- The document describes a market-leading corporate finance advisory firm that was founded in 1991 and has a 40 person team with over 250 completed transactions. It has deep expertise in corporate finance, technology, and media/telecom sectors and a broad global network. The firm focuses on providing creative solutions for each transaction with senior-level involvement.
The second quarter saw a continuation of the strong upward trend in cybersecurity M&A activity with a total number of 33 transactions accounting for over $4 billion in deal value. Notable transactions included Raytheon’s $1.3 billion acquisition of Websense and SingTel’s $850 million acquisition of Trustwave.
Investors have continued to jump on the cybersecurity bandwagon as malicious hacks and major data breaches have continued to persist. In April more than 21 million personal records were stolen from the US government, which was widely blamed on China. This is also acting as a major tailwind for cybersecurity stocks which have continued their outperformance against the Nasdaq. Despite the ongoing Greek debt crisis and China’s market meltdown, the Results International index tracked up 7.4% in Q2 (up nearly 28% over the last twelve months).
The second quarter also saw British cybersecurity firm Sophos go public at a £1bn valuation in the largest ever initial public offering for a UK software company on the London Stock exchange.
M&A activity in the space is on an upward trend, fundraising appetite is strong and valuations in the sector remain healthy. As a result, now is a good time to be contemplating corporate activity in the Cybersecurity space – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, marketing services, and healthcare sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
This document provides an overview of a market-leading corporate finance advisory firm with deep domain expertise in cyber security, technology, and telecommunications. The firm was founded in 1991 and is entrepreneurial, owner-managed, and has a 40 person team that has completed over 250 transactions. It has a broad global network and focuses on creative solutions tailored to each client's specific needs.
Kaspersky Lab, one of the world’s fastest-growing cybersecurity companies and the largest that is privately-owned, presents a short story about the company - its Values, Business, Solutions, i.e. what we think and strive for in our business, how we develop our technologies and solutions to protect our customers and people around the globe against cyberthreats, as well as the results we've managed to achieve.
Survival Guide for Million- Dollar CyberattacksPanda Security
Cybercrime is a very profitable and attractive business. This is a new phase of cyber theft that involves stealing money directly from banks, rather than from their customers, using phishing attacks to infect the computers of bank employees.
More info: http://bit.ly/2rjD6Gr
This document provides an overview of the enterprise security sector, including funding trends and active investors. Over $1.6 billion has been invested in startups in this sector since 2009, with 100+ companies funded in just the last 12 months. The sectors covered include network security, cloud security, endpoint security, identity and access management, application security, data security, and more. Key business models and illustrative companies are listed for each sector.
The document discusses security best practices for mobile banking apps, noting a rise in digital banking usage during COVID-19. It outlines various mobile threats like weak activation processes, easy-to-guess PINs, jailbroken devices, and malware. The document recommends strategies like strong authentication, app shielding, malware detection, and secure development practices to protect users from these mobile threats.
The second quarter saw a continuation of the strong upward trend in cybersecurity M&A activity with a total number of 33 transactions accounting for over $4 billion in deal value. Notable transactions included Raytheon’s $1.3 billion acquisition of Websense and SingTel’s $850 million acquisition of Trustwave.
Investors have continued to jump on the cybersecurity bandwagon as malicious hacks and major data breaches have continued to persist. In April more than 21 million personal records were stolen from the US government, which was widely blamed on China. This is also acting as a major tailwind for cybersecurity stocks which have continued their outperformance against the Nasdaq. Despite the ongoing Greek debt crisis and China’s market meltdown, the Results International index tracked up 7.4% in Q2 (up nearly 28% over the last twelve months).
The second quarter also saw British cybersecurity firm Sophos go public at a £1bn valuation in the largest ever initial public offering for a UK software company on the London Stock exchange.
M&A activity in the space is on an upward trend, fundraising appetite is strong and valuations in the sector remain healthy. As a result, now is a good time to be contemplating corporate activity in the Cybersecurity space – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, marketing services, and healthcare sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
This document provides an overview of a market-leading corporate finance advisory firm with deep domain expertise in cyber security, technology, and telecommunications. The firm was founded in 1991 and is entrepreneurial, owner-managed, and has a 40 person team that has completed over 250 transactions. It has a broad global network and focuses on creative solutions tailored to each client's specific needs.
Kaspersky Lab, one of the world’s fastest-growing cybersecurity companies and the largest that is privately-owned, presents a short story about the company - its Values, Business, Solutions, i.e. what we think and strive for in our business, how we develop our technologies and solutions to protect our customers and people around the globe against cyberthreats, as well as the results we've managed to achieve.
Survival Guide for Million- Dollar CyberattacksPanda Security
Cybercrime is a very profitable and attractive business. This is a new phase of cyber theft that involves stealing money directly from banks, rather than from their customers, using phishing attacks to infect the computers of bank employees.
More info: http://bit.ly/2rjD6Gr
This document provides an overview of the enterprise security sector, including funding trends and active investors. Over $1.6 billion has been invested in startups in this sector since 2009, with 100+ companies funded in just the last 12 months. The sectors covered include network security, cloud security, endpoint security, identity and access management, application security, data security, and more. Key business models and illustrative companies are listed for each sector.
The document discusses security best practices for mobile banking apps, noting a rise in digital banking usage during COVID-19. It outlines various mobile threats like weak activation processes, easy-to-guess PINs, jailbroken devices, and malware. The document recommends strategies like strong authentication, app shielding, malware detection, and secure development practices to protect users from these mobile threats.
Panda Security: Protecting the digital life of our clientsPanda Security
Since its inception in 1990, Panda Security has become the leading Spanish multinational in the development of advanced cybersecurity solutions and management and monitoring tools.
Discover our evolution in the last years. http://bit.ly/2q9xMqW
Security, Compliance and Cloud - JelecosErin_Jelecos
The document summarizes a CIO forum on security, compliance, and cloud computing. It discusses Jelecos cloud and managed services, changing compliance landscapes like PCI DSS 3.0, and the evolution of hybrid clouds and compliance. It also covers topics like data breaches, security predictions for 2015, planning cloud strategies, and ensuring data protection and compliance in hybrid clouds and with emerging technologies like IoT.
Isaca new delhi india privacy and big dataUlf Mattsson
This document summarizes Ulf Mattsson's presentation on bridging the gap between privacy and big data. Some key points:
- Ulf Mattsson is the CTO of Protegrity and has over 20 years of experience in encryption, tokenization, and data security.
- Big data and cloud computing are driving needs for data security due to regulations, expanding threats, and the desire to gain insights from sensitive data. However, emerging technologies also introduce new vulnerabilities.
- Regulations like PCI DSS and various privacy laws mandate protecting sensitive data. Compliance is important as non-compliance results in fines.
- Threats are also expanding as cyber criminals target valuable data and insiders remain
Cybersecurity 2020: Your Biggest Threats and How You Can Prevent Them SrikanthRaju7
The attached deck "Cybersecurity 2020: Your Biggest Threats and How You Can Prevent Them" talks about strategic and tactical attacks to watch out for in 2019 and the defensive strategies to deploy against these emerging threats.
This was delivered during National Apprenticeships Week 2018. The global shortage of Cyber Security Professionals is set to grow to 1.5 million in 2019. By harnessing apprenticeships organisations can train new talent and up-skill existing employees.
