state of the market - nfluencepartners.com...sugarcrm / accel-kkr ($190) compuscan / experian ($261)...

State of the Market Customer Experience & Engagement | 2020

2Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.

ConfidentialState of the Market CX & CE | Winter 2020

Key Themes We Are Watching

Artificial Intelligence Adoption | Critical to Success for CX & CE Companies

• AI integration is data-intensive in both its applications for collection, and analytics

• 40% of Customer-Experience Centric companies believe the adoption of artificial intelligence technology to be extremely significant for usage in decision making and recommendations to employees1

Context Sensitive Engagement | Situational Personalization

• Customers prefer talking to live agents instead of having automated customer engagement processes during complex customer situations

• Usage of data and collection from many different sources are important for creating the a more personalized customer experien ce as well as adding a more “genuine” feeling interaction to CX

Prescriptive Personalization | A Critical Success Factor?

• Storytelling and word of mouth style marketing tactics help make CX seem less automated and more individualized

• Customers expect companies to know what they are looking for or are interested in

• Trend towards more intelligent management of privacy, companies are empowering customers to take more personal control over their level and channels of engagement

Instant Gratification | Thus the Rise of Bots

• Usage of bots and cognitive computing technology helps create time for human representatives to engage with clients who need real time assistance

• Customers expect around the clock customer service when reaching out for help or information

______1: Gartner (July 15, 2019)



CustomerExperience

(CX)

Customer Experience technologies bias towards understanding how a customer feels about company’s product, platform, service, or delivery channel.

• CX is broadly understanding the customer, anticipating behavior, and informing strategy

• Considers the context and experiential aspects of a customer's interaction: perception of function, utility, ease-of-use, and satisfaction throughout the customer journey

• Frequently relies on inward-bound analytics: customer surveys, sales and marketing data analysis, behavioral tracking, and market research

CustomerEngagement

(CE)

Customer Engagement includes technologies which enable all the touchpoints of interaction between a company and its customers or prospective customers

• CE encompasses the essential interactions and outward efforts of a firm to its clients

• Considers the channels and methodologies of outreach, brand messaging, and communication between companies and existing or prospective customers

• Frequently relies on communication and marketing services: adtech, call-centers, and technologies that drive customer experience, interaction, and brand perception

Inward to Firm Outward to Customer

Analytical

Interactive

Overlap is common, however distinctions exist in directionality

Nfluence’s view of CX vs. CE: A Company’s Relationship to Customers



Data Driven: The Customer Relationship Paradigm has Evolved Rapidly

Customer Experience & AI Usage • 40% of CX-Centric companies view the adoption of AI technology as a significant step in understanding the consumer experience

and driving more personalized engagement—however only 29% of marketers have implemented AI

Customer Engagement & Data • Successes within data-driven marketing and personalized engagement leads the rapid adoption of customer data management

platforms as companies strive to create accurate unified customer identities______Gartner (July 15, 2019), Markets And Markets (May 20, 2019)

$7.8B

From First Tracking and Understanding the Customer to Better Targeting New Prospects, Now the 3rd Wave Increasingly focuses on Sustainable Customer Relationships



The CX & CE Market Landscape is Rich with Innovation & Consolidation

Customer Relationship Management

Marketing & Advertising Tech

Call & Contact Centers

Support & Engagement Channels

Consumer Data & Analytics

Loyalty, Personalization, & Optimization

Consumer Data Platforming

Customer Feedback & Survey

CECX



______Source: Capital IQ as of 2/10/20; refer to public comparables for constituents trading metrics

Constituent Group: NasdaqGS:ADBE, NYSE:CRM, NYSE:TWLO, TASE:NICE, NYSE:ZEN, NYSE:HUBS, NasdaqGS:PEGA, NasdaqGS:JCOM, NYSE:MDLA, NasdaqGS:VRNT, NasdaqGM:FIVN,, NasdaqGS:SVMK, NasdaqGS:EIGI, NasdaqGM:DOMO, NasdaqCM:EGAN

CX & CE Performance since 2017Customer Engagement & Experience

+198.81%

Nasdaq+77.35%

Dow JonesIndustrial Avg.+47.25%

S&P 500+48.47%

MSCI Europe+21.21%

Public Customer Experience & Engagement CompaniesHave Outperformed Markets

-10.00%

10.00%

30.00%

50.00%

70.00%

90.00%

110.00%

130.00%

150.00%

170.00%

190.00%

210.00%



Tailwinds Driving M&A

Data, Data, Data

• Huge Demand for platforms providing centralized data across all channels

‒ As the demand for more personalized experiences increases, companies rush to create platforms that can manipulate data from all channels

‒ Data is a focal point for Customer Engagement across all aspects of the process, including campaign creation, deployment, and analysis, as well as customer experience and interaction

‒ New customer engagement tools have been established to help businesses collect data from more channels, or have greater control over the entire customer engagement process

AI, Automation, and Bots

• AI-enabled software has become integral in realizing the value of the vast quantities of collected consumer data

