software equity group february 2016 flash...

Febr

uary

201

6 Software Equity Group

Flash Report Select M&A Transactions and Valuations

and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet

Companies by Product Category

• Industry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking:

• Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations

• Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product

category, delivery model and vertical market • Global presence providing advice and guidance to more

than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction, operating, legal and engineering experience

• Unparalleled software industry reputation and track record.

• Highly referenceable base of past clients

LEADERS IN SOFTWARE M&A

We Do Deals.

Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please

[email protected] , 2800-509) 858Beible, Director, Business Development (Kris contact CONTACT INFORMATION:

SEG Capital Advisors, L.L.C 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800 The information contained in this Report is obtained from sources that SEG Capital Advisors LLC (“SEG”) believes to be reliable. However, SEG makes no representations or warranties, express or implied, about the accuracy, completeness or fairness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Any person or entity reviewing this report (a) should conduct its own diligence and reach its own conclusions regarding its business transactions, (b) should not rely upon any conclusions reached by SEG, and (c) should consult its own advisors regarding its tax, accounting, financial and/or business decisions. SEG or its affiliates may have an interest in one or more of the securities or companies discussed herein. Financial data was provided by Capital IQ. This Report may not be reproduced in whole or in part without the expressed prior written authorization of SEG. SEG or one of its affiliate Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

ABOUT SOFTWARE EQUITY GROUP


List of Commonly Used Acronyms

CRM Customer Relationship ManagementEBITDA Earnings before Interest, Taxes, Depreciation, and AmortizationERP Enterprise Resource PlanningEV Enterprise ValueFCF Free Cash FlowFORWARD Current EV / Next Four Quarters' Consensus Financial EstimatesNASDAQ National Association of Securities Dealers Automated Quotation SystemPLM Product Lifecycle ManagementR&D Research and DevelopmentS&P Standard & Poor'sSaaS Software-as-a-ServiceSEG Software Equity GroupSG&A Selling, General, & AdministrativeSW SoftwareTTM Trailing Twelve MonthYoY Year-over-YearYTD Year-to-date


Removals:

MedAssets, Inc.

