bi-weekly software sector summary report · 2019. 9. 7. · 4 trading comparables valuation metrics...
TRANSCRIPT
1
Software Sector Summary
Week of November 7th, 2016
2
SOFTWARE DEAL DASHBOARD
Quarterly VC Deal Count (1)
Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. Excludes the $7.3Bn raise by Didi Chuxing on 6/15/2016. 2) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 3) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 4) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.
Quarterly M&A Deal Count (2)
$Bn $Bn
Select Financing Transactions Quarterly VC Volume (1) Quarterly M&A Volume (2) Top M&A Transactions YTD
Company Amount ($MM) Target Acquirer EV ($Bn)
$90.0 $26.2
$88.0 $9.2
$52.0 $8.7
$40.0 $6.1
$30.0 $4.7
$26.5 $3.3
$20.0 $2.8
Last 12 Months Software Price Performance vs. S&P 500 (3) M&A EV/ NTM Rev. Over Time (4)
`
$21.7 BillionFinancing Volume YTD (1)
325Financing Transactions YTD (1)
$100.7 BillionM&A Volume YTD (2)
76M&A Transactions YTD (2)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
IGV SPX
( )65
75
10894 102
117
88
18
0
50
100
150
Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16 Q4'16
7%
$3$3
$6 $6$7
$9
$5
$1
$0
$2
$4
$6
$8
$10
Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16 Q4'16
$5
$14
$24
$14
$7
$50
$42
$2$0
$10
$20
$30
$40
$50
$60
Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16Q4'16
7
13
2427
15
2924
8
0
10
20
30
40
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16
(Software Business Division)
1% 4.0x
3.2x
4.2x
3.6x 3.9x
4.6x 4.7x
4.0x
5.4x
4.4x
3.6x
5.0x
2.7x 2.3x
2.9x 3.0x
4.3x 4.1x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
2011 2012 2013 2014 2015 2016
All Buyers Strategic Buyers PE Buyers
TD TD
TDTD
3
RECENT STOCK PERFORMANCE Index Performance
Last 12 Months Last 3 Years
Notes: Source: Capital IQ. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, IL, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, N, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. Security: ABT, AVG, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.
(50%)
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16
Sector 3 Months 1 Year 3 Years
Platform 1% 8% 33%
Infrastructure 1% 9% 17%
Security 5% (4%) 26%
SaaS / On Demand (1%) 6% 24%
BI & Analytics (5%) (11%) (6%)
Vertical (4%) (5%) 8%
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16
4
TRADING COMPARABLES Valuation Metrics
EV / 2016E Revenue EV / 2016E EBITDA
Notes: Source: Capital IQ. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, IL, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.
5.1x4.8x
4.3x 4.3x4.0x
3.5x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
SaaS / OnDemand
Infrastructure Vertical Platform Security BI & Analytics
34.0x
28.3x 28.3x 27.2x
20.8x
13.2x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
SaaS / OnDemand
BI & Analytics Infrastructure Security Vertical Platform
5
TRADING COMPARABLES Operational Metrics
2016 EBITDA Margin 2017 / 2016 Rev. Growth
Notes: Source: Capital IQ. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, IL, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.
34%
27%
23% 20%
17% 15%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Platform Infrastructure Vertical Security BI & Analytics SaaS / OnDemand
19% 19%
17%16%
14%
7%
0%
5%
10%
15%
20%
25%
SaaS / OnDemand
BI & Analytics Security Vertical Infrastructure Platform
6
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
10/28/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
Platform
Alphabet Inc. $819.56 $564,788 ($78,388) $486,400 5.4x 4.7x 13.6x 11.6x 23.7x 19.9x 19.1% 15.5% 40.1% 40.7%
Microsoft Corporation $59.87 465,510 (60,853) 404,657 4.4 4.2 11.6 11.0 21.0 19.7 4.8% 4.2% 37.8% 38.4%
Oracle Corporation $38.17 156,712 (14,340) 142,372 3.8 3.7 8.5 8.1 14.6 13.9 (0.2%) 2.1% 44.5% 45.8%
International Business Machines Corporation $152.61 145,110 32,515 177,625 2.2 2.2 9.4 8.7 11.3 10.9 (2.4%) (0.3%) 23.7% 25.8%
SAP SE $87.93 105,358 2,962 108,320 4.5 4.2 13.3 12.4 21.2 18.9 6.6% 6.3% 33.9% 34.2%
Red Hat, Inc. $77.11 13,849 (601) 13,248 5.7 4.9 22.6 18.7 35.9 30.5 18.1% 15.1% 25.1% 26.4%
Mean 4.3x 4.0x 13.2x 11.7x 21.3x 19.0x 7.7% 7.1% 34.2% 35.2%
Median 4.4 4.2 12.4 11.3 21.1 19.3 5.7% 5.3% 35.9% 36.3%
Infrastructure
VMware, Inc. $77.65 $32,137 ($6,754) $25,383 3.6x 3.4x 10.0x 9.3x 17.8x 16.6x 6.1% 5.4% 36.0% 36.6%
ServiceNow, Inc. $86.12 14,167 (308) 13,859 10.0 7.7 52.5 35.5 NM 82.0 37.7% 30.1% 19.1% 21.6%
Red Hat, Inc. $77.11 13,849 (601) 13,248 5.7 4.9 22.6 18.7 35.9 30.5 18.1% 15.1% 25.1% 26.4%
Citrix Systems, Inc. $84.52 13,162 (324) 12,838 3.8 3.8 10.8 10.6 16.3 15.8 4.1% (1.0%) 34.8% 36.0%
CA, Inc. $30.74 12,844 (496) 12,348 3.1 3.0 7.6 7.6 12.2 11.9 0.1% 1.1% 40.1% 39.7%
F5 Networks, Inc. $134.66 8,795 (882) 7,913 3.9 3.6 10.0 9.3 17.9 16.0 3.9% 7.9% 39.3% 38.8%
Splunk, Inc. $60.95 8,200 (1,021) 7,180 7.9 6.1 84.4 54.9 NM NM 36.8% 28.1% 9.3% 11.2%
Micro Focus International plc $25.73 5,897 1,078 6,975 5.2 5.0 11.1 10.0 15.5 14.3 9.1% 3.7% 46.6% 49.8%
Atlassian Corporation Plc $27.20 5,885 (754) 5,131 9.8 7.5 46.6 35.8 82.4 72.3 35.9% 29.6% 20.9% 21.0%
Nutanix, Inc. $24.84 3,410 ($112) 3,298 NA NA NA NA NA NA NA NA NA NA
