software sector summary report - gca altium...2 deal dashboard notes: source: capital iq, pitchbook,...

11

C O M P A N Y P R E S E N T A T I O NSoftware

Sector SummaryWeek of October 2, 2017

22

DEAL DASHBOARD

Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 09/29/2017.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017.5) 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. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

$Bn $Bn

Software

(61)%

9%

43%

36%

Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4)

Company Amount ($MM) Target Acquirer EV ($MM)

$270 $3,903

$250 $1,125

$70 $834

$45 $614

$35 $531

$35 $382

$32 $344

$26 $270

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

` Financing Activity by Quarter

$35.9 BillionFinancing Volume YTD (1)(2)

470Financing Transactions YTD (1)(2)

$29.1 BillionM&A Volume YTD (3)

76M&A Transactions YTD (3)

16%

30%

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

SPX IGV

118103 111

127

94

123

156 160 154

Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

$6 $6

$9$10

$5 $6

$14$12

$11

Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

$24 $16

$6

$50

$41

$15 $12 $5

$12

Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

2429

14

2924

29 2621

29

Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

( )

( )

3.9x

3.1x

4.2x

3.6x 4.0x

4.6x

2.5x

4.7x

3.9x

5.3x

4.3x

3.7x

4.9x

2.5x 2.7x

2.2x

2.9x 2.9x

4.5x 4.1x

2.5x

0

1

2

3

4

5

6

2011 2012 2013 2014 2015 2016 2017

All Buyers Strategic Buyers PE Buyers

33

GCA OVERVIEW

US Team

Steve FletcherManaging DirectorHead of Software

[email protected]

Jimmy OrozcoManaging [email protected]

Josh WepmanManaging Director

Software & Digital Media

[email protected]

The GCA Software Team

Clark CallanderManaging Director

Head of Investment [email protected]

Todd CarterCo-President & [email protected]

Executive Leadership Select Europe Team

*Sascha PfeifferCo-Head of European Technology & Media

[email protected]

*Adrian ReedManaging Director

[email protected]

*Stephen GeorgiadisManaging Director

[email protected]

*Raiko SteltenDirector

[email protected]

Select Asia Team

**Ryuichi KanemakiManaging [email protected]

**Tomohiko KubotaManaging Director

CEO of [email protected]

**Akikazu IdaCo-Head of Asian

Technology & [email protected]

Glen KrugerDirector

[email protected]

Mike JanovecVice President

[email protected]

Gautam GargVice President

[email protected]

Daniel AvrutskyManaging Director

[email protected]

Peter BangManaging DirectorFinancial ServicesFinancial [email protected]

Chris GoughManaging Director

Real Estate [email protected]

Sean MinnihanManaging Director

FinTechFinancial Software

[email protected]

Derek BellManaging DirectorBusiness [email protected]

JT HermanManaging Director

Industrial [email protected]

Arthur KirschManaging Director

Healthcare [email protected]

John LambrosManaging Director

Head of Digital [email protected]

Alex VitaleManaging Director

Auto [email protected]

*Phil AdamsCEO of GCA Altium

[email protected]

*Tobias SchultheissManaging Director

[email protected]

Sameer JindalManaging Director

Head of Indian [email protected]

Paul DiNardoManaging Director

[email protected]

*Adrian Reed, Phil Adams, Sascha Pfeiffer, Stephen Georgiadis and Tobias Schultheiss are Managing Directors 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, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation.

44

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 09/29/2017.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV.

(35%)

(20%)

(5%)

10%

25%

40%

55%

70%

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17

Sector 3 Months 1 Year 3 Years

Platform 4.9% 21.2% 43.6%

Security 7.9% 18.7% 37.5%

Infrastructure 11.8% 21.3% 26.7%

BI & Analytics 10.3% 21.1% 6.4%

Vertical 5.2% 15.9% 47.6%

SaaS / On Demand 9.2% 28.8% 65.9%

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17

55

Valuation and Operational Metrics

TRADING COMPARABLES

Notes:Source: Capital IQ. Market Data as of 09/29/2017.Figures represent mean values of respective comp groups.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV.

EV / 2017E Revenue EV / 2017E EBITDA

2017E / 2016A Revenue Growth 2017E EBITDA Margin

6.5x

5.6x 5.5x 5.3x

4.3x 4.1x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

SaaS Vertical Infrastructure Platform Security BI & Analytics

Median: 5.4x

37.2x

29.4x 29.3x 29.0x27.8x

14.0x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

SaaS Security Vertical BI & Analytics Infrastructure Platform

Median: 29.1x

25.0% 22.4%

17.8% 15.5% 15.3%

12.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

SaaS Infrastructure BI & Analytics Security Vertical Platform

Median: 16.7%

37.1%

24.6% 22.9%

21.2%

16.9% 14.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Platform Infrastructure Vertical Security SaaS BI & Analytics

Median: 22.0%

66

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 09/29/2017.

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics

Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin

9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E

Platform

Microsoft Corporation $74.49 $573,740 ($40,403) $533,337 6.2x 5.3x 4.9x 19.2x 13.7x 12.7x 35.1x 22.6x 22.1x (2.7%) 16.8% 7.8% 32.4% 38.9% 39.1%

Oracle Corporation $48.35 201,788 (13,606) 188,182 5.1 4.8 4.7 12.9 10.5 9.8 23.1 16.8 15.7 (0.6%) 4.7% 3.8% 39.2% 46.1% 47.4%

International Business Machines Corporation $145.08 135,206 33,379 168,585 2.1 2.2 2.2 9.1 9.2 9.0 11.7 10.5 10.5 (2.2%) (2.5%) (0.1%) 23.2% 23.6% 24.2%

SAP SE $109.44 131,212 1,897 133,109 5.7 4.7 4.4 20.9 13.5 13.0 34.1 22.2 20.2 3.1% 21.0% 6.6% 27.4% 35.0% 34.1%

Adobe Systems Incorporated $149.18 73,537 (3,479) 70,058 12.0 9.7 8.1 38.4 23.0 19.0 64.3 35.4 28.7 22.1% 23.8% 19.7% 31.1% 42.0% 42.6%

Mean 6.2x 5.3x 4.9x 20.1x 14.0x 12.7x 33.7x 21.5x 19.4x 3.9% 12.8% 7.5% 30.7% 37.1% 37.5%

Median 5.7 4.8 4.7 19.2 13.5 12.7 34.1 22.2 20.2 (0.6%) 16.8% 6.6% 31.1% 38.9% 39.1%

Infastructure

VMware, Inc. $109.19 $44,636 ($6,485) $38,151 5.4x 4.9x 4.5x 20.6x 12.8x 12.5x 39.3x 21.5x 19.8x 6.7% 10.4% 18.2% 26.1% 38.2% 36.5%

ServiceNow, Inc. $117.53 20,064 (552) 19,512 14.0 10.2 7.8 NM 46.6 31.8 NM NM 66.0 38.3% 37.2% 30.4% NM 21.9% 24.6%

Red Hat, Inc. $110.86 19,673 (903) 18,771 8.1 6.8 5.9 47.1 25.1 21.3 84.6 42.0 35.4 17.9% 18.8% 15.7% 17.1% 27.1% 27.6%

Micro Focus International plc $32.00 13,924 1,411 15,335 11.3 6.1 3.6 29.3 15.1 9.3 43.0 17.6 15.6 9.3% 85.5% 67.9% 38.7% 40.5% 39.3%

CA, Inc. $33.38 14,062 (44) 14,018 3.5 3.4 3.3 10.9 9.2 8.6 17.8 14.0 13.3 (0.1%) 3.0% 2.5% 31.8% 36.8% 38.1%

Citrix Systems, Inc. $76.82 11,639 41 11,680 3.4 4.1 4.0 11.4 12.4 11.7 22.5 16.6 15.3 4.4% (17.5%) 3.9% 30.0% 33.4% 34.0%

Splunk Inc. $66.43 9,300 (1,003) 8,297 8.7 6.8 5.4 NM 59.5 41.0 NM NM 81.6 42.1% 28.0% 25.5% NM 11.5% 13.3%