Results International advised Avecto, a UK-based cybersecurity company, on its $49 million growth equity investment from JMI Equity, a US investor. Avecto provides endpoint security software and has over 600 enterprise clients. Results helped identify strategic partners for Avecto and leveraged its global relationships. The founders of Avecto commented that Results drove the process forward relentlessly while maintaining a strategic view.
Skybox presentation from Security Interest Group Switzerland December 2014 meeting exploring current challenges of network security including vulnerability management and firewall change management.
IDC, the third platform and a security perspective Latam, Cisco Live 2014Felipe Lamus
The document summarizes key findings from an IDC report on security solutions and the security appliances market in Latin America. It finds that the total security appliances market in Latin America grew 22.2% between the first half of 2013 and the first half of 2014. Cisco achieved the largest market share in the region at 25.4% during this period. The security appliances market in Latin America is forecast to have a compound annual growth rate of 7.3% between 2014-2018, driven by factors such as government regulations, advanced threats, and non-signature attacks.
Cyber Risk Management in 2017: Challenges & RecommendationsUlf Mattsson
Ulf Mattsson presented on cyber risk management challenges and recommendations in 2017. He discussed trends like the increasing involvement of boards in cybersecurity oversight. Mattsson also covered topics such as talking to boards about cyber risk, data security blind spots within organizations, and how the Payment Card Industry Data Security Standard is evolving to incorporate concepts like data discovery and integrating security into the development process. He emphasized the importance of generating security metrics and adopting a DevSecOps approach to strengthen an organization's security posture and compliance.
Check Point is the largest global cybersecurity company, with over 100,000 customers in 88 countries. It has over 5,200 employees worldwide and 25 years of experience in cutting-edge cybersecurity technologies. Check Point provides a consolidated security solution with over 60 security services to protect over 50 types of assets across networks, mobile devices, endpoints, cloud, and IoT. Its unified architecture simplifies security management and prevents threats rather than just detecting them after the fact.
2014 Tech M&A Monthly - 10 M&A Mistakes You Don't Know You're MakingCorum Group
Decisions you make today will affect the ultimate value of your company. But pitfalls at every stage of the process can hurt your value and affect the ultimate outcome. November 13, join Corum Group’s panel of senior dealmakers for a look at the mistakes you may be making today—in every stage through company formation to preparation to negotiation—that may kill tomorrow’s deal. Plus, reports on global M&A conferences, a healthcare/3D printing deal, and a look at key deals, trends and valuations from the last month.
apidays LIVE London 2021 - Tech adoption in finance and banking by Christina ...apidays
apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021
From Open Banking, to Embedded Finance and Insurance
Tech adoption in finance and banking: Clouds, APIs, DevOps, and emerging technologies
Christina Voskoglou, Director of Research at SlashData
This document summarizes an enterprise mobility company. It discusses the company's strong financial performance in Q1 and Q2 with software and services revenue growing to $166 million. It has over 16,000 patents and invests $1.5 billion annually in research and development. The company provides a secure mobile platform and applications for communication, collaboration, file sharing and more. It serves all G7 governments and top banks and law firms. The document outlines the company's acquisition strategy and security products and services, including secure file sharing, messaging, identity management and consulting. It describes an end-to-end secure unified platform to manage mobility across devices.
Dinoct is a strategic partner for cloud infrastructure management that offers relevant experience in healthcare IT, online advertising, and SaaS applications. It knows public and private cloud technologies as well as Linux and Windows platforms. Dinoct provides cost-effective and process-driven managed services for monitoring, security, support, applications, migration, and disaster recovery. It has experience deploying solutions on AWS, Rackspace, and other cloud platforms and supports a variety of technologies.
The document discusses managed security services offered by ESDS including security operations centers (SOC) that provide monitoring, analytics, and incident response. It describes three SOC solutions - Eagle Eye for monitoring, Security Insight for assessments, and Total Secure for integrated services. The document also overview eNlight web application firewall and web VPN solutions, highlighting their features such as protecting against OWASP threats and providing granular access control. It argues that managed security services can enhance organizations' security posture through monitoring, alerting and rapid deployment capabilities.
Deepak Sharma has over 7 years of experience in revenue assurance and fraud management for telecom companies. He currently works for Subex Ltd in Bangalore, where he manages RA and FMS mediation, re-rating, and re-billing. Previously he worked for Ericsson, RS Software, and Connectiva on various projects for clients like Zain, MTN Nigeria, and MCI Iran. He has expertise in Unix, Oracle, SQL, and tools like Subex ROCFM and ROCRA. His responsibilities have included data analysis, report generation, system automation, and issue resolution. He holds an MCA degree and has received various technical trainings.
Gartner recently released a report on IT security priorities for the remainder of 2014. Amongst respondents, network security, application security, endpoint security, and security services all ranked highly. In this quick-fire, half-day roadshow, Scalar brings you solutions to these problems from three of our most strategic security vendors, as well as a full presentation on our managed security services portfolio.
The document is an investor presentation by DSS (Document Security Systems) providing an overview of the company. It summarizes that DSS commercializes patented technologies, has historically focused on anti-counterfeiting, and is now expanding into digital security products. It provides financial highlights on revenue growth and cash position. It outlines DSS' strategic goals to manage its intellectual property portfolio, commercialize new digital products, and improve profitability in manufacturing.
The document provides an overview and update on Splunk's Enterprise Security and User Behavior Analytics solutions. It summarizes the key capabilities of each solution, including advanced threat detection, user activity monitoring, and machine learning-based anomaly detection. It also highlights new features recently added to Enterprise Security 4.0 like breach analysis tools and integration with Splunk UBA.
HP Enterprise Security Products - Intelligent Security & Risk management Platform, una risposta globale e proattiva alle nuove sfide del mercato della sicurezza.
Pierpaolo Ali' , HP Enterprise Security Product - Sales Director Italy
The Digital Transformation is driving changes in how organizations leverage IT throughout their business. As threats enter new vectors due to the Digital Transformation, the way organizations secure risks and IT will also need to evolve rapidly. Effectively mitigating modern threats requires a combination of longstanding security best practices and modern capabilities. Organizations should start defending against modern threats now by implementing a plan to address the most relevant security risks based on their potential impact.
Panda Security: Protecting the digital life of our clientsPanda Security
Since its inception in 1990, Panda Security has become the leading Spanish multinational in the development of advanced cybersecurity solutions and management and monitoring tools.
Discover our evolution in the last years. http://bit.ly/2q9xMqW
Security, Compliance and Cloud - JelecosErin_Jelecos
The document summarizes a CIO forum on security, compliance, and cloud computing. It discusses Jelecos cloud and managed services, changing compliance landscapes like PCI DSS 3.0, and the evolution of hybrid clouds and compliance. It also covers topics like data breaches, security predictions for 2015, planning cloud strategies, and ensuring data protection and compliance in hybrid clouds and with emerging technologies like IoT.
Isaca new delhi india privacy and big dataUlf Mattsson
This document summarizes Ulf Mattsson's presentation on bridging the gap between privacy and big data. Some key points:
- Ulf Mattsson is the CTO of Protegrity and has over 20 years of experience in encryption, tokenization, and data security.
- Big data and cloud computing are driving needs for data security due to regulations, expanding threats, and the desire to gain insights from sensitive data. However, emerging technologies also introduce new vulnerabilities.