Software Aktiengesellschaft $36.38 2,774 (105) 2,669 2.8 2.7 8.6 8.6 13.6 13.2 1.6% 2.1% 32.0% 31.6%
NetScout Systems, Inc. $27.55 2,534 5 2,540 2.2 2.0 9.0 6.5 16.5 12.8 45.2% 8.4% 24.7% 31.6%
Pure Storage, Inc. $12.50 2,458 (570) 1,887 2.6 1.9 NM NM NM NM 62.7% 40.7% NM NM
Commvault Systems, Inc. $53.43 2,420 (440) 1,980 3.1 2.9 22.1 20.3 49.5 49.1 8.3% 6.2% 14.1% 14.5%
LogMeIn, Inc. $94.59 2,411 (180) 2,231 6.7 5.8 25.2 21.0 47.4 39.9 23.5% 15.1% 26.4% 27.5%
New Relic, Inc. $36.16 1,838 (196) 1,642 6.9 5.4 NM NM NM NM 46.8% 28.3% NM NM
Progress Software Corporation $26.69 1,297 (96) 1,201 2.9 2.8 8.3 8.5 16.8 15.7 9.1% 2.6% 35.1% 33.3%
A10 Networks, Inc. $7.47 491 (117) 375 1.7 1.5 95.9 22.3 NM 85.8 14.1% 13.0% 1.7% 6.6%
Mean 4.8x 4.1x 28.3x 18.6x 28.5x 34.0x 21.4% 13.9% 27.0% 28.4%
Median 3.8 3.6 11.1 10.6 17.3 16.3 14.1% 8.4% 26.4% 31.6%
7
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
10/28/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
Security Software
Symantec Corporation $24.88 $15,486 ($2,914) $12,572 3.3x 2.8x 10.2x 7.6x 24.5x 15.6x (37.7%) 16.9% 31.9% 36.6%
Check Point Software Technologies Ltd. $80.98 13,886 (1,230) 12,656 7.3 6.9 13.3 12.7 18.1 16.7 5.9% 5.9% 55.0% 54.4%
Palo Alto Networks, Inc. $151.59 13,827 (777) 13,049 8.2 6.2 39.0 25.5 73.0 46.1 37.9% 32.0% 21.1% 24.4%
Splunk, Inc. $60.95 8,200 (1,021) 7,180 7.9 6.1 84.4 54.9 NM NM 36.8% 28.1% 9.3% 11.2%
Fortinet Inc. $31.78 5,488 (1,030) 4,458 3.6 3.0 21.3 16.5 49.6 39.6 24.1% 17.2% 16.7% 18.4%
Trend Micro Inc. $34.91 4,792 (1,211) 3,582 2.9 2.7 9.6 8.7 27.9 23.7 19.4% 7.1% 30.2% 31.3%
Proofpoint, Inc. $75.03 3,180 (51) 3,129 8.4 6.5 87.2 63.2 NM NM 40.7% 29.8% 9.6% 10.2%
FireEye, Inc. $11.53 1,956 (193) 1,763 2.4 2.1 NM 68.8 NM NM 15.8% 15.3% NM 3.1%
CyberArk Software, Ltd. $46.41 1,558 (237) 1,321 6.2 5.1 24.0 19.8 43.6 36.2 32.1% 22.5% 25.9% 25.7%
Qualys, Inc. $36.90 1,305 (214) 1,091 5.5 4.6 16.9 14.0 46.8 40.0 20.6% 18.7% 32.5% 33.2%
Barracuda Networks, Inc. $23.59 1,234 (175) 1,059 3.1 2.9 13.8 12.3 33.6 35.2 11.7% 6.2% 22.3% 23.5%
Imperva Inc. $36.45 1,189 (255) 933 3.7 3.1 NM NM NM NM 6.8% 20.6% NM NM
Mimecast Limited $19.70 1,073 (103) 970 5.9 4.8 NM 59.7 NM NM 21.2% 22.6% 4.3% 8.1%
SecureWorks Corp. $11.22 905 (113) 792 1.9 1.6 NM NM NM NM 25.2% 19.5% NM 0.1%
Rapid7, Inc. $14.26 600 (85) 515 3.3 2.6 NM NM NM NM 40.1% 26.7% NM NM
F-Secure Oyj $3.65 570 (90) 480 2.8 2.6 17.4 14.5 34.1 29.6 7.7% 6.7% 16.0% 18.0%
VASCO Data Security International Inc. $13.91 553 (142) 411 2.2 1.9 15.3 15.0 29.0 21.1 (21.2%) 15.6% 14.1% 12.5%
MobileIron, Inc. $3.55 312 (80) 232 1.4 1.3 NM NM NM NM 9.6% 10.5% NM NM
Zix Corporation $4.07 218 (25) 193 3.2 2.9 11.9 11.1 16.3 14.5 9.9% 9.4% 27.1% 26.5%
Absolute Software Corporation $4.78 186 (35) 152 1.7 1.6 16.7 16.8 NM 88.0 (3.7%) 9.6% 10.2% 9.3%
Guidance Software, Inc. $5.41 175 (13) 162 1.5 1.4 NM NM NM NM 2.5% 6.2% NM 1.2%
iPass Inc. $1.75 115 (16) 99 1.5 1.3 NM 11.4 NA 14.6 2.8% 19.9% 0.4% 11.3%
Mean 4.0x 3.4x 27.2x 25.4x 36.0x 32.4x 14.0% 16.7% 20.4% 18.9%
Median 3.2 2.8 16.8 15.0 33.6 29.6 13.8% 17.1% 18.9% 18.0%
8
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
10/28/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
SaaS / On Demand
salesforce.com, inc. $75.13 $51,020 $1,341 $52,361 6.3x 5.2x 32.5x 27.1x 79.3x 59.1x 24.7% 21.2% 19.4% 19.2%
Workday, Inc. $86.20 17,240 (1,547) 15,693 10.1 7.7 NM 68.6 NM NM 33.9% 31.0% 8.1% 11.2%
ServiceNow, Inc. $86.12 14,167 (308) 13,859 10.0 7.7 52.5 35.5 NM 82.0 37.7% 30.1% 19.1% 21.6%
The Ultimate Software Group, Inc. $208.53 6,034 (100) 5,934 7.6 6.2 31.4 24.9 63.4 51.0 26.2% 22.2% 24.2% 25.0%
Veeva Systems Inc. $37.87 5,157 (480) 4,678 8.9 7.3 30.4 24.1 62.5 50.4 28.9% 21.3% 29.2% 30.3%
Aspen Technology, Inc. $49.25 3,804 (52) 3,752 8.0 7.7 15.9 16.1 26.1 26.3 1.3% 3.0% 50.1% 47.9%
Shopify Inc. $40.84 3,635 (180) 3,455 9.4 6.5 NM NM NM NM 79.3% 44.8% NM 2.3%
j2 Global, Inc. $70.90 3,404 274 3,678 4.3 3.7 9.3 8.1 14.5 12.8 18.7% 15.5% 46.1% 46.0%
Paycom Software, Inc. $51.64 3,089 (44) 3,045 9.3 7.2 36.1 28.0 67.0 53.8 45.4% 28.9% 25.8% 25.8%
Blackbaud Inc. $60.20 2,795 359 3,153 4.3 3.9 18.1 15.8 31.3 26.5 14.8% 9.2% 23.8% 24.9%
Zendesk, Inc. $25.94 2,433 (211) 2,222 7.2 5.4 NM NM NM NM 48.4% 33.2% 1.9% 3.6%
LogMeIn, Inc. $94.59 2,411 (180) 2,231 6.7 5.8 25.2 21.0 47.4 39.9 23.5% 15.1% 26.4% 27.5%
Cornerstone OnDemand, Inc. $41.44 2,318 (33) 2,285 5.4 4.4 75.7 42.7 NM NM 25.6% 22.4% 7.1% 10.3%
Paylocity Holding Corporation $43.59 2,238 (86) 2,151 8.2 6.5 72.6 50.5 NM NM 39.8% 25.6% 11.3% 12.9%
RealPage, Inc. $27.00 2,167 77 2,245 3.9 3.4 18.5 15.4 37.1 30.2 21.7% 14.7% 21.3% 22.3%
Box, Inc. $14.52 1,920 (115) 1,805 4.6 3.6 NM NM NM NM 30.6% 26.2% NM NM
HubSpot, Inc. $52.35 1,850 (117) 1,734 6.6 5.0 NM NM NM NM 45.5% 30.7% NM 0.3%
New Relic, Inc. $36.16 1,838 (196) 1,642 6.9 5.4 NM NM NM NM 46.8% 28.3% NM NM
2U, Inc. $35.03 1,642 (188) 1,454 7.2 5.5 NM NM NM NM 34.8% 31.3% 1.1% 2.8%
RingCentral, Inc. $20.20 1,476 (136) 1,340 3.6 2.9 62.1 42.3 NM NM 27.3% 24.4% 5.7% 6.8%
Qualys, Inc. $36.90 1,305 (214) 1,091 5.5 4.6 16.9 14.0 46.8 40.0 20.6% 18.7% 32.5% 33.2%
Coupa Software Incorporated $25.32 1,218 (80) 1,138 NA NA NA NA NA NA NA NA NA NA
