software equity group january 2016 flash...

Janu

ary

2016

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


Additions:

Removals

- Internet Travel

SEG Index ChangesTicker Index CategoryCompany

Yirendai Ltd. YRD Internet ServicesSaaSTEAM Other SaaSAtlassian Corporation


Company Ticker Previous Index Previous CategoryHomeAway, Inc.

Acquired by Expedia, Inc. ($4.3B)

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 December 2015 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDADec-01-2015 Morningside Translations, Inc. Advanced Language Translation Inc. - - - -Dec-01-2015 Blackboard Inc. BlueCanary Data & Analytics LLC - - - -Dec-01-2015 Peppermint Innovation Limited (ASX:PIL) Chrysalis Resources Limited - - - -Dec-01-2015 Fishbowl Inc. CLYP Technologies - - - -Dec-01-2015 Visma AS DigitalBooker Finland Oy - - - -Dec-01-2015 Init7 Holding AG easyzone GmbH - - - -Dec-01-2015 Times Internet Limited Get Me A Shop - - - -Dec-01-2015 RSM LLP Junction Solutions, Inc. $52.3 - - -Dec-01-2015 Presidio Partners; Marlin Equity Partners, LLC LiveOps Cloud Platform, LLC - - - -Dec-01-2015 Media.Net Advertising FZ-LLC Local Corporation, Substantially All Assets - $3.1 - -Dec-01-2015 AutoAlert, Inc. MotoFuze LLC - - - -Dec-01-2015 Traders Holdings Co., Ltd. (JASDAQ:8704) Nextop.Asia Co., Ltd. $4.8 $4.6 1.0x -Dec-01-2015 TeamQuest Corporation PureShare Inc. - - - -Dec-01-2015 Q2 Holdings, Inc. (NYSE:QTWO) SmartyPig, LLC - $10.6 - -Dec-01-2015 everyStory, Inc. StoryPress, Inc. - - - -Dec-01-2015 Cegid Group SA (ENXTPA:CGD) Technomedia Talent Management Inc. $14.9 - - -Dec-01-2015 - Telenor Mobile Media AS - - - -Dec-01-2015 Big Sea, Inc. ThinkTank, Inc. - - - -Dec-01-2015 Perion Network Ltd. (NasdaqGS:PERI) Undertone Networks, Inc. - $180.0 - -Dec-01-2015 iomart Group plc (AIM:IOM) United Communications Limited $3.6 $16.6 4.6x -Dec-01-2015 Brockton Capital LLP; VIRTUS Data Centres Ltd. VIRTUS LONDON4 - - - -Dec-02-2015 Coupa Software Incorporated 8.5×14 Media Inc. - - - -Dec-02-2015 Claranet Limited Aspaway $11.4 - - -Dec-02-2015 Charity Auctions Today, LLC BigSighted, LLC - - - -Dec-02-2015 American Capital Equity Management LLC BrandMuscle Inc. - - - -Dec-02-2015 Impact Radius, Inc. ClearSaleing, Inc. - - - -Dec-02-2015 Contagious Gaming Inc. (TSXV:CNS) DIGITOTE Software GmbH Deutschland and DIGITOTE Ltd. - $3.9 - -Dec-02-2015 Dinner Lab, Inc. Dishcrawl, Inc. - - - -Dec-02-2015 Indegene Healthcare Indegene SmartCare® - - - -Dec-02-2015 Reverse Logistics GmbH Kvenna s.r.o. - - - -Dec-02-2015 Peak-Ryzex, Inc. M-Netics Holdings Ltd. - - - -Dec-02-2015 Townsquare Media, Inc. (NYSE:TSQ) Team Player Productions, Taste of Fort Collins - - - -Dec-03-2015 Acxiom Corporation (NasdaqGS:ACXM) Allant Group, Inc., Advanced-Advertising Unit - - - -Dec-03-2015 Quikr India Private Limited Blitzkrieg Technology Private Limited - - - -Dec-03-2015 Perk.com Inc. (TSX:PER) Corona Labs Inc. - $2.3 - -Dec-03-2015 Vendini, Inc. CrowdTorch, Certain Assets - $3.0 - -Dec-03-2015 Procad Softwares S/A Digital System Assessoria e Desenvolvimento de Sistemas LTDA - - - -Dec-03-2015 Edelman GmbH Ergo Unternehmenskommunikation GmbH & Co. KG - - - -Dec-03-2015 Dürr Aktiengesellschaft (DB:DUE) iTAC Software AG $16.3 - - -Dec-03-2015 The North Alliance AS Nansen Group AB - - - -Dec-03-2015 PropertyGuru Pte. Ltd. RumahDijual.com - - - -Dec-03-2015 Welltok, Inc. Silverlink Communications, LLC - - - -Dec-03-2015 MK Automotive, Inc. (OTCPK:MKAU) squuak.com - - - -Dec-03-2015 Deloitte SA Synergence SAS - - - -Dec-03-2015 Webedia SAS West World Media, LLC - - - -Dec-04-2015 Gateway Media LLC 2382258 Ontario, Inc - - - -Dec-04-2015 New-Cell, Inc. AWS and 700 Mhz Spectrum in Northwestern Wisconsin and Northeastern Minnesota - - - -Dec-04-2015 International Business Machines Corporation (NYSE:IBM) Clearleap, Inc. - - - -Dec-04-2015 Daimler AG (XTRA:DAI); Bayerische Motoren Werke Aktiengesellschaft (DB HERE Holding Corporation $1,064.4 $3,124.1 2.9x -Dec-04-2015 Brand New Media Pty Ltd. MAX & Partners Pty Ltd. - - - -Dec-04-2015 CB Scientific Inc. (OTCPK:NXAM.D) Net X America Inc. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDADec-04-2015 NORD Holding Unternehmensbeteiligungsgesellschaft