- Regulations like PCI DSS and various privacy laws mandate protecting sensitive data. Compliance is important as non-compliance results in fines.
- Threats are also expanding as cyber criminals target valuable data and insiders remain
Cybersecurity 2020: Your Biggest Threats and How You Can Prevent Them SrikanthRaju7
The attached deck "Cybersecurity 2020: Your Biggest Threats and How You Can Prevent Them" talks about strategic and tactical attacks to watch out for in 2019 and the defensive strategies to deploy against these emerging threats.
This was delivered during National Apprenticeships Week 2018. The global shortage of Cyber Security Professionals is set to grow to 1.5 million in 2019. By harnessing apprenticeships organisations can train new talent and up-skill existing employees.
Results International advised Avecto, a UK-based cybersecurity company, on its $49 million growth equity investment from JMI Equity, a US investor. Avecto provides endpoint security software and has over 600 enterprise clients. Results helped identify strategic partners for Avecto and leveraged its global relationships. The founders of Avecto commented that Results drove the process forward relentlessly while maintaining a strategic view.
Skybox presentation from Security Interest Group Switzerland December 2014 meeting exploring current challenges of network security including vulnerability management and firewall change management.
IDC, the third platform and a security perspective Latam, Cisco Live 2014Felipe Lamus
The document summarizes key findings from an IDC report on security solutions and the security appliances market in Latin America. It finds that the total security appliances market in Latin America grew 22.2% between the first half of 2013 and the first half of 2014. Cisco achieved the largest market share in the region at 25.4% during this period. The security appliances market in Latin America is forecast to have a compound annual growth rate of 7.3% between 2014-2018, driven by factors such as government regulations, advanced threats, and non-signature attacks.
Cyber Risk Management in 2017: Challenges & RecommendationsUlf Mattsson
Ulf Mattsson presented on cyber risk management challenges and recommendations in 2017. He discussed trends like the increasing involvement of boards in cybersecurity oversight. Mattsson also covered topics such as talking to boards about cyber risk, data security blind spots within organizations, and how the Payment Card Industry Data Security Standard is evolving to incorporate concepts like data discovery and integrating security into the development process. He emphasized the importance of generating security metrics and adopting a DevSecOps approach to strengthen an organization's security posture and compliance.
Check Point is the largest global cybersecurity company, with over 100,000 customers in 88 countries. It has over 5,200 employees worldwide and 25 years of experience in cutting-edge cybersecurity technologies. Check Point provides a consolidated security solution with over 60 security services to protect over 50 types of assets across networks, mobile devices, endpoints, cloud, and IoT. Its unified architecture simplifies security management and prevents threats rather than just detecting them after the fact.
2014 Tech M&A Monthly - 10 M&A Mistakes You Don't Know You're MakingCorum Group
Decisions you make today will affect the ultimate value of your company. But pitfalls at every stage of the process can hurt your value and affect the ultimate outcome. November 13, join Corum Group’s panel of senior dealmakers for a look at the mistakes you may be making today—in every stage through company formation to preparation to negotiation—that may kill tomorrow’s deal. Plus, reports on global M&A conferences, a healthcare/3D printing deal, and a look at key deals, trends and valuations from the last month.
apidays LIVE London 2021 - Tech adoption in finance and banking by Christina ...apidays
apidays LIVE London 2021 - Reaching Maximum Potential in Banking & Insurance with API Mindset
October 27 & 28, 2021
From Open Banking, to Embedded Finance and Insurance
Tech adoption in finance and banking: Clouds, APIs, DevOps, and emerging technologies
Christina Voskoglou, Director of Research at SlashData
This document summarizes an enterprise mobility company. It discusses the company's strong financial performance in Q1 and Q2 with software and services revenue growing to $166 million. It has over 16,000 patents and invests $1.5 billion annually in research and development. The company provides a secure mobile platform and applications for communication, collaboration, file sharing and more. It serves all G7 governments and top banks and law firms. The document outlines the company's acquisition strategy and security products and services, including secure file sharing, messaging, identity management and consulting. It describes an end-to-end secure unified platform to manage mobility across devices.
Dinoct is a strategic partner for cloud infrastructure management that offers relevant experience in healthcare IT, online advertising, and SaaS applications. It knows public and private cloud technologies as well as Linux and Windows platforms. Dinoct provides cost-effective and process-driven managed services for monitoring, security, support, applications, migration, and disaster recovery. It has experience deploying solutions on AWS, Rackspace, and other cloud platforms and supports a variety of technologies.
The document discusses managed security services offered by ESDS including security operations centers (SOC) that provide monitoring, analytics, and incident response. It describes three SOC solutions - Eagle Eye for monitoring, Security Insight for assessments, and Total Secure for integrated services. The document also overview eNlight web application firewall and web VPN solutions, highlighting their features such as protecting against OWASP threats and providing granular access control. It argues that managed security services can enhance organizations' security posture through monitoring, alerting and rapid deployment capabilities.
Deepak Sharma has over 7 years of experience in revenue assurance and fraud management for telecom companies. He currently works for Subex Ltd in Bangalore, where he manages RA and FMS mediation, re-rating, and re-billing. Previously he worked for Ericsson, RS Software, and Connectiva on various projects for clients like Zain, MTN Nigeria, and MCI Iran. He has expertise in Unix, Oracle, SQL, and tools like Subex ROCFM and ROCRA. His responsibilities have included data analysis, report generation, system automation, and issue resolution. He holds an MCA degree and has received various technical trainings.
Gartner recently released a report on IT security priorities for the remainder of 2014. Amongst respondents, network security, application security, endpoint security, and security services all ranked highly. In this quick-fire, half-day roadshow, Scalar brings you solutions to these problems from three of our most strategic security vendors, as well as a full presentation on our managed security services portfolio.
The document is an investor presentation by DSS (Document Security Systems) providing an overview of the company. It summarizes that DSS commercializes patented technologies, has historically focused on anti-counterfeiting, and is now expanding into digital security products. It provides financial highlights on revenue growth and cash position. It outlines DSS' strategic goals to manage its intellectual property portfolio, commercialize new digital products, and improve profitability in manufacturing.
The document provides an overview and update on Splunk's Enterprise Security and User Behavior Analytics solutions. It summarizes the key capabilities of each solution, including advanced threat detection, user activity monitoring, and machine learning-based anomaly detection. It also highlights new features recently added to Enterprise Security 4.0 like breach analysis tools and integration with Splunk UBA.
HP Enterprise Security Products - Intelligent Security & Risk management Platform, una risposta globale e proattiva alle nuove sfide del mercato della sicurezza.
Pierpaolo Ali' , HP Enterprise Security Product - Sales Director Italy
The Digital Transformation is driving changes in how organizations leverage IT throughout their business. As threats enter new vectors due to the Digital Transformation, the way organizations secure risks and IT will also need to evolve rapidly. Effectively mitigating modern threats requires a combination of longstanding security best practices and modern capabilities. Organizations should start defending against modern threats now by implementing a plan to address the most relevant security risks based on their potential impact.
Concurrency held security summits in Minneapolis, Milwaukee and Chicago. This presentation covers many security related topics including NIST NSF, security layers and much more.