Callidus Software Inc. $17.75 1,105 (186) 919 4.5 3.8 35.4 27.6 65.0 48.4 18.2% 18.7% 12.7% 13.7%
Mimecast Limited $19.70 1,073 (103) 970 5.9 4.8 NM 59.7 NM NM 21.2% 22.6% 4.3% 8.1%
SPS Commerce, Inc. $62.87 1,071 (125) 946 4.9 4.2 35.9 28.7 63.7 53.1 21.8% 17.8% 13.6% 14.5%
9
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
10/28/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
SaaS / On Demand (cont'd)
Benefitfocus, Inc. $33.45 $992 $7 999 4.2 3.4 NM NM NM NM 27.1% 24.7% NM 3.3%
Five9, Inc. $13.83 727 (13) 714 4.5 3.9 NM 74.6 NM NM 21.9% 17.8% 3.0% 5.2%
Apptio, Inc. $19.36 722 (23) 699 4.5 3.8 NM NM NM NM 19.5% 19.5% NM NM
Instructure, Inc. $25.04 701 (83) 617 5.5 3.9 NM NM NM NM 52.6% 42.6% NM NM
Workiva Inc. $16.15 663 (29) 634 3.5 2.9 NM NM NM NM 24.8% 21.2% NM NM
IntraLinks Holdings, Inc. $9.34 535 41 576 1.9 1.8 11.3 8.5 46.2 26.1 8.4% 9.4% 17.1% 20.7%
LivePerson Inc. $8.48 490 (52) 438 2.0 1.8 24.0 17.3 NM 71.1 (6.6%) 6.0% 8.2% 10.7%
Carbonite, Inc. $16.82 455 (43) 412 2.1 1.9 12.3 11.4 33.4 29.5 45.1% 7.1% 16.9% 17.1%
Castlight Health, Inc. $4.20 431 (126) 306 3.0 2.4 NM NM NM NM 33.3% 27.6% NM NM
Bazaarvoice, Inc. $5.05 418 (50) 368 1.8 1.7 29.1 19.4 NM NM 2.7% 3.9% 6.2% 9.0%
Brightcove Inc. $11.35 375 (29) 346 2.3 2.1 39.6 30.6 NM 83.0 10.7% 10.4% 5.9% 6.9%
Tangoe, Inc. $8.54 337 (32) 305 1.3 1.3 13.1 NA 23.7 23.1 NA (0.0%) 10.0% NA
Jive Software, Inc. $3.82 297 (100) 197 1.0 1.0 13.2 11.0 67.0 36.6 2.7% (2.3%) 7.4% 9.2%
ChannelAdvisor Corporation $10.95 281 (62) 219 1.9 1.7 91.2 44.5 NM NM 12.4% 14.4% 2.1% 3.8%
Amber Road, Inc. $9.61 254 6 260 3.5 3.1 NM NM NM NM 9.9% 13.5% NM NM
Park City Group Inc. $12.95 250 (8) 242 NA NA NA NA NA NA NA NA NA NA
Covisint Corporation $2.21 90 (42) 48 NA NA NA NA NA NA NA NA NA NA
Marin Software Incorporated $2.30 88 (33) 55 0.6 0.6 47.0 12.3 NM NM (7.9%) (3.0%) 1.2% 4.6%
Mean 5.1x 4.1x 34.0x 28.9x 48.4x 44.4x 25.5% 19.2% 15.4% 15.6%
Median 4.6 3.9 30.4 24.9 47.1 40.0 24.7% 20.3% 12.0% 12.1%
10
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
10/28/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
Business Intelligence & Analytics
Splunk, Inc. $60.95 $8,200 ($1,021) $7,180 7.9x 6.1x 84.4x 54.9x NM NM 36.8% 28.1% 9.3% 11.2%
Fair Isaac Corporation $119.17 3,677 483 4,160 4.7 4.5 20.1 15.4 25.1 21.7 3.8% 5.8% 23.4% 28.9%
Tableau Software, Inc. $47.82 3,558 (865) 2,693 3.2 2.6 43.6 25.1 NM 97.1 27.7% 22.4% 7.4% 10.5%
Teradata Corporation $26.95 3,514 (413) 3,101 1.4 1.4 5.3 6.0 10.8 12.3 (10.4%) (3.3%) 25.6% 23.7%
Verint Systems Inc. $36.30 2,292 379 2,671 2.4 2.3 10.5 9.3 12.8 11.4 (2.4%) 6.6% 23.1% 24.4%
MicroStrategy Inc. $191.47 2,189 (579) 1,610 3.1 3.1 12.2 11.1 23.4 22.1 (3.3%) 3.0% 25.7% 27.6%
Hortonworks, Inc. $7.73 457 (109) 348 2.0 1.5 NM NM NM NM 45.8% 31.3% NM NM
Gridsum Holding Inc. $13.96 401 (16) 385 6.7 4.3 NM 45.8 NM NM 58.0% 55.3% NM 9.5%
Attunity, Ltd. $6.35 106 (9) 97 1.7 1.4 22.3 8.5 NM 17.8 19.2% 22.5% 7.6% 16.1%
Datawatch Corporation $7.60 90 (29) 61 2.0 NA NM NA NM NA 1.1% NA NM NA
Mean 3.5x 3.0x 28.3x 22.0x 18.0x 30.4x 17.6% 19.1% 17.4% 19.0%
Median 2.8 2.6 20.1 13.2 18.1 19.7 11.5% 22.4% 23.1% 19.9%
Vertical
Cerner Corporation $58.40 $19,722 ($120) $19,602 4.0x 3.6x 12.2x 10.7x 24.7x 21.7x 13.1% 10.1% 32.7% 33.7%
Constellation Software Inc. $452.21 9,583 41 9,624 4.5 4.0 17.7 15.6 24.2 20.6 15.8% 12.8% 25.5% 25.6%
SS&C Technologies Holdings, Inc. $31.51 6,338 2,388 8,726 5.7 5.3 14.4 12.1 19.4 16.4 51.8% 9.0% 40.0% 43.4%
Veeva Systems Inc. $37.87 5,157 (480) 4,678 8.9 7.3 30.4 24.1 62.5 50.4 28.9% 21.3% 29.2% 30.3%
Guidewire Software, Inc. $57.98 4,237 (628) 3,608 8.2 7.1 46.2 30.8 84.4 61.2 11.7% 14.6% 17.7% 23.1%
athenahealth, Inc. $103.01 4,065 161 4,226 3.8 3.3 17.5 14.6 57.6 46.8 18.8% 18.3% 22.0% 22.3%
CoreLogic, Inc. $42.10 3,636 1,523 5,159 2.7 2.6 10.3 9.7 17.9 16.3 26.7% 0.9% 25.8% 27.2%
Medidata Solutions, Inc. $48.70 2,795 (70) 2,725 5.9 4.9 25.8 20.6 47.7 39.7 18.3% 19.1% 22.8% 23.9%
Blackbaud Inc. $60.20 2,795 359 3,153 4.3 3.9 18.1 15.8 31.3 26.5 14.8% 9.2% 23.8% 24.9%
Allscripts Healthcare Solutions, Inc. $12.03 2,244 1,107 3,351 2.1 1.9 11.6 10.0 20.5 17.2 13.4% 9.7% 18.4% 19.4%
RealPage, Inc. $27.00 2,167 77 2,245 3.9 3.4 18.5 15.4 37.1 30.2 21.7% 14.7% 21.3% 22.3%
Inovalon Holdings, Inc. $14.05 2,142 (470) 1,672 3.6 3.2 12.8 10.9 34.6 28.3 7.6% 11.6% 27.8% 29.2%
WebMD Health Corp. $50.39 1,869 6 1,874 2.7 2.5 8.1 7.3 27.1 24.4 11.0% 7.5% 32.6% 33.8%
HealthStream, Inc. $26.66 846 (139) 707 3.1 2.7 20.5 15.3 93.5 60.9 9.6% 14.3% 15.1% 17.6%
Silver Spring Networks, Inc. $14.07 726 (113) 613 2.1 1.8 35.4 21.7 NM 46.3 (39.0%) 14.4% 5.8% 8.3%
Instructure, Inc. $25.04 701 (83) 617 5.5 3.9 NM NM NM NM 52.6% 42.6% NM NM
AppFolio, Inc. $19.01 640 (22) 617 5.9 4.5 NM NM NM NM 39.2% 30.6% NM 2.8%
Castlight Health, Inc. $4.20 431 (126) 306 3.0 2.4 NM NM NM NM 33.3% 27.6% NM NM
Exa Corporation $13.77 204 (29) 175 2.4 2.1 32.6 21.0 NM NM 12.8% 12.4% 7.3% 10.0%
Mean 4.3x 3.7x 20.8x 16.0x 41.6x 33.8x 19.1% 15.8% 23.0% 23.4%
Median 3.9 3.4 17.9 15.3 32.9 28.3 15.8% 14.3% 23.3% 23.9%
11
Notes:
Sources: Capital IQ as of 10/28/2016. Consensus Estimates used for CY17E figures.
