HCM and workforce management systems touch every employee, from payroll to talent management to field service management and more. Bringing all these different functions under the same umbrella has created a highly competitive market sector requiring constant innovation, as well as an active and dynamic M&A market. Join us as we examine the top trends in evolving applications and why companies creating value in this space for large corporations and niche markets are in high demand. This Market Spotlight webcast will examine the specific technologies receiving the most interest, with perspectives from analysts, bankers, buyers, investors, and CEOs.

2. World Financial Symposiums
WFS is an international organization dedicated to educating
technology leaders through monthly,
Market Spotlight webcasts and day-long
Growth and Exit Strategies for Software and IT Companies
conferences.
Watch this Market Spotlight rebroadcast here:
http://event.on24.com/wcc/r/1022618/3FF6E67E871D2E1EC5353EF7F79635FF
www.wfs.com

3. Ward Carter
Corum's former President and now Chairman Ward Carter's technology background includes a variety of management positions
with the Burroughs Corporation (later Unisys). Then, as vice president of a Wall Street investment firm and as principal in a
regional venture firm, he raised capital for ventures in computer hardware, software, and biotechnology. As an executive for a
Seattle-based archival storage software company, he attracted venture capital and assisted with the eventual acquisition of the
company by a larger competitor. As president of InfoMatrix, and later Discovery Sales + Marketing, Ward provided strategic
consulting support to emerging software companies.
He joined Corum in 1997, has successfully managed numerous software company mergers and acquisitions worldwide, was
appointed President in 2006 and Chairman in 2010. He graduated with Honors from Seattle University with a B.A. in Business.
Chairman

4. Agenda
• Introduction
• HCM M&A Report
• Panel Discussion
• Steve Secora, HRIS Director – International Game
Technology (IGT)
• Nov Omana, CEO & Founder – Collective HR Solutions
• Ed Colby, Partner – InnovationOne.US
• Q&A

5. Goal – Identify Growth drivers/disruptors
• What are the emerging HR technologies?
• Value in small company technology, teams, domain
expertise, revenue models
• Larger players driving consolidation in effort to gain
competitive edge
• Growth opportunities triggering M&A

6. Then: Evolution of HR M&A
• Early days of Payroll solutions and time keeping
• HR beyond Payroll
• Expansion of web based solutions, and SaaS
• Rising importance of Mobile – extending access and
functionality more broadly
• New applications greatly extending HR’s reach in
the enterprise

7. Now: specialized applications beyond core
HR /Benefits and Payroll
 Talent Acquisition / Recruitment /Compensation
 Training/Learning Management
 Workforce Management
 Expense Management
 ..and more
Strong M&A activity across all

8. Amber Stoner
Amber joined Corum in 2005 and serves as one of Corum’s Research Analysts. She is primarily focused on building target buyer
lists for clients, both domestic and international.
Prior to joining Corum, Amber was the Assistant Manager of a regional sales office for a direct sales company. She also worked in
the research department of the Evergreen Aviation Museum in McMinnville, OR while attending Linfield College where she earned
a B.A. in History.
Sr. Research Analyst

9. HR M&A Activity (2012-2015)
0
5
10
15
20
25
30
35
H1 H2 H1 H2 H1 H2 H1
2012 2012 2013 2013 2014 2014 2015
Total HR Deal Count Workforce Management Deal Count

10. HR M&A Activity (2012-2015)
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
H1 H2 H1 H2 H1 H2 H1
2012 2012 2013 2013 2014 2014 2015
Billions
Total Disclosed HR Deal Value ($B) Disclosed Workforce Management Deal Value ($B)

11. Number of Deals by Transaction Size
0
1
2
3
4
5
6
7
8
9
<$10M $10-50M $50-100M $100-500M $500M-$1B $1B+
2012 2013 2014 2015 (H1)
.
1
.
1
2015 (Projected H2)

12. Deal Spotlight
17.2xTarget: Evolv Inc.
Acquirer: Cornerstone OnDemand
Transaction Date: October 2014
Transaction Value: $42.5 million, 7.8x revenue
- Employee recruitment and job pre-screening SaaS, providing machine learning
platform technology, data science and big data infrastructure.
Sold to

13. Top Private Equity Buyers (2012-2015)
0
1
2
3
4
5
Riverside
Company
Vista Equity
Partners
Francisco
Partners
Deal Count
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
$400.00
$450.00
$500.00
Francisco
Partners
Lightyear
Capital
Vector Capital HgCapital Vista Equity
Partners
Millions
Deal Value ($M)

14. Deal Spotlight
Sold to
Target: ARCOS
Acquirer: Riverside
Transaction Date: November 2013
‒ 21 of the top 25 utilities use ARCOS’ software; finds, assembles and tracks
repair crews.