PDV-Systeme GmbH $17.5 - - -

Dec-04-2015 Perficient Inc. (NasdaqGS:PRFT) The Pup Group, Inc. $12.0 - - -Dec-05-2015 NS Intressenter AB; EOC Capital Scand. Design Online AB - - - -Dec-07-2015 Visma Retail AS ABALON AB $3.1 - - -Dec-07-2015 Senseonics Holdings, Inc. (OTCBB:SENH) ASN Technologies, Inc. - - - -Dec-07-2015 - ASN Technologies, Inc., Substantially All - - - -Dec-07-2015 OneLogin, Inc. Cafésoft LLC - - - -Dec-07-2015 Hannon Westwood Ltd. Douglas-Westwood Ltd. - - - -Dec-07-2015 Glovoapp23, S.L. Easy Digital Networks, S.L. - - - -Dec-07-2015 Ve Interactive Ltd. eBay Enterprise, Inc., Display Retargeting business - - - -Dec-07-2015 Dalian Zeus Entertainment Co., Ltd. (SZSE:002354) RaySns Technology Co., Ltd. - $141.6 - -Dec-07-2015 Vevo LLC Remixation, Inc. - - - -Dec-07-2015 Rise Interactive, Inc. SimpleRelevance Inc. - - - -Dec-07-2015 Paytm Mobile Solutions Private Limited ThumbSpot Inc. - $2.0 - -Dec-07-2015 Active Network, LLC Virtual Race Bags, Inc. - - - -Dec-07-2015 GoDaddy Inc. (NYSE:GDDY) Worldwide Media, Inc., Domain Name Portfolio - - - -Dec-08-2015 Morpho SA AIRTAG SA - - - -Dec-08-2015 Marlin Equity Partners, LLC BlueHornet Networks, Inc. - - - -Dec-08-2015 Monaker Group, Inc. (OTCPK:MKGI) CJ Software, CJ Booking Engine - - - -Dec-08-2015 Aptean, Inc. Computron Software, LLC - - - -Dec-08-2015 Enghouse Systems Limited (TSX:ESL) CTI Group Holdings Inc. $17.5 $17.3 1.0x 8.6xDec-08-2015 IDI, Inc. (AMEX:IDI) Fluent, Inc. $68.0 - - -Dec-08-2015 Vietnammm Co., Ltd. Foodpanda Vietnam Co., Ltd. - - - -Dec-08-2015 Revionics, Inc. MarketYze Ltd. - - - -Dec-08-2015 Pinterest, Inc. OMG Labs, Inc. - - - -Dec-08-2015 CradlePoint, Inc. Pertino, Inc - - - -Dec-08-2015 Siris Capital Group, LLC Premiere Global Services, Inc. $566.2 $978.8 1.7x 13.2xDec-08-2015 Pinterest, Inc. The Hunt - - - -Dec-08-2015 Pathfinder Publishing Private Limited Thotmatrix Online Solutions Private Limited - - - -Dec-08-2015 Vidlet Inc. Vidcaster, Inc. - - - -Dec-09-2015 Interactive Intelligence Group Inc. (NasdaqGS:ININ) Anveshan Techsolutions Private Ltd. - - - -Dec-09-2015 Ourpalm Co.,Ltd (SZSE:300315) Beijing Tianma Shikong Network Technology Co., Ltd. $1.2 $664.7 - -Dec-09-2015 Moody's Corporation (NYSE:MCO) BlackBox Logic LLC - - - -Dec-09-2015 Courion Corporation Core Security Technologies, Inc. - - - -Dec-09-2015 Webedia SAS Edit-Place SARL - - - -Dec-09-2015 SGN Games, Inc. Fat Rascal Games Inc. - - - -Dec-09-2015 Acuity Brands, Inc. (NYSE:AYI) GeoMetri, LLC - - - -Dec-09-2015 PRGX Global, Inc. (NasdaqGS:PRGX) Global EDGE, LLC - - - -Dec-09-2015 The Collinson Group Ltd idAlerts Inc. - - - -Dec-09-2015 Agency For the Performing Arts Inc. Independent Artists Agency, Inc. - - - -Dec-09-2015 Provider B.V. ISP Services BV - - - -Dec-09-2015 SGN Games, Inc. Kiwi, Inc. - - - -Dec-09-2015 NeuStar, Inc. (NYSE:NSR) MarketShare Partners LLC $57.0 $450.0 7.9x -Dec-09-2015 