• Bot usage also benefits from AI in speeding up automation of manual processes of data processing, segmentation, and analysis

• Enabled with machine help companies automate tasks, Bots are leading to increased time spent on the more personal aspects of customer engagement

Omnichannel Engagement Platforms

• Unification of all channels acts as an incentive for firms to merge

‒ Current customer engagement landscape reflects strong diversity across services (analytics, loyalty programs, campaign generation) and channels (social media, email, mobile, web) ripe for consolidation in creating unified customer experience platforms

‒ Companies look to interact with customers across all mediums, both digital and physical to improve relationships and retention



Customer Engagement and Experience Comparable Public Comps

______Source: Capital IQ as of 10/23/19; companies arranged in descending enterprise value

Consumer Engagement & Experience

15.8x

10.6x

13.8x

7.1x

12.1x 12.0x

8.3x

4.2x

12.3x

15.0x

3.4x

9.2x

2.2x

4.0x3.2x

0.0x

3.0x

6.0x

9.0x

12.0x

15.0x

18.0x

LTM Revenue Multiples

Median: 9.2x



CX & CE Quarterly M&A Activity

______Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction valuesTop 3 acquisitions with disclosed transaction values

Top 3 Acquisitions by Quarter ($M) - Target / Acquirer

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

MetamarketsGroup / Snap

Inc. ($36)

Booker Software / MINDBODY

($150)

Accompani / Cisco ($270)

Marketo / Adobe ($4,750)

Qualtrics / SAP SE ($8,000)

Prescribe Wellness /

Tabula Rasa HealthCare

($150)

Epsilon / Publicis Group

S.A. ($4,400)

Tableau /Salesforce ($15,500)

Cision / Platinum

Equity LLC($1,483)

Next IT / Verint Systems

($30)

Unata / Maplebear

($65)

Mattersight / NICE ($102)

LevelUp / Grubhub Inc.

($390)

SendGrid / Twilio ($1,738)

Falcon.io ApS/ Cision ($125)

IBM (Assets) / Centerbridge

Partners ($500)

Crossix / Veeva ($430)

Telaria Inc. / The Rubicon

Project($363)

Qumram / Dynatrace

($20)

Astellia / EXFO ($31)

RO Innovation / Upland

Software ($14)

SugarCRM / Accel-KKR

($190)

Compuscan / Experian ($261)

Sailthru / CM Group ($100)

Daily Inches / Upland

Software ($45)

GetFeedBack/ SurveyMonkey

($86)

SessionM /MasterCard

($215)

17

39

2427

44

34

48

68

23

$100 $300 $400

$5,500

$10,600

$500

$5,100

$16,500

$2,500

0

10

20

30

40

50

60

70

80

4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

Total # of Deals$ in Millions Deal Volume Deal Value



Altify (October 7, 2019)$85m

Vuture (May 14, 2019)Undisclosed

Tableau (June 10, 2019)$15.5b

AdvantageTec(October 16, 2018)$10.5m

Averetek (June 3, 2019)Undisclosed

InGenius Software (October 1, 2019)$29.4m

Sailthru (January 15, 2019)$100m

Bonobo Technologies (May 6, 2019)Undisclosed

Conversable (October 1, 2018)$4.2m

Birch Worldwide (January 25, 2018)Undisclosed

Daily Inches (May 28, 2019)$45m

Liveclicker (January 15, 2019)Undisclosed

roundCorner(January 14, 2019)Undisclosed

Bot Central (February 15, 2018) $1m

Entomo(January 25, 2018)Undisclosed

PostUp (April 22, 2019)$35m

Delivra (June 21, 2018) Undisclosed

Rebelmail(October 5, 2018)Undisclosed

Adestra(December 13, 2018)$60m

Emma (June 21, 2018)Undisclosed

Rapide Communication (October 3, 2018)$65m

RO Innovation Inc. (June 28, 2018)$14m

Most Active Acquirers in CX & CE (2018 – Present)

_______Source: 451Deals shown in descending order, most recent

(7 deals) (5 deals) (4 deals) (3 deals) (3 deals)



Provides a business intelligence (BI) analytics and data visualization SaaS that enables businesses to create, publish and share interactive dashboards and data stories on the Web

• Acquired by Salesforce Inc. for $15.5B on June 10th, 2019

• In its largest acquisition to date, Tableau’s addition will accelerate Salesforce’s ability to deliver customer success enabled by a unified and powerful visualization of customers’ data

Provides predictive customer analytics SaaS for call center agents in the financial, retail, hospitality, B2B, healthcare and education sectors

• Acquired by Cisco on October 11th 2019.