Scalar Security Roadshow - Vancouver PresentationScalar Decisions
Gartner recently released a report on IT security priorities for the remainder of 2014. Amongst respondents, network security, application security, endpoint security, and security services all ranked highly. In this quick-fire, half-day roadshow, Scalar brings you solutions to these problems from three of our most strategic security vendors, as well as a full presentation on our managed security services portfolio.
Chris Swan's presentation from the London Tech Entrepreneurs' MeetupCohesive Networks
OCIE will be conducting examinations of over 50 registered broker-dealers and investment advisers, focusing on cybersecurity preparedness. It provides a sample cybersecurity document request for firms to assess their preparedness. The VNS3 security appliance protects cloud applications from exploitation by creating unique encrypted overlays for each application, reducing east-west risk even if initial penetration occurs. It allows customers to secure applications deployed to public, private or hybrid clouds.
The document discusses secure cloud computing and software as a service (SaaS) acceleration services. It provides an overview of key cloud computing attributes like elasticity and pay-per-use models. It then discusses the financial benefits of cloud computing and common cloud usage models. The document focuses on security as the top concern for cloud computing and outlines Unisys' secure cloud solutions including encryption, security monitoring, and certified data centers. Unisys' SaaS accelerator portfolio is presented including infrastructure as a service, platform as a service, and application management services.
Similar to The CyberScope - 2014 Market Review (20)
Here at Results we cover all aspects of technology with a particular focus on enterprise software / SaaS, software-related IT services, and tech enabled services. However we like to turn our attention to a number of specific sectors at the end of every quarter to consider the trends and analyse the activity in the M&A, fundraising and public markets.
We have produced our view on 2015’s proceedings in a series of individual market reviews on:
- Digital Services
- SaaS
- HealthTech
- Cybersecurity
- AdTech & MarTech
Following a turbulent stock market in Q3, public markets across all five technology sectors rebounded strongly in the fourth quarter to end the year on a high. For the full year, the SaaS sector remained the stand-out performer - Results International’s Global SaaS Index was up c.15%, outperforming the broader Nasdaq Composite’s c.6% gain in 2015.
Nevertheless, the private markets in Cybersecurity and HealthTech witnessed record numbers of M&A transactions in 2015 whilst investor appetite and valuations continue to remain healthy across all five market sectors.
Companies displaying strong top-line growth with quality clients and an innovative products, within each of their sectors, continue to outperform their peers on the public markets.
We hope you enjoy the document, and please do get in touch if you would like to discuss any of the themes with us. We look forward to speaking with you soon.
Happy new year and welcome to the first edition of the AdTech & MarTech Barometer in 2016 - Results International’s quarterly market review of the global advertising and marketing technology sector. Verizon’s acquisition of AOL, one of arguably the largest ever deals in the sector, was just one reason why 2015 was a noteworthy year for AdTech and MarTech M&A. Serial acquirers, including the likes of Oracle, WPP and Twitter, were joined by new entrants, such as News Corp and Endurance, in the acquisition foray. In another notable quarter, Q4 saw Perion acquire ad network Undertone, Endurance acquire publicly listed email marketing software vendor Constant Contact and Neustar acquire DMP MarketShare, the latter at one of the highest reported revenue multiples of the year. Despite the very well documented challenges facing AdTech companies in the public markets, the AdTech and Martech M&A market remained buoyant with overall deal volume in 2015 only very marginally down on the record levels of 2014.
The fundraising market has also seen a busy year. Notable high profile raises in Europe in Q4 include Brandwatch’s $33m Series C, Kiosked’s $30m Series B, Adform’s $22m raise and Clavis Insight’s $20m raise.
In the public markets, our Data and MarTech indices have trended broadly in line with the wider market, while our Diversified Internet index has grown significantly in 2015. Our AdTech index had a positive Q4 (up 1.7%) but overall 2015 was a challenging year for listed Adtech companies. Another quarter without a notable AdTech or MarTech IPO reflects market sentiment in the space, however several high profile IPOs are anticipated in 2016, including Hootsuite, Appnexus, MediaMath and Outbrain.
With increasing consolidation in the sector, and technological innovation as rapid as ever, 2016 is set to be a fascinating year and a good time to be contemplating corporate activity in the AdTech and MarTech space – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, marketing services, and healthcare sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
Happy new year and welcome to the first edition of the Results International’s SaaS Market Review in 2016 – Results International’s quarterly market update for the SaaS segment.
Despite a turbulent stock market in 2015 due to sliding oil prices, Chinese equity markets and geopolitical tensions, SaaS vendors remained relatively unscathed. SaaS stocks rebounded strongly in Q4 from the dips witnessed in Q3, surging by c.10% over the quarter. For the full year, Results International’s Global SaaS Index was up 14.5% beating the Nasdaq’s c.6% gain in 2015.
M&A and investor appetite remains strong in the sector while valuations remain healthy with median revenue valuations for 2015 at 5.9x for the Global SaaS Index. SaaS companies continue to post robust growth and with Wall Street predicting c.20% top line revenue growth next year, 2016 is expected to be yet another strong year for SaaS vendors. Now is a good time to be contemplating corporate activity for enterprise software businesses with a SaaS business model – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, marketing services, and healthcare sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
The document provides a quarterly summary of the SaaS market. It analyzes performance in Q3 2015 and year-to-date for large cap, mid cap, and small cap SaaS companies based on share price indices. While the indices dropped in Q3 due to global economic factors, the large cap and cybersecurity indices for the year remain up, outperforming the broader Nasdaq Composite Index. The private markets saw high M&A activity and fundraising remained healthy across all sectors.
Our research has revealed that although North America remains the most active region for M&A deals in the adtech/martech sector, with 51% of the total global deal volume in Q2 2015, other regions are eating away at its dominance. Advertising platforms continue to be the most active sector within adtech. They comprised over a third (35%) of all global M&A deals done in the sector in the second quarter of 2015 – up from 33% in Q1 2015. The disclosed value of deals in the sector in Q2 2015 was $7.7bn as opposed to $1.4bn in Q1, but that is mainly due to Verizon’s $4.8bn acquisition of AOL.
The momentum in the HealthTech market shows no signs of letting-up: (i) the Evolent IPO (the 6th in 18 months) closely followed by Kainos’ in early July once again demonstrates the significant appetite in the space; (ii) market indices continue to rise with the European players catching up with their US counterparts; and (iii) there is increased focus on the use of data analytics to improve diagnoses and patient outcomes as evidenced by IBM’s investment in Watson Health through the acquisitions of Explorys and Phytel.
M&A activity in the space is on an upward trend, fundraising appetite is strong and valuations in the sector remain healthy. As a result, now is a good time to be contemplating corporate activity in the HealthTech space – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, healthcare, and marketing services sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
Cyber Security, HealthTech and SaaS have all seen healthy public markets with our Results indices all up on the previous quarter. The AdTech & MarTech sectors have been mixed in Q1 however the underlying sector trends remain strong as the shift to programmatic and the rise of video, mobile, social and native continues.
The private markets in Cyber Security have seen a correspondingly strong quarter with M&A activity up to record levels. The HealthTech and AdTech & MarTech M&A markets have seen a slight decline from the previous quarter, however both remain at historically high levels as private investors invest in innovation and product differentiation.
One thing is prevalent within each of the sectors; those displaying strong top-line growth with quality clients and an innovative product continue to outperform their peers on the public markets.