iFood.com Agência de Restaurantes Online S.A. Netcook Serviços Online LTDA. - - - -Dec-09-2015 Paycor, Inc. Newton Software, Inc. - - - -Dec-09-2015 True Nature Holding, Inc. (OTCPK:TNTY) Trunity Holdings, Inc. $0.4 - - -Dec-09-2015 Transunion Netherlands I B.V. Trustev Limited - $44.0 - -Dec-09-2015 PAN Communications, Inc. Vantage PR, Inc. - - - -Dec-09-2015 GoCoin LLC Ziftr, LLC - - - -Dec-10-2015 DiscoverMi Ltd AKH Communications Ltd. - - - -Dec-10-2015 CPB Software AG Bavaria Banken Software GmbH - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDADec-10-2015 Zuken USA, Inc. CAETEK Inc. - - - -Dec-10-2015 DAXKO LLC CSI Software, Inc. - - - -Dec-10-2015 Elsey Enterprises Eaton Web Design, Inc. - - - -Dec-10-2015 Salem Web Network, LLC Instapray, Inc. - - - -Dec-10-2015 QMS Media Limited (ASX:QMS) iSite Ltd - $32.5 - -Dec-10-2015 LiveIntent Inc. Mojn Ltd. - - - -Dec-10-2015 Indigo Infra S.A. NOW! Innovations OÜ - - - -Dec-10-2015 Mobile TeleSystems PJSC (NYSE:MBT) NVision Group ZAO - $263.0 - -Dec-10-2015 Next Fifteen Communications Group plc (AIM:NFC) ODD London Limited - $5.7 - -Dec-10-2015 SimilarGroup Ltd. Quettra, Inc. - - - -Dec-10-2015 Wynne Systems, Inc. Result Group Limited - - - -Dec-10-2015 Honeywell International Inc. (NYSE:HON) Satcom1 Aps $7.0 - - -Dec-10-2015 Facelift brand building technologies GmbH socialBench GmbH - - - -Dec-10-2015 EQS Schweiz AG Tensid Ltd. - - - -Dec-11-2015 IT Mídia S.A. Empreender Saude e Consultoria Ltda - - - -Dec-11-2015 EQT Mid Market Investment Strategy FocusVision Worldwide, Inc. - - - -Dec-11-2015 Access UK Limited HCSS Education Ltd - - - -Dec-11-2015 LTV Market, LLC LTVtrade LLC - - - -Dec-11-2015 Intercontinental Exchange, Inc. (NYSE:ICE) Trayport Limited $78.3 $860.1 11.0x -Dec-13-2015 EQS Group AG (XTRA:E1S) Obsidian IR Ltd - - - -Dec-13-2015 The Social Travel Club Limited Pimpernel Data Communicatie BV, HomeForExchange.com - - - -Dec-14-2015 Redirect.com AdEngage, Inc. - - - -Dec-14-2015 Nurture My Child LLC Camp Sloop - - - -Dec-14-2015 Canadian Web Hosting Ltd. eSecureData Inc. - - - -Dec-14-2015 Feed Management Systems, Inc. Format International Ltd. - - - -Dec-14-2015 Expedia Inc. (NasdaqGS:EXPE) HomeAway, Inc. $485.3 $3,347.8 6.9x 54.5xDec-14-2015 salesforce.com, inc. (NYSE:CRM) MinHash, Inc. - - - -Dec-14-2015 - Morgan Marketing & Public Relations LLC - - - -Dec-14-2015 Gladstone Investment Corporation (NasdaqGS:GAIN); Gladstone Managem Nth Degree, Inc. - $19.0 - -Dec-14-2015 Dematic Corp. Reddwerks Corporation - - - -Dec-14-2015 Sophos Group plc (LSE:SOPH) SurfRight B.V. - $31.8 - -Dec-14-2015 Machinery Pete LLC TractorSearch.com - - - -Dec-14-2015 Pamlico Capital World 50, Inc. - - - -Dec-15-2015 Taihe Music Group Baidu Music - - - -Dec-15-2015 Accessa Coatings Solutions LLC BatchMaster Software Corporation - - - -Dec-15-2015 Bulkhead Interactive Limited Bevel Studios