Atlassian Corporation Plc $35.15 7,988 (550) 7,438 14.0 10.3 7.9 NM 40.8 29.3 NM 96.9 68.1 37.2% 35.6% 31.0% NM 25.3% 26.9%

F5 Networks, Inc. $120.56 7,661 (1,014) 6,647 3.3 3.2 3.0 10.9 8.0 7.4 21.8 14.5 13.4 3.9% 4.1% 4.9% 30.2% 39.5% 40.8%

LogMeIn, Inc. $110.05 5,803 (285) 5,517 5.5 5.5 4.7 NM 15.3 12.4 NM 27.2 22.7 23.7% 5.6% 15.2% 12.2% 35.6% 38.1%

Nutanix, Inc. $22.39 3,469 (349) 3,120 5.2 3.2 2.3 NM NM NM NM NM NM 83.4% 60.1% 38.8% NM NM NM

Pure Storage, Inc. $15.99 3,382 (523) 2,859 3.9 2.8 2.2 NM NM 32.8 NM NM NM 65.3% 38.5% 30.6% NM 1.6% 6.6%

NetScout Systems, Inc. $32.35 2,897 (100) 2,796 2.5 2.4 2.3 14.6 10.2 8.1 NM 18.5 13.7 43.1% 1.5% 8.3% 17.0% 24.0% 27.9%

Commvault Systems, Inc. $60.80 2,767 (481) 2,286 3.6 3.3 3.0 NM 24.2 18.5 NM 54.9 43.0 8.6% 8.8% 9.9% 2.6% 13.6% 16.3%

New Relic, Inc. $49.80 2,715 (227) 2,488 10.3 7.7 6.0 NM NM 77.1 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8%

MuleSoft, Inc. $20.14 2,597 (256) 2,341 12.5 8.4 6.2 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM

Progress Software Corporation $38.17 1,843 (68) 1,775 4.4 4.5 4.4 16.3 10.6 10.5 NM 20.7 20.4 7.4% (2.2%) 1.1% 26.9% 42.3% 42.0%

Appian Corporation $28.46 1,711 (78) 1,633 12.3 10.0 8.6 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM

A10 Networks, Inc. $7.56 535 (132) 403 1.8 1.7 1.6 NM 99.3 38.3 NM NM NM 15.6% 2.7% 7.9% NM 1.7% 4.1%

Mean 7.0x 5.5x 4.6x 20.1x 27.8x 23.2x 38.2x 31.3x 32.9x 28.7% 22.4% 20.5% 23.3% 24.6% 26.5%

Median 5.4 4.9 4.4 15.4 15.2 15.5 30.9 20.7 20.4 19.5% 18.8% 16.8% 26.5% 26.2% 27.8%

77








Security

Symantec Corporation $32.81 $20,163 $3,888 $24,051 6.4x 4.8x 4.5x 27.0x 10.8x 9.4x NM 21.2x 16.1x 4.2% 32.6% 7.9% 23.6% 44.6% 47.5%

Check Point Software Technologies Ltd. $114.02 18,636 (1,599) 17,037 9.8 9.1 8.5 19.7 16.4 15.3 27.3 22.0 20.1 6.8% 7.5% 7.0% 49.7% 55.6% 55.5%

Palo Alto Networks, Inc. $144.10 13,234 (850) 12,384 7.9 6.4 5.3 NM 26.6 20.4 NM 48.2 38.9 36.3% 24.4% 20.7% NM 23.9% 25.8%

Splunk Inc. $66.43 9,300 (1,003) 8,297 8.7 6.8 5.4 NM 59.5 41.0 NM NM 81.6 42.1% 28.0% 25.5% NM 11.5% 13.3%

Trend Micro Incorporated $49.20 6,764 (1,190) 5,574 4.9 4.3 4.0 14.3 12.8 11.5 32.1 30.8 27.3 9.3% 15.2% 7.4% 34.5% 33.4% 34.7%

Fortinet, Inc. $35.84 6,302 (1,207) 5,095 4.0 3.4 3.0 53.2 16.9 13.7 NM 37.6 31.4 26.4% 16.9% 14.6% 7.5% 20.3% 21.8%

Proofpoint, Inc. $87.22 3,875 (52) 3,823 10.2 7.6 5.9 NM 63.6 42.0 NM NM 86.8 41.5% 34.4% 28.6% NM 11.9% 14.0%

FireEye, Inc. $16.77 3,055 (110) 2,945 4.1 4.0 3.7 NM 37.0 33.7 NM NM NM 14.6% 3.9% 8.3% NM 10.7% 10.9%

Qualys, Inc. $51.80 1,944 (279) 1,665 8.4 7.3 6.3 34.8 22.1 18.9 NM 57.5 50.2 20.5% 15.0% 16.0% 24.2% 33.1% 33.3%

Mimecast Limited $28.42 1,616 (98) 1,518 8.9 6.5 5.2 NM 74.3 48.9 NM NM NM 26.1% 36.8% 24.2% NM 8.7% 10.7%

Imperva, Inc. $43.40 1,468 (320) 1,148 4.3 3.6 3.0 NM 28.1 20.4 NM 53.9 46.4 12.9% 21.5% 18.2% NM 12.7% 14.8%

CyberArk Software Ltd. $41.00 1,424 (261) 1,164 5.4 4.6 3.8 27.4 21.5 16.8 52.6 39.4 31.3 34.7% 17.5% 20.1% 19.6% 21.2% 22.7%

Barracuda Networks, Inc. $24.23 1,283 (203) 1,080 3.1 2.9 2.7 31.0 16.2 13.0 NM 33.0 28.6 12.5% 7.0% 7.7% 10.0% 17.9% 20.8%

SecureWorks Corp. $12.35 1,001 (98) 903 2.1 1.9 1.8 NM NM NM NM NM NM 26.5% 8.2% 9.9% NM NM 0.0%

F-Secure Oyj $5.05 791 (92) 699 4.2 3.4 3.1 29.3 34.5 20.5 47.8 52.6 37.0 4.2% 21.8% 10.3% 14.3% 10.0% 15.2%

Rapid7, Inc. $17.60 766 (84) 682 4.3 3.5 2.9 NM NM NM NM NM NM 42.4% 25.1% 20.6% NM NM NM

VASCO Data Security International, Inc. $12.05 481 (156) 324 1.7 1.7 1.6 20.0 22.5 16.1 45.3 38.9 30.9 (20.4%) (2.5%) 9.1% 8.4% 7.7% 9.8%

MobileIron, Inc. $3.70 348 (89) 259 1.6 1.4 1.3 NM NM NM NM NM NM 9.8% 9.8% 11.1% NM NM NM

Zix Corporation $4.89 270 (30) 241 4.0 3.6 3.3 20.2 13.0 11.3 45.1 17.5 14.8 9.9% 10.4% 10.4% 19.8% 27.9% 28.9%

Absolute Software Corporation $6.20 245 (33) 212 2.4 2.3 2.1 19.0 24.8 17.5 NM NM 63.5 (4.2%) 6.0% 8.9% 12.6% 9.1% 11.8%

iPass Inc. $0.66 44 (10) 34 0.5 0.6 0.5 NM NM NM NM NM NM 1.1% (13.8%) 17.3% NM NM NM

Mean 5.1x 4.3x 3.7x 26.9x 29.4x 21.8x 41.7x 37.7x 40.3x 17.0% 15.5% 14.5% 20.4% 21.2% 21.8%

Median 4.3 3.6 3.3 27.0 22.5 17.5 45.2 38.2 31.4 12.9% 15.2% 11.1% 19.6% 17.9% 18.0%

88








SaaS

Salesforce.com, inc. $93.42 $67,141 ($919) $66,222 7.9x 6.4x 5.3x NM 29.5x 23.8x NM 71.0x 54.9x 25.9% 23.9% 19.8% 6.0% 21.6% 22.4%

Workday, Inc. $105.39 21,921 (1,549) 20,372 13.0 9.7 7.7 NM 63.8 45.3 NM NM 96.8 35.0% 34.0% 25.6% NM 15.2% 17.0%

