technology report q3 2017 - sdr ventures...7/3/2017 knowledge adventure, inc. netdragon websoft...

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Date Target Buyer(s) SegmentAmount ($ in

Mil)TEV/ Rev TEV/ EBITDA

9/26/2017 automotiveMastermind, Inc. IHS Markit Ltd. Marketing Software 557.69 24.04x -

8/27/2017 MaxPoint Interactive, Inc. MacAndrews & Forbes Holdings, Inc. Marketing Software 101.55 0.70x NM

8/15/2017 Macropoint LLC The Descartes Systems Group, Inc. Supply Chain Software 107.00 9.47x -

8/14/2017 Zoom Information, Inc. Great Hill Partners LP Other SaaS 240.00 6.03x -

7/26/2017 Guidance Software, Inc. Open Text Corp. Other SaaS 223.70 2.06x NM

7/24/2017 WebMD Health Corp. Kohlberg Kravis Roberts & Co. LP Healthcare IT 2,462.52 3.47x 12.48x

7/18/2017 Rocket Fuel, Inc. Vector Capital Management LP Marketing Software 142.80 0.34x NM

7/3/2017 NCI, Inc. H.I.G. Capital LLC (Private Equity) Enterprise Software 268.15 0.82x 9.04x

7/3/2017 Knowledge Adventure, Inc. NetDragon Websoft Holdings Ltd. Other SaaS - - -

7/3/2017 Endeavor Commerce, Inc. Vendavo, Inc. Other SaaS - - -

7/1/2017 EDJE Web Design LLC Webspec Design LLC Other SaaS - - -

21

8 4

68

17 17 13 10

26

14 3

- 10 20 30 40 50 60 70 80

Strategic76%

Financial24%


https://sdrventures.com/technology-ma-update/?utm_source=Quarterly%20Report&utm_medium=PDF&utm_campaign=Q3%202017%20Technology%20Report

Strategic Buyer Inv. Date Select Corporate AcquisitionsAccenture plc (NYSE:ACN) 08/03/2017 ▪ Search Technologies Corp.

06/28/2017 ▪ Intrepid Pursuits LLC

06/07/2017 ▪ Phase One Consulting Group, Inc.

06/02/2017 ▪ SolutionsIQ, Inc.

05/15/2017 ▪ Media Hive LLC

Alphabet Inc. (NasdaqGS:GOOGL) 09/26/2017 ▪ Bitium, Inc.

08/13/2017 ▪ Senosis Health Inc.

05/10/2017 ▪ Owlchemy Labs, Inc.

03/08/2017 ▪ Kaggle, Inc.

01/18/2017 ▪ Fabric

Cisco Systems, Inc. (NasdaqGS:CSCO) 05/11/2017 ▪ MindMeld, Inc.

05/01/2017 ▪ Viptela, Inc.

10/17/2016 ▪ Heroik Labs, Inc.

08/30/2016 ▪ ContainerX, Inc.

Open Text Corporation (NasdaqGS:OTEX) 07/26/2017 ▪ Guidance Software, Inc.

06/05/2017 ▪ Covisint Corp.

06/20/2016 ▪ HP Inc., Customer Communications Management and Other Assets

06/02/2016 ▪ Recommind, Inc.

04/27/2016 ▪ ANXeBusiness Corp.

Microsoft Corporation (NasdaqGS:MSFT) 08/15/2017 ▪ Cycle Computing LLC

04/19/2017 ▪ Intentional Software Corp.

04/10/2017 ▪ Deis, Inc.

The Descartes Systems Group, Inc. 08/15/2017 ▪ Macropoint LLC

06/02/2017 ▪ PCSTrac Inc

05/19/2017 ▪ Z-Firm LLC

Financial Buyer Inv. Date Select Corporate InvestmentsRiverside Partners LLC 09/13/2017 ▪ Calero Software LLC

07/26/2017 ▪ Bigart Ecosystems LLC

04/07/2017 ▪ Abila, Inc.

03/20/2017 ▪ Information Technologies, Inc.

02/09/2017 ▪ Eirene, Inc.

KKR & Co. LP 07/24/2017 ▪ WebMD Health Corp.

06/05/2017 ▪ UniMed Direct LLC

03/20/2017 ▪ Communication Cable Co.

02/16/2017 ▪ RedTail Solutions, Inc.

12/06/2016 ▪ Optiv Security, Inc.

11/17/2016 ▪ Latitude Technologies LLC

Aquiline Capital Partners LLC 08/31/2017 ▪ Gingr LLC

08/16/2017 ▪ Group Interactive Networks LLC

05/30/2017 ▪ Output Services Group, Inc.

