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Securities offered through GVC Capital LLC, member FINRA & SIPC.
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29
13
34
15
0 5 10 15 20 25 30 35 40
Application Software
IT Consulting/Outsourcing
Online Services
Other Software
STRATEGIC
ACQUISITIONS
9.18.14
8.22.14
SAP America announced that it will acquire
Concur Technologies for $8.3 billion in cash.
Echelon Corporation announced that it has
signed an agreement to sell its Grid operations
to S&T AG for $6 million.
FINANCIAL
ACQUISITIONS
7.22.14 Siris Capital Group announced its intention to
acquire the Pulse Product Portfolio from Juniper
Networks, Inc. for $250 million.
Source: CapIQ
Source: CapIQ
Securities offered through GVC Capital LLC, member FINRA & SIPC.
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-
20,000
40,000
60,000
80,000
100,000
-
100
200
300
400
2010 2011 2012 2013 Q1-Q3 2014Annualized
Cap
ital Inve
sted
($ in
Mil)
De
als
Clo
sed
Deals Capital Invested
4031 25
37
58
33 36 40 40
75
32
49 43 45
91
5243 41
33
0
20
40
60
80
100
2010 2011 2012 2013 2014
Q1 Q2 Q3 Q4
Date Target Buyer Transaction Comments
9.18.2014Concur Technologies,
Inc.SAP America, Inc.
SAP’s subsidiary, SAP America, Inc., entered into an agreement to acquire Concur. With more than 23,000
customers, 4,200 employees and 25 million active users in over 150 countries, Concur is the leader in the multi-
billion market for travel and expense management software.
8.22.14Echelon Corporation's
Grid OperationsS&T AG
Echelon Corporation, the open-interoperable control networking pioneer for the Industrial Internet of Things
(IIoT), today announced that it has signed a definitive agreement to sell its Grid operations to S&T AG, a publicly
traded European IT systems provider with an existing focus on smart energy products and services.
8.8.14 SafeNet, Inc. Gemalto NV
Digital security company Gemalto NV is to buy SafeNet for $890 million, in a move that broadens the European
company's data protection operations, including cryptographic systems used in cloud-based security, and
expands its customer base to some of the largest U.S. companies.
7.22.14
Juniper Networks,
Inc.'s Pulse Product
Portfolio
Siris Capital Group
Siris Capital announced that it will acquire the Junos Pulse business from Juniper Networks, the industry leader
in network innovation. Siris Capital will continue to operate Pulse Secure as an independent company with the
mission to empower business productivity through secure and seamless mobility.
7.11.14 RelateIQ, Inc. Salesforce.com, Inc.
Salesforce.com Inc. has agreed to acquire RelateIQ Inc., which automatically captures data from email,
calendars and smartphone calls, in a deal valued around $390 million. The acquisition fits well with recent
smaller acquisitions (e.g., EdgeSpring, Inc.) that Salesforce.com has made around data.
Source: CapIQ
Source: CapIQ
Securities offered through GVC Capital LLC, member FINRA & SIPC.
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Source: CapIQ
Source: CapIQ
Market Cap Stock Price Price/ Price/ Price/ Price/Company Symbol State ($ in Mil) Date Month Change YTD Change LTM EPS Book Rev EBITDAAttunity, Ltd. NasdaqCM:ATTU N/A $ 108 $ 7.1 (4.95%) (31.47%) NM 3.7x 3.0x 73.5xCA Technologies, Inc. NasdaqGS:CA NY $ 12,075 $ 27.1 (2.90%) (19.38%) 16.0x 2.1x 2.4x 7.5xChina Finance Online Co., Ltd. NasdaqGS:JRJC N/A $ 131 $ 5.9 (14.26%) (6.36%) 55.2x 2.2x 1.4x NMeGain Corporation NasdaqCM:EGAN CA $ 143 $ 5.6 (6.50%) (45.21%) NM 46.9x 2.0x NMHigher One Holdings, Inc. NYSE:ONE CT $ 113 $ 2.4 (4.05%) (75.72%) 7.0x 1.4x 0.9x 4.5xShutterstock, Inc. NYSE:SSTK NY $ 2,510 $ 71.0 (0.50%) (15.08%) 99.5x 11.6x 8.1x 49.5xSplunk, Inc. NasdaqGS:SPLK CA $ 6,417 $ 53.5 (3.34%) (22.08%) NM 8.1x 15.2x NMVoltari Corporation NasdaqCM:VLTC NY $ 8 $ 1.6 8.62% (52.18%) NM NM 2.2x NMOracle Corporation NYSE:ORCL CA $ 168,788 $ 38.1 (0.50%) (0.44%) 19.6x 3.6x 3.9x 8.9xXoom Corporation NasdaqGS:XOOM CA $ 838 $ 21.9 (0.05%) (19.84%) NM 3.0x 4.5x 68.9xAverage $ 19,113 $ 23.4 (2.84%) (28.78%) 39.5x 9.2x 4.4x 35.5x
Securities offered through GVC Capital LLC, member FINRA & SIPC.
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Source: CapIQ
Source: CapIQ
Stock Price Delta Price/ Price/ Price/ Price/
Market Segment Market Cap Month YTD LTM LTM EPS Book Sales EBITDA
Services $ 8,414 (1.4%) (7.7%) 1.4% 27.17x 4.49x 2.14x 11.85x
IT Consulting $ 8,346 (1.3%) (7.8%) (1.1%) 25.62x 4.76x 1.46x 12.40x
Online Services, Business $ 9,012 (1.9%) 1.7% 11.4% 59.04x 5.18x 3.89x 26.21x
Online Services, Consumer $ 25,976 (2.2%) 8.7% 24.0% 41.84x 4.91x 4.61x 21.45x
Entertainment Software $ 2,504 (1.2%) 20.8% 21.7% NM 0.65x NM NM
Data Processing $ 9,021 (2.5%) (8.0%) 2.8% 28.05x 4.31x 2.69x 11.55x
Systems Software $ 15,238 (1.1%) 9.5% 18.8% 51.72x 5.99x 5.01x 37.01x
Industry Average $ 7,231 (1.6%) 3.4% 14.6% 53.12x 4.89x 7.97x 19.40x
S&P 500 Average $ 35,807 (1.3%) 5.3% 10.8% 28.06x 4.29x 3.11x 11.39x
Securities offered through GVC Capital LLC, member FINRA & SIPC.
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State Undisclosed$ 0 - 5
Revenue$5 - 10
Revenue$10 - 25 Revenue
$25 - 50 Revenue
$50 - 100 Revenue
$100+ Revenue
AZ 296 25 26 23 2 1 4
CO 559 35 38 28 19 1 6
KS 107 3 8 2 4 2 2
ND 11 0 1 0 1 0 0
NE 73 4 18 1 1 0 0
NM 44 3 3 1 0 1 0
OK 80 5 9 4 1 0 0
SD 13 0 2 0 0 0 0
TX 1322 90 138 96 33 11 28
UT 250 22 32 16 9 2 2
WY 12 0 1 0 0 1 0
Source: CapIQ
Source: CapIQ
Source: CapIQ
Securities offered through GVC Capital LLC, member FINRA & SIPC.
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The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered
all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.
Source: GF Data
Source: GF Data
Securities offered through GVC Capital LLC, member FINRA & SIPC.
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Chris Bouck
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p: 720.221.9220
Cody Roth
Analyst – Technology Team
p: 720.221.9220
Address Website Phone5613 DTC Parkway, Suite 820 │ Greenwood Village, CO 80111 www.sdrventures.com 720.221.9220
AUGUST 2014