ServiceNow, Inc. $117.53 20,064 (552) 19,512 14.0 10.2 7.8 NM 46.6 31.8 NM NM 66.0 38.3% 37.2% 30.4% NM 21.9% 24.6%

Shopify Inc. $116.49 11,537 (932) 10,605 27.2 16.3 11.4 NM NM NM NM NM NM 89.7% 67.1% 43.4% NM 1.8% 4.9%

Veeva Systems Inc. $56.41 7,932 (725) 7,208 13.2 10.7 9.0 59.2 32.9 27.2 NM 65.1 55.9 32.9% 23.8% 19.5% 22.4% 32.6% 32.9%

LogMeIn, Inc. $110.05 5,803 (285) 5,517 5.5 5.5 4.7 NM 15.3 12.4 NM 27.2 22.7 23.7% 5.6% 15.2% 12.2% 35.6% 38.1%

The Ultimate Software Group, Inc. $189.60 5,655 (101) 5,554 7.1 5.9 4.9 82.2 26.3 20.8 NM 53.7 43.3 26.4% 19.8% 20.0% 8.7% 22.6% 23.8%

Aspen Technology, Inc. $62.81 4,591 38 4,629 9.8 9.5 9.2 21.0 19.7 18.9 36.4 27.4 29.9 1.7% 3.0% 3.8% 46.7% 48.3% 48.3%

Paycom Software, Inc. $74.96 4,466 (33) 4,432 13.5 10.3 8.2 65.2 35.7 28.1 NM 65.2 52.2 46.5% 31.1% 24.9% 20.7% 28.7% 29.2%

Blackbaud, Inc. $87.80 4,123 370 4,493 6.1 5.7 5.2 36.0 23.4 21.4 99.8 41.1 37.0 14.6% 7.6% 8.9% 17.1% 24.4% 24.5%

j2 Global, Inc. $73.88 3,571 912 4,483 5.1 3.9 3.6 12.1 9.4 8.4 23.6 12.8 11.7 21.3% 30.6% 7.6% 42.3% 41.9% 43.4%

RealPage, Inc. $39.90 3,298 71 3,369 5.9 5.0 4.2 41.4 NA NA NM 42.9 33.5 21.3% 18.2% 20.1% 14.3% NA NA

RingCentral, Inc. $41.75 3,199 (167) 3,032 8.0 6.2 5.0 NM 97.6 65.8 NM NM NM 28.2% 29.7% 22.2% NM 6.3% 7.7%

HubSpot, Inc. $84.05 3,112 (203) 2,909 10.7 7.9 6.3 NM NM 92.6 NM NM NM 48.9% 35.6% 25.9% NM 4.9% 6.8%

Zendesk, Inc. $29.11 2,926 (240) 2,685 8.6 6.3 4.9 NM NM 96.7 NM NM NM 49.4% 35.5% 29.5% NM 3.1% 5.1%

2U, Inc. $56.04 2,913 (22) 2,891 14.0 10.2 7.4 NM NM NM NM NM NM 37.1% 38.1% 37.2% NM 3.7% 5.4%

Okta, Inc. $28.21 2,696 (213) 2,483 15.5 10.1 7.5 NM NM NM NM NM NM 86.6% 52.7% 35.3% NM NM NM

MuleSoft, Inc. $20.14 2,597 (256) 2,341 12.5 8.4 6.2 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM

Box, Inc. $19.32 2,584 (82) 2,502 6.3 4.9 4.0 NM NM NM NM NM NM 31.7% 26.8% 23.3% NM NM 3.9%

New Relic, Inc. $49.80 2,715 (227) 2,488 10.3 7.7 6.0 NM NM 77.1 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8%

Paylocity Holding Corporation $48.82 2,526 (103) 2,423 9.2 7.3 6.0 NM 37.7 30.3 NM 67.4 55.4 40.8% 25.7% 22.3% 2.7% 19.4% 19.7%

Cornerstone OnDemand, Inc. $40.61 2,338 (67) 2,272 5.4 4.7 4.1 NM 35.3 25.0 NM NM 55.0 24.6% 13.7% 15.6% NM 13.4% 16.3%

Cloudera, Inc. $16.62 2,315 (395) 1,920 7.4 5.4 4.2 NM NM NM NM NM NM 57.2% 37.4% 26.3% NM NM NM

Qualys, Inc. $51.80 1,944 (279) 1,665 8.4 7.3 6.3 34.8 22.1 18.9 NM 57.5 50.2 20.5% 15.0% 16.0% 24.2% 33.1% 33.3%

Appian Corporation $28.46 1,711 (78) 1,633 12.3 10.0 8.6 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM

Coupa Software Incorporated $31.15 1,670 (208) 1,461 10.9 8.2 6.6 NM NM NM NM NM NM 59.9% 33.4% 25.0% NM NM NM

Callidus Software Inc. $24.65 1,667 (172) 1,495 7.2 6.1 5.1 NM 48.0 33.6 NM 75.9 53.7 19.4% 19.4% 19.1% NM 12.6% 15.1%

Mimecast Limited $28.42 1,616 (98) 1,518 8.9 6.5 5.2 NM 74.3 48.9 NM NM NM 26.1% 36.8% 24.2% NM 8.7% 10.7%

Five9, Inc. $23.90 1,317 (11) 1,306 8.1 6.7 5.7 NM NM 67.6 NM NM NM 25.8% 20.2% 17.6% 1.1% 6.5% 8.4%

Yext, Inc. $13.28 1,198 (127) 1,071 8.6 6.3 4.8 NM NM NM NM NM NM 38.5% 36.8% 32.6% NM NM NM

Alteryx, Inc. $20.37 1,196 (153) 1,043 12.2 8.3 6.1 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM

Benefitfocus, Inc. $33.65 1,049 53 1,102 4.7 4.3 3.8 NM 68.5 40.4 NM NM NM 26.0% 9.8% 25.7% NM 6.3% 9.3%

SPS Commerce, Inc. $56.71 977 (159) 818 4.2 3.7 3.2 43.4 25.5 20.8 NM 64.7 53.9 21.9% 14.3% 14.5% 9.8% 14.5% 15.6%

99








SaaS (Cont'd)

Instructure, Inc. $33.15 $974 ($26) $948 8.6x 6.2x 4.7x NM NM NM NM NM NM 51.5% 39.6% 80.4% NM NM NM

Workiva Inc. $20.85 872 (53) 820 4.6 4.0 3.5 NM NM NM NM NM NM 23.0% 15.6% 31.5% NM NM NM

LivePerson, Inc. $13.55 798 (54) 744 3.3 3.5 3.2 83.2 36.6 29.9 NM NM 95.8 (6.8%) (3.5%) 3.6% 4.0% 9.4% 10.8%

Apptio, Inc. $18.47 738 (124) 614 3.8 3.4 2.9 NM NM NM NM NM NM 24.2% 15.2% 31.0% NM NM 2.2%

Carbonite, Inc. $22.00 612 (16) 595 2.9 2.4 2.2 42.1 12.5 9.8 NM 28.8 21.8 51.5% 17.7% 29.6% 6.8% 19.5% 22.5%

Castlight Health, Inc. $4.30 566 (90) 476 4.7 3.6 2.8 NM NM NM NM NM NM 35.0% 31.1% 66.8% NM NM NM

Bazaarvoice, Inc. $4.95 417 (58) 360 1.8 1.8 1.7 NM 17.9 13.7 NM 99.0 37.1 2.2% 1.5% 6.7% NM 9.8% 12.2%

ChannelAdvisor Corporation $11.50 304 (57) 247 2.2 2.0 1.8 NM 38.8 25.9 NM NM NM 12.5% 9.3% 21.6% NM 5.1% 6.9%

Brightcove Inc. $7.20 247 (28) 220 1.5 1.4 1.3 NM NM 35.4 NM NM NM 11.6% 1.8% 8.3% NM NM 3.8%

Park City Group, Inc. $12.15 236 (9) 227 13.9 10.4 7.9 67.2 NA 22.3 NM 63.9 32.0 21.6% NA 76.3% 20.6% NA 35.3%