- The document provides information on Results International, a market-leading corporate finance advisory firm founded in 1991 with a 40 person team that has completed over 250 transactions.
- It also includes performance data and analysis of indices tracking large cap, mid cap, and small cap software as a service (SaaS) companies for the first quarter of 2015 and the previous 12 months.
- Tables are presented with operating and valuation metrics for selected publicly traded SaaS companies broken into large cap, mid cap, and small cap categories based on revenue size.
This document summarizes a market-leading corporate finance advisory firm with deep domain expertise in healthcare, technology, and related sectors. The firm was founded in 1991, is entrepreneurial and owner-managed, and has a 40 person team that has completed over 250 transactions globally. The firm prides itself on creative solutions and senior-level focus for every transaction, and maintains a broad global network of industry contacts.
Results International is a 40-person, market-leading corporate finance advisory firm founded in 1991 that focuses on three inter-related sectors. It has deep domain expertise, a broad global network, and has completed over 250 transactions. The firm prides itself on its entrepreneurial approach, senior-level focus on each transaction, and creative solutions.
We enter 2015 on the back of a strong Q4 in both the public markets and M&A. After a fairly turbulent year the public stocks specifically, it’s reassuring that both Hubspot and Crossrider’s IPOs were successful with both continuing to trade above their IPO price by year end with many other companies experiencing a stronger Q4.
The M&A market continues to be strong with over 100 deals completed in Q4 and 2015 looks set to be an exciting year as the universe of strategic players entering the market continues to widen and demand for innovation remains high.
We are in a phase of massive innovation through digital technologies across the healthcare industry: sensor-driven connected health applications are creating a wealth of data – as the sensors improve the opportunities for remote monitoring and intervention are significant; drug discovery and development are being accelerated using big data and digital collaboration tools; and healthcare provision at the point of care is beginning to benefit from joined-up, efficiency-driven workflows.
All of these innovations promise very real benefits to affordable provision of improved healthcare outcomes. As a result, M&A activity in the space is on an upward trend (we tracked in excess of 50% more deals in 2014 than 2013), fundraising appetite is strong for digital innovation, and valuations in the sector remain healthy. Now is a good time to be contemplating corporate activity in the HealthTech space – if you are, please do get in touch.
2014 was an interesting year for the SaaS segment. In the public markets, a correction earlier in the year could not be wholly offset by a welcome Q4 rally (the Results International Global SaaS Index tracked up 8% in the last 3 months but nonetheless ended the year 3% down over the 12 month period; with the small cap group down by 30%).
Median valuations in the space rose along with share prices during Q4 with the segment ending the year trading at 6.5x revenue. Meanwhile, investor appetite for growing SaaS businesses in Europe and North America remains very strong and the M&A environment is favourable for those companies offering differentiated products with a strong recurring revenue base.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
What's hot in marcoms? - Data & analyticsresultsig
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
With the ever blurring boundaries between “marcoms” and “martech”, it is maybe unsurprising to see that the most talked about subsectors sit at their convergence
points, namely :
1.Content marketing
2.Data & analytics,
3.eCommerce
4.Digital marketing; and
5.Mobile marketing
This paper examines each subsector, the key trends and deal activity in 2014 YTD using both proprietary and third party data.
This document summarizes marketing communications and technology M&A trends in Q1 2014. The key points are:
1) Over 80% of marketing and tech deals in Q1 were done by companies making only one acquisition, indicating a large potential buyer market.
2) Most buyers for marketing and tech targets are from North America, though some US players are looking to Europe and Asia for expansion.
3) Deal sizes differ - marketing deals are smaller and cross-border, while tech deals can be extremely large due to high valuations of revenue multiples.
Unlock the Future of Search with MongoDB Atlas_ Vector Search Unleashed.pdfMalak Abu Hammad
Discover how MongoDB Atlas and vector search technology can revolutionize your application's search capabilities. This comprehensive presentation covers:
* What is Vector Search?
* Importance and benefits of vector search
* Practical use cases across various industries
* Step-by-step implementation guide
* Live demos with code snippets
* Enhancing LLM capabilities with vector search
* Best practices and optimization strategies
Perfect for developers, AI enthusiasts, and tech leaders. Learn how to leverage MongoDB Atlas to deliver highly relevant, context-aware search results, transforming your data retrieval process. Stay ahead in tech innovation and maximize the potential of your applications.
#MongoDB #VectorSearch #AI #SemanticSearch #TechInnovation #DataScience #LLM #MachineLearning #SearchTechnology
UiPath Test Automation using UiPath Test Suite series, part 6DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 6. In this session, we will cover Test Automation with generative AI and Open AI.
UiPath Test Automation with generative AI and Open AI webinar offers an in-depth exploration of leveraging cutting-edge technologies for test automation within the UiPath platform. Attendees will delve into the integration of generative AI, a test automation solution, with Open AI advanced natural language processing capabilities.
Throughout the session, participants will discover how this synergy empowers testers to automate repetitive tasks, enhance testing accuracy, and expedite the software testing life cycle. Topics covered include the seamless integration process, practical use cases, and the benefits of harnessing AI-driven automation for UiPath testing initiatives. By attending this webinar, testers, and automation professionals can gain valuable insights into harnessing the power of AI to optimize their test automation workflows within the UiPath ecosystem, ultimately driving efficiency and quality in software development processes.
What will you get from this session?
1. Insights into integrating generative AI.
2. Understanding how this integration enhances test automation within the UiPath platform
3. Practical demonstrations
4. Exploration of real-world use cases illustrating the benefits of AI-driven test automation for UiPath
Topics covered:
What is generative AI
Test Automation with generative AI and Open AI.
UiPath integration with generative AI
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Taking AI to the Next Level in Manufacturing.pdfssuserfac0301
Read Taking AI to the Next Level in Manufacturing to gain insights on AI adoption in the manufacturing industry, such as:
1. How quickly AI is being implemented in manufacturing.
2. Which barriers stand in the way of AI adoption.
3. How data quality and governance form the backbone of AI.
4. Organizational processes and structures that may inhibit effective AI adoption.
6. Ideas and approaches to help build your organization's AI strategy.
Programming Foundation Models with DSPy - Meetup SlidesZilliz
Prompting language models is hard, while programming language models is easy. In this talk, I will discuss the state-of-the-art framework DSPy for programming foundation models with its powerful optimizers and runtime constraint system.
Have you ever been confused by the myriad of choices offered by AWS for hosting a website or an API?
Lambda, Elastic Beanstalk, Lightsail, Amplify, S3 (and more!) can each host websites + APIs. But which one should we choose?
Which one is cheapest? Which one is fastest? Which one will scale to meet our needs?
Join me in this session as we dive into each AWS hosting service to determine which one is best for your scenario and explain why!
Building Production Ready Search Pipelines with Spark and MilvusZilliz
Spark is the widely used ETL tool for processing, indexing and ingesting data to serving stack for search. Milvus is the production-ready open-source vector database. In this talk we will show how to use Spark to process unstructured data to extract vector representations, and push the vectors to Milvus vector database for search serving.