For Tangoe, CY16E FCF Margin % used since no CIQ Consensus Estimate available for CY17E FCF Margin %.
When analyzing the same data set, R value of 2017E Revenue Multiple and 2017E Revenue Growth % is 0.61.
When analyzing the same data set, R value of 2017E Revenue Multiple and 2107E FCF Margin % is 0.42.
Estimates for APTI, COUP, COVS, and PCYG are not available.
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW En
terp
rise
Val
ue
/ C
Y 2
01
7E
Rev
en
ue
CY 2017E Revenue Growth % + CY 2017E FCF Margin %
AZPN
BV
BLKB BOX
CALD
CARB
CSLT
ECOM
CSOD
FIVN
HUBS
INST
IL LPSN
LOGM
MRIN
MIME
NEWR
PAYC
PCTY
QLYS
RP
RNG
CRM
NOW
SHOP
SPSC
TNGO
ULTI
VEEV
WDAY
WK
ZEN TWOU
BNFT
AMBR
JIVE
JCOM
BCOV
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
(5.0%) 5.0% 15.0% 25.0% 35.0% 45.0% 55.0%
R = 0.87
12
Notes:
Sources: Capital IQ as of 10/28/16. Consensus Estimates used for CY16E Revenue figures and GAAP figures used for Sales and Marketing Expense.
For Tangoe, CIQ Consensus Estimate used for CY15 Revenue since no actual Revenue figure was reported for that period.
SaaS companies with Annual Change in Revenue (CY16E) / LTM Sales and Marketing Expense less than or equal to 0.0 placed at 0.0 x-axis position and excluded from R calculation (AZPN, LPSN, MRIN). The Annual Change in
Revenue (CY16E) / LTM Sales and Marketing Expense for these companies are provided in parenthesis.
R calculation also excludes other outliers (CARB).
Estimates for APTI, COUP, COVS, and PCYG are not available.
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO S&M EFFECTIVENESS En
terp
rise
Val
ue
/ C
Y 2
01
6E
Rev
en
ue
Annual Change in Revenue (CY16E) / LTM Sales and Marketing Expense
CRM
ULTI
SHOP
BLKB
PAYC
ZEN
CSOD
LOGM
PCTY
RP
HUBS
BOX
RNG
TWOU
QLYS
SPSC
BNFT
CALD
MIME
FIVN
WK
INST
IL
CSLT
BV
CARB
JIVE TNGO
ECOM
VEEV
NEWR
AMBR
AZPN (0.0x)
LPSN (-0.2x)
MRIN (-0.3x)
JCOM
BCOV
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8
R = 0.72
13
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
10/31/16 Information management $632 NA 4.2x
Provides data management SaaS to the manufacturing and construction industry in the United States and
Canada. Software provides features for financial risk management, vendor management, commercial
construction project search engines, analytics and reporting, and product marketing to industry professionals
10/27/16 Information management $55 NA 3.7x
Provides team collaboration messaging SaaS that enables physicians at hospitals to communicate with
patients via a managed messaging system
10/24/16 Security $58 NA 3.7x
Provides IP traffic classification and network intelligence software used in physical, SDN and NFV
architectures. Supplies software to vendors that embed real-time application visibility in their products for
cybersecurity, traffic optimization, service chaining and quality of service, and analytics
10/21/16 Information management $410 NA NA
Provides electronic evidence and data recovery SaaS and services for law firms, government agencies and
corporate law departments. Software provides features for data collection, portfolio and project management,
forensic review and data replication and destruction
10/20/16 Security $55 NA NA
Provides cloud application control (CAC) software for enterprises. Software enables detection and targeted
attack protection (TAP) for enterprises using SaaS applications on enterprise networks and on mobile devices
against malware attacks
10/4/16 Application software $250 NA 1.9x Provides retail brand and e-commerce online shopping marketing and advertising SaaS for businesses
10/4/16 Application software $680 13.1x NA
Provides real-time audience data management and targeting SaaS for marketers, Web publishers and ad
agencies. Software enables continuous customer and prospect data collection from digital interactions,
including website visits or ads served
9/29/16 Application Software $180 2.4x NA
Provides parking software, SaaS and systems that enables parking management, enforcement, permits,
collections, access and revenue control. Also provides related handheld input devices and software
development services
9/26/16 Application software $153 NA NA
Provides email and digital subscription management SaaS that enables US government agencies to provide
citizens with information about such topics as local emergencies, events, council minutes and other matters
through email, wireless alerts, and RSS feeds
9/22/16 Data centers & facilities $185 NA NA
Provides facilities management SaaS for sustainable resource planning for multi-site corporations. Software is
used to measure and manage carbon emissions and waste and allocate energy resources throughout multiple
facilities
9/20/16 Infrastructure management $60 12.0x NAProvides Apache JMeter open-source load testing SaaS, enabling mobile app performance testing and
monitoring for Web, mobile app, micro services and API developers and businesses.
9/19/16 Application software $135 NA NAThe technology assets of INVeSHARE Inc. which provides embeddable Web-based shareholder communication
SaaS to brokerage firms and shareholders
9/19/16 Enterprise networking $1,254 3.5x 3.4xProvides DNS, DHCP, and IP address (DDI) management and network service delivery software and
management appliances for enterprises, government agencies and service providers worldwide
9/12/16 Information management $1,620 2.7x NAEMC's Enterprise Content Division, which provides enterprise content management SaaS and on-premise
software, including the Documentum, InfoArchive, and LEAP product lines, for businesses and corporations
(Technology Assets)
14
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
9/8/16 API management SaaS $555 6.5x 4.9x
Provides API management SaaS for businesses globally. Software enables the integration, interfacing and
management of third-party applications and services for software developers creating branded mobile and
cloud applications
9/7/16 Security Software $6,078 NA NA
Provides network anti-malware and PC security software for consumers and enterprises worldwide. Software
includes features for anti-virus, anti-spyware, anti-spam, intrusion prevention, secure messaging, Web filtering
and vulnerability management
9/7/16 Security Software $8,730 2.8x NAHPE's software business division, which provides systems management, storage management, content
management, applications development, imaging and virtualization management software for enterprises.
8/31/16 Application software $1,394 3.4x 3.1xProvides VoIP, unified communications, PBX and call center management software and software-as-a-service
(SaaS) for businesses globally. Also provides managed communications and disaster recovery services
8/18/16 Internet Software & Services $122 3.9x NAProvides online content management SaaS for Web publishers in the medical, scientific, technical and media
industries worldwide. Also provides online hosting of journalistic content
8/1/16 Application software $80 5.3x NAProvides project and portfolio management (PPM), application portfolio management (APM) and predictive
portfolio analysis (PPA) SaaS for the healthcare, government, education and commercial sectors
8/1/16 Information management $582 NA NA
Provides team collaboration and document management SaaS for businesses. The company’s solutions are
used in various platforms, such as iPad and iPhone, Macs, PCs, Windows, Apple watches, Android phones,
Android tablets, and on the Web
8/1/16 Systems Software $2,184 7.0x 6.1xProvides GPS-based vehicle tracking and mobile workforce management SaaS for service-based businesses
and the construction industry globally
7/28/16 Application Software $9,174 10.8x 8.9xProvides financial management and planning, ERP, e-commerce, CRM, SCM, and business intelligence (BI)
analytics software as a service (SaaS) for businesses globally
7/27/16 Information Management $1,000 1.8x 1.9xProvides e-discovery and document review software for businesses, the legal sector and government agencies
globally. Also provides a searchable online database of Chapter 7, 11 and 13 bankruptcy court filings
7/26/16 Information management $1,800 NA NAThe GoTo businesses of Citrix Systems provides Web conferencing and real-time team collaboration SaaS for
small- to medium-sized businesses
7/21/16 Application Software $215 NA 3.6xProvides customer engagement and customer analytics SaaS for businesses in the telecom, insurance, finance,
travel, hospitality and retail sectors
7/21/16 Application Software $130 14.4x NAProvides marketing automation, customer analytics, and sales management SaaS for retailers. Software
enables marketers to collect and deliver user generated content (UGC) from various mediums
7/18/16 Information Management $600 4.0x NAProvides web browsers for fixed and mobile computers and smartphones for businesses and consumers
globally
7/13/16 Security $544 4.4x 3.8xProvides single sign-on (SSO) and password management software, as well as appliance-based authentication
and employee access management systems, for hospitals and healthcare providers
/
(Software Business Division)
Goloden Brick SilkRoad Fund Management
Yonglian Investments Co.