Acquired by Pamplona Capital Management ($2.8B)- Software Healthcare


SEG Index Changes

Ticker Previous Index Previous CategoryCompany

Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


Select January 2016 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-01-2016 Photoweb SAS Invaders Corp SAS - - - -Jan-01-2016 The TEAM Companies Inc. Lightspeed EPS, Inc. - - - -Jan-01-2016 WerbeWeischer GmbH & Co. KG RoWo MEDIA GmbH - - - -Jan-01-2016 STAR COOPERATION GmbH Sense&Image GmbH - - - -Jan-01-2016 JEBCommerce, LLC Sixth Man Marketing, LLC - - - -Jan-01-2016 Open Systems, Inc. SouthWare Innovations, Inc. - - - -Jan-01-2016 AZ Medien AG swissmom GmbH - - - -Jan-01-2016 amaysim Australia Limited (ASX:AYS) Vaya Pty Ltd - $50.2 - -Jan-01-2016 Zynga, Inc. (NasdaqGS:ZNGA) Zindagi Games Inc. - $75.0 - -Jan-03-2016 Taldor Computer Systems (1986) Ltd. (TASE:TALD) Evolution - On Line Ltd. - - - -Jan-04-2016 KMD A/S Edlund A/S - - - -Jan-04-2016 Brady plc (AIM:BRY) energycredit Software Limited - - - -Jan-04-2016 TomTom Telematics BV Finder Sp. z o.o. - - - -Jan-04-2016 UNET BV FR-IX B.V. - - - -Jan-04-2016 Votigo, Inc. Heyo, Inc. - - - -Jan-04-2016 KUBRA Data Transfer Ltd. iFactor Consulting, Inc. - - - -Jan-04-2016 Franklin Outdoor Advertising Company, Inc. Minnesota Billboard LLC - - - -Jan-04-2016 Teo LT, AB (NSEL:TEO1L) Omnitel UAB - $247.9 - -Jan-04-2016 Paytm Mobile Solutions Private Limited Signals Inc. - $8.0 - -Jan-04-2016 Nemetschek AG (XTRA:NEM) Solibri, Inc. - $48.8 - -Jan-04-2016 Frontline Broadband Inc. Teachscape, Inc. - - - -Jan-04-2016 Penton Media, Inc. TU-Automotive Ltd. - - - -Jan-04-2016 SELSA Intelligence AG Versichern24 GmbH - - - -Jan-05-2016 Omnicell International, Inc. Aesynt Incorporated $182.0 $275.0 1.5x 13.8xJan-05-2016 DIMO Maint Apisoft S.A. $2.4 - - -Jan-05-2016 bioMérieux S.A. (ENXTPA:BIM) Applied Maths NV - - - -Jan-05-2016 Alphabet Inc. (NasdaqGS:GOOGL) Circus Ponies Software, Inc. - - - -Jan-05-2016 - Combine A/S - - - -Jan-05-2016 Epic Systems Corporation Data Center in Rochester - $46.0 - -Jan-05-2016 Viabl, LLC Halupi LLC - - - -Jan-05-2016 EMC Research, Inc. Hamilton Campaigns Inc. - - - -Jan-05-2016 Thoma Bravo, LLC Infogix, Inc. - - - -Jan-05-2016 Compuware Corporation ISPW BenchMark Technologies Ltd. - - - -Jan-05-2016 Bell Media Inc. Metromedia CMR Plus Inc. - - - -Jan-05-2016 MiTek Industries, Inc. Sales Simplicity Software, Inc. - - - -Jan-05-2016 Golden Age Resources, Inc. (OTCPK:GDAR) THE ROOMS SNC. and LIFEMEDIA $3.5 - - -Jan-05-2016 InComm, Inc. TibiDono Handelsinnovationen GmbH - - - -Jan-05-2016 SPS Commerce Canada, Ltd. ToolBox Solutions Inc. - $29.9 - -Jan-06-2016 whiteclouds inc. 3DPlusMe, Inc. - - - -Jan-06-2016 Shenzhen Capstone Industrial Co.,Ltd. (SZSE:000038) Beijing Ranshi Technology Co., Ltd. - $169.1 - -Jan-06-2016 ShoreTel, Inc. (NasdaqGS:SHOR) Corvisa Services, LLC - $8.5 - -Jan-06-2016 Kuju Entertainment Ltd. Curve Digital Publishing Ltd. - - - -Jan-06-2016 Revcontent, LLC Digitalbox Limited - - - -Jan-06-2016 Dentsu Aegis Network Ltd. Grip Limited - - - -Jan-06-2016 ESI Group SA (ENXTPA:ESI) ITI GmbH - - - -Jan-06-2016 - Punto Group, Corp. - $0.3 - -Jan-07-2016 Lamar Media Corp. Clear Channel Outdoor Holdings, Inc., Five Non-Strategic Outdoor Markets of Americas Outdoor Segment $76.5 $458.5 6.0x -Jan-07-2016 DOCAPOST - SAS Docapost Fast - - - -Jan-07-2016 Apple Inc. (NasdaqGS:AAPL) Emotient, Inc. - - - -Jan-07-2016 Fyber GmbH Heyzap Inc. - $45.0 - -Jan-07-2016 Complete Innovations Inc. ITmobile B.V. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-07-2016 Gaea Mobile Co, Ltd. Kabam, Inc., first generation mobile and third