Amber Road, Inc. $7.68 209 12 221 3.0 2.8 2.5 NM NM 77.0 NM NM NM 9.0% 10.2% 22.9% NM NM 3.2%

Marin Software Incorporated $1.75 69 (29) 40 0.4 NA NA NM NA NA NM NA NA (8.0%) NA NA NM NA NA

Mean 8.5x 6.5x 5.3x 49.0x 37.2x 36.9x 53.3x 54.0x 47.9x 32.1% 25.0% 26.0% 16.2% 16.9% 17.3%

Median 8.1 6.2 5.1 42.7 34.1 28.1 36.4 60.7 51.2 26.1% 23.9% 23.8% 13.3% 14.0% 15.1%

1010








Business Intelligence & Analytics

Splunk Inc. $66.43 $9,300 ($1,003) $8,297 8.7x 6.8x 5.4x NM 59.5x 41.0x NM NM 81.6x 42.1% 30.5% 60.7% NM 11.5% 13.3%

Tableau Software, Inc. $74.89 5,923 (993) 4,931 6.0 5.6 5.1 NM 71.9 57.6 NM NM NM 26.5% 9.4% 16.4% NM 7.8% 8.9%

Teradata Corporation $33.79 4,423 (532) 3,891 1.7 1.8 1.9 10.2 10.8 10.7 35.6 27.2 26.2 (8.2%) (6.9%) (9.9%) 16.4% 17.1% 17.3%

Fair Isaac Corporation $140.50 4,304 481 4,785 5.3 5.1 4.7 23.1 19.8 17.5 35.5 27.7 23.5 6.1% 5.6% 11.8% 23.0% 25.6% 27.2%

Verint Systems Inc. $41.85 2,667 395 3,062 2.9 2.7 2.5 31.4 11.9 10.6 NM 15.2 13.6 (6.0%) 6.9% 13.7% 9.2% 22.6% 23.9%

Cloudera, Inc. $16.62 2,235 (395) 1,840 7.1 5.1 4.1 NM NM NM NM NM NM 57.2% NA 73.5% NM NM NM

MicroStrategy Incorporated $127.71 1,462 (632) 830 1.6 1.6 1.6 7.2 9.6 12.8 16.2 27.1 32.3 (3.3%) (1.9%) 0.2% 22.6% 17.2% 12.7%

Alteryx, Inc. $20.37 1,196 (153) 1,043 12.2 8.3 6.1 NM NM NM NM NM NM 59.4% NA 98.9% NM NM NM

Hortonworks, Inc. $16.95 1,137 (72) 1,066 5.8 4.3 3.4 NM NM 68.0 NM NM NM 51.3% 37.1% 70.8% NM NM 5.0%

Gridsum Holding Inc. $10.30 316 (16) 300 5.2 3.2 2.0 NM NM 7.8 NM NM 15.9 59.4% 65.1% 157.7% NM 2.7% 26.0%

Datawatch Corporation $11.55 141 (29) 111 3.5 3.0 NA NM NM NA NM NM NA 4.4% 16.8% NA NM NM NA

Attunity Ltd. $6.71 114 (10) 104 1.9 1.7 1.4 NM 19.2 16.4 NM NM 26.8 13.1% 15.7% 33.2% NM 8.8% 8.8%

Mean 5.2x 4.1x 3.5x 18.0x 29.0x 26.9x 29.1x 24.3x 31.4x 25.2% 17.8% 47.9% 17.8% 14.2% 15.9%

Median 5.3 3.8 3.4 16.7 19.2 16.4 35.5 27.1 26.2 19.8% 12.5% 33.2% 19.5% 14.3% 13.3%

Vertical

Cerner Corporation $71.32 $23,648 ($94) $23,555 5.0x 4.5x 4.2x 17.9x 13.8x 12.5x 38.6x 28.5x 25.7x 8.2% 8.5% 19.8% 27.9% 32.9% 33.4%

Constellation Software Inc. $544.64 11,542 (70) 11,472 5.4 4.7 4.2 28.2 18.1 15.8 55.8 24.8 21.3 15.6% 13.7% 29.4% 19.2% 26.2% 26.4%

Veeva Systems Inc. $56.41 7,932 (725) 7,208 13.2 10.7 9.0 59.2 32.9 27.2 NM 65.1 55.9 32.9% 24.8% 47.9% 22.4% 32.6% 32.9%

SS&C Technologies Holdings, Inc. $40.15 8,248 2,209 10,457 7.1 6.2 5.9 20.3 15.2 13.8 62.7 20.7 18.4 48.1% 10.8% 19.6% 34.7% 40.8% 42.9%

Guidewire Software, Inc. $77.86 5,840 (573) 5,267 11.7 9.6 8.0 NM 48.3 35.5 NM 89.7 68.0 13.6% 23.6% 46.8% 4.3% 19.9% 22.5%

athenahealth, Inc. $124.36 4,966 209 5,174 4.8 4.2 3.7 48.3 19.4 16.5 NM 65.0 50.6 17.1% 11.6% 28.5% 9.9% 21.7% 22.5%

Medidata Solutions, Inc. $78.06 4,567 (96) 4,470 9.6 8.1 6.8 68.2 32.8 26.5 NM 60.7 51.5 18.1% 19.5% 41.1% 14.1% 24.6% 25.8%

Blackbaud, Inc. $87.80 4,123 370 4,493 6.1 5.7 5.2 36.0 23.4 21.4 99.8 41.1 37.0 14.6% 7.7% 17.1% 17.1% 24.4% 24.5%

CoreLogic, Inc. $46.22 3,897 1,552 5,449 2.8 2.9 2.8 13.0 11.7 10.9 37.6 19.9 17.9 27.8% (4.0%) (1.7%) 21.5% 25.1% 26.1%

RealPage, Inc. $39.90 3,298 71 3,369 5.9 5.0 4.2 41.4 NA NA NM 42.9 33.5 21.3% 18.2% 42.0% 14.3% NA NA

Ellie Mae, Inc. $82.13 2,824 (334) 2,490 6.9 6.2 5.1 34.0 21.1 16.4 71.4 55.3 45.1 41.9% 14.2% 34.5% 20.3% 29.2% 31.4%

Allscripts Healthcare Solutions, Inc. $14.23 2,570 1,264 3,834 2.5 2.1 1.8 25.2 10.4 9.2 NM 23.1 19.1 11.8% 15.5% 34.9% 9.8% 20.7% 19.9%

Inovalon Holdings, Inc. $17.05 2,486 (280) 2,206 5.2 4.9 4.5 29.7 20.1 17.6 95.0 54.0 45.7 (2.2%) 5.8% 15.0% 17.3% 24.3% 25.4%

AppFolio, Inc. $47.95 1,626 (32) 1,594 15.1 11.4 9.0 NM 67.3 51.2 NM NM NM 40.8% 33.1% 67.0% NM 17.0% 17.7%

Instructure, Inc. $33.15 974 (26) 948 8.6 6.2 4.7 NM NM NM NM NM NM 51.5% 39.6% 80.4% NM NM NM

Silver Spring Networks, Inc. $16.17 873 (118) 755 2.4 2.5 2.3 NM 64.2 20.6 NM NM 59.1 (36.5%) 3.6% 7.5% NM 3.8% 11.0%

HealthStream, Inc. $23.37 745 (116) 630 2.8 2.5 2.3 29.9 17.3 14.7 NM NM 80.6 8.1% 8.4% 19.6% 9.3% 14.7% 15.8%

Castlight Health, Inc. $4.30 566 (90) 476 4.7 3.6 2.8 NM NM NM NM NM NM 35.0% 31.1% 66.8% NM NM NM

Exa Corporation $24.18 365 (17) 348 4.8 4.5 4.1 77.9 53.1 35.8 NM NM NM 10.9% 4.6% 17.6% 6.2% 8.6% 11.4%

Mean 6.6x 5.6x 4.8x 37.8x 29.3x 21.6x 65.8x 45.5x 42.0x 19.9% 15.3% 33.4% 16.6% 22.9% 24.4%

Median 5.4 4.9 4.2 32.0 20.6 17.1 62.7 42.9 45.1 17.1% 13.7% 29.4% 17.1% 24.4% 25.0%

1111Notes:

Source: Capital IQ as of 09/29/2017. Consensus Estimates used for CY2018E figures.