Beijing Kunlun Tech Co.
( Consumer Assets )
15
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
7/7/16 Security $1,453 3.4x 3.2x
Provides anti-virus, anti-malware, anti-spam, firewall, mobile device and endpoint security software for
consumers and businesses globally. AVG Technologies began trading on the NYSE under the ticker symbol
AVG in February 2012
7/5/16 Application Software $3,300 3.3x NA Provides ERP, CRM and SCM software and SaaS for businesses globally
6/30/16 Infrastructure Management $260 1.7x 1.8xProvides financial and payment processing software and services for higher education institutions. Higher One
began trading on the NYSE under the ticker symbol ONE in June 2010
6/28/16 Application Software $125 NA NAProvides retail predictive analytics SaaS that uses big data to enable retailers and wholesalers to forecast
merchandise planning, assortment, category management, pricing and supply chain optimization
6/28/16 Security $293 NA NA
Provides access control and anti-data leakage SaaS to enable businesses to secure cloud applications and
provide data loss prevention (DLP). The SaaS works on cloud services such as Amazon Web Services, Box,
Google Apps, Dropbox and Salesforce
6/20/16 Application Software $2,200 1.6x NA
Provides BI analytics and corporate performance management, database management, identity and access
management, network security management, endpoint integrity and identity and access management
software and SaaS for businesses
6/20/16 Information Management $315 NA 2.7x
The HP Exstream, HP Output Management, HP TeleForm and HP LiquidOffice software and service assets of
HP, which enable automated customer communication and multi-channel document management and
delivery for businesses
6/13/16Internet Content &
Commerce $26,200 8.2x 6.7x Provides a social networking website for professionals and businesses globally through www.linkedin.com
6/12/16 Security $4,650 7.8x NAProvides enterprise cybersecurity, Web traffic management and mobile device security systems and software
as a service (SaaS) for businesses globally
6/7/16 Application Software $175 3.5x NAProvides supply chain management (SCM) software, SaaS and related integration services to the chemical and
oil industries globally
6/2/16 Information Management $163 NA 2.2xProvides e-discovery, enterprise search and categorization SaaS and managed services for businesses globally.
Software also enables predictive and contract analysis, and enterprise knowledge management
6/2/16 Application Software $2,630 4.1x 3.6xProvides on-premise and cloud-based business intelligence (BI) analytics and reporting software for
businesses, government agencies and educational institutions globally
6/1/16 Application Software $2,800 11.0x 8.8x
Provides enterprise cloud-based e-commerce SaaS for Web merchants and multi-channel online retailers.
Software includes features for order management, multiple e-commerce site creation and maintenance and
mobile transaction processing
6/1/16 Infrastructure management $500 6.3x 5.0x
Provides Web-based IT service management (ITSM) SaaS for managed service providers and IT support
businesses globally. Software integrates features including remote monitoring, mail security, backup and
recovery and IT service desk
6/1/16 Security $600 NA NA
Provides enterprise Identity-as-a-Service (IDaaS), including identity and access management and
authentication SaaS. Software enables an organization's employees to use a single sign-on (SSO) to securely
access Internet applications and Web services
( )
( )
(customer communication
management assets)
16
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
5/31/16 Application Software $378 3.6x 3.4xProvides procurement, SCM, contract and inventory management, and accounts payable automation SaaS for
the scientific, education, healthcare and government sectors
5/31/16 Application Software $1,790 7.9x 6.2xProvides marketing automation SaaS for businesses. Software provides features for sales lead management
and analytics, email and social media marketing, and marketing campaign analytics
5/27/16 Application Software $164 2.2x NAProvides loan and mortgage management software, insurance policy administration software, and related
outsourced services for the financial and insurance sectors globally
5/18/16 Application Software $881 3.8x 3.2xProvides predictive dialing, IVR and analytics call center SaaS and related integration services for call center
operators globally
5/16/16 Infrastructure Management $115 4.8x NA Provides secure EDI document distribution and collaboration SaaS for the financial services industry
5/5/16 Mobility $230 3.3x NAProvides application program interfaces (API) and software development kits (SDK) PaaS to enable voice, text,
chat application and phone verification services for enterprises and developers globally
5/2/16 Application Software $532 3.6x 3.3x
Provides cloud-based utility and energy management SaaS for power suppliers. Software enables the analysis
of smart meter reading and analytics for demand side power optimization, customer engagement and billing
automation and Web development tools
4/28/16 Information Management $663 7.2x 6.2xProvides collaboration software as a service (SaaS) for payment management and project pre-qualification for
the commercial construction industry
4/27/16 Infrastructure Management $104 NA 3.5x
Provides Web-based secure information exchange SaaS that enables the electronic exchange and collaboration
of supply chain documents, financial information, product development materials and protected healthcare
information
4/25/16 Application Software $820 2.7x NA
Provides enterprise healthcare data analytics software and services that enable revenue management, claim
and payment accuracy, fraud protection, population health predictive big data analytics, compliance, and
reporting for the healthcare sector
4/22/16 Application Software $90 0.6x NATeradata's marketing applications business, which provides omni-channel marketing and advertising resource
and data management SaaS and services for companies and marketing agencies
4/19/16 Security $360 3.5x 3.0xProvides enterprise consumer identity management, identity theft protection and fraud detection software,
including credit monitoring, identity authentication, voice biometrics and breach mitigation and resolution
4/19/16 Application Software $106 4.7x NA
Provides property management and residential sales management software and SaaS, including inventory
management, marketing, CRM communications, accounting and business reporting, for real estate agents and
agencies
4/18/16 Information Management $170 NA 1.9x
The HP TeamSite, HP MediaBin, HP Qfiniti, HP Explore, HP Aurasma, and HP Optimost software and service
assets of HP, which enable customer service automation, Web content and digital asset management, and
contact center workforce optimization
4/18/16 Application Software $1,505 8.0x 6.5x
Provides event planning management SaaS for businesses globally. Software provides features for event
registration, email marketing, payment processing, budget management and Web design. Also provides online
survey creation and management SaaS
(Customer Expirience Software and Service Assets)
(Marketing Applications Business)
17
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
4/1/16 Information Management $1,131 5.2x NAProvides customer experience management, including Web content management, website analytics, search
engine optimization and email marketing SaaS for businesses globally
3/23/16 Application Software $950 NA NAProvides medical practice, pharmacy and electronic healthcare records (EHR) management software and
software as-a-service (SaaS) for healthcare providers and related government agencies
3/22/16 Infrastructure Management $540 3.3x NAProvides enterprise application lifecycle management, business process management, automation and Web
content management software. Also provides related systems integration services
3/21/16 Information Management $200 NA NA
Provides board meeting and executive leadership conference document collaboration, document annotation,
e-signature, secure messaging and meeting productivity SaaS and software for businesses. Software can be
hosted in the cloud or on-premise
3/17/16 Application Software $72 2.7x NAProvides construction management SaaS, including project, bid and financial management and performance
monitoring software, for the commercial real estate construction industry globally
3/1/16 Infrastructure Management $260 NA NAProvides hybrid cloud application management software to enable migration, governance and management of
applications from on-premises, cloud or hybrid cloud (public and private) environments for businesses
2/24/16 Mobility $400 10.7x NA
Provides Visual Studio enterprise mobile application development software-as-a-service (SaaS), add-on tools
and extensions for software developers and businesses. Software enables corporate software developers to
create and test native applications
2/23/16 Infrastructure Management $68 1.2x NA
Provides resident billing, resident payments processing, back office accounting, energy and utilities
management software-as-a-service (SaaS) for businesses in the multifamily housing sector. Also provides
related transaction processing services
2/22/16 Infrastructure Management $800 7.1x NA
Provides home medical equipment billing and claims processing software as a service (SaaS) for the medical
sector. Also provides related salesforce automation, inventory management and business intelligence (BI)
analytics SaaS
2/14/16 Information Management $624 6.6x 4.9xProvides secure confidential documents and information electronic production, file sharing and collaboration
SaaS that enables corporate governance for corporation boards and senior executive leadership teams
2/11/16 Information Management $460 2.1x NAProvides insurance carriers with online healthcare exchange data management SaaS. Also provides outsourced
data management services
All Software
Median 3.9x 3.5x
Mean 4.8x 4.2x
PE
Median 3.6x 3.7x
Mean 4.2x 4.2x
18
SOFTWARE VENTURE ACTIVITY
Notes: Source: Pitchbook. Transactions reflect recent software venture activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
10/26/16 Heal $70Provider of a platform for on-demand medical
house calls.
