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mailto:[email protected]


Date Announced

Target Acquirer(s) Deal OverviewTEV (mm)

5/29/18

BMC Software is a global leader in digital enterprise software solutions. The acquisition of BMC continues KKR's long record of supporting B2B software companies, such as its current

portfolio of Epicor and Calabrio.$8,300

6/4/18

Microsoft agreed to acquire GitHub in a push to empower developers, boost enterprise use of GitHub, and continue to build out its developer tools. More than 28 million developers use

GitHub as a community to build, collaborate and share ideas.7,500

5/7/18

Athenahealth provides cloud-based business services and mobile applications for medical groups and health systems. Elliott has made an activist takeover offer, believing that it could

help provide the operational change necessary for athenahealth to fundamentally change the

Healthcare IT industry.

6,900

5/21/18

Partners Group will take a majority stake in software development firm GlobalLogic. GlobalLogic helps clients construct innovative digital products that enhance customer

engagement. 2,000

6/21/18

Web.com is a global provider of full range internet services and online marketing tools. SIRIS Capital wants to acquire Web.com believing that it can add the strategic and operational

expertise to help grow Web.com. Web.com has a "go-shop" provision through August 5th.1,885

5/21/18

Adobe's strategic acquisition of Magneto Commerce will allow Adobe to integrate Magneto Commerce Cloud into the Adobe Experience Cloud, delivering a powerful, single platform

that serves B2B and B2C customers across the globe.1,680

6/25/18

AT&T will enhance its ad tech capabilities with AppNexus' programmatic advertising marketplace. AppNexus will allow AT&T to deliver addressable advertising and other

innovations to help marketers reach individuals.1,600

6/11/18

Workday's acquisition of Adaptive Insights strategically puts Workday in a position to expand product capabilities and enhance operations by utilizing the powerful financial analytics and

cloud business of Adaptive Insights.1,585

5/8/18

The acquisition of Glassdoor and its job & company platform is a strategic play for Recruit Holdings, allowing the company to augment its recruitment suite and expand its profile as a

major player in global recruitment services.1,200


Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA6/21/2018 Web.com Group, Inc. SIRIS Capital Group LLC Marketing Software 1,885 2.51x 11.92x

6/4/2018 GitHub, Inc. Microsoft Corp. Infrastructure/Hosting 7,500 - -

5/29/2018 BMC Software, Inc. Kohlberg Kravis Roberts & Co. LP Enterprise Software 10,000 - -

5/21/2018 GlobalLogic, Inc. Partners Group Holding AG IT Services 2,000 4.00x -

5/21/2018 Magneto Inc. Adobe Systems, Inc. Enterprise Software 1,680 11.20x -

5/7/2018 Space-Time Insight, Inc. Nokia Oyj Data & Analytics 6,596 5.22x 23.29x

4/9/2018 Social Bicycles, Inc. TPG Capital LLC; Tata Capital; GV

Management Co. LLC; Uber

Technologies

Other SaaS 3,229 1.74x 14.00x

3/20/2018 MuleSoft, Inc. salesforce.com Marketing Software 5,791 19.53x -

3/7/2018 ABILITY Network, Inc. Inovalon Holdings, Inc. Healthcare IT 1,194 - -

3/6/2018 CommerceHub, Inc. GTCR LLC Financial Technology 970 8.73x 26.37x

2/15/2018 Zenedge, Inc. Oracle Corp. IT Security - - -

68 46

4

159

40 45 46 43

111

42

- -

50

100

150

200

Strategic88%

Financial12%


https://sdrventures.com/technology-ma-update/?utm_source=Quarterly%20Report&utm_medium=PDF&utm_campaign=1H%202018%20Technology%20Report

Financial Buyer Inv. Date Select Corporate Investments

TA Associates Management LP 6/14/2018 ▪Global Software, Inc.

5/30/2018 ▪DM2 Software, Inc.

5/2/2018 ▪Meta Saas, Inc.