Estimates for MRIN are not available.

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1212

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

9/28/17 Application Software $382 5.3x 4.7x 258.2x 42.9xProvides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and

gas sectors globally

9/27/17 Application Software $180 4.0x NA NA NA Provides marketing cross-channel attribution SaaS that enables media and video ad performance analytics and optimization

9/26/17 Application Software $807 NA NA NA NA Provides online and mobile commerce logistics software for shipping companies globally

9/26/17 Application Software $392 NA NA NA NA Provides marketing automation and behavior prediction analytics SaaS for the automotive dealership industry

9/25/17 (VelocityEHS and BOLT

Solutions assets)

Application Software $354 NA NA NA NAThe VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance

and incident management software and SaaS for HR professionals

9/25/17 Application Software $195 NA 4.9x NA NA Provides Web-based wealth management SaaS for financial markets

9/20/17 Security $225 6.4x NA NA NA Provides authentication, single sign-on and user identity management SaaS for enterprises

9/6/17 Application Software $475 NA NA NA NAProvides e-commerce and order management software and services for retailers and businesses. Also provides web hosting,

design and integration services

9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the United States

9/5/17 Application Software $713 2.7x NA 13.3x NA Provides manufacturing plant project management and design software for businesses in the industrial industries

8/31/17 Application Software $128 NA NA NA NA Provides sales acceleration and lead management SaaS for the mortgage, insurance, technology and education industries

8/30/17 Application Software $175 5.1x 4.0x NA NAProvides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that

enables consumers to purchase gift cards

8/28/17 Application Software $105 0.7x 1.0x NM 19.9xProvides marketing automation SaaS and digital marketing services to businesses in the consumer products, retail,

automotive, financial services, healthcare, telecommunications, marketing and entertainment industries

8/22/17 Application Software $118 0.8x NA 15.5x NAProvides business intelligence document and knowledge management, and GIS SaaS, hosting and software development

services for businesses in Scandinavia and Baltic nations

8/21/17 Application Software $323 9.6x NA 20.8x NA Provides insurance and reinsurance software solutions( )

1313


RECENT ACQUISITIONS


($MM)



7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses

7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)

and systems integration services for public sector agencies globally

7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"

content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the

hospitality, dining, healthcare, entertainment, travel and education sectors

7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,

contract management and spend analysis

7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,

integration and backup

7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store

management, service desk optimization, on-boarding and off-boarding and workforce security

6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and

management services for businesses

6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses

6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses

6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store

payment terminals

5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.

Also provides Windows PowerShell interactive development environment (IDE) software

5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for

businesses

5/26/17

Asure Software Inc. iSystems LLC

Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers

( )

( )

( )

( )

( )

8/15/17 Application Software $107 8.5x NA NA NA Provides load tracking and management SaaS for the shipping and freight sector in the US

8/3/17DigiCert Inc. [Thoma

Bravo]

Symantec Corporation

(Website Security

business assets)

Application Software $950 NA 2.4x NA NAThe Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and

consumers globally

8/3/17 Global Payments Inc.

Active Network Inc.

[fka The Active

Network] [Vista

Application Software $1,207 NA NA NA NAThe communities and sports divisions of Active Network, which provides administration, membership, donations and event

management SaaS for non-profit organizations

8/2/17 RealPage On-Site Manager Inc. (assets)Application Software $250 NA 5.0x NA NAProvides property management software featuring document management, electronic signatures, website development,

background screening, legal contract management, payment processing and cloud computing

8/1/17 Navient [fka Sallie Mae]Duncan Solutions Inc. Application Software $80 1.5x NA NA NAProvides customer service automation, billing, citation management, asset recovery, and transportation database systems

and outsourced services for municipalities and toll authorities

7/27/17 Verisk Analytics Inc. G2 Web Services LLC Security $112 NA NA NA NA Provides merchant risk intelligence software for the investment and financial industries

7/26/17 Open Text Guidance Software Information Management $245 2.3x 2.1x NM 20.6xProvides e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer

for businesses and law enforcement agencies globally
















( )

( )

( )

( )

( )(Communities & Sports Divisions)

( ) (Website Security Business Assets)

( )

1414


RECENT ACQUISITIONS


($MM)





















payment terminals




businesses

5/26/17




( )

( )

( )

( )

( )




payment terminals




businesses

5/26/17




5/9/17 Information Management $96 5.6x NA 16.5x NAProvides customer address verification software as a service (SaaS) to e-commerce companies and other businesses. Also

provides verification SaaS for other customer data such as phone numbers and email addresses

5/3/17 Infrastructure Management $490 6.1x 5.2x 14.0x NA Provides software, Web application and API code review, testing and quality assurance (QA) software for businesses

5/1/17 Enterprise Networking $610 24.4x 15.3x NA NAProvides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic WAN and network

infrastructures that connect them to their facilities, users and applications

5/1/17 Information Management $344 1.7x 1.7x 69.1x 15.1xProvides social media-based team collaboration and social media monitoring and marketing software as a service (SaaS) for

businesses

4/28/17Marlin Equity

PartnersTangoe Mobility $270 NA 1.1x NA 10.3x

Provides telecom expense management, network provisioning, M2M and mobile device management software and SaaS for

businesses. Also provides related business process outsourcing (BPO) services

4/25/17 Security $230 2.3x 1.8x 23.0x NAOffers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and authenticate end

users across account lifecycles

4/25/17 Application Software $75 1.9x NA NA NA

Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also provides features for

data processing and aggregation, data warehouse automation, and the reporting and analysis of CRM, sales and supply chain

analytics

4/12/17 Application Software $120 NA NA NA NAProvides channel data management SaaS for the consumer electronics sector globally. Software enables companies to

intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility

( )

( )

( )

1515


RECENT ACQUISITIONS


($MM)





















payment terminals




businesses

5/26/17




( )

( )

( )

( )

( )


Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-based

communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance

plans

4/3/17 Application Software $50 NA NA NA NAProvides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides features for the

digital management, awarding, reporting and stewardship of academic awards for students

4/3/17 Application Software $73 4.8x NA NA NA Provides mathematical data analysis and modeling software to engineering and scientific research markets

4/3/17 Infrastructure Management $92 0.5x NA NA NA Provides trading software, collaborative data management and EDI software for the securities trading sector

4/3/17 Application Software $400 NA NA NA NAExperian's cross-channel marketing business, which provides marketing automation and email advertising SaaS and

outsourced BPO services for businesses and ad agencies worldwide

3/30/17 Security $366 NA NA NA NA

Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and BlackBerry smart

phone anti-virus and anti-malware software for businesses and consumers globally. Also provides mobile call blocking and

device optimization software

3/29/17 Infrastructure Management $200 6.3x 4.4x NA NAProvides Web and mobile application testing software for enterprises. Features include website performance testing and

management, application load testing, and performance analytics

3/21/17 Application Software $270 NA NA NA NAProvides water resource and environmental management and simulation software to the utilities industry globally. Stantec

obtained ownership of Innovyze through the 2016 acquisition of MWH Global

3/20/17 Application Software $205 7.3x NA NA NAProvides investment portfolio business intelligence (BI) software for the investment and finance sector globally. Software

provides features for data management, portfolio performance analytics, risk management and reporting

3/7/17 Security $614 5.6x NA NA NA Provides automated application penetration and network vulnerability testing SaaS for enterprise software developers

3/7/17 Application Software $317 5.3x NA NA NAProvides on-premise and cloud-based accounting and performance management software and SaaS, including budgeting,

planning, reporting and analytics, for businesses

2/28/17 Security $105 10.5x NA NA NAProvides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or targeted

attacks, insider threats and malware that have circumvented traditional security controls

2/27/17 Application Software $290 8.1x NA 29.0x NAThe multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting, forecasting and

revenue cycle management software for multi-family real estate sectors

2/23/17 Enterprise Networking $325 5.4x NA NA NAProvides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address

management SaaS for enterprises

2/23/17 Application Software $175 2.4x 2.3x 27.5x 20.3xProvides Web-based SaaS for the automation and management of performance appraisals, feedback, compensation

management, succession planning, job descriptions, learning management and recruiting for corporate HR departments

(Multi-Family Housing Business)

(Tongfang InvestmentFund Series SPC)

(Bei jing Feiliu Jiutian Technology Co.)