Breyer Capital, Hashtag One, Kevin Colleran, March Capital Partners, Pritzker Group Venture Capital, Singulariteam,
Slow Ventures, Tidecrest Capital, Tull Financial Group
10/26/16 Busfor $20Developer of inventory distribution system for
the transport market.Baring Vostok Capital Partners, Chernovetskyi Investment Group, Elbrus Capital, InVenture Partners
10/25/16 Clarifai $30 Provider of image recognition systems. Lux Capital, Menlo Ventures, Osage Partners, Qualcomm Ventures, Union Square Ventures
10/24/16 YOUNGZONE (Shanghai) $37Provider of educational and entertainment
services for kids.GGV Capital, New Horizon, Qualcomm
10/24/16 Wavefront $52Provider of a cloud-based analytics platform for
managing data centers.Sequoia Capital, Sutter Hill Ventures, Tenaya Capital
10/20/16 MatahariMall $100Provider of an e-commerce platform serving the
Indonesian market.Mitsui & Company, Venturra Capital
10/20/16 EverQuote $23Provider of a comparison-shopping site for auto
insurance.Oceanic Partners, Savano Capital Partners, Stratim Capital, T Capital Partners
10/19/16 Furlenco $30 Provider of furniture rental services. Axis Capital Partners, Lightbox
10/19/16 Duomi.com $40Developer of a recruitment and job-seeking
application.
Banyan Investment Partners, Blue Lake Capital, Hillhouse Capital Management, New Hope Group, Tencent
Holdings
10/18/16 SmartFrog $22 Provider of home-security systems. e.ventures, Target Global
10/18/16 ContentSquare $20Developer of an experience optimization
platform for online and mobile businesses.Highland Capital Partners Europe
10/15/16 Ver se' Innovation $25 Provider of utilitarian mobile services. ByteDance, Matrix Partners India, Omidyar Network
10/14/16 Snapsheet $20Provider of a self-service mobile application for
settling auto insurance claims by photo.
F-Prime Capital Partners, IA Capital Group, Intact Financial, Liberty Mutual Strategic Ventures, United Services
Automobile Association
10/11/16 Gusto.com $90 Provider of a cloud-based payroll service.General Catalyst Partners (Hemant Taneja), Google Capital (Laela Sturdy), Obvious Ventures, Pivot Investment
Partners
10/10/16 Ofo $130 Provider of a bike-sharing platform. Coatue Management, Didi Chuxing, GSR Ventures, Matrix Partners China, Vision Capital, Xiaomi Technology
10/4/16 GoEuro $70Provider of a travel search platform for
European destinations.
Atomico, Battery Ventures, Kleiner Perkins Caufield & Byers, Lakestar, New Enterprise Associates, Silver Lake
Technology Management
19
SOFTWARE VENTURE ACTIVITY
Notes: Source: Pitchbook. Transactions reflect recent software venture activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
10/3/16 Rover $40Provider of an online platform to connect pet
owners with dog walkers and sitters.Foundry Group, Madrona Venture Group, Menlo Ventures
10/3/16 Payoneer $180Provider of online payment distribution platform
and services.Susquehanna Growth Equity, TCV, Wellington Management
9/30/16 Mobike $100 Provider of a rental platform for bikes.Bertelsmann Asia Investments, Hillhouse Capital Management, Joy Capital, Panda Capital Asia, Qiming Venture
Partners, Sequoia Capital, Tencent Holdings, Warburg Pincus
9/30/16 Building Engines $27Provider of property management software for
commercial real estate.Wavecrest Growth Partners, River Cities Capital Funds, MassMutual Ventures, Camber Creek
9/29/16 Shape Security $40Provider of security technology for web and
mobile applications.
Baseline Ventures (Steve Anderson), EDB Investments (Swee Yeok Chu), EPIC Ventures, Eric Schmidt, Hewlett
Packard Ventures (Lakshmikanth Ananth), Kleiner Perkins Caufield & Byers (Theodore Schlein), Northern Light
Venture Capital (Feng Deng), Norwest Venture Partners (Promod Haque)
9/28/16 Druva $51Provider of data protection and IT-governance
technology for mobile work forces.
Blue Cloud Ventures, EDB Investments (Swee Yeok Chu), Hercules Capital, Nexus Venture Partners (Jishnu
Bhattacharjee), NTT Finance, Sequoia Capital (Shailendra Singh), Tenaya Capital (Thomas Banahan)
9/28/16 Apttus $88Provider of a cloud-based software for quote-to-
cash automation.ICONIQ Capital, K1 Capital (Neil Malik), Kuwaiti Investment Authority
9/27/16 ProsperWorks $24 Developer of a cloud-based CRM software.Devoteam, Industry Ventures, Next World Capital (Ben Fu), Storm Ventures (Anshu Sharma), True Ventures (Philip
Black)
9/23/16 Oblong Industries $65 Developer of visual collaboration software. NA
9/22/16 Avalara $96Provider of tax compliance automation
software.
Battery Ventures (Chelsea Stoner), Sageview Capital (Edward Gilhuly), TCV (Tim McAdam), Warburg Pincus (Justin
Sadrian)
9/21/16 Tealium $35Provider of web analytics and digital marketing
software.
Bain Capital Ventures (Salil Deshpande), Battery Ventures (Neeraj Agrawal), Georgian Partners (Justin LaFayette),
Presidio Ventures, Silver Lake Technology Management (Shawn O'Neill), Tenaya Capital (Stewart Gollmer)
9/20/16 Vlocity $50Developer of cloud based software to deliver
industry-specific customer experiences.
Accenture (Robert Sell), Kennet Partners, New York Life Enterprises, Salesforce Ventures (John Somorjai), Sutter
Hill Ventures (James White), TDF Ventures, Wildcat Venture Partners
9/19/16 White Ops $20 Provider of software security services. Grotech Ventures (Stephen Fredrick), Paladin Capital Group (Philip Eliot)
9/15/16 Ripple $55Developer of a virtual currency and payments
system.
Accenture Technology Ventures, CME Ventures, Santander InnoVentures, SBI Holdings (Yoshitaka Kitao), SCB
Digital Ventures (Thana Thienachariya), Seagate Venture Fund, Standard Chartered (Alex Manson), Venture51
9/15/16 BitSight $40Developer of cyber security software
applications.
Comcast Ventures, Flybridge Capital Partners, GGV Capital (Glenn Solomon), Globespan Capital Partners, Liberty
Global Ventures, Menlo Ventures, Shaun McConnon (Shaun McConnon), SingTel Innov8
9/14/16 Lucid Software $36Provider of a collaborative web based
diagramming and flowchart application.Grayhawk Capital, Kickstart Seed Fund (Gavin Christensen), Spectrum Equity (Benjamin Spero)
20
SOFTWARE VENTURE ACTIVITY
Notes: Source: Pitchbook. Transactions reflect recent software venture activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
9/13/16 Optimove $20Developer of Web-based products for use by
marketers in Internet companies.Israel Growth Partners (Moshe Lichtman)
9/13/16 Gitlab $20Provider of an open-source code collaboration
platform.August Capital (Villi Iltchev), Khosla Ventures (Vinod Khosla), Y Combinator
9/13/16 CTERA Networks $25 Developer of cloud storage services platform.Benchmark Capital (Arad Naveh), Bessemer Venture Partners (Adam Fisher), Cisco Investments, Vintage Investment
Partners
9/13/16 Claroty $32Provider of an Operational Technology (OT)
network protection platform.