- - - -

Jan-07-2016 H.I.G. Capital, LLC; Prudential Capital Group, L.P. Salary.com, Inc. - - - -Jan-07-2016 Times Internet Limited Viral Shots - - - -Jan-07-2016 MTN Nigeria Communications Limited Visafone Communications Limited - - - -Jan-08-2016 IZEOS SAS Associazine ComuniCare S.r.l. - - - -Jan-08-2016 Jones Lang LaSalle Incorporated (NYSE:JLL) Big Red Rooster, LLC - - - -Jan-08-2016 ExamWorks, Inc. EDCO Group Inc. - $62.0 - -Jan-08-2016 Safelink Internet, LLC Grizzly Internet, Inc. - - - -Jan-08-2016 Computer Programs & Systems Inc. (NasdaqGS:CPSI) Healthland, Inc. - $241.8 - -Jan-08-2016 Dentsu Aegis Network Ltd. NVG Participações S.A - - - -Jan-08-2016 EquiSoft Universal Conversion Technologies - - - -Jan-08-2016 IBC Hotels LLC Vacation Technologies International, Inc. - $1.0 - -Jan-08-2016 Valsoft Corp Wilson Software Corp. - - - -Jan-11-2016 Cellhire Plc 0044.co.uk and dataroam.co.uk - - - -Jan-11-2016 eBay Enterprise Marketing Solutions, Inc. AffiliateTraction, Inc. - - - -Jan-11-2016 Mi9 Retail Applications Systems Corporation - - - -Jan-11-2016 BlowUP media GmbH B.A.B. MaxiPoster Werbetürme GmbH - - - -Jan-11-2016 Imagine Learning, Inc. Big Brainz, Inc. - - - -Jan-11-2016 Nordic Capital Cint AB - - - -Jan-11-2016 Greenridge Investment Partners Consolidated Asset Recovery Systems, Inc. $31.9 - - -Jan-11-2016 Solitea, a.s. J.K.R. spol. s r.o. $3.8 - - -Jan-11-2016 Sports Perfecta, Inc. Just Mobile Sdn. Bhd. - - - -Jan-11-2016 GRAITEC Innovation SAS STOR CAD Computers s.r.o. - - - -Jan-12-2016 Simplicity Marketing Ltd. Encore Media Metrics, LLC - - - -Jan-12-2016 Pitney Bowes Inc. (NYSE:PBI) Enroute Systems Corporation - - - -Jan-12-2016 Talan SAS EXL Group SAS $37.9 - - -Jan-12-2016 Geo-Comm, Inc. GeoSolve Inc. - - - -Jan-12-2016 Thomson Printing Inc. Giant Hat - - - -Jan-12-2016 DrFirst.com, Inc. iApp Creative LLC - - - -Jan-12-2016 LMC s.r.o. Jobote s.r.o - - - -Jan-12-2016 PTC Inc. (NasdaqGS:PTC) Kepware, Inc. $20.0 $118.0 5.9x -Jan-12-2016 Studio98, LLC Meritus Media Inc. - - - -Jan-12-2016 Freeman Digital Ventures MindShare Networks, Inc. - - - -Jan-12-2016 Bloomberg Inc. NetBox Blue Pty Ltd, Intellectual Property, Patents, and Engineering Assets - - - -Jan-12-2016 Vezet Vsem, OOO OOO Proaktive - - - -Jan-12-2016 Hobsons, Inc. Predictive Analytics Reporting Framework, Inc. - - - -Jan-12-2016 ROK Technologies, LLC ROK Technologies, Inc. - - - -Jan-12-2016 FIRST NV SLAMM BVBA - - - -Jan-12-2016 Preferred Systems Solutions, Inc. Tetra Concepts, LLC - - - -Jan-12-2016 SBR Events Group The Meetinghouse Companies, Inc. - - - -Jan-12-2016 Butler Schein Animal Health Supply, LLC Vetstreet Inc. $43.0 - - -Jan-12-2016 Blue Software, LLC Viki Solutions Inc. - - - -Jan-12-2016 Atiba Holdings, LLC Wheelhouse Marketing Advisors, LLC - - - -Jan-13-2016 Malang Studio Co, Ltd. 1km - $2.7 - -Jan-13-2016 inContact, Inc. (NasdaqCM:SAAS) AC2 Solutions, Inc. - - - -Jan-13-2016 IMCap Partners AG Attensity Europe GmbH - - - -Jan-13-2016 Mediaocean LLC BCC AdSystems Pty Ltd. - - - -Jan-13-2016 Pactera Technology International Ltd. Blue Fountain Media Inc. - - - -Jan-13-2016 MNJ Technologies Direct, Inc. Equivoice,LLC - - - -Jan-13-2016 Microsoft Corporation (NasdaqGS:MSFT) Event Zero Pty Ltd - - - -Jan-13-2016 Reweb Informatica Ltda For Fun Entretenimento Ltda. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-13-2016 Pensions & Investments Group Global Platform BV, WorldPensionSummit And WorldPensionSummit Africa Special - - - -Jan-13-2016 GrowthPlay, LLC Incite Sales Consulting, LLC - - - -Jan-13-2016 Comuto SA Jízdomat.cz, s.r.o. - - - -Jan-13-2016 Distil, Inc. ScrapeSentry Inc. - $10.0 - -Jan-13-2016 TTI Success Insights France SAS TakewInc - - - -Jan-14-2016 Webtise Ltd. Apposing Limited - - - -Jan-14-2016 Ashby Street Outdoor Holdings LLC Clear Channel Outdoor Holdings Inc., Businesses in Wichita and Fort Smith, Ark. - - - -Jan-14-2016 - Clear Channel Outdoor Holdings Inc., Outdoor Business in Portland, OR - - - -Jan-14-2016 Quadrant 4 Systems Corporation (OTCPK:QFOR) Dialed In, Inc. - - - -Jan-14-2016 Kronos Incorporated Empower Software Solutions, Inc. - - - -Jan-14-2016 Vista Equity Partners Fiverun Inc. - - - -Jan-14-2016 CentralNic Group Plc (AIM:CNIC) Instra Corporation Pty Ltd. $10.7 $23.8 2.2x 14.8xJan-14-2016 FireEye, Inc. (NasdaqGS:FEYE) iSight Security, Inc. - $268.6 - -Jan-14-2016 Anexinet Corp. ListenLogic, LLC - - - -Jan-14-2016 Augeo Affinity Marketing Inc. Performance Plus Marketing, LLC - - - -Jan-14-2016 Time one Place des Leads SAS - - - -Jan-14-2016 Vista Equity Partners Telarix, Inc. - - - -Jan-14-2016 Somoto Ltd. (TASE:SMTO) Terser Tude Ltd. - $3.9 - -Jan-14-2016 H5 Data Centers, LLC The NextFort Data Center in Chandler, Arizona - - - -Jan-15-2016 ForeFlight, LLC Aviation Logistics, LLC - - - -Jan-15-2016 Rural Telephone Service Company, Inc. Computer Solutions, Inc. - - - -Jan-15-2016 International Business Machines Corporation (NYSE:IBM) IRIS Analytics GmbH - - - -Jan-15-2016 Mobivity Holdings Corp. (OTCPK:MFON) Livelenz, Inc. - $0.7 - -Jan-15-2016 Tautachrome Inc. (OTCPK:TTCM) PhotoSweep, Inc. - $0.4 - -Jan-15-2016 Reckon Ltd. (ASX:RKN) SmartVault Corporation - - - -Jan-15-2016 Next Glass, Inc. Untappd, Inc. - - - -Jan-17-2016 Axway Software S.A. (ENXTPA:AXW) Appcelerator Inc. - - - -Jan-18-2016 Open Systems, Inc. Blaschko Computers, Inc. - - - -Jan-18-2016 Bookoff Corporation Limited (TSE:3313) BookLog, Inc. $0.2 - - -Jan-18-2016 Tsepak Technologies Private Limited Findulum Techlabs Private Limited - - - -Jan-18-2016 omNovos Minicheckout - - - -Jan-18-2016 Sprengnetter GmbH R&S Software GmbH - - - -Jan-18-2016 Digital Reasoning Systems, Inc. Shareable Ink Corporation - - - -Jan-18-2016 Visma Software AB Trimma AB $5.0 - - -Jan-18-2016 - With, Inc., Substantially All of the Developing Mobile Application Software Assets - $1.4 - -Jan-18-2016 Namirial GmbH xyzmo Software GmbH $8.7 - - -Jan-19-2016 National Credit Center, Inc. AimLogic LLC - - - -Jan-19-2016 Cirruspath, Inc. Assistant.to - - - -Jan-19-2016 StyleSeat, Inc. BeautyBooked, Inc. - - - -Jan-19-2016 Enovation Partners, LLC CTG:I LLC - - - -Jan-19-2016 Penske Media Corporation indieWIRE LLC - - - -Jan-19-2016 FocusVision Worldwide, Inc. KinesisPanel - - - -Jan-19-2016 Riverbed Technology, Inc. Ocedo GmbH - - - -Jan-19-2016 Soulmo Solutions Private Limited Rootwork Systems Pvt. Ltd. - - - -Jan-19-2016 - SAS DehorslesPetits - - - -Jan-19-2016 VerticalScope Inc. Second Media Inc. - - - -Jan-19-2016 General Motors Company (NYSE:GM) Sidecar Technologies, Inc. - - - -Jan-19-2016 Lagardère Sports and Entertainment Sponsorship 360 SARL - - - -Jan-19-2016 Microsoft Corporation (NasdaqGS:MSFT) TeacherGaming LLC, MinecraftEdu - - - -Jan-19-2016 The Karcher Group, Inc. Vertex CrossMedia - - - -Jan-19-2016 Starflick.com Incorporated (OTCBB:STFK) Yinfomatics - $8.3 - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-20-2016 Sparta Systems, Inc. 123Compliance Corporation - - - -Jan-20-2016 Planet Cards GmbH Bonnyprints GmbH - - - -Jan-20-2016 Civitas Learning, Inc. College Scheduler, LLC - - - -Jan-20-2016 SmartSource LLC Data Supplies, Inc. - - - -Jan-20-2016 ShareBuilders, Inc. Efficio Solutions Inc. - - - -Jan-20-2016 Webedia SAS Flimmer GmbH - - - -Jan-20-2016 Publicis Africa Group Popimedia Group - - - -Jan-20-2016 Bulldog Creative Services, LLC Snowball Digital Marketing, LLC - - - -Jan-20-2016 Spotify USA Inc Soundwave Analytics Limited - - - -Jan-20-2016 Atos SE (ENXTPA:ATO) Unify Inc. $1,314.4 $427.2 0.3x -Jan-20-2016 Verdane Capital Unknown Stake in Allinc and Consector and Ecoride and Funera and Schoolido and Stor & Liten and Smar - - - -Jan-20-2016 Spectrio, LLC Vital Media, Inc. - - - -Jan-21-2016 Zone Ltd. conceptbakery GmbH & Co. KG - - - -Jan-21-2016 Adobe Systems Software Ireland Limited; Adobe Software Trading Company Digital Analytix Business - $45.0 - -Jan-21-2016 Laser Resources Inc. Freaky Fresh Marketing - - - -Jan-21-2016 ACCEO Solutions Inc. Group Techna Inc. - - - -Jan-21-2016 Snell Limited MANTRICS Digital Video S.r.l. - - - -Jan-21-2016 Customized Energy Solutions Ltd. Powerit Solutions, LLC - - - -Jan-21-2016 Webedia SAS Semantiweb, SAS - - - -Jan-21-2016 Dev Digital LLC. Sum Effect Software, Inc. - - - -Jan-21-2016 Spectrio, LLC TMS Audio Productions, Inc. - - - -Jan-21-2016 International Business Machines Corporation (NYSE:IBM) Ustream, Inc. - - - -Jan-21-2016 Wellcom SAS Wellcom Link - - - -Jan-22-2016 Unity Glory International Ltd. Assets and Brands of Images Division, Motion Division of Corbis and Demotix - $100.0 - -Jan-22-2016 Big Viking Games Inc. Gallop Labs Inc. - - - -Jan-22-2016 BAC Ventures; Tune Studios Sdn Bhd. Gigfairy Enterprise - - - -Jan-22-2016 UrbanClap Technologies India Pvt. Ltd Handy Home Solutions Private Limited - - - -Jan-22-2016 Your Image S.A. (WSE:YOU) Infox Sp. zoo. - - - -Jan-22-2016 StatPro Group plc (AIM:SOG) Investor Analytics, LLC $5.0 $16.0 3.2x -Jan-22-2016 HCL Technologies UK Limited Point to Point Ltd. and Point to Point Products Ltd. $12.1 - - -Jan-22-2016 Intapp, Inc. Rekoop Limited - - - -Jan-22-2016 DVV Media Group GmbH Road Transport Media Ltd. - - - -Jan-24-2016 DMGx, LLC Voices Heard Media, Inc. - - - -Jan-25-2016 Zeno Group, Inc. 3 Monkeys | Zeno - - - -Jan-25-2016 AOL Inc. AlephD SAS - - - -Jan-25-2016 CAA Sports LLC brandRapport Ltd. - - - -Jan-25-2016 Eteria Marketing Y Comunicación, S.L. Brun Publicidad, S.L. - - - -Jan-25-2016 - CurbCall Inc. - - - -Jan-25-2016 Traded Network Ltd. Desire Marketing Ltd. - - - -Jan-25-2016 Cre8tek Limited (ASX:CR8) Global Agenda Technologies Pty. Ltd. - $0.4 - -Jan-25-2016 Caisse D'epargne Île De France, Investment Arm L4 Logistics SA - - - -Jan-25-2016 9224-4755 Québec Inc. Medago Technologies Inc. - - - -Jan-25-2016 Paxport AB Multicom Products Limited - - - -Jan-25-2016 M3, Inc. (TSE:2413) QLife, Inc. - - - -Jan-25-2016 PriceWaterhouseCoopers Singapore StrategiCom Pte Ltd - - - -Jan-26-2016 PaidEasy Corp. 3 Dumbbells, LLC - - - -Jan-26-2016 Launchmetrics Augure SA - - - -Jan-26-2016 Parclick S.L. Building Business Ideas SL - - - -Jan-26-2016 High Co. SA (ENXTPA:HCO) CapitalData $0.7 - - -Jan-26-2016 Upsight, Inc. Fuse Powered Inc. - - - -Jan-26-2016 InVisionApp Inc. Macaw LLC - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-26-2016 Equimaxx LLC Magnifico Sp. z o.o. - - - -Jan-26-2016 Amadeus IT Group SA Navitaire LLC - $830.0 - 13.8xJan-26-2016 Tyco International plc (NYSE:TYC) ShopperTrak RCT Corporation $75.0 $175.0 2.3x -Jan-26-2016 Open Systems Technologies, Inc. Visualhero Design Inc. - - - -Jan-27-2016 SCIO Health Analytics Inc. Clear Vision Information Systems, Inc. - - - -Jan-27-2016 Rentrak Corporation Hollywood Software, Inc. - - - -Jan-27-2016 Survey Sampling International, LLC Instantly, Inc. - - - -Jan-27-2016 Pamplona Capital Management LLP, Private Equity MedAssets, Inc. $764.2 $2,775.2 3.6x 12.7xJan-27-2016 Nreach Online Services (P) Ltd PassionKart Services Pvt. Ltd. - - - -Jan-27-2016 BIZX, LLC Slashdot Media And Dice Inc. - - - -Jan-27-2016 Yerra Solutions AG Smarter Connect Ltd. - - - -Jan-27-2016 Sterling Infosystems, Inc. TalentWise, Inc. - - - -Jan-27-2016 Topgolf International, Inc. World Golf Tour, Inc. - - - -Jan-27-2016 Letv Sports Culture Develop (Beijing) Co., Ltd. Zhangyu.tv - $45.6 - -Jan-28-2016 Freud Communications Ltd. Brew Media Relations - $15.0 - -Jan-28-2016 Cloudweb, Inc. (OTCPK:CLOW) Data Cloud Inc. - $0.2 - -Jan-28-2016 RentPost, Inc. iRealtyManager - - - -Jan-28-2016 OmniVere LLC Kiersted Systems, LP - - - -Jan-28-2016 Apple Inc. (NasdaqGS:AAPL) LearnSprout, Inc. - - - -Jan-28-2016 JSC Future LLC LASP Technologies - - - -Jan-28-2016 Sentinel Capital Partners, L.L.C. Marketplace Events LLC - - - -Jan-28-2016 Cannella Response Television, LLC Media Properties Holdings INC. - - - -Jan-28-2016 Broke Out Inc. (OTCPK:BRKO) Megapps Ventures Inc. - $0.9 - -Jan-28-2016 Electra Private Equity Plc (LSE:ELTA); Exponent Private Equity LLP; Electra PhotoBox Limited $333.0 $618.6 1.9x 14.0xJan-28-2016 Creston Investments Sp. z o.o. SMT Software Spólka Akcyjna - $25.9 - -Jan-28-2016 Scribble Technologies Inc. Visually, Inc. - - - -Jan-28-2016 Voltage IP Limited (ASX:VIP) Voltage IP Limited, Prior to Reverse Merger with KLE Products Sdn Bhd $0.0 - - -Jan-29-2016 Groupe Sogec Marketing S.A. CheckAndTake - - - -Jan-29-2016 UL LLC CR Edit360 Limited - - - -Jan-29-2016 BT Group plc (LSE:BT.A) EE Limited $10,310.7 $17,917.3 1.8x 8.2xJan-29-2016 Castleton Technology plc (AIM:CTP) Kypera Limited $3.4 $5.0 1.5x 8.8xJan-29-2016 Fandango Media, LLC MediaNaviCo LLC - - - -Jan-29-2016 Learning Technologies Group plc (AIM:LTG) Rustici Software LLC $6.6 $36.5 5.5x 13.5xJan-29-2016 Mattel, Inc. (NasdaqGS:MAT) Sproutling, Inc. - - - -Jan-29-2016 St Ives plc (LSE:SIV) The App Business Ltd. $16.0 $77.9 4.9x 14.9xJan-29-2016 International Business Machines Corporation (NYSE:IBM) The Weather Company, Product and Technology Businesses - - - -Jan-29-2016 Up Group Vale Mais - - - -Jan-29-2016 The Carlyle Group LP (NasdaqGS:CG); GIC Pte. Ltd. Veritas Technologies LLC - $7,000.0 - -Jan-29-2016 - Whistle PR Limited $1.4 - - -Jan-29-2016 Groupe MENWAY SAS Yupeek SAS - - - -Jan-30-2016 Hired, Inc. breaz SAS - - - -Jan-30-2016 Solid Media Group AS Skandiaweb A/S - $6.5 - -Jan-31-2016 Dialogic, Inc. APEX Communications, Inc. - - - -Jan-31-2016 Acorn Money Limited Autoebid Limited - - - -Jan-31-2016 Creative Group, Inc. Masterplan Inc. - - - -Jan-31-2016 Softeam S.A. Modedemploi, S.A.S. - - - -Jan-31-2016 YourCause, LLC Orange Leap, LLC - - - -Jan-31-2016 - Valpak Direct Marketing Systems, Inc., Valpak of Coastal Georgia - - - -