(Cross -channel Marketing Division)

( )

( )

1616


RECENT ACQUISITIONS


($MM)



1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators

1/25/17 Application Software $1,400 NA NA NA NA

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical

companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide

electronic authorization

1/24/17 Infrastructure Management $3,903 18.9x NA NM NA

Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and

troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics

reporting software

1/20/17 Hosted Services $84 NA NA NA NAProvides domain name registration and related services to corporate and consumer website owners. Related services include

web hosting and an auction service for website domain name resellers

1/19/17 Application Software $800 4.6x NA NA NAProvides project and portfolio management SaaS and related systems integration services for enterprises. Software includes

features for plan design, agile project portfolio management and cost analysis and control

1/17/17 Storage $650 6.5x NA NA NA

Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature

virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that

can be replicated to secondary datacenters

1/9/17 Information Management $425 NA NA NA NAProvides social collaboration online software for enterprise employees and consumers. Software allows employees and

consumers to create "boards" where members collaborate to complete tasks for a project

1/4/17 Application Software $134 19.1x 7.0x NA NAProvides health benefits management SaaS for businesses. Software provides features for financial management, customized

health benefit plans, and data and analytics reporting

12/23/16 Application Software $53 NA NA NA NAProvides cloud-based global import and export trade reference software and an online database of analysis content, cargo

details and related company profiles for businesses at www.datamyne.com

12/20/16 Application Software $67 NA NA NA NA Provides client reporting software and services for the investment and financial services sectors globally

12/20/16 Security $560 NA NA NA NAProvides digital rights management SaaS for businesses and content producers, as well as an online digital music and video

content recognition database for consumers and the entertainment sector


Provides insurance policy administration and management software as a service (SaaS) and on-premise for property and

casualty insurance companies. Features include claims management, billing and document management. Also provides

related services

12/19/16 Mobility $67 NA NA NA NADesigns and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other

embedded display manufacturers

All Software

Median 4.6x 2.4x 21.9x 18.9x

Mean 5.5x 3.8x 26.9x 32.9x

PE Acquirers

Median 4.0x 2.4x 27.5x 15.1x

Mean 3.9x 2.9x 36.9x 15.2x

( )

( )

( )

2/15/17 Application Software $102 1.3x NA NA NAProvides insurance policy and pharmacy claims processing software and SaaS for the insurance and pharmaceutical sector.

Also provides colocation, disaster recovery, managed hosting and systems integration services

2/14/17 Application Software $59 1.9x 1.6x NM 10.7x Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector globally

2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1x 29.6x 17.5xProvides network management and operational support system (OSS) software and related managed services for telecom

service provides globally

2/8/17 Sophos Invincea Security $120 12.2x NA NA NAProvides endpoint security software for small businesses and enterprises in the healthcare, financial services and

government industries

2/2/17 Hexagon ABMSC Software

CorporationApplication Software $834 3.6x NA NA NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses

2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles

1/31/17 Storage $67 1.7x NA 43.4x NAProvides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for use in disaster

recovery for businesses

1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators

1/25/17 Application Software $1,400 NA NA NA NA

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical

companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide

electronic authorization

1/24/17 Infrastructure Management $3,903 18.9x NA NM NA

Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and

troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics

reporting software

1/20/17 Hosted Services $84 NA NA NA NAProvides domain name registration and related services to corporate and consumer website owners. Related services include

web hosting and an auction service for website domain name resellers

1/19/17 Application Software $800 4.6x NA NA NAProvides project and portfolio management SaaS and related systems integration services for enterprises. Software includes

features for plan design, agile project portfolio management and cost analysis and control

1/17/17 Storage $650 6.5x NA NA NA

Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature

virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that

can be replicated to secondary datacenters

All Software

Median 4.6x 2.4x 23.0x 18.7x

Mean 5.2x 3.7x 45.6x 32.8x

PE Acquirers

Median 5.5x 2.4x 27.5x 15.1x

Mean 4.3x 2.9x 36.9x 15.2x

( )

( )

( )

( )

( )

All Software

Median 4.6x 2.7x 23.0x 19.9x

Mean 5.2x 3.8x 44.6x 33.9x

PE Acquirers

Median 5.5x 2.4x 27.5x 15.1x

Mean 4.3x 2.9x 36.9x 15.2x

1717

RECENT PRIVATE FINANCINGS

Notes:Source: Pitchbook. Reflects deal activity through 9/28/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

9/28/17 Feidee $200 Developer of a mobile application for personal finance Kohlberg Kravis Roberts

9/28/17 Stockpile $30Provider of a stock market investment platform designed to make it simple for young and

first-time investors to save and invest for their future Eight Roads Ventures, Hanna Ventures, Wang Ventures, Arbor Ventures, Mayfield Fund

9/27/17 Kyriba $45Provider of a cloud-based treasury and cash management software designed to help in

supply chain finance and risk management operations

Sumeru Equity Partners, Bpifrance, Daher Capital, HSBC Innovation Investments, Iris Capital

Management

9/27/17 Logtrust $35Provider of a big data analytics platform designed to provide a complete and unified view

of business operations

Atlantic Bridge Capital, Insight Venture Partners, Kibo Ventures Partners, Investing Profit

Wisely

9/26/17 Drift $32Developer of a conversation-driven marketing and sales platform designed to

automatically turn website traffic into qualified sales meetings HubSpot, Sequoia Capital, Charles River Ventures, General Catalyst Partners

9/25/17 Ritual $44 Provider of a mobile application for local lunch and coffee ordering Insight Venture Partners, Mistral Venture Partners

9/22/17 Apttus $55 Provider of a cloud-based software designed to offer quote-to-cash automation services Premji Invest, ICONIQ Capital, K1 Capital, Salesforce Ventures

9/22/17 Prosper $50 Developer of a marketplace lending platform designed to facilitate peer to peer lending FinEX Asia, LPG Capital

9/22/17 Tempus Health $70Developer of a healthcare data analytics platform designed to enable personalized cancer

care New Enterprise Associates, Revolution Group

9/21/17 10x Banking $44Developer of a digital banking platform designed to modernize the process of back office in

the banking sector Oliver Wyman, Ping An Insurance Group Company of China

9/21/17 Activehours $39Developer of a mobile application designed to give people access to their pay any time

they want Andreessen Horowitz, March Capital Partners, Matrix Partners, Ribbit Capital

9/21/17 Bastille Networks $27Provider of internet security services designed to offer threat detection through software-

defined radio Ballentine Partners, Comcast, Keel Funds, Spinnaker VC Direct, Bessemer Venture Partners

9/20/17 Digital Shadows $26 Provider of cyber-monitoring services designed to improve cyber situational awareness Industry Ventures, Octopus Ventures, WiL (World Innovation Lab), Passion Capital

9/20/17 Miss Fresh (Mobile App) $230Developer of a food delivery application intended to offer fresh food to customers across

China Genesis Capital, Jeneration Capital, Tiger Global Management

9/20/17 mParticle $35Provider of a customer data platform designed to integrate and orchestrate the entire

growth stack Expanding Capital, Harmony Partners, Bain Capital Ventures, Social Capital

1818

RECENT PRIVATE FINANCINGS


($MM)



9/20/17 System1 $270Developer of SaaS-based digital marketing and pre-targeting platform designed for

identifying and unlocking consumer intent Court Square Capital Partners

9/19/17 98point6 $20Provider of a healthcare platform intended to receive private, chat-based consultation

from board-certified physicians NA

9/19/17 Aqua Security $25Developer of scalable security control for virtual containers intended to offer full visibility

and control over containerized environments Lightspeed Venture Partners, Microsoft Ventures, Shlomo Kramer, TLV Partners