Ltd. - - - -Dec-15-2015 - Data Centre Located in South East of England - $42.3 - -Dec-15-2015 Altech NuPay (Pty) Ltd. Delter IT Services - - - -Dec-15-2015 Expo Logic Inc. Event Planning International Corporation - - - -Dec-15-2015 ProQuest LLC Ex Libris Ltd. - - - -Dec-15-2015 Silvaco, Inc. InfiniScale S.A. - - - -Dec-15-2015 Vetary PetDental.com - - - -Dec-15-2015 Xplornet Communications Inc. Platinum Communications Corp. $7.6 $9.1 1.2x 6.5xDec-15-2015 Alhambra Systems S.A. Software Ingenieros, S.L. - - - -Dec-15-2015 Insite Software Solutions, Inc. Storyworks OnDemand, Inc. - - - -Dec-15-2015 Easy Taxi Serviços S.A. TAPPSI SAS - - - -Dec-15-2015 - Worlds Mall, Inc. - $0.4 - -Dec-16-2015 Agence Aristote S.A.S. AKOA - - - -Dec-16-2015 Access Information Management Shared Services, LLC Archive Systems, Inc. - - - -Dec-16-2015 Humac Bolder Thinking, Inc. - - - -Dec-16-2015 SportsLine.com, Inc. CBT Sports, LLC - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDADec-16-2015 Sharetracker, LLC; Social Science Research Solutions, Inc. Centris Marketing Science - - - -Dec-16-2015 Freshdesk Inc. Konotor - - - -Dec-16-2015 Sure Shot Media & Marketing LLC Olio Holdings, LLC - - - -Dec-16-2015 Soil Sub Technologies Ltd. (ASX:SOI) Pointerra Pty Ltd - $0.3 - -Dec-16-2015 Navihealth, Inc. RightCare Solutions, Inc. - - - -Dec-16-2015 Baocheng Investment Co., Ltd. (SHSE:600892) Shenzhen Taole Network Technology Co., Ltd. - $130.9 - -Dec-17-2015 Nordkom AB (publ) (OM:NORDK) 70% of Friends Tactics Sweden AB and 50% of Friends & Insights AB and 20% of Parapix AB - - - -Dec-17-2015 Google Inc. BeBop Technology, LLC - $380.2 - -Dec-17-2015 CVIHype Inc. Bownce, LLC - - - -Dec-17-2015 FullContact Inc. nGame, Inc - - - -Dec-17-2015 Buffer, Inc. Respondly Inc. - - - -Dec-17-2015 Nordkom AB (publ) (OM:NORDK) Scholz & Friends Stockholm AB - - - -Dec-17-2015 Purch, Inc. ShopSavvy, Inc. - - - -Dec-18-2015 Ingram Micro Inc. (NYSE:IM) Docdata - $175.0 - 9.7xDec-18-2015 The Riverside Company; Charles Taylor plc (LSE:CTR) Fadata AD $12.8 - - -Dec-18-2015 Aeria Inc. (JASDAQ:3758) GESI Co., Ltd. - $1.0 - -Dec-18-2015 Synopsys Inc. (NasdaqGS:SNPS) Goanna Software Pty Ltd - - - -Dec-18-2015 PricewaterhouseCoopers AG iBROWS AG - - - -Dec-18-2015 Zeeland Family Oyj (HLSE:ZEE1V) Mainostoimisto Idealmainos Oy, Idealmarkkinointi - - - -Dec-18-2015 Microsoft Corporation (NasdaqGS:MSFT) Metanautix, Inc. - - - -Dec-18-2015 migme Limited (ASX:MIG) PT Hipwee Media Solutions - $0.5 - -Dec-18-2015 Genesys Telecommunications Holdings Limited SpeechStorm Limited - - - -Dec-18-2015 Oracle Corporation (NYSE:ORCL) StackEngine, Inc. - - - -Dec-18-2015 Cubic Corporation (NYSE:CUB) TeraLogics, LLC - $39.0 - -Dec-18-2015 GroupM Worldwide Inc. The Exchange Lab Ltd. $31.9 - - -Dec-18-2015 softfair GmbH Trixi GmbH - - - -Dec-18-2015 Pixie Group Limited (ASX:PEG) Zingmobile Group Limited $13.0 - - -Dec-21-2015 Kik