• CloudCherry fills a gap for Cisco by adding voice-of-the-customer analytics, an increasingly necessary component of CX operations that bridges the worlds of traditional contact center interaction handling, and the new one of omni-channel experience orchestration

A provider of software and platforms for data collection and analytics. Their product suite ranges from collection of consumer and worker data for customer and employee engagement, respectively

• Acquired by SAP for $8B on November 11th, 2018

• Qualtrics software for experience management will be integrated with SAP’s operations-centric products to build a multi-faceted marketing product

Creator and distributor of a marketing software platform to manage customer engagement globally. The platform allows users to develop, deploy, and analyze marketing campaigns across multiple platforms, and how they interact with customers

• Acquired by Adobe for $4.75B on September 20th, 2018

• Adobe plans on marrying Marketo’s software with the Adobe Experience Cloud in order to create a unified customer engagement platform

Selected CX & CE M&A Transactions (2018 – Present)

• As the demand for tools to better reach and understand consumers has risen, acquisitions in the Customer Engagement & Experiencemarketplaces remain hot in order to deliver optimal solutions for maintaining customer loyalty.

• Perfectly targeting audiences requires in depth portfolio of customer identities, signifying the importance of analytics and customer data in creating said portfolios.



SaaS Public Comps EV/Revenue Multiple by Growth Rate

Growth Rate Sales Multiple Mean Sales Multiple Median

30%-50% 15.8x 15.6x

20%-30% 11.9x 10.5x

10%-20% 5.8x 5.3x

Less than 0% 4.9x 3.6x

_______Source: CapIQ 2/10/20Note: All companies are above $30 million Revenue and have an Implied Enterprise Value of over $150 million or more

• Current Sales-Multiple Valuations are robust and tied to growth rates

• Faster growing CE & CX SaaS companies tend to see higher valuations

— Smaller, private companies tend to trade at much lower levels compared to their larger public peers



CX & CE Quarterly Capital Raise Activity

______Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction valuesTop 3 investments with disclosed transaction values

Top 3 Investments by Quarter ($M) - Target

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

MessageBird($60)

C3($100)

Unisound($100)

Freshworks($100)

Talkdesk($100)

C3($63)

Outreach($114)

Showpad($70)

Freshworks($150)

HighRadius($50)

Pine Labs($82)

Outreach($65)

Unisound($90)

Pindrop($90)

ContentSquare($60)

SalesLoft($70)

Signpost($52)

Pendo($100)

Tethr($30)

SolarisBank($70)

Podium($60)

Monday.com($50)

Braze($80)

Matterport($48)

ShowPad($70)

C3.ai($50)

CallMiner($75)

60 63

78

60 6358 69

53

30

$498

$900

$1,070

$769$852

$1,116

$809

$747

$911

0

10

20

30

40

50

60

70

80

90

4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019$0

$200

$400

$600

$800

$1,000

$1,200Total # of Deals$ in Millions

Deal Volume Deal Value



Provider of a customer experience platform for connecting to customers across various mediums, such as social media, web, or mobile chat, as well as analyzing customer journeys to personalize their experiences

• $60M Series E led by Coatue Management on November 20th, 2019

• Funding will be used to continue building automated intelligence processes and boost overall growth in competition with other platforms such as Salesforce and Zendesk

Developer of a software platform for customer experience and journey analytics

• $60M Series C led by Eurazeo on January 22nd

2019

• Funding will be used to bolster R&D and innovation divisions and recruit new talent domestically and other existing markets, as well as new global markets

Provider of a sales engagement platform to maintain customer relationships to maximize retention and loyalty

• $114M Series E led by Spark Capital on April 17th, 2019

• Post-money valuation of $1.1B

• Funding will be used to improve machine learning capabilities, double the headcount of the machine learning team, expand internationally, and invest in Microsoft Dynamics 365 integration

Developer of a mobile marketing automation and CRM software to personalize marketing messages across email, mobile, and web, and analyze how consumers interact with these personal messages

• $80M Series E led by Meritech Capital Partners on October 3rd, 2018

• Post-money valuation of $850M

• Braze looks to use the funding to maintain growth and increase personalization amongst messaging engagements

Selected CX & CE Financing Transactions (2018 – Present)

• Investment in Customer Engagement & Experience maintains diversity across large and small enterprises

• Company valuations reach higher peaks as overall demand for customer engagement tools increases

• Data evaluation’s significance to personalizing customer experience leads to strong expectations for future growth in the Cus tomer Engagement marketplace



Recent Nfluence Partners Transactions in CX & CE

Provider of personalization and recommendation tools for ecommerce sites designed to provide most relevant and innovative customer experiences

• RichRelevance will represent the first significant acquisition of a US SaaS MarTechcompany by an Indian SaaS company

Provides predictive customer analytics SaaS for call center agents in the financial, retail, hospitality, B2B, healthcare and education sectors

• Acquired by Cisco for an undisclosed amount on October 11th, 2019

• Cloud Cherry marks the first software acquisition in Cisco’s traditionally hardware-centric call center business

HAS BEEN ACQUIRED BY

Financial Advisor tothe Seller

WILL BE ACQUIRED BY


Provides B2B omnichannel customer data management SaaS for small and medium-sized businesses by leveraging

• Acquired by Kabbage for on September 3rd, 2019

• Kabbage’s acquisition of Radius to bolster its analytics solutions represents an acquisition of a leading CDP provider by its customer

HAS BEEN ACQUIRED BY


(Softbank)

16Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400, W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.