Acquirer


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Software Index $2,287.1 $2,359.3 $696.0 67.3% 18.6% 7.7% 2.6x 13.9x 2.5x 10.2x -4.7% Billing & Service Management $1,142.4 $1,227.5 $578.8 58.8% 23.9% 0.2% 1.7x 8.8x 1.7x 6.5x -4.7% Business Intelligence $2,329.0 $2,007.8 $612.7 75.8% 14.9% 10.0% 3.0x 16.5x 2.7x 14.2x -3.1% Development Platforms $1,318.0 $1,221.1 $377.6 75.8% 18.6% 11.1% 2.7x 9.2x 2.8x 9.1x 2.7% Engineering & PLM $3,391.3 $3,812.6 $1,220.8 84.6% 22.4% 6.4% 3.1x 13.9x 3.1x 9.6x -4.7% Enterprise Resource Planning $9,497.5 $9,981.5 $2,172.2 59.0% 27.1% 6.1% 3.8x 14.3x 3.8x 10.7x 1.6% Financial & Accounting $2,917.4 $3,258.3 $1,046.0 54.8% 24.9% 3.8% 3.3x 15.9x 3.3x 13.2x 0.5% Gaming $3,054.8 $2,921.1 $1,672.9 67.1% 10.7% 4.7% 2.1x 17.9x 1.8x 11.3x -3.4% Healthcare $1,798.1 $2,056.6 $939.7 49.5% 12.5% 6.6% 2.1x 15.5x 1.7x 8.5x -2.0% IT Conglomerates $121,060.0 $142,559.3 $81,741.0 59.0% 29.6% -5.7% 3.8x 9.4x 3.8x 8.2x 0.5% Mobile Solutions/Content $482.1 $463.9 $366.5 53.2% 3.1% 12.0% 1.4x 12.7x 1.3x 8.9x -6.7% Networking & Network Performance Mgmt $889.7 $679.5 $308.6 75.5% 12.7% 5.0% 1.7x 9.5x 1.8x 7.1x -9.9% Security $1,183.7 $1,119.3 $253.4 74.5% 3.3% 23.5% 3.2x 14.2x 3.2x 13.2x -6.9% Storage, Data Mgmt & Integration $6,004.0 $3,086.1 $2,263.5 80.1% 10.6% 2.4% 1.9x 9.5x 2.0x 6.9x -3.2% Systems Management $11,406.0 $11,507.8 $2,624.1 85.1% 26.3% 12.2% 3.2x 17.1x 2.9x 7.6x -14.3% Vertical - Finance $6,488.6 $6,799.5 $1,075.0 43.0% 32.9% 7.4% 4.9x 14.1x 4.7x 13.3x -2.5% Vertical - Other $2,783.5 $3,008.9 $505.9 46.9% 18.3% 13.9% 4.3x 18.5x 3.8x 18.0x -5.3%

TTM Revenue Growth 7.7%TTM EBITDA Growth 16.1%TTM Earnings Growth -1.2%Gross Profit Margin 67.3%EBITDA Margin 18.6%Net Income Margin -17.2%SG&A Expenses as a % of Total Revenue 55.6%R&D Expenses as a % of Total Revenue 18.5%

Current Ratio 1.9Quick Ratio 1.8Cash as Percent of Market Cap 13.9%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 30Working Capital to TTM Operating Expense Ratio 0.3x

Levered FCF Margin 5.8%Cash from Operations Growth (YoY) 37.4%Cash from Investing Growth (YoY) -43.8%Cash from Financing Growth (YoY) 0.2%Levered FCF Growth (YoY) 44.9%

Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved February 2016 Monthly Flash Report