4/23/2018 ▪ThinkSmart LLC

4/10/2018 ▪Webyog, Inc.

Accel-KKR LLC 6/14/2018 ▪Expo Logic, Inc.

5/16/2018 ▪Sageworks, Inc.

4/12/2018 ▪Salsa Labs, Inc.

4/5/2018 ▪Mainstreet Technologies, Inc. (GA)

4/4/2018 ▪Insurance Technologies Corp.

2/1/2018 ▪Medical Communication Technologies, Inc.

Thoma Bravo LLC 06/13/2018 ▪MeridianLink, Inc.

06/13/2018 ▪CRIF Lending Solutions (3 Divisions)

06/11/2018 ▪Carvir LLC

05/31/2018 ▪LogRhythm, Inc.

3/23/2018 ▪MDS Lavastorm Analytics, Inc. (via Infogix)

01/22/2018 ▪AlphaTrust (via Internet Pipeline)

01/17/2018 ▪Runzheimer International

01/02/2018 ▪The Computer Partnership (via Internet Pipeline)

Insight Venture Management LLC 5/24/2018 ▪Chartlyics LLC

3/13/2018 ▪Talent Rover LLC

2/16/2018 ▪Webdam Solutions, Inc.

2/12/2018 ▪Amber Road, Inc.

1/25/2018 ▪Entomo, Inc.

10/23/2017 ▪Bullhorn, Inc.

7/25/2017 ▪Lecorpio LLC

Strategic Buyer Inv. Date Select Corporate Acquisitions

Microsoft Corporation 6/20/2018 ▪Bonsai AI, Inc.

6/4/2018 ▪GitHub, Inc.

11/6/2017 ▪Swing Technologies, Inc.

10/3/2017 ▪AltspaceVR, Inc.

8/15/2017 ▪Cycle Computing LLC

S&P Global, Inc. 6/20/2018 ▪Bankers Financial Products Corp.

3/6/2018 ▪Kensho Technologies, Inc.

2/20/2018 ▪Panjiva, Inc.

Oracle Corp. 5/16/2018 ▪DataScience, Inc.

4/30/2018 ▪Vocado LLC

2/15/2018 ▪Zenedge, Inc.

4/18/2017 ▪Moat, Inc.

1/19/2017 ▪Apiary, Inc.

Hexagon AB 6/2/2018 ▪AutonomouStuff LLC

3/15/2018 ▪AGTEK Development Co., Inc.

1/22/2018 ▪Plant Design Solutions, Inc.

1/11/2018 ▪Industrial Business Solutions, Inc.

Alphabet Inc. 3/27/2018 ▪Tenor, Inc.

9/26/2017 ▪Bitium, Inc.

8/13/2017 ▪Senosis Health Inc.

5/10/2017 ▪Owlchemy Labs, Inc.


-15%

-10%

-5%

0%

5%

10%

15%

Enterprise Software Other SaaS Data Analytics IT Services

IT Security Hosting Data Center Tech Conglomerates S&P 500

-10%

-5%

0%

5%

10%

15%

Financial Technology Supply Chain Software Human Capital Management Marketing Software

Healthcare IT Hosting Data Center S&P 500


Company Name SymbolMarket Cap

($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Visa, Inc. V-US 290,638$ 132.45$ 41.2% 16.2% 96.9% 14.6% 68.8% 15.8x 22.7x 14.4x 20.1x

Mastercard, Inc. MA-US 202,454 196.52 61.8% 29.8% 96.3% 19.4% 58.2% 15.2x 26.2x 12.9x 21.7x

American Express Co. AXP-US 84,315 98.00 16.3% (1.3%) 94.9% 12.3% 34.7% 2.8x 8.2x 2.7x NM

Fidelity National Information Services, Inc. FIS-US 35,097 106.03 24.2% 12.7% 98.2% (3.8%) 34.0% 4.9x 14.1x 5.0x 13.5x

Fiserv, Inc. FISV-US 30,335 74.09 21.1% 13.0% 96.2% 4.2% 35.4% 6.0x 17.3x 5.9x 15.9x