Confidential

Contact Us

John SternfieldManaging [email protected]

Office: 650-781-0381Mobile: 650-804-1133

Brewer [email protected]

Office: 415-464-6428Mobile: 415-533-5881

This information is being furnished by Nfluence and BA Securities, LLC, and isfor informational purposes only and does not constitute an offer, invitation orrecommendation to buy, sell, subscribe for or issue any securities. Thematerial is based on information that we consider correct and any estimates,opinions, conclusions or recommendations contained in this document arereasonably held or made at the time of compilation. However, no warranty ismade as to the accuracy or reliability of any estimates, opinions, conclusionsor recommendations. It should not be construed as investment, legal, or taxadvice and may not be reproduced or distributed to any person. NfluencePartners and BA Securities, LLC are separate and unaffiliated entities. Pleasedirect all inquiries to Nfluence.

San Francisco160 Spear Street, Suite 1230, San Francisco, CA 94105

New York12 East 49th Street, 11th Floor, New York, NY 10017

Appendix:Public Comps, Precedent Investments, and Precedent M&A

Transactions



Public Comps: Trading Metrics

_______Source: CapIQ****Trading multiples _______

Trading Metrics($ in millions, except per share data) Stock

Price % of Equity Enterprise EV / Revenue EV / EBITDA

Company Ticker 02/09/20 52W High Value Value LTM CY 2019E CY 2020E LTM CY 2019E CY 2020E

Adobe Inc. NasdaqGS:ADBE $366.09 98% $176,503 $176,465 15.8x 15.8x 13.4x 46.0x 35.0x 28.8x

salesforce.com, inc. NYSE:CRM $185.72 97% $167,628 $167,592 10.6x 9.9x 8.0x 73.1x 34.2x 28.2x

Twilio Inc. NYSE:TWLO $122.21 81% $16,832 $15,619 13.8x 13.8x 10.5x NM NM NM

NICE Ltd. TASE:NICE $171.92 94% $10,867 $11,013 7.1x 7.0x 6.5x 27.5x 21.8x 19.7x

Zendesk, Inc. NYSE:ZEN $86.95 92% $9,782 $9,887 12.1x 12.1x 9.3x NM NM NM

HubSpot, Inc. NYSE:HUBS $179.47 86% $7,971 $7,599 12.0x 11.3x 9.2x NM 90.4x 73.9x

Pegasystems Inc. NasdaqGS:PEGA $88.55 96% $7,402 $7,362 8.3x 8.0x 7.1x NM NM NM

j2 Global, Inc. NasdaqGS:JCOM $98.59 94% $4,696 $5,699 4.2x 4.2x 3.9x 11.2x 10.4x 9.7x

Medallia, Inc. NYSE:MDLA $28.92 65% $4,962 $4,643 12.3x 11.7x 9.7x NM NM NM

Five9, Inc. NasdaqGM:FIVN $73.92 97% $4,707 $4,607 15.0x 14.3x 12.4x 234.8x 80.0x 68.5x

Verint Systems Inc. NasdaqGS:VRNT $57.31 90% $3,830 $4,342 3.4x 3.2x 3.0x 24.4x 13.2x 11.7x

SVMK Inc. NasdaqGS:SVMK $18.53 89% $2,494 $2,687 9.2x 8.8x 7.2x NM 70.3x 58.3x

Endurance International Group Holdings, Inc.NasdaqGS:EIGI $5.21 67% $762 $2,432 2.2x 2.2x 2.2x 8.8x 7.9x 8.2x

Domo, Inc. NasdaqGM:DOMO $24.75 53% $690 $674 4.0x 3.9x 3.4x NM NM NM

eGain Corporation NasdaqCM:EGAN $8.35 66% $255 $219 3.2x 3.2x 2.9x 34.7x 34.2x 81.2x

High 15.8x 15.8x 13.4x 234.8x 90.4x 81.2x

Mean 8.9x 8.6x 7.2x 57.6x 39.7x 38.8x

Median 9.2x 8.8x 7.2x 31.1x 34.2x 28.5x

Low 2.2x 2.2x 2.2x 8.8x 7.9x 8.2x



Public Comps: Operating Metrics

_______Source: CapIQ

Operating Metrics($ in millions, except per share data) Margins

LTM Revenue Revenue Growth Gross Profit

Company Ticker As Of LTM CY 2019E CY 2020E '18A-'19E '19E-'20E LTM LTM

Adobe Inc. NasdaqGS:ADBE Nov 2019 $11,171 $11,171 $13,178 24% 18% 85% 18%

salesforce.com, inc. NYSE:CRM Oct 2019 $15,850 $17,004 $20,926 28% 23% 75% 2%

Twilio Inc. NYSE:TWLO Dec 2019 $1,134 $1,134 $1,491 75% 31% 54% (19%)

NICE Ltd. TASE:NICE Sep 2019 $1,555 $1,576 $1,704 8% 8% 66% 9%

Zendesk, Inc. NYSE:ZEN Dec 2019 $816 $816 $1,065 36% 30% 72% (12%)