Interactive, Inc. 1908251 Ontario Inc. - - - -Dec-21-2015 Geometry Global Limited Cacto Arte e Ideas S.A. De C.V. - - - -Dec-21-2015 Pivotal Software, Inc. CloudCredo Ltd - - - -Dec-21-2015 Jones Lang LaSalle Incorporated (NYSE:JLL) Corrigo Incorporated - - - -Dec-21-2015 Eletromídia Comercial Ltda. DMS Publicidade Mídia Interativa Ltda - - - -Dec-21-2015 Pathfinder Publishing Private Limited Edukriti Learning Solutions Pvt. Ltd. - $1.0 - -Dec-21-2015 Comexposium S.A. Finaki SA - - - -Dec-21-2015 Nuvo Logistics Private Limited Jiffstore Software Labs Pvt. Ltd. - - - -Dec-21-2015 Simei Media Co.,Ltd. (SZSE:002712) Keyi Culture Communication Co., Ltd. $5.4 $78.7 14.7x -Dec-21-2015 Aspiring Minds Assessment Pvt. Ltd. LetsIntern Career Solutions Pvt. Ltd. - - - -Dec-21-2015 Royal Mail plc (LSE:RMG) NetDespatch Ltd. - - - -Dec-21-2015 Village Roadshow Limited (ASX:VRL) Opia Limited - $44.6 - -Dec-21-2015 Ingram Micro Inc. (NYSE:IM) Parallels Holdings Ltd., Certain Assets - - - -Dec-21-2015 Anytime Fitness, LLC Pumpone, LLC - - - -Dec-21-2015 Health & Safety Institute, Inc. Safetec Compliance Systems Inc. - - - -Dec-21-2015 Skype Inc. Talko Inc. - - - -Dec-21-2015 Muut, Inc. Team Awesome Productions, Inc., Tal.ki - - - -Dec-21-2015 ATCORE Technology Ltd. TigerBay Limited - - - -Dec-21-2015 Flight Centre Travel Group Limited (ASX:FLT) Travelonomy Ltd - $28.0 - -Dec-21-2015 Ernst & Young LLP UMT Consulting Group, LLC - - - -Dec-22-2015 Time Dotcom Bhd. (KLSE:TIMECOM) AIMS Data Centre Pte Ltd. - - - -Dec-22-2015 U Digital Content Private Limited Apalya Technologies Private Limited $6.0 - - -Dec-22-2015 Media Ventures GmbH E2Ma GmbH - - - -Dec-22-2015 - Ezy Cloud Holding Inc. - $0.4 - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDADec-22-2015 iPoint-systems gmbh Inplus GmbH - - - -Dec-22-2015 Cisco Systems, Inc. (NasdaqGS:CSCO) Lancope, Inc. - $452.5 - -Dec-22-2015 TBX Group, Inc. mPath Discovery, LLC - - - -Dec-22-2015 H.I.G. Europe SISTEMAS E IMAGEN PUBLICITARIA, S.L. - - - -Dec-22-2015 Eletromídia Comercial Ltda. Telefónica On The Spot Soluções Digitais do Brasil, Ltda. - - - -Dec-22-2015 Payscape Technologies, LLC Vendevor, Inc. $45.0 - - -Dec-22-2015 HgCapital Zitcom A/S and ScanNet - - - -Dec-23-2015 Genero Capital LLC cashU Inc. - - - -Dec-23-2015 Uptime OÜ Comperio AS - - - -Dec-23-2015 B-Billboard Corp. Dueno Showtime PR Inc. - - - -Dec-23-2015 Solocal Group SA (ENXTPA:LOCAL) Effilab - - - -Dec-23-2015 Pandora Media, Inc. (NYSE:P) Rdio, Inc. - $75.0 - -Dec-23-2015 - Selpress Media Monitoring & Newsbank - - - -Dec-23-2015 ABC Creative Ltd. UpUp Design Ltd. - - - -Dec-24-2015 Versata Enterprises, Inc. Compressus, Inc. - - - -Dec-24-2015 Invigor Group Limited (ASX:IVO) Condat AG $6.2 $3.3 0.5x -Dec-24-2015 Mobi724 Global Solutions Inc. (OTCPK:FPOT.F) iQ 7/24 Inc. - - - -Dec-24-2015 StoneCalibre, LLC XMedius Solutions Inc. - - - -Dec-29-2015 OneTwoTrip