9/19/17 GoCardless $23Provider of an online-payment platform intended to turn payments into a competitive

advantage Accel, Balderton Capital, Notion Capital, Passion Capital

9/19/17 MealPal $20Provider of a lunchtime meal subscription service intended to provide delicious and

affordable lunch every day

Menlo Ventures, Bessemer Venture Partners, Comcast Ventures, Haystack Partners, NextView

Ventures

9/19/17 Minio $20Provider of an open source distributed object storage software intended to address the

demands of unstructured data growth

Dell Technologies Capital, Intel Capital, Steve Singh, AME Cloud Ventures, General Catalyst

Partners, Nexus Venture Partners

9/19/17 Threat Stack $45Developer of a SaaS-based intrusion detection platform designed to provide insights about

enterprise cloud environments

Eight Roads Ventures, F-Prime Capital Partners, .406 Ventures, Accomplice VC, Scale Venture

Partners

9/18/17 Slack $250 Provider of a team collaboration and communication platform SoftBank Group, Accel

9/18/17 TigerGraph $31Developer of a real-time graph database platform designed to power real-time deep link

analytics for enterprises

Ant Financial, Baidu Capital, Qiming Venture Partners, Yunqi Partners, AME Cloud Ventures,

Danhua Capital, Data Collective, Farzad Nazem, Morado Venture Partners

9/15/17 HighRadius $50

Developer of a cloud-based integrated receivables software designed to automate

manually-intensive tasks, streamline communication and allow standardization of

processes to drive best practices into receivables organizations

Susquehanna Growth Equity

9/14/17 Call9 $24Developer of a telemedicine platform designed to connect on-site multi-disciplinary

clinical care specialists to remote physicians

Redmile Group, Western Technology Investment, Index Ventures (UK), Refactor Capital, Y

Combinator

9/14/17 Eaze $40 Developer of an on-demand healthcare application

Bailey Capital (Tech Investor), FJ Labs, Great Oaks Venture Capital, Kaya Ventures, Phyto

Partners, QueensBridge Venture Partners, Rose Capital Partners, Winklevoss Capital

Management, DCM Ventures, Fresh VC

9/14/17 Fauna $25Developer of an adaptive operational database platform designed to scale digital business

without compromising productivity or agility

Afore Capital, Costanoa Venture Capital, GV, Point72 Ventures, Vista Venture Partners, Charles

River Ventures, Data Collective, Quest Venture Partners, Ulu Ventures, Webb Investment

Network

9/14/17 KeyMe $25Developer of a mobile application designed to scan, save and share a digital copy of key

and order copies shipped to door

7-Eleven, Isomer Capital, RiverPark Funds, Battery Ventures, Benefit Street Partners, Comcast

Ventures, QuestMark Partners, Ravin Gandhi, The Michael Polsky Family Office, White Star

Capital

9/14/17 Securonix $29Provider of a SaaS based big data security analytics platform designed to transform security

management with risk intelligence Eight Roads Ventures, Volition Capital

1919

RECENT PRIVATE FINANCINGS($MM)



9/13/17 Braavo Capital $70Operator of a capital-as-a-service platform created to break the traditional funding cycle

for mobile entrepreneurs by providing on-demand access to capital TiE Silicon Valley

9/13/17 Gametime United $28 Developer of a mobile sports ticketing application Evolution Media (New York), GV, Palapa Ventures, Accel, Casey Wasserman, Jeff Mallett,

StartX

9/13/17 Heptio $25 Provider of an open source platform designed to make Kubernetes accessible to enterprises Lightspeed Venture Partners, Accel, Madrona Venture Group

9/12/17 Neyber $149Provider of an employee lending platform intended to provide fair rates and cut credit

costs

Goldman Sachs Alternative Investments & Manager Selection Group, Wadhawan Holdings,

Gaël de Boissard, Henry Ritchotte

9/12/17 SendinBlue $36 Developer of a SaaS-based digital marketing suite Partech Ventures

9/11/17 ManoMano $71Operator of an online marketplace for DIY and gardening products intended to connect

people directly to home improvement and gardening merchants General Atlantic, Bpifrance, Partech Ventures, Piton Capital

9/11/17 TNG FinTech Group $115 Operator of digital wallets created to improve the lives of the unbanked people Infinity Group, New margin capital, Nogle

9/11/17 Typeform $35Provider of a cloud-based SaaS web application designed to offer social, engaging and

conversational online forms General Atlantic, Connect Ventures, Index Ventures (UK), Point Nine Capital

9/8/17 NS1 $23Provider of a traffic management platform intended to offer unparalleled control over

traffic and infrastructure

GGV Capital, Salesforce Ventures, Deutsche Telekom Capital Partners, Flybridge Capital

Partners, Sigma Prime Ventures, Telstra Ventures, Two Sigma Ventures

9/7/17 Leia $60 Provider of an interactive holographic technology NA

9/7/17 Linxo $24 Provider of an intelligent financial assistant that provides an overview of personal finances MAIF, Credit Agricole, Crédit Mutuel Arkéa

9/7/17 Pineapple Payments $35 Operator of a payment processing technology company Providence Equity Partners

9/6/17 Absorb LMS $59Provider of a web-based learning management system intended to reduce the effort

required to manage workplace learning and development Silversmith Capital Partners

9/6/17 Aras $40Developer of product lifecycle management (PLM) software designed to effectively manage

the business of engineering GE Ventures, Silver Lake Management

9/6/17 Dataiku $28Developer of a cloud-based collaborative data science platform designed to explore,

prototype, build and deliver data products efficiently Battery Ventures, Alven Capital Partners, FirstMark Capital, Serena Capital


2020




9/6/17 Snowflake $105 Developer of a SaaS-based cloud data warehousing platform Capital One Growth Ventures, ICONIQ Capital, Madrona Venture Group, Altimeter Capital

Management, Redpoint Ventures, Sutter Hill Ventures, Wing Venture Partners

9/6/17 Talkspace $31 Operator of an online therapy platform intended to offer therapy for all Qumra Capital, Compound VC, Firstime Venture Capital, Norwest Venture Partners, SoftBank

Capital, Spark Capital

9/6/17 Turo $92 Provider of an online car-rental marketplace designed to rent a car from local car owners Daimler, Founders Circle Capital, Liberty Mutual Strategic Ventures, SK Group, August Capital,

Canaan Partners, GV, Kleiner Perkins Caufield & Byers, Shasta Ventures, Trinity Ventures

9/6/17 Zipwhip $23Developer of a software platform intended to allow businesses to send and receive text

messages via landlines Cowles Company, OpenView Venture Partners, Microsoft Ventures, Voyager Capital

9/5/17 ForgeRock $88Provider of a digital identity platform designed to transform organizational identity and

access management Kohlberg Kravis Roberts, Accel, Foundation Capital, Meritech Capital Partners

9/5/17 Gather Technologies $55Developer of a cloud-and mobile-based event management software designed to manage

and simplify the event booking process Vista Equity Partners

9/5/17 Maoyan $150 Operator or an online platform designed to sell movie tickets online Beijing Enlight Media

9/5/17 MapR $56 Provider of a converged data platform designed to offer real-time database capabilities Lightspeed Venture Partners

9/4/17 Cubic Motion $26 Developer of facial animation software NorthEdge Capital

9/4/17 Via (Carpooling) $250 Operator of an on-demand transit company designed to provide car pooling services Daimler, 83North, Ervington Investments

8/31/17 Qadium $40Developer of a global Internet-sensing platform designed to create and organize

knowledge about the world's devices IVP, TPG Growth, Founders Fund, New Enterprise Associates, Susa Ventures