MSCI, Inc. MSCI-US 14,727 165.43 60.6% 30.7% 95.0% 13.3% 53.1% 12.0x 23.0x 11.0x 19.9x

Jack Henry & Associates, Inc. JKHY-US 10,076 130.36 25.5% 11.5% 97.7% 8.1% 35.2% 6.7x 19.3x 6.3x 18.1x

The Western Union Co. WU-US 9,367 20.33 6.7% 6.9% 91.5% 3.9% 23.7% 2.1x 8.7x 2.0x 8.2x

Black Knight, Inc. BKI-US 8,001 53.55 30.8% 21.3% 98.0% 9.4% 44.7% 8.9x 19.4x 8.1x 16.7x

Envestnet, Inc. ENV-US 2,485 54.95 38.8% 10.2% 91.2% 20.5% 9.5% 4.0x 33.5x 3.4x 17.6x

Q2 Holdings, Inc. QTWO-US 2,423 57.05 54.4% 54.8% 89.8% 29.8% (2.0%) 11.3x NM 8.6x 78.3x

Bottomline Technologies, Inc. EPAY-US 2,034 49.83 94.0% 43.7% 97.5% 11.4% 12.8% 5.5x 43.4x 4.6x 19.2x

39.6% 20.8% 95.3% 11.9% 34.0% 7.9x 21.4x 7.1x 22.7x34.8% 14.6% 96.3% 11.8% 34.9% 6.4x 19.4x 6.1x 18.1x

Market Stats Operating Stats LTM Multiples NTM Multiples


($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Manhattan Associates, Inc. MANH-US 3,141$ 47.01$ (2.2%) (5.1%) 86.7% (6.0%) 23.0% 5.2x 16.5x 5.6x 22.7x

SPS Commerce, Inc. SPSC-US 1,276 73.48 15.2% 51.2% 93.5% 11.9% 31.0% 4.9x 34.4x 4.3x 22.8x

American Software, Inc. AMSWA-US 411 14.57 41.6% 25.3% 88.6% 11.4% 14.3% 3.3x 18.9x 2.9x 15.3x

18.2% 23.8% 89.6% 5.8% 22.7%15.2% 25.3% 88.6% 11.4% 23.0%



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Paychex, Inc. PAYX-US 24,538$ 68.35$ 20.0% 0.4% 93.5% 7.0% 40.6% 7.1x 16.9x 6.7x 16.2x

Workday, Inc. WDAY-US 17,707 121.12 24.9% 19.0% 86.5% 29.1% (5.2%) 10.6x NM 8.1x NM

The Ultimate Software Group, Inc. ULTI-US 7,877 257.31 22.5% 17.9% 91.1% 22.9% 11.4% 7.8x NM 6.5x 25.5x

Paycom Software, Inc. PAYC-US 5,837 98.83 44.5% 23.0% 83.4% 30.3% 37.1% 12.4x NM 9.5x 23.3x

Paylocity Holding Corp. PCTY-US 3,099 58.86 30.3% 24.8% 91.7% 27.3% 24.4% 8.3x NM 6.8x 30.2x

Cornerstone OnDemand, Inc. CSOD-US 2,736 47.43 32.7% 34.2% 88.2% 6.0% 5.0% 5.3x NM 5.0x 25.6x

Benefitfocus, Inc. BNFT-US 1,067 33.60 (7.6%) 24.4% 90.9% 3.4% (10.8%) 4.5x NM 4.1x NM

23.9% 20.6% 89.3% 18.0% 14.6%24.9% 23.0% 90.9% 22.9% 11.4%



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Microsoft Corp. MSFT-US 757,640$ 98.61$ 43.1% 15.3% 96.0% 21.8% 41.0% 6.8x 17.3x 6.0x 14.1x

Oracle Corp. ORCL-US 175,410 44.06 (12.1%) (6.8%) 82.4% 2.8% 46.1% 4.2x 9.9x 4.4x 9.4x