Corner Global Ltd. - - - -Dec-29-2015 - Explomo Consulting Pte. Ltd. - $0.5 - -Dec-29-2015 All Web Leads, Inc. Insurancequotes, Inc. And NetQuote, Inc. - $165.0 - -Dec-29-2015 R3 Business Solutions, LLC Lohfeld Consulting Group, Inc., WinCenter Product and Business - - - -Dec-29-2015 1-PAGE LIMITED (ASX:1PG) Marianas Labs Inc. - - - -Dec-30-2015 1&1 Internet SE Home.pl Sp. z o.o. $21.2 $172.7 8.2x -Dec-30-2015 PRS IN VIVO In Vivo BVA - - - -Dec-30-2015 The NPD Group, Inc. Nielsen Holdings plc, VideoScan Service - - - -Dec-30-2015 Shenzhen Mindata Holding Co., Ltd. (SZSE:002137) Shanghai Shunwei Advertising Co., Ltd. $33.3 $50.4 1.5x -Dec-30-2015 Credit Karma, Inc. Snowball, Inc. - - - -Dec-30-2015 InSales LLC Torgg.com - - - -Dec-30-2015 Carter Validus Mission Critical REIT II, Inc. Waco Data Center - $10.7 - -Dec-31-2015 AudioCodes Ltd. (NasdaqGS:AUDC) Active Communications Europe BV - $5.0 - -Dec-31-2015 Gravity4, Inc. ad2one Limited, Australia and New Zealand Divisions - - - -Dec-31-2015 Welocalize, Inc. Adapt Worldwide - - - -Dec-31-2015 Swiftreach Networks, Inc. Alert Solutions, Inc. - - - -Dec-31-2015 Aptean, Inc. AssetPoint, LLC - - - -Dec-31-2015 - Beijing Nation Sky Network Technology Co.,Ltd - $80.0 - -Dec-31-2015 Spruce Finance Inc. Clean Power Finance, Inc. - - - -Dec-31-2015 Cloudability Inc. Datahero, Inc. - - - -Dec-31-2015 Consileon Business Consultancy GmbH; ajco solutions GmbH ELAXY GmbH - - - -Dec-31-2015 - First Telecom GmbH - - - -Dec-31-2015 Monterro Holdings AB Grade AB and Mashie AB - - - -Dec-31-2015 Hangzhou Xinli Media Advertisement Co., Ltd. Hangzhou Zhuanshi Advertising Co., Ltd. - $1.7 - -Dec-31-2015 Digital Evolution Group LLC HSB Marketing, LLC - - - -Dec-31-2015 UNICOM Systems, Inc. International Business Machines Corporation, IBM Rational System Architect - - - -Dec-31-2015 New Sports Group Limited (SEHK:299) Kingworld (Beijing) Technology Co., Ltd. $5.6 $58.0 10.4x -Dec-31-2015 The Carlyle Group LP (NasdaqGS:CG); Revolution Growth LDiscovery, LLC - - - -Dec-31-2015 Inbokss SIA Mail.ee - - - -Dec-31-2015 Geotab Inc. Maps BI - - - -Dec-31-2015 Vista Equity Partners MarketLive, Inc. - - - -Dec-31-2015 HEXANET SAS Microcaz SARL - - - -Dec-31-2015 j2 Global, Inc. (NasdaqGS:JCOM) MXToolBox, Inc., Email Security Business - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDADec-31-2015 Nuvola, Inc. Nuvola, Inc, Prior to Merger with Modern Round, LLC $0.0 - - -Dec-31-2015 ParkWhiz, Inc. ParkingEdge, LLC - - - -Dec-31-2015 EVO Payments International, LLC Postbank P.O.S. Transact GmbH - - - -Dec-31-2015 Trusted Knight Corp. Sentrix Ltd. - - - -Dec-31-2015 Funds2Orgs Shoes With Heart - - - -Dec-31-2015 Vista Equity Partners Shopatron, Inc. - - - -Dec-31-2015 Paperlit Inc. Stonewash Limited - $1.4 - -Dec-31-2015 Ziff Davis, LLC Vertive, LLC - - - -Dec-31-2015 Flextronics International USA, Inc. Wink, Inc. - $15.0 - -

