutions market
  • 23.
    23 Back near 2-yearhigh set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Business Intelligence EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Kemvi [USA] Acquirer: HubSpot [USA] - AI-powered growth automation for B2B sales and marketing teams - Brings AI and machine learning features as a competitive advantage to transform routine processes
  • 24.
    24 Back near 2-yearhigh set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Ad Tech EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Rocket Fuel [USA] Acquirer: Sizmek [Vector Capital] [USA] Transaction Value: $125M - Media-buying platform developing AI to improve marketing ROI in digital media Target: nToggle [USA] Acquirer: Rubicon Project [USA] Transaction Value: $38.5M - RTB automation, monetization and analytics SaaS Sold to
  • 25.
    25 Back near 2-yearhigh set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Mobile Marketing EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Waterfall International [USA] Acquirer: Upland Software [USA] Transaction Value: $25.9M (2.9x EV/Sales) - Targeted mobile marketing automation SaaS Target: Boomtrain [USA] Acquirer: Zeta Interactive [USA] - Customer analytics and marketing automation SaaS Sold to
  • 26.
    26 Back near 2-yearhigh set last quarter Holding steady after rising with the markets all year Horizontal Application Software Market 4.4x 19.9x Deal Spotlights: Supply Chain Management EV Sales Since Q2 Corum Analysis EV EBITDA July 2017 Sold to Target: Perfect Commerce [USA] Acquirer: PROACTIS Holdings [United Kingdom] Transaction Value: $127.5M (19.8x EV/EBITDA) - SCM SaaS for procurement, SRM, contract management and spend analysis Target: TXT Retail [TXT e-solutions] [Italy] Acquirer: Aptos [Apax Partners] [USA] Transaction Value: $99M - Merchandise lifecycle management SaaS for the retail industry Sold to
  • 27.
    27 2017 Mega Deals– YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Worldpay [UK] Acquirer: Vantiv [USA] Transaction Value: $10.4B - Payment and credit transaction processing
  • 28.
    28 2017 Mega Deals– YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Bambora [Sweden] Acquirer: Ingenico Group [France] Transaction Value: $1.7B (8.1x EV/Sales) - Payments processing services which provide access to online and in-store segments of the end-to-end payment solutions market for SMBs
  • 29.
    29 Internet Market Public ValuationMultiples 4.4x 28.8x EV Sales Corum Analysis EV EBITDA Sales multiples steadily improving… …with EBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments July 2017Since Q2
  • 30.
    30 2017 Mega Deals– YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: Bankrate [USA] Acquirer: Red Ventures [USA] Transaction Value: $1.24B (3x EV/Sales) - Online financial interest rate and insurance policy comparison service - Biggest acquisition of Red Ventures to date
  • 31.
    31 Sales multiples steadily improving… …withEBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlight: Content Management Internet Application Software Market Sold to Target: GKD Index Partners [dba Alerian] [USA] Acquirer: ZZ Capital International Limited [aka ZZCI] [China] Transaction Value: $812M - Online energy industry information, indices, market intelligence - Shows the continued trend in outbound M&A deals by PRC companies
  • 32.
    32 Sales multiples steadily improving… …withEBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlights: Ticketing Services Internet Application Software Market Sold to Sold to Sold to Target: ExtremeTix [USA] Acquirer: Etix.com [USA] Transaction Value: $16.5M - Entertainment event ticket resale website and directory Target: TheaterMania.com [USA] Acquirer: AudienceView Ticketing Corporation [RUBICON Technology Partners] [Canada] - Online ticketing service through OvationTix SaaS Target: Wasteland Entertainment [dba Insider.in] [India] Acquirer: One97 Communications [dba Paytm] [Alibaba] [India] - Online ticketing service for entertainment events and experiences
  • 33.
    33 Sales multiples steadily improving… …withEBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlight: Diversified Internet Internet Application Software Market Sold to Target: Graphiq [USA] Acquirer: Amazon.com [USA] - Online search, reference content, data aggregation and visualization website - Improves Amazon’s Alexa virtual assistant, as the competition in the market heats up
  • 34.
    34 Sales multiples steadily improving… …withEBITDA rising to historic highs supported by Travel & Leisure and other consolidating segments 4.4x 28.8x EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Deal Spotlight: Food Ordering Internet Application Software Market Sold to Target: Eat24.com [Yelp] [USA] Acquirer: GrubHub [USA] Transaction Value: $287.5M - Web-based food and delivery service - Solidifies Grubhub’s position as the largest food ordering platform in the US
  • 35.
    35 Infrastructure Software Market 3.5x 15.0x PublicValuation Multiples EV Sales Corum Analysis EV EBITDA Holding within this year’s range as this… …continues to be one of the most stable sectors July 2017Since Q2
  • 36.
    36 Holding within this year’srange as this… …continues to be one of the most stable sectors Infrastructure Software Market 3.5x 15.0x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Sold to Sold to Target: Fireglass [Israel] Acquirer: Symantec [USA] Transaction Value: $200M - Anti-malware software via cloud-based containers or on-premise virtual appliances Target: Skycure [USA] Acquirer: Symantec [USA] Transaction Value: $250M - Mobile security SaaS that builds a threat intelligence database
  • 37.
    37 Holding within this year’srange as this… …continues to be one of the most stable sectors Infrastructure Software Market 3.5x 15.0x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Sold to Sold to Target: Brighterion [USA] Acquirer: Mastercard [USA] - Provides AI and machine learning transaction and analytics security Target: G2 Web Services [USA] Acquirer: Verisk Analytics [USA] Transaction Value: $112M - Merchant risk intelligence SaaS in the investment and financial industries
  • 38.