15. Top Private Equity Buyers (2012-2015)
0
1
2
3
4
5
Riverside
Company
Vista Equity
Partners
Francisco
Partners
Deal Count
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
$400.00
$450.00
$500.00
Francisco
Partners
Lightyear
Capital
Vector Capital HgCapital Vista Equity
Partners
Millions
Deal Value ($M)

16. Deal Spotlight
Sold to
Target: ClickSoftware
Acquirer: Francisco Partners
Transaction Date: April 2015
Transaction Value: $438M; 3.2x revenue
Sold to
Target: Saba Software
Acquirer: Vector Capital
Transaction Date: February 2015
Transaction Value: $268M
Sold to
Target: Allocate Software
Acquirer: HgCapital
Transaction Date: October 2014
Transaction Value: $175M; 2.3x revenue

17. Top Strategic Buyers by Deal Value (2012-2015)
$0.00
$500.00
$1,000.00
$1,500.00
$2,000.00
$2,500.00
Oracle IBM SAP Corporate
Executive
Board
John Wiley
& Sons
Millions
HR
$0.00
$500.00
$1,000.00
$1,500.00
$2,000.00
$2,500.00
Oracle IBM SAP GE
Healthcare
BT Group
Millions
Workforce Management

18. Deal Spotlight: Workforce Management
Sold to
Target: Taleo
Acquirer: Oracle
Transaction Date: February 2012
Transaction Value: $2B; 6.2x revenue
Sold to
Target: Kenexa
Acquirer: IBM
Transaction Date: August 2012
Transaction Value: $1.4B; 4.1x revenue
Sold to
Target: Fieldglass
Acquirer: SAP
Transaction Date: March 2014
Transaction Value: $1B (estimated); 11.8x revenue

19. Top HR Strategic Buyers - Deal Count (2012-2015)
0
1
2
3
4
5
6
John Wiley &
Sons
Kronos Bullhorn Intuit Corporate
Executive Board
Paychex SAP Xerox

20. Deal Spotlight
Sold to
Target: AutoTime (Kaba Workforce Solutions)
Acquirer: Kronos
Transaction Date: August 2015
‒ Utilized by seven of the top 10 Fortune 500 aerospace & defense companies
for time and attendance, labor collection, analytics and labor costing
AutoTime

21. Top HR Strategic Buyers - Deal Count (2012-2015)
0
1
2
3
4
5
6
Kronos John Wiley &
Sons
Bullhorn Intuit Corporate
Executive Board
Paychex SAP Xerox

22. Deal Spotlight
Target: Playbook HR
Acquirer: Intuit
Transaction Date: March 2015
‒ Intuit’s third acquisition of 2015
‒ Expands QuickBooks Online Self Employed app with contracted workforce management
solutions
Sold to
Target: Careerify [Canada]
Acquirer: LinkedIn
Transaction Date: March 2015
‒ Enhances LinkedIn’s big data recruitment segment
‒ Automates employee referral process by analyzing connections on social media
Sold to

23. Deal Spotlight
Sold to
Target: 9Slides
Acquirer: Limeade
Transaction Date: June 2015
‒ Limeade’s first-ever acquisition
‒ Improves training services for HR professionals

25. Steve Secora
HRIS Director
Steve Secora has been a practitioner in HR Systems for almost 20 years. In that time, he has been on the front lines selecting,
implementing, and supporting HR Technology for companies ranging from 300 employees up to 25,000 employees. He is a certified
HR Information Professional (HRIP) and a Certified Scrum Master (CSM). He has deployed a wide breadth of HR Technology
including, ERP HCM Systems, Talent Management Systems, Time & Attendance Systems, and HR Portals. Steve also currently chairs
the IHRIM Education Committee, strategically planning and delivering unbiased, high quality education to HRIS professionals.

26. Everything as a Service (EaaS)
• Everything as a Service
• The Platform Backbone
• Software as a Service
• Platform as a Service
• Infrastructure as a Service
• App (extension) development
• The rebirth of Best of Breed through Apps
• The start-up culture
• Mobile everything
• Accessible, standardized data
• Open source
• Big data analytics
Software
Platform
Infrastructure

27. Platformed Talent Management
Perf
Mgmt
LMS
New
App
v1
HRIS
Admin
Time
Entry
Payroll
Total
Comp
Recruit
& Hire
Platform Backbone with Standardized Data

28. The Gaming Culture
• The average young person today in a country with a
strong gamer culture will have spent 10,000 hours
playing online games by the age of 21*
• The fallacy of Points, Badges, & Leaderboards (PBL’s)
• Real life gaming applications to solve problems and
experience simulations of environments you never
would have the opportunity to experience
otherwise
*Jane McGonigal – “Gaming Can Make a Better World” TED talk (http://www.ted.com/talks/jane_mcgonigal_gaming_can_make_a_better_world )