SAP SE SAP-US 141,928 115.66 10.5% 2.9% 94.8% 9.1% 25.6% 4.8x 17.9x 4.6x 14.3x

Adobe Systems, Inc. ADBE-US 119,385 243.81 72.4% 39.1% 94.2% 21.9% 35.3% 14.2x 39.5x 11.8x 26.5x

Intuit, Inc. INTU-US 52,422 204.31 53.8% 29.5% 94.3% 11.4% 57.4% 8.8x 28.0x 8.0x 21.8x

Yext, Inc. YEXT-US 1,873 19.34 45.1% 60.8% 97.7% 38.6% (32.1%) 9.5x NM 6.7x NM35.5% 23.5% 93.2% 17.6% 28.9% 8.1x 22.5x 6.9x 17.2x44.1% 22.4% 94.6% 16.6% 38.1% 7.8x 17.9x 6.3x 14.3x




($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

ServiceNow, Inc. NOW-US 30,471$ 172.47$ 62.7% 32.3% 91.5% 41.5% 2.2% 14.1x NM 10.8x 40.5x

Snap, Inc. SNAP-US 12,508 13.09 (26.3%) (10.4%) 61.7% 57.6% (160.8%) 16.1x NM 10.4x NM

LogMeIn, Inc. LOGM-US 5,391 103.25 (1.2%) (9.8%) 76.6% 16.9% 30.4% 4.6x 15.9x 4.1x 10.9x

Guidewire Software, Inc. GWRE-US 7,126 88.78 29.2% 19.6% 92.3% 29.5% (13.8%) 10.8x NM 8.2x NM

Atlassian Corp. Plc TEAM-US 6,418 62.52 77.7% 37.3% 90.9% 33.4% 4.1% 17.3x NM 12.4x NM

Zendesk, Inc. ZEN-US 5,697 54.49 96.1% 61.0% 90.4% 39.6% (18.0%) 11.6x NM 8.2x NM

RealPage, Inc. RP-US 5,073 55.10 53.3% 24.4% 88.9% 26.9% 20.6% 7.7x 47.7x 5.6x 20.6x

RingCentral, Inc. RNG-US 4,700 70.35 92.5% 45.4% 86.6% 32.7% 2.8% 9.9x NM 7.4x NM

Ebix, Inc. EBIX-US 2,399 76.25 41.5% (3.8%) 87.1% 22.1% 34.4% 6.9x 16.4x 5.7x 15.4x

Alarm.com Holdings, Inc. ALRM-US 1,910 40.38 7.3% 7.0% 81.6% 13.3% 19.2% 5.3x 30.2x 4.8x 21.9x

Five9, Inc. FIVN-US 1,994 34.57 60.6% 38.9% 87.4% 21.2% 3.7% 9.2x NM 7.4x NM

MINDBODY, Inc. MB-US 1,690 38.60 41.9% 26.8% 84.8% 44.3% (2.8%) 8.4x NM 5.8x NM

Instructure, Inc. INST-US 1,461 42.55 44.2% 28.5% 90.6% 35.8% (19.5%) 7.7x NM 5.3x NM

Workiva, Inc. WK-US 794 24.40 28.1% 14.0% 88.4% 16.7% (14.4%) 4.5x NM 3.9x NM

AppFolio, Inc. APPF-US 931 61.15 87.6% 47.3% 89.3% 31.6% 18.1% 13.3x 78.5x 10.4x NM