HubSpot, Inc. NYSE:HUBS Sep 2019 $633 $670 $829 31% 24% 81% (5%)

Pegasystems Inc. NasdaqGS:PEGA Sep 2019 $891 $925 $1,040 4% 12% 65% (8%)

j2 Global, Inc. NasdaqGS:JCOM Dec 2019 $1,372 $1,372 $1,455 14% 6% 83% 9%

Medallia, Inc. NYSE:MDLA Oct 2019 $379 $397 $480 27% 21% 64% (15%)

Five9, Inc. NasdaqGM:FIVN Sep 2019 $308 $323 $373 25% 15% 59% (0%)

Verint Systems Inc. NasdaqGS:VRNT Oct 2019 $1,295 $1,363 $1,461 9% 7% 67% 4%

SVMK Inc. NasdaqGS:SVMK Sep 2019 $291 $307 $372 21% 21% 74% (16%)

Endurance International Group Holdings, Inc.NasdaqGS:EIGI Dec 2019 $1,113 $1,113 $1,097 (3%) (1%) 56% 0%

Domo, Inc. NasdaqGM:DOMO Oct 2019 $167 $173 $198 21% 15% 68% (47%)

eGain Corporation NasdaqCM:EGAN Dec 2019 $69 $69 $76 7% 10% 69% 5%

High 75% 31% 85% 18%

Mean 22% 16% 69% -5%

Median 21% 15% 68% 0%

Low -3% -1% 54% -47%

20ConfidentialSecurities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400,W. Conshohocken, PA 19428. (P) 877-738-5841. Member FINRA SIPC. HMAdvise Co, LLC dba Nfluence Partners and BA Securities, LLC are separate, unaffiliated entities.State of the Market CX & CE | Winter 2020

Selected Precedent M&A Transaction (2019)

Date Target Target Description AcquirerEnterprise Value ($M)

Revenue Multiple

12/19/2019 Telaria Inc.Provides video advertising management SaaS for publishers and cross-platform advertisers globally.

The Rubicon Project $363 4.4x

12/17/2019 Sonar TechnologiesProvides AI-based enterprise mobile text and messaging SaaS for marketing, sales and service teams globally. Marchex Inc. $12 N/A

11/26/2019 Push InteractiveProvides AI-enabled direct-to-consumer customer engagement SaaS and digital marketing services to businesses in the e-commerce industry. Software enables users to increase online revenue and customer acquisition.

Weyland Tech $25 N/A

10/22/2019 Dataxu Inc.Provides demand-side marketing SaaS to enable marketers to plan, bid, buy and measure digital video advertising campaigns and operate audience data management applications.

Roku Inc. $150 3.3x

10/22/2019 Cision Ltd.Provides businesses with a PR and marketing campaign management SaaS called C3. Platinum Equity LLC $1,483 3.6x

10/22/2019 SessionM Inc.Provides cloud-based loyalty marketing automation SaaS for retailers that delivers personalized, real-time offers based on individual customer data and machine learning algorithms.

MasterCard Inc. $215 5.4

10/07/2019 AltifyProvides sales performance management to enhance customer engagement, customer revenue optimization (CRO), sales automation and account management software for businesses.

Upland Partners $84 N/A

10/02/2019 CrowdTwist Inc.Provides loyalty and reward-based marketing automation and customer analytics SaaS and related consulting services for businesses. Oracle $130 8.7x

Deal Size ($M) Val. ($M)High $15,541 12.6x

Mean $776.8 5.2xMedian $45 5.0x

Low $1 1.8x

_______Source: 451; arranged in descending transaction date


Selected Precedent M&A Transaction (2019) (Cont.)


Revenue Multiple

10/01/2019 inGenius SoftwareProvides contact center software for businesses that integrates enterprise telephony with existing CRM systems.

Upland Partners $29.4. N/A

09/26/2019 MyElefant SASProvides interactive mobile messaging campaign management SaaS for brands globally through messaging channels such as RCS, Facebook Messenger and WhatsApp with real-time analytics.

Sinch AB $20 N/A

09/26/2019 Crossix Solutions Inc.Provides customer analytics and market intelligence SaaS for the purpose of marketing spend optimization for the healthcare and pharmaceutical sectors.

Veeva Systems Inc. $430 N/A

09/24/2019 Zingle Inc.Provides customer service automation SaaS that enables businesses in the hospitality, travel and retail sectors to communicate with customers via SMS text message

Medallia, Inc. $42 N/A

08/30/2019 GamoogaProvides AI-based marketing automation SaaS to businesses, enabling businesses to personally engage with their users through push notifications, in-app messaging, email, SMS and web push notifications.

Tanla Solutions Ltd $6 N/A

08/8/2019 MintigoProvides AI and predictive analytics-based marketing and sales SaaS for businesses, with features for target audience generation and account-based marketing, lead scoring and customer analytics.