04/26/2017 ▪ Bunk1.com

03/29/2017 ▪ ABC Camps LLC

H.I.G. Capital, LLC 07/03/2017 ▪ NCI, Inc.

05/04/2017 ▪ eCommission Solutions LLC

01/05/2017 ▪ Pico Digital, Inc.

12/16/2016 ▪ TeamQuest Corp.

12/12/2016 ▪ Lionbridge Technologies, Inc.

Vista Equity Partners 08/23/2017 ▪ Applause APP Quality, Inc.

08/16/2017 ▪ SecureLink, Inc.

06/29/2017 ▪ Scoutit, Inc.

05/30/2017 ▪ Xactly Corp.

05/30/2017 ▪ Lithium Technologies, Inc.

04/26/2017 ▪ OmniEarth, Inc.

04/19/2017 ▪ ToutApp, Inc.


-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Financial Technology Supply Chain Software Human Capital Management Marketing Software

Healthcare IT Hosting Data Center S&P 500

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Enterprise Software Other SaaS Data Analytics IT Services

IT Security Hosting Data Center Tech Conglomerates S&P 500


Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

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 235,083$ 105.24$ 12.2% 34.9% 98.5% 12.0% 69.1% 14.1x 20.5x 13.1x 18.4x

Mastercard, Inc. MA-US 148,144 141.20 16.3% 36.8% 98.3% 17.6% 58.3% 13.0x 22.3x 11.1x 19.0x

American Express Co. AXP-US 80,851 90.46 7.4% 22.1% 99.7% 0.7% 36.5% 3.7x 11.1x 3.8x NM

Fidelity National Information Services, Inc. FIS-US 31,044 93.39 9.4% 23.5% 99.6% (0.8%) 31.8% 4.3x 12.8x 4.3x 12.8x

Fiserv, Inc. FISV-US 27,142 128.96 5.4% 21.3% 99.5% 6.9% 34.0% 5.6x 16.7x 5.4x 14.9x

MSCI, Inc. MSCI-US 10,528 116.90 13.5% 48.4% 98.6% 12.3% 52.6% 9.9x 19.5x 8.9x 16.9x

The Western Union Co. WU-US 8,909 19.20 0.8% -11.6% 84.6% 1.7% 20.5% 2.1x 8.7x 2.1x 8.8x

Jack Henry & Associates, Inc. JKHY-US 7,960 102.79 -1.0% 15.8% 93.7% 7.2% 34.7% 5.5x 15.7x 5.2x 14.8x

Black Knight, Inc. BKFS-US 2,964 43.05 5.1% 13.9% 95.1% 9.9% 45.8% 5.2x 11.9x 7.9x 16.3x

Envestnet, Inc. ENV-US 2,235 51.00 28.8% 44.7% 98.1% 18.5% 10.9% 3.9x 40.9x 3.3x 16.3x

Q2 Holdings, Inc. QTWO-US 1,720 41.65 12.7% 44.4% 99.6% 34.4% (7.7%) 9.5x NM 7.0x 94.7x

Bottomline Technologies, Inc. EPAY-US 1,286 31.83 23.9% 27.2% 98.5% 9.4% 11.2% 3.6x 37.6x 3.3x 14.4x

10.8% 33.1% 6.7x 19.8x 6.3x 22.5x9.6% 34.4% 5.4x 16.7x 5.3x 16.3x

Market Stats Operating Stats LTM Multiples NTM Multiples


($ in Mil)Price ($)

Quarter

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 2,865$ 41.57$ -13.5% -21.6% 69.7% 3.4% 35.4% 4.7x 13.7x 4.5x 12.6x

SPS Commerce, Inc. SPSC-US 977 56.71 -11.1% -18.9% 76.0% 17.6% 10.3% 4.0x 35.7x 3.4x 22.0x

American Software, Inc. AMSWA-US 311 11.36 10.4% 10.0% 93.9% 5.2% 18.6% 2.4x 15.8x 2.3x 12.3x

8.7% 21.4%5.2% 18.6%



($ in Mil)Price ($)

Quarter

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 21,503$ 59.96$ 5.3% -1.5% 95.1% 6.1% 46.2% 6.7x 15.2x 6.3x 14.4x

Workday, Inc. WDAY-US 14,122 105.39 8.6% 59.5% 94.6% 32.6% (9.4%) 11.0x NM 8.2x 49.8x

The Ultimate Software Group, Inc. ULTI-US 5,655 189.60 -9.7% 4.0% 81.2% 24.9% 6.8% 6.5x 85.5x 5.3x 22.5x