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-12%

-10%

-8%

-6%

-4%

-2%

0%SEG SW Index Software Stock Market Return: January 2016

DOW S&P NASDAQ SEG SW Index

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG SaaS Index $844.4 $718.9 $196.2 67.1% -5.9% 28.9% 4.3x 31.0x 3.8x 27.8x -15.5% CRM & Marketing $1,031.2 $850.6 $208.8 68.0% -14.3% 28.1% 4.2x 114.8x 3.5x 35.8x -15.5% ERP & Supply Chain $1,085.3 $962.4 $158.5 67.9% -8.3% 23.9% 5.3x 27.0x 4.6x 38.0x -12.6% Vertically Focused $787.3 $667.5 $149.4 62.6% 1.0% 36.9% 4.9x 30.3x 4.1x 20.8x -15.8% Human Capital Management $1,224.0 $1,159.5 $198.3 61.5% -2.4% 27.8% 4.7x 59.3x 4.0x 30.9x -13.7% SaaS Other $535.8 $529.1 $205.2 70.6% -8.2% 28.9% 3.8x 18.2x 3.1x 29.9x -15.6%

TTM Revenue Growth 28.9%TTM EBITDA Growth 16.1%TTM Earnings Growth -1.2%Gross Profit Margin 67.1%EBITDA Margin -5.9%Net Income Margin -17.2%SG&A Expenses as a % of Total Revenue 55.6%R&D Expenses as a % of Total Revenue 18.5%

Current Ratio 1.9Quick Ratio 1.8Cash as Percent of Market Cap 13.9%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 30Working Capital to TTM Operating Expense Ratio 0.3x

Levered FCF Margin 5.8%Cash from Operations Growth (YoY) 37.4%Cash from Investing Growth (YoY) -43.8%Cash from Financing Growth (YoY) 0.2%Levered FCF Growth (YoY) 44.9%


Category Name




-20%

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%SEG SaaS Index Stock Market Return: January 2016

DOW S&P NASDAQ SEG SaaS

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Internet Index $1,136.9 $964.3 $587.5 62.4% 7.6% 14.6% 1.8x 18.0x 1.6x 12.3x -7.4% Ad Tech & Lead Generation $496.8 $415.5 $422.1 52.8% 3.9% 14.7% 0.9x 19.5x 1.1x 13.0x -7.8% Commerce $510.9 $477.1 $589.5 44.1% 3.6% 17.1% 1.0x 21.4x 1.0x 11.4x -7.1% Content & Media $1,979.8 $1,893.2 $758.5 53.9% 7.1% 12.1% 2.0x 18.2x 1.9x 10.1x -8.5% Gaming $3,083.95 $2,248.4 $1,350.9 64.7% 32.3% 13.3% 3.0x 12.8x 2.6x 12.0x -5.3% Infrastructure $538.51 $488.1 $360.4 62.9% 8.6% 4.9% 1.2x 14.4x 1.2x 8.6x -7.4% Search $30,520.82 $28,330.2 $6,727.7 68.8% 26.8% 15.7% 5.0x 17.5x 4.5x 13.0x -11.4% Services $810.56 $661.3 $344.1 73.1% 7.1% 19.2% 1.6x 15.0x 1.4x 11.4x -10.9% Social $3,839.65 $4,062.7 $916.7 74.8% 15.7% 39.3% 6.2x 30.0x 5.0x 14.5x -9.2% Travel $12,404.46 $13,014.1 $1,527.6 83.5% 9.0% 12.5% 4.3x 23.0x 4.9x 13.4x -10.1%

TTM Revenue Growth 14.6%TTM EBITDA Growth 6.4%TTM Earnings Growth 5.4%Gross Profit Margin 62.4%EBITDA Margin 7.6%Net Income Margin 0.1%SG&A Expenses as a % of Total Revenue 38.1%R&D Expenses as a % of Total Revenue 15.3%

Current Ratio 2.4Quick Ratio 1.9Cash as Percent of Market Cap 21.3%Avg Days Outstanding: Accounts Receivable 40Avg Days Outstanding: Accounts Payable 46Working Capital to TTM Operating Expense Ratio 0.4

Levered FCF Margin 8.9%Cash from Operations Growth (YoY) 9.2%Cash from Investing Growth (YoY) -0.6%Cash from Financing Growth (YoY) -6.7%Levered FCF Growth (YoY) 27.8%





-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%SEG Internet Index Stock Market Return: January 2016

DOW S&P NASDAQ SEG Internet Index

To download the remaining portions of Software Equity Group’s complimentary Software Industry Flash Report, which includes the complete list of software M&A transactions as well as detailed financial and market performance of more than 250 publicly traded software, SaaS, and Internet companies, sorted across nearly 30 product categories, visit our website: http://www.softwareequity.com/research_flash_reports.aspx

http://www.softwareequity.com/research_flash_reports.aspx

software equity group february 2016 flash...

Documents