Anaplan Inc. $40 6.7

08/05/2019 GetFeedback Inc.Provides customer experience marketing SaaS for businesses through customer feedback and survey solutions on mobile devices.

SurveyMonkey [NASDAQ: SVMK]

$68 N/A

07/29/2019 Transversal Ltd.Provides corporate training automation and customer relationship management SaaS to businesses in the United Kingdom. Verint Systems Inc. $50 5.0x



Mean $776.8 5.2xMedian $45 5.0x

Low $1 1.8x




Revenue Multiple

06/10/2019 Tableau SoftwareProvides a business intelligence (BI) analytics and data visualization SaaS that enables businesses to create, publish and share interactive dashboards and data stories on the Web.

Salesforce Inc. $15,541 12.6x

06/03/2019 Cooladata Ltd.

Provides customer behavioral analytics SaaS for e-commerce platforms, online games and mobile applications using its own SQL-based query language. Software provides features for data analysis, customer insights, data backup and security.

Medallia Inc. $7.6 N/A

05/30/2019 Chronogolf Inc.Provides customer relationship management (CRM) SaaS for golf courses that enables online booking, tee time scheduling, point of sale management, and analytics reporting.

Lightspeed POS Inc. [fka Xsilva Systems Inc.]

$7.5 N/A

05/28/2019Daily Inches Inc. [dba Kapost]

Provides B2B content marketing management SaaS and services for brands and marketing, communications, and sales teams globally. Software enables users to plan, create, distribute, analyze and evaluate marketing campaigns.

Upland Software Inc. $45 N/A

05/16/2019 Salesfusion Inc.Provides B2B marketing automation SaaS that enables marketing professionals and businesses to initiate integrated email campaigns, capture leads, track website visits and score leads.

SugarCRM Inc. [Accel-KKR] $30 5x

05/15/2019 Call Dynamics Pty Ltd.Provides phone call and digital call and web engagement tracking SaaS for businesses. Software provides features for to gauge marketing return on investment (ROI) for marketing campaigns.

Uniti Wireless Ltd. $1 N/A

05/09/2019BankSight Software Systems Inc. [dba BankSight Systems]

Provides AI-based customer engagement and insight SaaS and a related mobile application for banks and credit unions in the US. Built on Microsoft Azure, software includes features for leads and referrals capture, deposit and loan onboarding and approval management, and costumer and household financial data analytics in real-time.

Bottomline Technologies Inc. $2.7 N/A

05/08/2019 Early Birds SASDevelops machine-learning-based software that collects and analyzes customer behavior on e-commerce websites for the purpose of customizing customer experiences.

ATTRAQT Group plc $18.1 6.4x



Mean $776.8 5.2xMedian $45 5.0x

Low $1 1.8x




Revenue Multiple

05/08/2019 Strikedeck Inc.Provides customer success management SaaS to track and analyze customer product usage behavior and satisfaction in real-time, using data stored in applications, CRM, marketing platforms, surveys, email, and social media.

Medallia Inc. $11 N/A

04/22/2019 PostUpProvides email marketing SaaS to businesses. Software provides features for email automation, segmentation and analytics, audience development, advertising and subscriber revenue management and campaign management.

Upland Software Inc. $35 N/A

04/14/2019Epsilon [Alliance Data Systems]

Provides online marketing SaaS that provides features for customer insight reporting, loyalty rewards programs, email marketing, analytics and customer data reporting,

Publicis Groupe S.A. $4,400 2x

04/04/2019IBM Corporation (marketing and commerce software)

The marketing and commerce software and SaaS assets of IBM, which provides features for campaign automation, customer analytics, AI-based content management, search engine optimization and payments processing.

Centerbridge Partners L.P. $500 1.8x

04/04/2019 Akkroo Ltd.Provides live event lead capture, analytics and business card scanning SaaS for businesses.

Integrate.com Inc. [dba Integrate]

$34 N/A

03/05/2019Prescribe Wellness LLC [dba PrescribeWellness]

Provides pharmacy engagement management that enables users to analyze patient data, manage medication pickups and anticipate demand, integrate with pharmacy management and ERM systems.

Tabula Rasa HealthCare Inc. [fka CareKinesis] $150 5.2x

03/03/2019 Usabilla B.V. Provides customer analytics based on customer experience and feedback captured in websites, apps and emails.

SurveyMonkey [NASDAQ: SVMK]

$80 N/A

01/15/2019 Sailthru Inc. Provides email marketing and marketing automation SaaS for businesses.CM Group [fka Campaign Monitor][Insight Venture Partners]

$100 2.5x



Mean $776.8 5.2xMedian $45 5.0x

Low $1 1.8x


Selected Precedent Investments (2019)

Date Target Target Description Notable Investors Deal TypeDeal Size

($M)

Company Valuation

($M)

12/3/2019 Highspot

Provider of a sales engagement platform designed to offer flexible content management combined with semantic search, intelligent recommendations and customer relationship management integration, enabling businesses to engage more effectively with customers.