Model N, Inc. MODN-US 568 18.60 39.8% 18.1% 94.9% 5.6% (0.6%) 3.8x NM 3.6x NM

Appian Corp. APPN-US 684 36.16 99.2% 14.9% 82.9% 16.7% (19.3%) 11.3x NM 9.6x NM

49.1% 23.0% 86.2% 28.6% (6.7%)44.2% 24.4% 88.4% 29.5% 2.2%



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cerner Corp. CERN-US 19,839$ 59.79$ (10.0%) (11.3%) 81.0% 8.1% 26.9% 3.7x 12.8x 3.5x 11.4xVeeva Systems, Inc. VEEV-US 9,270 76.86 25.4% 39.0% 90.4% 23.1% 24.2% 14.0x NM 12.4x 37.5xathenahealth, Inc. ATHN-US 6,431 159.14 13.2% 19.6% 97.1% 12.1% 25.9% 5.2x 23.2x 4.7x 16.8xMedidata Solutions, Inc. MDSO-US 4,771 80.56 3.0% 27.1% 93.8% 23.2% 14.1% 8.1x NM 6.7x 26.5xAllscripts Healthcare Solutions, Inc. MDRX-US 2,135 12.00 (6.0%) (17.5%) 74.4% 17.2% 12.0% 2.2x 16.2x 1.9x 9.4xHMS Holdings Corp. HMSY-US 1,799 21.62 16.9% 27.6% 91.5% 7.9% 19.4% 3.6x 15.8x 3.4x 14.3xQuality Systems, Inc. QSII-US 1,252 19.50 13.3% 43.6% 94.7% 3.1% (3.1%) 2.4x 18.8x 2.3x 14.7xInovalon Holdings, Inc. INOV-US 711 9.93 (24.5%) (33.8%) 55.8% 38.8% (4.8%) 3.0x 18.9x 2.0x 6.5x

3.9% 11.8% 84.8% 16.7% 14.3%8.1% 23.4% 91.0% 14.7% 16.7%



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

salesforce.com, inc. CRM-US 101,271$ 136.40$ 57.5% 33.4% 96.0% 27.8% 13.2% 8.8x NM 7.0x 30.4x

HubSpot, Inc. HUBS-US 4,816 125.40 90.7% 41.9% 87.7% 34.9% (5.4%) 11.2x NM 8.2x NM

Criteo SA CRTO-US 2,168 32.85 (33.0%) 26.2% 61.1% (54.2%) 10.4% 0.7x 6.6x 1.6x 5.3x

ChannelAdvisor Corp. ECOM-US 381 14.05 21.6% 56.1% 89.9% 7.7% (5.3%) 2.6x NM 2.4x 34.3x

34.2% 39.4% 83.7% 4.0% 3.2%39.6% 37.6% 88.8% 17.8% 2.5%




($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Splunk, Inc. SPLK-US 14,371$ 99.11$ 74.2% 19.6% 81.5% 33.7% (34.3%) 10.0x NM 7.3x 47.5xTableau Software, Inc. DATA-US 6,638 97.75 59.5% 41.3% 92.4% 13.4% (16.5%) 7.7x NM 6.7x NMTeradata Corp. TDC-US 4,855 40.15 36.1% 4.4% 90.7% 1.5% 6.5% 2.0x 20.3x 2.0x 11.4xPegasystems, Inc. PEGA-US 4,306 54.80 (6.1%) 16.2% 80.6% 22.9% 6.0% 4.8x NM 4.3x 28.0xCloudera, Inc. CLDR-US 2,021 13.64 (14.9%) (17.4%) 60.8% 21.8% (46.8%) 4.1x NM 3.3x NMVerint Systems, Inc. VRNT-US 2,839 44.35 9.0% 6.0% 95.5% 8.4% 10.9% 2.8x 20.8x 2.5x 10.4xHortonworks, Inc. HDP-US 1,440 18.22 41.5% (9.4%) 82.8% 29.2% (48.7%) 4.7x NM 3.5x NMMicroStrategy, Inc. MSTR-US 1,202 127.75 (33.3%) (2.7%) 65.1% 2.0% 3.3% 1.5x 11.0x 1.5x 17.1xPROS Holdings, Inc. PRO-US 1,192 36.57 33.5% 38.3% 95.3% 16.8% (23.6%) 7.1x NM 6.1x NMAlteryx, Inc. AYX-US 1,093 38.16 95.5% 51.0% 92.0% 47.4% (9.9%) 14.6x NM 9.8x NMVeritone, Inc. VERI-US 302 16.82 43.6% (27.5%) 22.5% 81.0% (293.4%) 15.8x NM 7.6x NM