    38 Holding within this year’srange as this… …continues to be one of the most stable sectors Infrastructure Software Market 3.5x 15.0x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA July 2017Since Q2 Sold to Sold to Target: Komand [USA] Acquirer: Rapid7 [USA] - Enterprise security automation and orchestration SaaS Target: Observable Networks [USA] Acquirer: Cisco Systems [USA] - Endpoint security modeling SaaS to monitor multiple devices on enterprise networks
  • 39.
    39 2017 Mega Deals– YTD $1.1B VERTICAL $27.4B $2.0B $2.3B $15.3B$3.7B $1.6B $1.1B $1.1B INFRASTRUCTURE $9.9B $1.1B $2.8B $1.3B $1.4B $1.2B HR BPO assets $2.6B $2.8B IT SERVICES $11.7B $4.3B $2.0B $2.4B INTERNET $12.9B $1.9B $3.4B $2.4B $1.6B $1.3B HORIZONTAL $13.5B $10.4B $1.4BEnterprise software $1.7B $1.2B Sold to Target: BAMtech [USA] Acquirer: Walt Disney [USA] Transaction Value: $1.58B - Streaming video software & services
  • 40.
    40 Corum Research Report ElonGasper EVP, Research Yasmin Khodamoradi Director, Valuation Services
  • 41.
    41 9 Practical Tips forPresenting to Acquirers
  • 42.
    42 Peter Prince Vice President CorumGroup Intl. Present crucial material first 9 Practical Tips for Presenting to Acquirers
  • 43.
    43 Julius Telaranta Vice President CorumGroup Intl. Don’t do highest- value presentations first 9 Practical Tips for Presenting to Acquirers
  • 44.
    44 Jeff Riley Vice President CorumGroup Ltd. Limit participation to critical team members 9 Practical Tips for Presenting to Acquirers
  • 45.
    45 Steve Jones Vice President CorumGroup Ltd. Don’t give a history lesson 9 Practical Tips for Presenting to Acquirers
  • 46.
    46 Map to your ExecutiveSummary Rob Griggs Vice President Corum Group Ltd. 9 Practical Tips for Presenting to Acquirers
  • 47.
    47 Jim Perkins Executive VicePresident Corum Group Ltd. Demonstrate excitement for the possibilities 9 Practical Tips for Presenting to Acquirers
  • 48.
    48 9 Practical Tips forPresenting to Acquirers Ivan Ruzic, Ph.D. Vice President Corum Group Ltd. Be prepared to answer questions
  • 49.
    49 Rob Schram Senior VicePresident Corum Group Ltd. Listen for, and respond to, specific buyer needs 9 Practical Tips for Presenting to Acquirers
  • 50.
    50 Allan Wilson Vice President CorumGroup Ltd. Never stop selling 9 Practical Tips for Presenting to Acquirers
  • 51.
    51 Q&A  We welcomeyour questions!  Use Q&A tab at the bottom of screen  Submit to queue at any time
  • 52.
    52 Upcoming Conference Schedule SellingUp Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position, research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A event ever – participants have done over $1 trillion in transaction value. Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends, valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.” www.CorumGroup.com/Events Aug. 22: Reno – MB Aug. 23: Albuquerque – MB Aug. 24: Gold Coast – MB Sep. 7: Seattle – SUSO Sep. 12: Chicago – SUSO Sep. 14: Indianapolis – MB Sep. 19: Austin – MB Sep. 20: Costa Mesa – MB Sep. 21: San Diego – SUSO Sep. 27: London – MB Sep. 28: Dublin – MB Oct. 3: Kansas City – SUSO
  • 53.
    53 After the Deal– Celebration
  • 54.

Editor's Notes

  • #15 Dec 30, 2016 – Aug 4, 2017 US Public Markets
  • #16 March 9, 2009 – Aug 4, 2017 Bull Market
  • #17 Key Message: Tech M&A for 2016 YTD remains strong, just like 2015, a very strong year We can see from the Corum Index how strong 2015 was for tech M&A. Here we see a snapshot the activity from Feb 2015 compared to the same for Feb 2016. In the broader market, the number of deals is down but only slightly for the month. This month to month fluctuation is normal while mega deals are up. The pipeline indices are down while financial buyers and investors catch their breath. Remember though the amount of dry powder (unspent cash) that remains to be invested. The Attributes remain steady, little notable change.
  • #18 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #19 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #20 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #28 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #29 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #30 While multiples in the Internet market experienced a slight dip since last month, activity in its pure play subsector remained steady and saw some interesting transaction sets in advertising and online recruitment space….
  • #31 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #32 While multiples in the Internet market experienced a slight dip since last month, activity in its pure play subsector remained steady and saw some interesting transaction sets in advertising and online recruitment space….
  • #33 While multiples in the Internet market experienced a slight dip since last month, activity in its pure play subsector remained steady and saw some interesting transaction sets in advertising and online recruitment space….
  • #34 While multiples in the Internet market experienced a slight dip since last month, activity in its pure play subsector remained steady and saw some interesting transaction sets in advertising and online recruitment space….
  • #35 While multiples in the Internet market experienced a slight dip since last month, activity in its pure play subsector remained steady and saw some interesting transaction sets in advertising and online recruitment space….
  • #40 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #54 We’ve reached the end. The celebration part. Selling software, IT and related technology companies is very satisfying. You become close to your clients after such an intense process. Unfortunately, the closings are often very anti-climactic. Ending with a whimper with some government filing, a wire transfer, the parties scattered across the globe. That why once a year we take our clients who successfully sold to Langara in the gulf of Alaska – we’ve been doing this for 23 years. You can more about these trips, and comments from those company owners like you who have attended. So, I’ll close by simply inviting you to go fishing with us. Thank you for your time today.