ICONIQ Capital, Madrona Venture Group, OpenView Venture

Partners, Salesforce Ventures, Sapphire Ventures

Series D1 $75 $790.0

11/20/2019 Kustomer

Developer of a CRM platform designed to offer proactive customer service and support through a customer-centric tool that unifies everything that agents and teams need in one place to manage customer relationships and resolve issues.

Battery Ventures, CoatueManagement, Tiger Global

ManagementSeries E $60 $710.0

11/14/2019 PunchhDeveloper of digital marketing products created to help brands engage customers, predict behaviors and increase sale

Adams Street Partners, AllianceBernstein, Cervin Ventures,

Columbia River Partners, Growth Technology Partners, Sapphire

Ventures

Series C $39.9 $339.9

11/4/2019Freshworks Provider of a customer engagement software intended to bring

enterprises suite with a complete customer engagement experience. Accel, CapitalG, Sequoia Capital

India Series H $150 $3,500.0

11/4/2019 IterableProvider of a customized e-mail marketing platform intended to empower the world's leading brands to achieve true omnichannel relevance at scale.

Blue Cloud Ventures, CRV, Harmony Partners, Stereo Capital,

Viking Global InvestorsSeries D $60 $535.0

11/1/2019 Relay NetworkDeveloper of a customer messaging network designed to render better communication and engagement. LLR Partners -- $30 --

10/30/2019 RoktProvider of marketing services designed to transform the customer buying experience by bringing marketing to e-commerce through the transaction moment.

TDM Growth Partners Series C $48 --

10/18/2019 WeaveDeveloper of a customer experience management (CXM) platform designed to meet the needs of patients and to build better business and clinical outcomes.

Bessemer Venture Partners, Catalyst Investors, Crosslink

Capital, Lead Edge Capital, Pelion Venture Partners, Tiger Global

Management

Series D $70 $969.8

Deal Size ($M) Val. ($M)High $150.0 $3,500.0

Mean $52.7 $743.91Median $50 $385.1

Low $20 $48.70

_______Source: Pitchbook; arranged in descending transaction date


Selected Precedent Investments (2019) (Cont.)


($M)

Company Valuation

($M)

10/17/2019 PendoDeveloper of a customer engagement analytics platform designed to offer an integrated platform for digital product teams by combining product usage analytics with user communication and feedback.

Sapphire Ventures Series E $100.0 $1,025.0

10/15/2019 CleverTapDeveloper of a marketing engagement and analytics platform designed to leverage machine learning to provide a collated, consolidated view of the customers journey,

N/A Series C $35.0 $385.0

9/19/2019 HappyOrNotDeveloper of a customer feedback monitoring platform intended to turn customer feedback into a measurable KPI by gathering satisfaction data from wireless devices deployed on location.

Verdane Capital N/A $25.0 --

9/15/2019 C3.aiProvider of a PaaS enterprise that uses machine learning to expedite the integration and analysis of disparate enterprise data into a unified cloud-based data image to enhance customer engagement.

BlackRock Series H $50.0 $3,300.0

9/4/2019Cogito (Emotional

Intelligence Software)

Developer of real-time emotional intelligence software designed to improve customer engagement by applying behavioral science through artificial intelligence to analyze conversational dynamics.

New York Life Ventures Series C1 $20.0 $270.0

8/29/2019 KasistoDeveloper of a virtual personal assistant technology designed to improve customer experiences in consumer mobile banking via the company's conversational artificial intelligence-based platform, KAI.

Oak HC/F, Rho Ventures Series B $32.85 --

7/31/2019 OneSignalDeveloper of customer engagement platform intended to leverage machine learning to send communications at the optimal time by creating personalized messages to deliver engaging messages.

SignalFire Series B $25.0 $103.2

7/22/2019 AppDirectDeveloper of a cloud service commerce platform that enhances customer engagement and retention by providing a seamless experience across all service offerings.

N/A Series G $45.0 $1,200.0



Mean $52.7 $743.91Median $50 $385.1

Low $20 $48.70




($M)

Company Valuation

($M)

7/9/2019 SignpostDeveloper of a cloud-based CRM software that automates data collection and cross-channel marketing to capture the contact information of customers to drive personalized engagement.

BMO Financial Group,HighBar Partners

Series D $52.0 $60.0

6/25/19 ShowpadProvider of a sales enablement platform designed to unify sales and marketing content on a single platform, enabling users to quantify the value of specific marketing materials with customers.

Dawn Capital, Insight Partners Series D $70.0 --

6/4/2019 HighspotProvider of a sales engagement platform designed to improve content optimization though content management combined with semantic search, intelligent recommendations and CRM integration.

ICONIQ Capital Series D $60.0 $530.0

5/29/2019 KustomerDeveloper of a CRM platform designed to offer proactive unified customer service, enabling clients to manage their business internally and communicate with customers externally.

Tiger Global Management Series D $40.0 --

5/24/2019 SpotOnDeveloper of a cloud-based platform that offers comprehensive tools which include payments, PoS, websites, marketing, reviews, analytics and loyalty with consistent communication strategy.