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-und-domino-lizenzkostenreduzierung-in-der-welt-von-dlau/
DLAU und die Lizenzen nach dem CCB- und CCX-Modell sind für viele in der HCL-Community seit letztem Jahr ein heißes Thema. Als Notes- oder Domino-Kunde haben Sie vielleicht mit unerwartet hohen Benutzerzahlen und Lizenzgebühren zu kämpfen. Sie fragen sich vielleicht, wie diese neue Art der Lizenzierung funktioniert und welchen Nutzen sie Ihnen bringt. Vor allem wollen Sie sicherlich Ihr Budget einhalten und Kosten sparen, wo immer möglich. Das verstehen wir und wir möchten Ihnen dabei helfen!
Wir erklären Ihnen, wie Sie häufige Konfigurationsprobleme lösen können, die dazu führen können, dass mehr Benutzer gezählt werden als nötig, und wie Sie überflüssige oder ungenutzte Konten identifizieren und entfernen können, um Geld zu sparen. Es gibt auch einige Ansätze, die zu unnötigen Ausgaben führen können, z. B. wenn ein Personendokument anstelle eines Mail-Ins für geteilte Mailboxen verwendet wird. Wir zeigen Ihnen solche Fälle und deren Lösungen. Und natürlich erklären wir Ihnen das neue Lizenzmodell.
Nehmen Sie an diesem Webinar teil, bei dem HCL-Ambassador Marc Thomas und Gastredner Franz Walder Ihnen diese neue Welt näherbringen. Es vermittelt Ihnen die Tools und das Know-how, um den Überblick zu bewahren. Sie werden in der Lage sein, Ihre Kosten durch eine optimierte Domino-Konfiguration zu reduzieren und auch in Zukunft gering zu halten.
Diese Themen werden behandelt
- Reduzierung der Lizenzkosten durch Auffinden und Beheben von Fehlkonfigurationen und überflüssigen Konten
- Wie funktionieren CCB- und CCX-Lizenzen wirklich?
- Verstehen des DLAU-Tools und wie man es am besten nutzt
- Tipps für häufige Problembereiche, wie z. B. Team-Postfächer, Funktions-/Testbenutzer usw.
- Praxisbeispiele und Best Practices zum sofortigen Umsetzen
Threats to mobile devices are more prevalent and increasing in scope and complexity. Users of mobile devices desire to take full advantage of the features
available on those devices, but many of the features provide convenience and capability but sacrifice security. This best practices guide outlines steps the users can take to better protect personal devices and information.
Main news related to the CCS TSI 2023 (2023/1695)Jakub Marek
An English 🇬🇧 translation of a presentation to the speech I gave about the main changes brought by CCS TSI 2023 at the biggest Czech conference on Communications and signalling systems on Railways, which was held in Clarion Hotel Olomouc from 7th to 9th November 2023 (konferenceszt.cz). Attended by around 500 participants and 200 on-line followers.
The original Czech 🇨🇿 version of the presentation can be found here: https://www.slideshare.net/slideshow/hlavni-novinky-souvisejici-s-ccs-tsi-2023-2023-1695/269688092 .
The videorecording (in Czech) from the presentation is available here: https://youtu.be/WzjJWm4IyPk?si=SImb06tuXGb30BEH .
Fueling AI with Great Data with Airbyte WebinarZilliz
This talk will focus on how to collect data from a variety of sources, leveraging this data for RAG and other GenAI use cases, and finally charting your course to productionalization.
Webinar: Designing a schema for a Data WarehouseFederico Razzoli
Are you new to data warehouses (DWH)? Do you need to check whether your data warehouse follows the best practices for a good design? In both cases, this webinar is for you.
A data warehouse is a central relational database that contains all measurements about a business or an organisation. This data comes from a variety of heterogeneous data sources, which includes databases of any type that back the applications used by the company, data files exported by some applications, or APIs provided by internal or external services.
But designing a data warehouse correctly is a hard task, which requires gathering information about the business processes that need to be analysed in the first place. These processes must be translated into so-called star schemas, which means, denormalised databases where each table represents a dimension or facts.
We will discuss these topics:
- How to gather information about a business;
- Understanding dictionaries and how to identify business entities;
- Dimensions and facts;
- Setting a table granularity;
- Types of facts;
- Types of dimensions;
- Snowflakes and how to avoid them;
- Expanding existing dimensions and facts.
5th LF Energy Power Grid Model Meet-up SlidesDanBrown980551
5th Power Grid Model Meet-up
It is with great pleasure that we extend to you an invitation to the 5th Power Grid Model Meet-up, scheduled for 6th June 2024. This event will adopt a hybrid format, allowing participants to join us either through an online Mircosoft Teams session or in person at TU/e located at Den Dolech 2, Eindhoven, Netherlands. The meet-up will be hosted by Eindhoven University of Technology (TU/e), a research university specializing in engineering science & technology.
Power Grid Model
The global energy transition is placing new and unprecedented demands on Distribution System Operators (DSOs). Alongside upgrades to grid capacity, processes such as digitization, capacity optimization, and congestion management are becoming vital for delivering reliable services.
Power Grid Model is an open source project from Linux Foundation Energy and provides a calculation engine that is increasingly essential for DSOs. It offers a standards-based foundation enabling real-time power systems analysis, simulations of electrical power grids, and sophisticated what-if analysis. In addition, it enables in-depth studies and analysis of the electrical power grid’s behavior and performance. This comprehensive model incorporates essential factors such as power generation capacity, electrical losses, voltage levels, power flows, and system stability.
Power Grid Model is currently being applied in a wide variety of use cases, including grid planning, expansion, reliability, and congestion studies. It can also help in analyzing the impact of renewable energy integration, assessing the effects of disturbances or faults, and developing strategies for grid control and optimization.
What to expect
For the upcoming meetup we are organizing, we have an exciting lineup of activities planned:
-Insightful presentations covering two practical applications of the Power Grid Model.
-An update on the latest advancements in Power Grid -Model technology during the first and second quarters of 2024.
-An interactive brainstorming session to discuss and propose new feature requests.
-An opportunity to connect with fellow Power Grid Model enthusiasts and users.
2. Deep domain expertise in three inter-related sectors… … and broad industry networks
A market-leading corporate finance advisory firm…
• Founded in 1991
• Entrepreneurial and owner-managed
• 40 person team; 250+ completed transactions
• Broad global network
• Creative solutions
• Senior level focus on every transaction
…with global reach
1
About Results International
3. Results International Global Cyber Security Indices
Note: Based on share prices as at 31st December 2014
Note: Indices weighted by market capitalisation
Sources: Capital IQ and Results analysis 2
+41.3%
+20.4%
+13.4%
+37.6%
+2.3%
-11.5%
+22.0%
Q4 2014 Performance
Broadline 3.3%
Endpoint 7.7%
Network 16.8%
Data 18.1%
Monitoring & Analysis 35.6%
Global Security 12.4%
60
80
100
120
140
160
180
200
220
Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14
Broadline Endpoint Network Data Monitoring & Analysis Global Security NASDAQ Comp
5. Company
IPO
Date
Description Raised
Indicative Price
Range ($)
IPO Price
($)
Increase vs.
range
Day 1
Increase
Current
Increase(1)
Current
EV
EV / Revenue
2014E
EV / EBITDA
2014E
Sep-14
Privileged account
security
86 13.00-15.00 16.00 14.3% 87.1% 147.8% 1,213 13.0 x n.m.
Jun-14
Mobile security and
management
100 8.00-10.00 9.00 0.0% 22.4% 10.7% 703 5.6 x n.m.