Bessemer Venture Partners (David Cowan), Innovation Endeavors (Eric Schmidt), Israel Cleantech Ventures (Meir
Ukeles), Marker, Mitsui & Co., Red Dot Capital Partners (Zvika Naggan)
9/13/16 Cato Networks $30 Developer of network security technologies.Aspect Venture Partners (Theresia Gouw), Greylock Partners (Jerry Chen), SingTel Innov8, US Venture Partners
(Steve Krausz)
9/12/16 Mutualink $37
Provider of an internet protocol based
multimedia interoperable communications
platform.
NA
9/11/16 Bonfire Studios $25 Provider of an online multiplayer gaming. Andreessen Horowitz, Riot Games
9/9/16 Rover $40Provider of an online platform to connect pet
owners with dog walkers and sitters.Foundry Group (Bradley Feld), Madrona Venture Group (Greg Gottesman), Menlo Ventures (Sunil Raman)
9/9/16 Nuxeo $30Provider of an open source content management
platform.Kennet Partners (Michael Elias), The Goldman Sachs Group (Christian Resch)
9/8/16 SessionM $35Provider of a mobile marketing automation and
loyalty platform.
Causeway Media Partners (Wycliffe Grousbeck), Charles River Ventures (Jon Auerbach), General Atlantic (Jim
Rossman), Highland Capital Partners (Bob Davis), Kleiner Perkins Caufield & Byers (Matthew Murphy), Salesforce
Ventures
9/8/16 OfferUp $119Provider of a mobile marketplace to buy and sell
items locally.
Altimeter Capital Management, Andreessen Horowitz (Jeffrey Jordan), Coatue Management, GGV Capital (Hans
Tung), T. Rowe Price, Vy Capital, Warburg Pincus (Justin Sadrian)
9/8/16 Cyence $40Provider of a platform for economic modeling of
cyber risk.Dowling Capital Partners, IVP, New Enterprise Associates (Karthik Kumar)
9/8/16 Byju's $50 Provider of an online learning application.Chan Zuckerberg Initiative, International Finance Corporation, Lightspeed Venture Partners (Dev Khare), Sequoia
Capital (GV Ravishankar), Sofina, Times Internet (Satyan Gajwani)
9/8/16 Blackstorm Labs $34Provider of a mobile based application
development platform.Alsop Louie Partners (Ernestine Fu), Highland Capital Partners, Rakuten Ventures
9/7/16 HashiCorp $24Provider of a tool to manage distributed
applications and infrastructure.GGV Capital (Glenn Solomon), Mayfield (Robin Vasan), Redpoint Ventures, True Ventures
9/4/16 Huimin $196
Provider of a B2B fast moving consumer goods
platform for family-owned convenience stores in
China.
China Innovation Investment, China United SME Guarantee, Fortune Venture Capital, Kinzon Capital, Renzhong
Capital Management, Western Capital Management
21
SOFTWARE VENTURE ACTIVITY
Notes: Source: Pitchbook. Transactions reflect recent software venture activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
9/1/16 DraftKings $153 Provider of online fantasy sports platform. RevolutionGrowth (Steven Murray)
9/1/16 C3 IoT $70Developer of software for companies to
transition to Internet of Things networks.InterWest Partners, Sutter Hill Ventures, TPG Capital (Nehal Raj)
8/31/16 Compass (Real Estate Platform) $75Provider of a technology platform for real estate
information and agent services.
.406 Ventures (Maria Cirino), Founders Fund (Ken Howery), IVP (Todd Chaffee), Thrive Capital (Joshua Kushner),
Wellington Capital Management
8/30/16 LogRhythm $50Provider of a security intelligence and analytics
platform.
Adams Street Partners (David Welsh), Delta-v Capital, EDB Investments, Exclusive Networks, Riverwood Capital
(Jeffrey Parks), Siemens Venture Capital, Silver Lake Technology Management
8/30/16 HunterOn $30 Provider of an online recruitment platform. IDG Capital Partners, Sequoia Capital, UOB Venture Management
8/30/16 Glint $27Provider of a real-time employee engagement
platform.
Bessemer Venture Partners (Byron Deeter), Meritech Capital Partners (Craig Sherman), Norwest Venture Partners
(Jeffrey Crowe), Shasta Ventures (Jason Pressman)
8/29/16 Velocity (Hospitality) $23Provider of a Web-based application for dining
and hospitality experiences.Barry Sternlicht (Barry Sternlicht), DIG Investments (Sanjan Dhody), John Paul
8/29/16 Rubicon Global $76Provider of sustainable waste and recycling
technology and services.
Blake Mycoskie (Blake Mycoskie), Hammerstone Capital, Henry Kravis (Henry Kravis), Leonardo DiCaprio (Leonardo
DiCaprio), Nima Capital (Suna Said), Paul Tudor Jones II (Paul Jones), The Goldman Sachs Group, Wellington
Management
8/29/16 One97 Communications $300
Provider of telecommunications value added
services to telecom service providers, consumers
and enterprises in India.
Alibaba Capital Partners, Ant Financial (Jing Xiandong), MediaTek Ventures, SAIF Partners (Ravi Adusumalli),
Temasek Holdings, The Goldman Sachs Group
8/29/16 Color Genomics $39Provider of personalized genetic counseling
services.NA
8/24/16 Panopto $43Developer of a video capture and management
software.Mountain Group Partners, Saturn Management, Sterling Partners (Jason Rosenberg)
8/24/16 DroneDeploy $20Developer of a cloud-based drone mapping
software.High Alpha, Scale Venture Partners (Rory O'Driscoll), Scott Dorsey (Scott Dorsey)
8/23/16 Testin $30Provider of a cloud application and mobile game
testing platform.Banyan Capital, Haiyin Venture Partners, IDG Capital Partners
8/22/16 Virtru $29 Developer of an encryption software for email.Bessemer Venture Partners (David Cowan), Blue Delta Capital Partners, Haystack Partners, New Enterprise
Associates, Quadrant Capital Advisors, Soros Fund Management
8/18/16 ID Experts $28Provider of data breach security services to
businesses.
BlueCross BlueShield Venture Partners (Thomas Hawes), Peloton Equity (Theodore Lundberg), Sandbox Industries
(Thomas Hawes), Trident Capital Cybersecurity (Sean Cunningham)
8/18/16 Clara Lending $27 Provider of an online lending platform. Redpoint Ventures, Venrock
22
SOFTWARE VENTURE ACTIVITY
Notes: Source: Pitchbook. Transactions reflect recent software venture activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
8/16/16 Meet You $151 Provider of a female assistant mobile software. Cathay Capital Private Equity, China Renaissance, K2VC, Matrix Partners China
8/16/16 Keep $32 Operator of a mobile fitness community. Bertelsmann Asia Investments, GGV Capital (Jenny Lee), Mandra Capital, Morningside Group, Tencent Holdings
8/16/16 Hike Messenger $175 Provider of a mobile messaging application.Bharti Soft Bank, Foxconn Technology, Softbank (Masayoshi Son), Tencent Holdings (Martin Lau), Tiger Global
Management (Lee Fixel)
8/16/16 Degreed $25
Provider of a lifelong learning platform for
organizations and individuals to find, track and
recognize all learning throughout their lives.
GSV Advisors (Deborah Quazzo), Jump Capital (Michael McMahon), Rethink Education, Signal Peak Ventures (R.
Brandon Tidwell)
8/10/16 Interactions $67Developer of a speech and language recognition
technology.
Ares Capital, Comcast Ventures, Cross Atlantic Capital Partners , NewSpring Capital, North Hill Ventures, ORIX
Ventures, Red Oak Growth Partners, Revolution Ventures, RevolutionGrowth, Sigma Partners, SoftBank Capital
8/9/16 MapR Technologies $51Provider of distribution technology for Apache
Hadoop.