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 $2,596.4 $2,550.0 $696.0 67.3% 18.6% 7.9% 2.8x 14.9x 2.7x 11.3x 2.3% Billing & Service Management $1,176.4 $1,261.5 $578.8 58.8% 23.9% 0.2% 1.7x 10.1x 1.8x 7.0x -15.1% Business Intelligence $2,246.8 $2,249.2 $612.7 75.8% 14.9% 10.0% 3.0x 16.3x 2.9x 15.0x 2.3% Development Platforms $1,205.2 $1,131.3 $377.6 75.8% 18.6% 11.1% 2.4x 8.0x 2.5x 8.3x 18.5% Engineering & PLM $3,966.2 $4,360.9 $1,255.2 84.6% 22.4% 6.4% 3.5x 14.9x 3.4x 10.3x 5.8% Enterprise Resource Planning $9,603.5 $10,107.3 $2,172.2 59.0% 27.1% 6.1% 3.8x 15.2x 3.8x 11.3x 16.8% Financial & Accounting $2,926.7 $3,448.6 $1,046.0 54.8% 24.9% 3.8% 4.1x 16.1x 3.8x 13.3x 8.6% Gaming $3,193.6 $3,109.1 $1,672.9 67.1% 10.7% 4.7% 2.2x 20.0x 1.9x 11.8x 52.5% Healthcare $1,861.2 $2,658.8 $764.2 51.2% 13.4% 9.9% 2.5x 16.0x 2.2x 11.9x 2.7% IT Conglomerates $133,506.6 $143,483.6 $81,741.0 59.0% 29.6% -5.7% 3.8x 9.4x 3.8x 8.3x -12.3% Mobile Solutions/Content $456.5 $501.3 $366.5 53.2% 3.1% 12.0% 1.5x 14.5x 1.4x 10.5x -21.3% Networking & Network Performance Mgmt $997.1 $783.8 $308.6 75.5% 12.7% 5.0% 2.2x 12.8x 2.1x 8.4x -20.4% Security $1,239.2 $1,174.9 $253.4 74.5% 3.3% 18.0% 3.6x 14.0x 3.7x 12.9x 3.1% Storage, Data Mgmt & Integration $7,627.9 $4,430.9 $2,263.5 80.1% 11.3% 2.4% 2.1x 8.3x 2.2x 7.3x -12.3% Systems Management $11,768.8 $11,559.8 $2,624.1 85.1% 26.3% 12.2% 3.7x 17.4x 2.8x 9.1x -3.7% Vertical - Finance $6,371.6 $6,819.6 $1,075.0 43.0% 32.9% 7.4% 4.7x 14.0x 4.5x 12.8x 24.5% Vertical - Other $2,981.8 $3,207.2 $505.9 46.9% 18.3% 13.9% 4.9x 21.1x 4.4x 20.1x 42.9%