Franklin Templeton Investments Series A $40.0 --

5/7/2019 SendBirdDeveloper of messaging and chat API for mobile applications and websites designed to digitize human interactions, enabling businesses to increase customer interaction and support.

ICONIQ Capital,Tiger Global Management Series B $52.0 $287.0

4/25/2019 SalesLoftDeveloper of a cloud-based sales intelligence software that gathers news about users account prospects from the web and presents it through email, social alerts and personalized sales communication

Insight Partners Series D $70.0 $555.0

4/16/2019 OutreachDeveloper of a sales engagement platform designed to drive deeper engagement with prospects through machine learning to automate and personalized communication and targeted content,

Lone Pine Capital Series E $114.0 $1,099.7



Mean $52.7 $743.91Median $50 $385.1

Low $20 $48.70




($M)

Company Valuation

($M)

4/10/2019 CleverTapDeveloper of a marketing engagement and analytics platform of customers journey via machine learning algorithms that autonomously segment and surface valuable, at-risk and "hibernating" customers.

Accel, Sequoia Capital India, Tiger Global Management Series B $26.0 $104.0

3/29/2019 ButtonDeveloper of a mobile connection platform designed to power commerce partnerships with a mobile connection platform that offers mobile customer acquisition, engagement and monetization services.

Capital One Growth Ventures, DCM Ventures, Icon Ventures, Norwest Venture Partners, Redpoint Ventures

Series C $28.0 $195.0

3/26/2019 VlocityDeveloper of a cloud-based software intended to deliver industry-specific customer experiences that help companies to deliver unified, industry-specific customer experiences in customer-centric industries.

Accenture, Bessemer Venture Partners, New York Life Ventures, Salesforce Ventures, Sutter Hill Ventures

Series C $60.0 $940.0

3/20/2019 IterableProvider of a customized e-mail marketing platform intended to empower the world's leading brands to achieve true omnichannel relevance at scale.

Blue Cloud Ventures, CRV, Harmony Partners, Index Ventures, Industrial Investors Group, Share Capital, Stereo Capital

Series C $50.0 $225.0

3/13/2019Glia (Digital Platform)

Developer of an AI digital customer service platform designed to help companies to connect with their customers using messaging, video, co-browsing and artificial intelligence.

Grassy Creek, Insight Partners, Tola Capital, Wildcat Capital Management

Series B $20.0 $48.7

3/08/2019 KeraunoDeveloper of a mobile-first workflow communications platform designed to connects people, process, software and systems.

Michael Andretti, The Joan Hanley Trust Series A $25.0 --

3/05/2019 MatterportDeveloper of an immersive 3D media platform designed to establish 3D and Virtual Reality (VR) models as a primary medium for experiencing, sharing and re-imagining the world.

BoxGroup, CBRE Group, Concrete VC, DCM Ventures, Ericsson Ventures, iRobot Ventures, Leila Zegna, Luminari Capital, Lux Capital Management, M13, News Corp, Plug and Play Tech Center, Prairie Management Group, Qualcomm Ventures, Rev1 Ventures, Sound Ventures

Series D $48.0 $325.0

2/28/2019 P97Developer of a mobile commerce and digital marketing platform designed to connect merchants in the retail fueling industry to their consumers.

Accenture Ventures, FleetCor Technologies

Series B $20.0 $75.0



Mean $52.7 $743.91Median $50 $385.1

Low $20 $48.70




($M)

Company Valuation

($M)

02/27/2019 C3.aiProvider of a PaaS enterprise software intended to rapidly deploy big data, AI and IoT applications.

FS Investors, TPG Growth Series G $63.0 $2,037.0

01/29/2019 BossZhiPin

Provider of a recruitment application designed to help recruiters and job hunters to directly communicate on the platform assisted with customized recommendations, enabling recruiters to hire the suitable candidates.

GGV Capital, Zhongwei CapitalSeries E1 $100.0 --

01/28/2019 ContentSquareDeveloper of a digital experience insights optimization platform designed to help businesses understand how and why users are interacting with their app, mobile and web sites.

Canaan Partners, Eurazeo, Highland Europe, Holding14 Series C $59.9 $266.1

01/24/2019 KustomerDeveloper of a CRM platform designed to offer proactive customer service and support through a customer-centric tool that unifies everything that teams need in one place for their CRM.

Battery Ventures, Boldstart Ventures, Canaan Partners, Cisco Investments, Redpoint Ventures

Series C $35.0 --

01/18/2019 ZipWhip

Developer of a carrier-grade texting platform designed to provide landline and toll-free texting services. The company offers a cloud-based software with an enterprise-grade API allows secure B2C communication.

Goldman Sachs Private Capital Investing Group, M12, OpenView Venture Partners, Voyager Capital

Series D $51.5 $210.0



Mean $52.7 $743.91Median $50 $385.1

Low $20 $48.70

state of the market - nfluencepartners.com...sugarcrm / accel-kkr ($190) compuscan / experian ($261)...

Documents