30.8% 10.9% 78.1% 25.3% (40.6%)36.1% 6.0% 82.8% 21.8% (16.5%)



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Accenture Plc ACN 104,820$ 163.59$ 32.3% 6.9% 98.8% 2.5% 17.3% 2.5x 15.1x 2.5x 14.3xCognizant Technology Solutions Corp. CTSH-US 46,280 78.99 19.0% 11.2% 92.8% 11.7% 19.8% 2.8x 14.1x 2.5x 10.5xLeidos Holdings, Inc. LDOS-US 8,955 59.00 14.1% (8.6%) 84.2% 5.8% 9.9% 1.2x 11.6x 1.1x 11.0xEPAM Systems, Inc. EPAM-US 6,639 124.33 47.9% 15.7% 94.4% 31.3% 13.8% 4.0x 27.6x 3.2x 17.6xBooz Allen Hamilton Holding Corp. BAH-US 6,271 43.73 34.4% 14.7% 95.4% 8.7% 9.3% 1.3x 13.3x 1.2x 12.5xInterXion Holding NV INXN-US 4,459 62.42 36.3% 5.9% 92.9% 17.5% 42.1% 9.2x 22.0x 7.8x 17.0xCACI International, Inc. CACI-US 4,163 168.55 34.8% 27.4% 96.4% 5.0% 10.9% 1.2x 12.6x 1.1x 12.4xManTech International Corp. MANT-US 1,414 53.64 29.6% 6.9% 86.2% 12.2% 8.4% 1.2x 15.5x 1.1x 13.1xPresidio, Inc. PSDO-US 1,214 13.10 (8.5%) (31.7%) 66.4% 5.3% 6.7% 0.7x 9.5x 0.7x 9.1xVirtusa Corp. VRTU-US 1,445 48.68 65.6% 10.4% 89.8% 27.3% 8.0% 1.6x 28.2x 1.3x 13.2xUnisys Corp. UIS-US 657 12.90 0.8% 58.3% 92.8% (1.5%) 19.9% 0.2x 1.8x 0.4x 2.4xThe Hackett Group, Inc. HCKT-US 473 16.07 3.7% 2.3% 83.5% 5.3% 13.1% 1.6x 12.5x 1.7x 9.6xServiceSource International, Inc. SREV-US 358 3.94 1.5% 27.5% 88.1% 5.8% (2.7%) 1.3x 34.9x 1.2x 12.9x

24.0% 11.3% 89.4% 10.5% 13.6%29.6% 10.4% 92.8% 5.8% 10.9%



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cisco Systems, Inc. CSCO-US 202,365$ 43.03$ 37.5% 12.3% 92.8% 4.1% 30.4% 3.6x 11.9x 3.6x 10.3xPalo Alto Networks, Inc. PANW-US 19,084 205.47 53.6% 41.8% 94.5% 25.7% (0.6%) 8.5x NM 6.7x 25.6xVeriSign, Inc. VRSN-US 16,914 137.42 47.8% 20.1% 94.4% 5.1% 66.0% 14.4x 22.1x 13.7x 19.3xCheck Point Software Technologies Ltd. CHKP-US 15,535 97.68 (10.5%) (5.7%) 81.9% 3.3% 48.3% 7.5x 14.9x 7.4x 13.8xSymantec Corp. SYMC-US 12,835 20.65 (26.9%) (26.4%) 60.4% 0.9% 27.9% 3.2x 13.1x 3.4x 8.5xFortinet, Inc. FTNT-US 10,494 62.43 66.7% 42.9% 94.1% 18.2% 16.6% 5.9x NM 5.1x 20.9xProofpoint, Inc. PFPT-US 5,864 115.31 32.8% 29.8% 88.5% 42.5% (5.1%) 10.5x NM 7.4x NMQualys, Inc. QLYS-US 3,286 84.30 106.6% 42.0% 86.2% 24.7% 23.8% 12.2x NM 10.6x 28.6xFireEye, Inc. FEYE-US 2,954 15.39 1.2% 8.4% 79.5% 11.9% (19.3%) 3.7x NM 3.2x 27.5xMimecast Ltd. (Jersey) MIME-US 2,430 41.21 53.9% 43.7% 87.9% 33.6% 6.4% 9.0x NM 6.6x NMCyberArk Software Ltd. CYBR-US 2,270 62.96 26.0% 52.1% 93.1% 26.2% 8.7% 7.1x NM 5.7x 25.6xVaronis Systems, Inc. VRNS-US 2,142 74.50 100.3% 53.5% 89.7% 25.9% (27.5%) 8.6x NM 6.7x NMImperva, Inc. IMPV-US 1,674 48.25 0.8% 21.5% 89.4% 19.2% (6.8%) 3.9x NM 3.2x 16.6xRapid7, Inc. RPD-US 1,305 28.22 67.7% 51.2% 83.2% 22.1% (26.0%) 5.6x NM 4.5x NMCheetah Mobile, Inc. CMCM-US 418 9.56 (11.3%) (20.9%) 52.6% 4.7% 12.9% 0.0x 0.2x 1.3x 13.3x