Nov-13
Network security and
data storage
64 18.00-21.00 18.00 -7.7% 19.7% 99.1% 1,820 6.7 x 40.8 x
Sep-13
Forensics and
malware protection
304 15.00-17.00 20.00 25.0% 80.0% 57.9% 5,059 11.9 x n.m.
Sep-12
Cloud security and
compliance
91 11.00-13.00 12.00 0.0% 18.0% 214.6% 1,360 10.2 x 48.6 x
Jul-12
Firewalls and network
security
260 38.00-40.00 42.00 7.7% 26.5% 191.8% 10,212 14.5 x n.m.
Apr-12
Communication
security
82 10.00-12.00 13.00 18.2% 8.3% 271.0% 2,056 10.7 x n.m.
Feb-12
Antivirus and anti-
spyware
128 16.00-18.00 16.00 -5.9% -18.8% 23.4% 978 2.6 x 7.1 x
Nov-11 Data centre security 90 14.00-16.00 18.00 20.0% 33.3% 174.6% 1,256 7.7 x n.m.
Cyber Security: Recent IPO Performances
4
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 50x EV / EBITDA
Note: (1) Current increase from IPO price; Market data as of 31st December 2014
Source: Capital IQ
Nasdaq
Nasdaq
Nasdaq
Nasdaq
NYSE
NYSE
NYSE
NYSE
Nasdaq
6. Cyber Security: Valuation Benchmarks
5
EBITDA Margin 2014E EV / EBITDA 2014E
Revenue Growth (2014-15E) EV / Revenue 2014E
Note: EV = Enterprise Value; Financials calendarised to December year end
Note: Median values reported; exclude negative multiples
Note: See Selected Publicly Traded Companies (Slide 11) for details of companies included in each category
Source: Capital IQ
2.5%
17.9%
14.4%
25.9%
12.3%
15.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
33.3%
18.3% 17.6%
-9.3%
12.3%
17.1%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
2.6 x
4.1 x
5.6 x
10.7 x
6.0 x
5.6 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
7.9 x 8.5 x
18.8 x
n.m.
49.2 x
15.8 x
0.0 x
10.0 x
20.0 x
30.0 x
40.0 x
50.0 x
60.0 x
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
8. Cyber Security: Selected Deals in 2014
Date Buyer Target EV ($m)
EV /
Revenue
EV /
EBITDA
Company description
Target
Location
Dec-14 - - - Cloud, mobile and enterprise security solutions
Dec-14 710 - - Advanced cyberthreat detection and protection
Dec-14 55 - - Password and identity management
Nov-14 200 - - Cloud enterprise security startup
Nov-14 14 - - Adware, spyware, spam and virus protection
Oct-14 35 - - Cloud-based social media security and compliance
Oct-14 233 3.1x
(1)
- Network security software
Oct-14 - - - Enterprise mobility security solutions
Sep-14 81 0.7x 10.2x Data security solutions provider
Sep-14 140 4.2x - Mobile antivirus and parental controls
Sep-14 310 3.1x - Privileged account and vulnerability management
Aug-14 300 5.0x - User identity and access management
Aug-14 890 2.6x -
Encryption, anti-malware and DRM systems
Aug-14 - - - Data security and memory encryption
Jul-14 - - - Identity and access management
Jul-14 - - - Password encryption, sharing and storage solutions
Jul-14 250 1.8x - Network access control
7
Note: Enterprise value (EV) = transaction value scaled to 100% shareholding plus net debt (includes minority interest)
Note: (1) Multiple based on forecast 2014 revenues
Financials relate to the companies’ full fiscal year before the transaction took place
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis
9. Cyber Security: Selected Deals in 2014
Date Buyer Target EV ($m)
EV /
Revenue
EV /
EBITDA
Company description
Target
Location
Jun-14 - - - Virtual private network (VPN) services
Jun-14 - - - Firewall security management and monitoring
Jun-14 - - - Data encryption and operational diagnostics
May-14 - - - Cloud-based DDoS prevention software
May-14 - - - Dynamic malware analysis and threat detection
May-14 24 - - Automated security incident response solutions
May-14 70 - - Network forensics and big data security analytics
May-14 - - - Vulnerability management and endpoint security
Apr-14 12 - - Encryption-related security software
Mar-14 83 4.9x 14.0x
(1)
Data security and computer reuse management solutions
Mar-14 200 - - Threat prevention software for Microsoft-based server environments
Feb-14 - - - Website malware monitoring and artificial intelligence remediation
Feb-14 70 - - Global network security appliances and management solutions
Feb-14 60 - - Visibility and application control for cloud-based applications
Jan-14 1,540 - - Enterprise mobility management and security solutions
Jan-14 - - - Anti-virus, malware protection and account management
Jan-14 844 8.0x - Cyber security incident response platform and threat intelligence
8
Note: Enterprise value (EV) = transaction value scaled to 100% shareholding plus net debt (includes minority interest)
Note: (1) Multiple based on 2013 EBIT
Financials relate to the companies’ full fiscal year before the transaction took place
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis
10. Cyber Security: Selected Fundraisings in 2014
Date Company Type of round
Funds
raised ($m)
Investor participation Company description
Company
headquarters
Dec-14 Series D 30.0 Bain Capital, Technology Crossover Ventures Security data and analytics
Dec-14 Venture 8.0
KPCB, Allegis Capital, Cowboy Ventures, Data Collective Venture
Capital, First Round Capital
Threat intelligence software
Dec-14 Series B 22.0
General Catalyst Partners, Institutional Venture Partner, Google
Ventures, Paladin Capital Group
Threat intelligence platform
Nov-14 Series B 50.0
Transamerica Ventures, Delta Partners, Andreesen Horowitz, Deutsche
Telekom
Data encryption and protection
Nov-14 Venture 1.5 New York Angels, Harvard Business School Mobile endpoint security platform
Nov-14 Series B 15.0 New Enterprise Associates, Sequoia Capital E-Commerce fraud prevention
Oct-14 Series A 11.0
Javelin Venture Partners, Benhamou Global Ventures, Lakewood &
Company
Browser-borne malware isolation and
elimination
Oct-14 Series A 3.2
T-Venture, Shortcut Ventures GmbH, Project A Ventures, Holtzbrinck
Ventures
Internet connection encryption
Sep-14 Series G 35.0
KKR, Ten Eleven Ventures, DFJ, General Catalyst Partners, SAP Ventures,
W Capital, Volition Capital, Triangle Peak Partners, Appian Ventures