8/31/17 SuperAwesome $21Developer of a digital marketing platform designed to meet data-privacy requirements of

the global kids industry Mayfair Equity Partners

8/31/17 VideoAmp $21Developer of an integrated TV operating system designed to optimize ad buys across TV

and digital platforms

MediaOcean, Anthem Venture Partners, GoAhead Ventures, RTL Group, Simon Equity

Partners, Startup Capital Ventures, Wavemaker Partners

8/30/17 ALICE $26Developer of an integrated guest management platform designed to improve the way

hotels deliver service Expedia

8/30/17 Shuidi $24Provider of a healthcare crowdfunding platform designed to reduce the financial burden of

those inflicted with injury or disease

BlueRun Ventures, Sinovation Ventures, Tongcheng Foundation, Banyan Capital, IDG Capital,

Meituan-Dianping, Tencent


2121




8/29/17 Gigster $20Provider of an on demand smart software development service designed to outsource full-

stack application development to building next-gen tech projects for big companies

Adam D'Angelo, Marc Benioff, Michael Jordan, Redpoint Ventures, Andreessen Horowitz,

Sound Ventures, Y Combinator

8/29/17 Truveris $25Operator of a health information technology platform designed to offer prescription

benefit plans and payers of claims

McKesson Ventures, Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners,

New Atlantic Ventures

8/29/17 VuLog $20 Provider of a mobile carsharing platform intended to reshape the future of shared mobility Frog Capital, Inven Capital, Bpifrance, ETF Partners

8/28/17 Anonyome Labs $20Developer of cyber security software created to control and protect personal and private

informationHanna Ventures, Ken Eldred, Todd Davis, Greg Clark, John Mumford

8/28/17 CureFit $25Developer of a fitness based online platform created to address preventive healthcare

techniquesAccel, IDG Ventures India, Kalaari Capital, RNT Associates

8/28/17 Fangsiling $45Developer of a rent installment payment platform designed to simplify housing rental for

young professionals in ChinaMingdaojinkong, 9C Capital, 9fbank.com, Phoenix Finance, Will Hunting Capital

8/24/17 Descartes Labs $30Developer of an image analysis technology platform designed to offer useful satellite

imagery

Acequia Capital, Cargill, Correlation Ventures, Live Nation Entertainment, March Capital

Partners, The Chernin Group, Universal Music Group, Wildcat Capital Management, WME

Capital, Crosslink Capital, Cultivian Sandbox Ventures

8/22/17 Databricks $140 Developer of an unified analytics platform designed to make big data simpleA Capital Partners, Battery Ventures, Geodesic Capital, Green Bay Ventures, The Future Fund,

Andreessen Horowitz, New Enterprise Associates

8/22/17 Skytap $45 Provider of a public cloud designed to modernize traditional enterprise applicationsGoldman Sachs Private Capital Investing Group, Bezos Expeditions, Ignition Venture Partners,

Insight Venture Partners, Madrona Venture Group, OpenView Venture Partners

8/22/17 Stride Health $24Provider of an insurance recommendation platform designed to offer health insurance

servicesPortag3 Ventures, F-Prime Capital Partners, New Enterprise Associates, Venrock

8/22/17 Tulip Retail $40Developer of a mobile application platform designed to enable next generation retail

workers with mobile-first, cloud-first enterprise softwareKleiner Perkins Caufield & Byers, Jump Capital

8/21/17 Alkami Technology $73 Provider of electronic banking services to the financial services industry i2E, Wild Basin Investments, S3 Ventures

8/21/17 Redis Labs $44Provider of an in-memory database for applications and services designed for

transactional, analytics and hybrid deploymentsThe Goldman Sachs Group, Bain Capital Ventures, Carmel Ventures, Dell Technologies Capital

8/18/17 Huochebang $56Provider of an online truck logistics platform created to connect cargo shippers with truck

drivers in ChinaAll-Stars Investment

8/17/17 Brighter $26 Provider of a dental network for self-paying patients DAG Ventures, General Catalyst Partners, Benchmark Capital, Mayfield Fund, Tenaya Capital


2222

Recent Software IPO Registrations

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Source: Capital IQ, Pitchbook and Company filings.Offering amounts $20MM or greater. (1) LTM as of 06/30/2017 for Altair and 07/31/2017 for mongoDB.(2) Reflects revenue growth from CY2015 to CY2016 for Altair and CY2016 to CY2017 for mongoDB.(3) Reflects LTM Non-GAAP EBIT. Calculated as EBIT plus stock-based compensation. LTM as of 06/30/2017.(4) Reflects last financing > $25MM.(5) Does not include grant funding.

($MM)

LTM Last Financing

Revenue (1) Rev Growth (2) EBIT (3)EBIT

MarginDate (4)

Amount

Raised

Post Money

Valuation

Application Software 29-Sep-17 $150 $319 6.5% $18 5.6% 5-Oct-04 $30 NA $30

Database Software 21-Sep-17 $100 $124 55.3% NM NM 9-Jan-15 $80 $1,600 $312

IssuerFunding

TD (5)Primary Industry

Initial Filing

Date

Initial Offering

Amount

2323

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Source: Capital IQ and Company filings.Market Data as of 09/29/2017.(1) First Trading Day listed as Offer Date.

( $M M )

Offer Date (1) Market Cap

@ IPO Date

Amount

Raised Pre IPO Filing Range Offer Price

% Change

Offer /

Midpoint Price

% Change

1st Trading Day /

Offer Price

% Change Current /

Offer Price

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 137.2%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 10.8%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 20.7%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 65.9%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 45.5%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 18.5%

Name

2424

195

155

(5)

(4)

(6)(9) (6)

(7)

(8)

(9)

(4)

(7)

(11)

(8)(11)

(9)

(6)

(10)

(12)

(8)

6

11

717

1617

11

9

6

150

160

170

180

190

200

210 PE Acquisitions Strategic Acquisitions IPO

Notes:Sources: Capital IQ, company filings.Market Data as of 09/29/2017.

A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues

2008 2009 2010 2011 20152012 2013 2014 2016

FortinetCDC Software

LogMeInMedidata

SolarWindsRosetta Stone SciQuest

RealPageIntraLinksEnvestnet

Qlik BroadSoft

Higher One Convio

SPS CommerceSS&C

QuinStreet

JiveImperva

CarboniteTangoe

ResponsysCornerstone

Epocrates

WorkdayFleetmatics

QualysEloquaE2open

ServiceNowExa

IncadeaInfloblox

ProofpointSplunk

ExactTargetDemandwareBazaarvoiceGreenway

AVGGuidewire

MavenirBarracudaWix.comCovisint

RingCentralFireEyeCvent

Gigamon Textura

ChannelAdvisorMarketoTableauHalogen

RallyMarin

Model N

WorkivaHortonworks

New RelicHubSpotCyberArk

MobileIronKinaxis

ZendeskPaycom

OPOWERFive9

2UBorderfree

Amber RoadA10 Networks

PaylocityVaronis Systems

AtlassianMimecast

InstructureRapid7Sophos

AppFolioAlarm.Com

XactlyShopifyApigee

Box

TwilioSecureWorks

TalendEverbridge

Apptio Gridsum Holding

NutanixCoupa

BlackLine, Inc.

2017

MulesoftAlteryx

OktaYext

ClouderaAppian

2009 2010 2011 2012 2013 2014 2015 2016 2017

IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 6

Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 8

PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 4

2525

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

$14

Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017

Nu

mb

er o

f In

vest

men

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

TMT Transactions Since Q2 2002

VENTURE CAPITAL INDUSTRY

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 until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.

(1)

2626

Deep Software Sector Expertise

GCA OVERVIEW

We Advised the Buyer

We Advised the Seller


Acquired by


Acquired by


Acquired by

Acquired by

We Advised the SellerWe Advised the Seller

Acquired by


Acquired by


Acquired by

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.


Acquired by

Acquired by


Fairness Opinion to Buddy Media

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Acquired by

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We Advised the BuyerWe Advised the Seller

Acquired by


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Investment byStrategic Advisory Services

Financial Advisor

PreferredStock

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Acquired byAcquisition of


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PreferredStock

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Acquisition of

We Advised the BuyerWe Advised the Seller

Acquired by

software sector summary report - gca altium...2 deal dashboard notes: source: capital iq, pitchbook,...

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