36.4% 24.4% 84.6% 17.9% 10.4%37.5% 29.8% 88.5% 19.2% 8.7%




($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Equinix, Inc. EQIX-US 34,158$ 429.89$ 0.2% (5.1%) 86.8% 15.5% 43.6% 9.3x 21.7x 8.1x 16.8xDigital Realty Trust, Inc. DLR-US 22,980 111.58 (1.2%) (2.0%) 87.7% 21.3% 58.5% 12.9x 23.7x 10.6x 18.0xAkamai Technologies, Inc. AKAM-US 12,495 73.23 47.0% 12.6% 88.1% 10.0% 30.6% 4.8x 15.9x 4.4x 11.2xGoDaddy, Inc. GDDY-US 10,504 70.60 66.4% 40.4% 93.9% 17.3% 13.5% 5.1x 38.1x 5.1x 18.0xCoreSite Realty Corp. COR-US 3,818 110.82 7.0% (2.7%) 91.7% 15.1% 54.0% 10.0x 18.9x 8.6x 15.7xQTS Realty Trust, Inc. QTS-US 2,015 39.50 (24.5%) (27.1%) 64.2% (3.0%) 45.0% 7.6x 17.2x 7.7x 14.5xExtreme Networks, Inc. EXTR-US 923 7.96 (13.7%) (36.4%) 51.2% 27.5% 7.7% 1.1x 13.7x 0.9x 5.5xSwitch, Inc. (Nevada) SWCH-US 439 12.17 NM (33.1%) 48.9% 21.0% 34.8% 3.8x 14.8x 8.7x 17.2x

11.6% (6.7%) 76.6% 15.6% 36.0%0.2% (3.9%) 87.2% 16.4% 39.2%



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Apple, Inc. AAPL-US 909,841$ 185.11$ 28.5% 9.4% 95.3% 8.7% 30.6% 3.8x 12.4x 3.6x 11.6xAmazon.com, Inc. AMZN-US 824,789 1,699.80 75.6% 45.3% 96.4% 36.3% 10.9% 4.4x NM 3.3x 25.2xAlphabet, Inc. GOOGL-US 726,548 1,129.19 21.5% 7.2% 94.0% 0.4% 29.4% 5.8x 18.4x 5.9x 12.7xFacebook, Inc. FB-US 466,097 194.32 28.7% 10.1% 95.5% 44.1% 53.5% 11.6x 20.3x 8.2x 13.5xInternational Business Machines Corp. IBM-US 128,240 139.70 (9.2%) (8.9%) 81.6% 1.0% 14.0% 2.0x 10.1x 2.0x 8.4x

29.0% 12.6% 92.6% 18.1% 27.7%28.5% 9.4% 95.3% 8.7% 29.4%



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