Secure cloud identity management
Sep-14 Series F 40.0 Wellington Management, Atlas Ventures, .406 Ventures
App intelligence and security
verification
Aug-14 Series C 21.0
Columbus Nova Technology Partners, Citi Ventures, Work-Bench
Ventures
Data centre security startup
Aug-14 Series B 25.0 New Enterprise Associates, SingTel Innov8, Norwest Venture Partners Cloud security gateway
Aug-14 Series C 25.0
Juniper Networks, Intel Capital, AME Cloud Ventures, IA Ventures, Accel
Partners, Khosla Ventures
Automated cyber attack detection
Aug-14 Series F 150.0
T. Rowe Price, Goldman Sachs, Morgan Stanley Investment
Management, Wellington Management Company, Bezos Expeditions
Mobile security applications
Jul-14 Series A 30.0 Highland Capital Partners Anti-malware and internet security
Jul-14 Series A 6.0 TVC Capital Email and web security
Jul-14 Series B 10.0 Poalim Capital Markets, Jerusalem Venture Partners, General Electric Malware detection and prevention
9
Sources: VentureSource, Capital IQ and Results analysis
11. Cyber Security: Selected Fundraisings in 2014
Date Company Type of round
Funds
raised ($m)
Investor participation Company description
Company
headquarters
Jun-14 Series A - Environmental Technologies Fund Penetration testing and platform
Jun-14 Venture 90.0 Andreessen Horowitz
Enterprise security and systems
management
Jun-14 Series A 7.0 C5 Capital
Advanced monitoring and log
management
Jun-14 Series E 75.0
Altimeter Capital, Janus Capital Group, Khosla Ventures, Greylock
Partners, Andreessen Horowitz, Sequoia Capital
Cloud-based identity management
May-14 Series B 22.0 Rho Ventures, FirstMark Capital, Bessemer Venture Partners Password security manager
May-14 Series E 42.0 Samsung Ventures, Fortinet, Docomo Capital Cloud-based identity management
May-14 Series B 25.0 Battery Ventures, Summit Partners
Online and mobile threat discovery
and software monitoring
Apr-14 Venture 13.0
InterWest Partners, Palomar Ventures, Sigma Partners, Paladin Capital
Group, Noro-Moseley Partners, Imlay Investments, Adam Street Partners
Advanced threat protection
Apr-14 Series A 12.0 Tiger Global Management, The Westly Group
Predictive endpoint protection
platform
Mar-14 Venture 12.0 Brookline Venture Partners, Fairhaven Capital Partners, GE Pension Trust
Advanced data loss prevention
platform
Mar-14 Series E 20.0
Adams Street Partners, August Capital, Tenaya Capital, U.S. Venture
Partners, CM Capital
Context-based security and fraud
prevention solutions
Feb-14 Series B 16.5 Lenovo Group, DCM, ONSET Ventures Online security and authentication
Feb-14 Series A 5.0 BRM Group, OPUS Capital
Cloud-based and on-premise cyber
security solutions
Feb-14 Series C 25.5 Tenaya Capital, Musea Ventures, Shasta Ventures, Meritech Security automation platform
Feb-14 Series C 40.0
Norwest Venture Partners, Sierra Ventures, Kleiner Perkins & Caulfield,
Venrock, Google Ventures, Tomorrow Ventures, Allegis Capital
Advanced malware and botnet
protection
Jan-14 Series B 18.0 Tenaya Capital, Andreessen Horowitz, Andreas Bechtolsheim, SV Angel
Cross-platform enterprise mobility
security
Jan-14 Series C 16.5 Bessemer Venture Partners, Ascent Venture Partners Cloud data security solutions
10
Sources: VentureSource, Capital IQ and Results analysis
12. Price % of 52 Market Total Net Enterprise Revenue Rev. Growth Gross Margin EBITDA Margin
Company (31-Dec-14) Week High Cap Cash Debt Value CY2014 CY14-15 Historical CY2014 CY2015 CY2014 CY2015 CY2014 CY2015
Broadline
Symantec 25.66 96.1% 17,736 3,793 (1,698) 16,038 6,664 0.5% 83.7% 32.0% 34.3% 2.4 x 2.4 x 7.5 x 7.0 x
Trend Micro 27.89 87.9% 3,747 1,044 (1,044) 2,703 951 4.4% 82.1% 34.6% 33.8% 2.8 x 2.7 x 8.2 x 8.1 x
Endpoint
AVG Technologies 19.74 92.5% 1,022 44 (44) 978 370 13.8% 83.1% 37.4% 35.3% 2.6 x 2.3 x 7.1 x 6.6 x
CyberArk 39.65 84.3% 1,382 169 (169) 1,213 94 22.1% 86.3% 17.1% 5.4% 13.0 x 10.6 x n.m. n.m.
F-Secure 2.72 77.6% 429 63 (63) 367 188 2.4% 95.5% 19.6% 22.6% 2.0 x 1.9 x 10.0 x 8.4 x
MobileIron 9.96 76.9% 851 147 (147) 703 125 33.7% 84.4% (39.9%) (30.8%) 5.6 x 4.2 x n.m. n.m.
Network
Barracuda Networks 35.84 80.7% 1,972 157 (152) 1,820 270 16.6% 77.0% 16.6% 20.3% 6.7 x 5.8 x 40.8 x 28.5 x
Check Point Software 78.57 97.2% 15,469 1,240 (1,240) 14,229 1,491 6.6% 88.4% 58.7% 59.0% 9.5 x 9.0 x 16.3 x 15.2 x
Corero Network Security 0.24 59.6% 28 5 (5) 23 9 81.8% 65.1% (77.3%) 0.6% 2.6 x 1.4 x n.m. n.m.
Fortinet 30.66 97.4% 5,326 661 (661) 4,665 757 15.6% 70.7% 18.6% 19.6% 6.2 x 5.3 x 33.2 x 27.1 x
F5 Networks 130.47 95.9% 9,635 645 (645) 8,989 1,790 13.1% 82.7% 32.8% 38.3% 5.0 x 4.4 x 15.3 x 11.6 x
Palo Alto Networks 122.57 95.6% 10,511 771 (300) 10,212 702 36.5% 72.8% 4.0% 18.7% 14.5 x 10.7 x n.m. n.m.
Radware 22.02 96.2% 1,064 138 (138) 927 221 11.9% 81.0% 19.6% 22.5% 4.2 x 3.7 x 21.4 x 16.7 x
Secunet 23.24 80.0% 150 19 (19) 132 92 8.0% 66.6% 10.3% 10.4% 1.4 x 1.3 x 13.9 x 12.8 x
Data
FireEye 31.58 32.4% 5,457 398 (398) 5,059 424 47.2% 70.4% (56.2%) (26.8%) 11.9 x 8.1 x n.m. n.m.
Imperva 49.43 73.6% 1,357 101 (101) 1,256 162 22.8% 78.4% (9.3%) (4.3%) 7.7 x 6.3 x n.m. n.m.
Proofpoint 48.23 95.1% 2,129 233 (72) 2,056 192 25.9% 69.9% 0.4% 0.5% 10.7 x 8.5 x n.m. n.m.
Monitoring & Analysis
Guidance Software 7.25 62.8% 214 16 (16) 198 109 3.9% 66.1% 3.6% 8.1% 1.8 x 1.7 x 49.8 x 21.6 x
Qualys 37.75 92.7% 1,473 113 (113) 1,360 133 20.6% 77.2% 21.0% 21.1% 10.2 x 8.5 x 48.6 x 40.1 x
25th percentile 77.2% 129 7.3% 70.6% 2.0% 3.0% 2.6 x 2.4 x 9.5 x 8.3 x
Median 87.9% 221 15.6% 78.4% 17.1% 19.6% 5.6 x 4.4 x 15.8 x 14.0 x
75th percentile 95.7% 730 24.4% 83.4% 26.5% 28.2% 9.9 x 8.3 x 35.1 x 23.0 x
Operating Metrics Valuation Metrics
Revenue EBITDA
Cyber Security: Selected Publicly Traded Companies
11
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 50x EV / EBITDA; Net debt includes minority interest
Source: Capital IQ
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12
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