29. What does this mean for the future?
Perf
Mgmt
LMS
New
App
v223
HRIS
Admin
Time
Entry
Payroll
Total
Comp
Recruit
& Hire
Platform Backbone with Standardized Data
Candy Crush
Employee Development?
Plug & Play Talent Management Apps?
More affordable ad supported apps?
Faster Innovation?The Return of BOB
(Best of Breed)

30. Nov Omana
President/CEO & Founder
Nov Omana has been in the HR Technology arena for over 35 years. He has assisted numerous companies in structuring their HR
technology strategy and systems, and is also known for his thought leadership and understanding of combining and leveraging
technology. Nov has a strong knowledge of the vendor community surrounding HR technology and a reputation for “connecting the
dots” between technologies to create new solutions and solve business problems. A frequent keynote presenter, moderator, or
contributor for IHRIM and other HR associations’ presentations, he is often sought by media for opinions on the industry in general
and for insight on technology trends.

31. Well–Being: Holistic Wellness Programs
• Health
• Mental
• Physical
• Emotional
• Financial
• Legal aid
• Financial aid
• Full 24X7 behavioral changes
• Family
• Friends

32. Changing Workforce – Where are they?
1. Contingent workers
2. Employment terms
3. Sourcing and recruiting

33. Engagement – what does it REALLY mean?
1. Development
2. Preparedness
3. Leveraging the Work/Life balance

34. The New BREED of Technology Thinking
•Apps
•Intuitive
•Faster
•Specific functions
•Adaptable
•Integrating

35. Ed Colby
Partner
InnovationOne.US
Ed is a Human Capital Management (HCM) and Workforce Management (WFM) strategic consultant and technology evangelist; having been both an educator and
student of management, technology, and leading workforce and operational practices for 40 years. Ed’s professional passion is helping build higher-performing
organizations by optimizing the full utilization and effectiveness of people, process, information, and technology.
Ed and three other professional colleagues are in the process of forming a joint partnership to bring InnovationOne, a Canadian-based strategic management consulting
business, to the United States as InnovationOne.US. Over the most recent 20 years Ed has held executive and senior-level leadership roles in: management and solutions
consulting; professional services; systems and application development; business and technology value analysis, and; marketing groups for both leading-edge start-up, as
well as mature, market-share leading HCM and WFM technology providers. Previously, as a practitioner, he has led large operational consulting, and systems and
application development groups across virtually all administrative and operational functions and systems, within several industries.
Ed has been an active member and leader for the International Association of Human Resource Information Management (IHRIM) for nearly 20 years. For the past 10
years he has served on the Editorial Boards of both IHRIM.Link and Workforce Solutions Review (WSR), the professional journals of IHRIM; having stepped down as
Managing Editor of WSR this past year. Other previous roles with IHRIM included IHRIM Professional Development Committee; Board of Directors – IHRIM New England
Chapter for 8 years, and; Content Committee Chair – IHRIM Annual International Conferences in ‘2004 and ‘2005.
Other of Ed’s industry contributions include: Charter Advisory Board member, and Workforce Excellence Essentials Editorial Committee member for the Institute for
Human Resources (IHR) WFM Certification Program, and; past member of the Advisory Board for the WFM Learning Community of The Human Capital Institute (HCI).
Ed holds a M.B.A. degree in Marketing and Computer Sciences from Northeastern University, and a B.S. degree from Tufts University. Ed’s HCM and WFM industry
experience and knowledge have frequently been solicited by: global venture capital, and strategic management consulting firms; start-up HCM/WFM technology
providers, and; several industry professional associations. Ed is a frequent presenter at industry events.

36. The Buyer/End User Perspective
• The Reality and Challenges of the HCM/WFM
Buying Cycle
• What Buyers Think They Need and Are Looking For
• Buyer Technology Selection and Decision Process
Maturity Model Observations
• How to Get Buyers to Yes

37. Software/Technology M&A Market
Entry and Exit Considerations
• What the HCM/WFM Marketplace Looks Like
• Challenges Newly Emerging Software and
Technology Providers Face
• Tips for Gaining Traction...Product Differentiation,
Value, Awareness
• Market Exit Considerations

38. Q&A
We welcome your questions!
• Use Q&A window on left side
• Submit to queue at any time
• If your questions in not answered, we will attempt to
follow up after the event

39. Contact Us
For further information or copies of today’s
presentation:
Visit www.wfs.com
-or-
Email wardc@corumgroup.com