Australia Future Fund, Google Capital (Eugene Frantz), Lightspeed Venture Partners (Barry Eggers), Mayfield, New
Enterprise Associates (Peter Sonsini), Qualcomm Ventures, Redpoint Ventures
8/9/16 Anomali $30 Provider of a cyber security intelligence platform.General Catalyst Partners (Stephen Herrod), GV (Karim Faris), In-Q-Tel (George Hoyem), IVP (Stephen Harrick),
Paladin Capital Group
8/9/16 Engagio $22Provider of an account based marketing
platform.FirstMark Capital (Amish Jani), Norwest Venture Partners (Sean Jacobson), Storm Ventures
8/9/16 Farmers Business Network $20Developer of a decision-support system for
farmers.Acre Venture Partners (Gareth Asten), DBL Partners, GV (Andrew Wheeler), Kleiner Perkins Caufield & Byers
8/8/16 Pindrop Security $81Provider of an in voice-fraud prevention and
authentication tool.
Andreessen Horowitz (Scott Weiss), Citi Ventures (Arvind Purushotham), Felicis Ventures (Sundeep Peechu), Google
Capital (Eugene Frantz), GV, IVP (Somesh Dash)
8/4/16 Oblong Industries $45 Developer of visual collaboration software. NA
8/4/16 Kentik $23Provider of a cloud-based network traffic
intelligence platform.
August Capital (Vivek Mehra), Data Collective (Matthew Ocko), David Ulevitch (David Ulevitch), Engineering Capital,
First Round Capital (Howard Morgan), Glynn Capital Management, Third Point Ventures
8/4/16 GrubMarket $20Provider of an online market place for grocery
items.
Danhua Capital, Fabrice Grinda (Fabrice Grinda), Fosun International, GGV Capital (Hans Tung), Global Founders
Capital, Reindeer Investments, Riverhead Capital, Sound Ventures (Abe Burns), Wang Gang
8/3/16 Kyriba $23Provider of software-as-a-service (SaaS) cash
and treasury management services.ORIX Ventures (Jeffrey Bede)
8/2/16 Carousell $35 Provider of consumer-to-consumer marketplace. 500 Startups, Golden Gate Ventures (Vinnie Lauria), Rakuten (Saemin Ahn), Sequoia Capital (Shailendra Singh)
8/2/16 Distil Networks $21 Developer of cloud-based security software.Bessemer Venture Partners (David Cowan), Foundry Group (Ryan McIntyre), Silicon Valley Bank, Techstars (David
Cohen)
23
SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings
Notes:
Source: Capital IQ and Dealogic.
Market Data as of 10/28/2016.
(1) First Trading Day listed as Offer Date.
($MM)
Offer Date (1) Market Cap @
IPO Date
Amount
Raised Original Filing Range Offer Price
% Change
Offer /
Midpoint Price
% Change
1st Trading Day /
Offer Price
% Change Current
/ Offer Price
28-Oct-16 $1,169 $146 13.00 - 15.00 $17.00 21.4% 39.4% 39.4%
6-Oct-16 $1,601 $133 14.00 - 16.00 $18.00 20.0% 84.9% 40.7%
30-Sep-16 $5,079 $238 11.00 - 13.00 $16.00 33.3% 131.3% 55.3%
23-Sep-16 $841 $96 13.00 - 15.00 $16.00 14.3% 40.9% 21.0%
22-Sep-16 $453 $87 10.50 - 12.50 $13.00 13.0% 21.2% 7.4%
16-Sep-16 $411 $90 11.00 - 13.00 $12.00 0.0% 27.1% 21.3%
Name
24
195
163
(5)
(4)
(6)(9) (6)
(7)
(8)
(9)
(7)
(11)
(8)(11)
(9)
(6)
(10)
(10)
6
11
717
1617
11
9
150
160
170
180
190
200
210 PE Acquisitions Strategic Acquisitions IPO
Strategic and Private Equity Exits Outweigh New Issues
A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES
Notes: Sources: Capital IQ, company filings.
2008 2009 2010 2011 2015 2012 2013 2014 2016YTD
Fortinet CDC Software
LogMeIn Medidata
SolarWinds Rosetta Stone SciQuest
RealPage IntraLinks Envestnet
Qlik BroadSoft
Higher One Convio
SPS Commerce SS&C
QuinStreet
Jive Imperva
Carbonite Tangoe
Responsys Cornerstone
Epocrates
Workday Fleetmatics
Qualys Eloqua E2open
ServiceNow Exa
Incadea Infloblox
Proofpoint Splunk
ExactTarget Demandware Bazaarvoice Greenway
AVG Guidewire
Mavenir Barracuda Wix.com Covisint
RingCentral FireEye Cvent
Gigamon Textura
ChannelAdvisor Marketo Tableau Halogen
Rally Marin
Model N
Workiva Hortonworks
New Relic HubSpot CyberArk
MobileIron Kinaxis
Zendesk Paycom
OPOWER Five9
2U Borderfree
Amber Road A10 Networks
Paylocity Varonis Systems
Atlassian Mimecast
Instructure Rapid7 Sophos
AppFolio Alarm.Com
Xactly Shopify Apigee
Box
Twilio SecureWorks
Talend Everbridge
Apptio Gridsum Holding
Nutanix Coupa
BlackLine, Inc.
2009 2010 2011 2012 2013 2014 2015 2016YTD
PE 5 4 6 9 6 7 8 9
Strategic 7 11 8 11 9 6 10 10
IPO 6 11 7 17 16 17 11 9
25
VENTURE CAPITAL INDUSTRY TMT Transactions Since Q3 2001
Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and
Equipment, Semiconductors, Software and Telecommunications.
(1)
0
200
400
600
800
1,000
$0
$2
$4
$6
$8
$10
$12
Q3 2001 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016
Nu
mb
er o
f In
vest
men
ts
$B
n
Quarter - Year
Number of Deals Investment Amount(1)
26
GCA OVERVIEW Deep Software Sector Expertise
Acquired by
We Advised the Seller
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
Fairness Opinion to Buddy Media
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller We Advised the Seller
Acquired by
We Advised the Buyer
Acquisition of
We Advised the Seller
Acquired by
We Advised the Buyer
Acquisition of
Strategic Advisory Services
Financial Advisor We Advised the Seller
Acquired by Acquired by
Acquired by
We Advised the Seller
Acquisition of
We Advised the Buyer
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by Acquired by
We Advised the Seller
We Advised the Seller
Preferred Stock
Financial Advisor
Acquisition of
We Advised the Buyer We Advised the Seller
Investment by
We Advised the Seller
Acquired by Preferred Stock
Financial Advisor
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Financial Advisor
Preferred Stock
Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.
27
GCA OVERVIEW Software Team
San Francisco
One Maritime Plaza, 25th Fl. San Francisco, CA 94111
United States Phone: (415) 318-3600
New York
640 Fifth Avenue, 10th
Fl. New York, NY 10019
United States Phone: (212) 999-7090
Tokyo
11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230
Japan Phone: +81 (3) 6212-7100
London
1 Southampton St. London WC2R0LR United Kingdom
Phone:+44 20 7484 4040
*Adrian Reed is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Sascha Pfeiffer is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation.
Todd Carter Clark Callander Seihun Kong Paul DiNardo Sascha Pfeiffer* Akikazu Ida* Co-President and CEO Co-Head of Investment Banking Managing Director Advisory Director Managing Director Managing Director
Phone: (415) 318-3610 Phone: (415) 318-3680 Phone: (415) 318-3682 Phone: (212) 999-7097 Phone: +49 (69) 204-34-6410 Phone: +81 (3) 6212-7241
Mobile: (415) 314-9898 Mobile: (415) 515-2468 Mobile: (415) 823-7300 Mobile: (650) 483-7246 Mobile: +49 (0) 177-74-15643 Mobile: +81 (80) 9027-3023
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Adrian Reed* James Orozco Chris Gough Dan Etchevers Raiko Stelten* Gautam GargManaging Director Managing Director Managing Director Director Director Vice President
Phone: +44 845 505 4314 Phone: (415) 318-3667 Phone: (415) 318-3658 Phone: (415) 318-3644 Phone: +49 (69) 204 34 6418 Phone: (415) 318-3692
Mobile: +44 7887 626 800 Mobile: (415) 722-0922 Mobile: (415) 385-9427 Mobile: (415) 572-3549 Mobile: +49 171 335 0879 Mobile: (650) 504-1722
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]