TTM Revenue Growth 7.9%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 11.1%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 January 2016 Monthly Flash Report

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-15%

-10%

-5%

0%

5%

10%

15%

20%SEG SW Index Software Stock Market Return: January - December 2015

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 $1,051.6 $957.4 $196.2 67.1% -5.9% 28.9% 5.5x 35.2x 4.6x 33.1x 0.1% CRM & Marketing $1,243.2 $1,137.2 $208.8 68.0% -14.3% 28.1% 6.2x 132.0x 5.2x 48.0x -2.8% ERP & Supply Chain $1,167.3 $1,044.4 $158.5 67.9% -8.3% 23.9% 6.3x 27.9x 5.5x 40.4x -9.7% Vertically Focused $890.5 $770.8 $149.4 62.6% 1.0% 36.9% 5.8x 35.9x 4.6x 24.3x 7.1% Human Capital Management $1,470.7 $1,461.7 $198.3 61.5% -2.4% 27.8% 5.6x 69.0x 4.7x 39.2x 8.3% SaaS Other $788.8 $795.4 $205.2 70.6% -8.2% 28.9% 4.9x 24.4x 4.1x 35.8x -4.4%

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 11.1%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




-15%

-10%

-5%

0%

5%

10%

15%SEG SaaS Index Stock Market Return: January - December 2015

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 $1,370.6 $1,161.8 $587.5 62.4% 7.6% 14.6% 2.0x 19.3x 1.9x 13.4x -7.5% Ad Tech & Lead Generation $603.3 $522.0 $422.1 52.8% 3.9% 14.7% 1.3x 22.3x 1.4x 13.9x -23.0% Commerce $581.9 $594.9 $589.5 44.1% 3.5% 17.1% 1.3x 23.4x 1.3x 12.7x -8.8% Content & Media $2,321.7 $2,235.1 $758.5 53.9% 7.1% 12.1% 2.2x 20.5x 2.0x 10.7x -4.4% Gaming $3,056.49 $2,239.1 $1,350.9 64.7% 32.3% 13.3% 2.9x 11.7x 2.6x 12.4x 10.6% Infrastructure $681.85 $651.7 $360.4 62.9% 8.6% 4.9% 1.3x 15.0x 1.3x 9.9x -14.6% Search $35,334.22 $33,143.6 $6,727.7 68.8% 26.8% 15.7% 5.9x 19.2x 5.1x 13.9x -6.4% Services $903.05 $741.3 $344.1 73.1% 7.1% 19.2% 1.8x 19.2x 1.6x 12.7x -8.8% Social $4,057.95 $4,281.0 $916.7 74.8% 15.7% 39.3% 7.7x 29.2x 6.2x 18.4x -3.4% Travel $15,485.08 $16,094.7 $1,527.6 83.5% 9.0% 12.5% 5.1x 27.8x 5.2x 15.8x 13.0%

TTM Revenue Growth 14.6%TTM EBITDA Growth 6.2%TTM Earnings Growth 5.0%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 18.6%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%





-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%SEG Internet Index Stock Market Return: January - December 2015

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 january 2016 flash...

Documents