Paycom Software, Inc. PAYC-US 4,466 74.96 9.6% 64.8% 97.7% 33.6% 14.0% 11.6x 57.2x 8.5x 29.4x

Paylocity Holding Corp. PCTY-US 2,526 48.82 8.1% 62.7% 98.3% 30.0% 3.8% 8.1x 85.5x 6.5x 33.0x

Cornerstone OnDemand, Inc. CSOD-US 2,338 40.61 13.6% -4.0% 87.0% 20.7% (8.5%) 5.1x NM 4.2x 29.8x

Benefitfocus, Inc. BNFT-US 1,049 33.65 -7.4% 13.3% 79.2% 14.3% 3.9% 4.4x NM 3.9x 44.9x

23.2% 8.1%24.9% 3.9%



($ in Mil)Price ($)

Quarter

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 574,723$ 74.49$ 8.1% 19.9% 98.1% 19.1% 38.4% 5.9x 15.9x 5.1x 13.1x

Oracle Corp. ORCL-US 201,788 48.35 -3.6% 25.7% 91.0% 4.7% 39.8% 4.9x 11.7x 4.8x 10.3x

SAP SE SAP-US 134,617 109.65 4.8% 26.9% 99.1% 14.7% 25.6% 5.0x 19.8x 4.6x 14.2x

Adobe Systems, Inc. ADBE-US 73,537 149.18 5.5% 44.9% 94.5% 22.9% 34.1% 10.2x 30.8x 8.4x 20.1x

Intuit, Inc. INTU-US 36,242 142.14 7.0% 24.0% 96.9% 11.5% 6.2% 6.9x 22.0x 6.4x 16.7x

Yext, Inc. YEXT-US 1,198 13.28 -0.4% NA 87.9% NM (37.5%) 8.6x NM 5.2x (24.8x)

MuleSoft, Inc. MULE-US 485 20.14 -19.2% NA 69.4% NM (26.0%) 12.5x NM 6.6x (41.5x)

13.5% 7.0% 8.0x 21.1x 6.0x -0.8x13.1% 15.9% 7.8x 20.9x 5.8x 12.2x




($ in Mil)Price ($)

Quarter

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 19,966$ 117.53$ 10.9% 58.1% 99.1% 43.5% (2.4%) 12.0x NM 8.3x 34.5x

Snap, Inc. SNAP-US 11,794 14.54 -18.2% NM 49.4% 128.0% (240.2%) 23.4x NM 10.5x (22.3x)

Guidewire Software, Inc. GWRE-US 5,840 77.86 13.3% 57.8% 95.6% 23.6% 26.3% 10.2x 111.3x 8.3x 39.7x

LogMeIn, Inc. LOGM-US 5,798 110.05 5.3% 14.0% 88.8% 82.5% 26.3% 8.9x 40.3x 5.0x 13.3x

Atlassian Corp. Plc TEAM-US 3,276 35.15 -0.1% 46.0% 89.6% 43.1% (4.9%) 10.9x NM 8.3x 34.0x

RealPage, Inc. RP-US 3,298 39.90 11.0% 33.0% 91.4% 21.6% 13.6% 5.3x 33.9x 4.3x 16.9x

Zendesk, Inc. ZEN-US 2,926 29.11 4.8% 37.3% 92.8% 42.0% (22.0%) 7.4x NM 5.1x 110.6x

RingCentral, Inc. RNG-US 2,668 41.75 14.2% 102.7% 97.0% 33.9% (2.9%) 7.0x NM 5.2x 71.4x

Alarm.com Holdings, Inc. ALRM-US 2,110 45.18 20.1% 62.3% 98.4% 23.1% 12.7% 7.1x 72.5x 6.0x 27.6x

Ebix, Inc. EBIX-US 2,052 65.25 21.1% 14.4% 99.8% 20.3% 34.0% 7.2x 20.0x 6.0x 17.7x

Five9, Inc. FIVN-US 1,317 23.90 11.1% 68.4% 96.4% 22.4% (1.4%) 7.3x 1477.3x 5.9x 73.2x

MINDBODY, Inc. MB-US 1,093 25.85 -5.0% 21.4% 86.9% 34.0% (4.2%) 6.2x NM 4.2x 59.2x

Instructure, Inc. INST-US 975 33.15 12.4% 69.6% 95.1% 40.7% (29.9%) 7.1x NM 5.0x NM

Workiva, Inc. WK-US 649 20.85 9.4% 52.7% 99.0% 18.2% (18.2%) 4.3x NM 3.6x NM

AppFolio, Inc. APPF-US 643 47.95 47.1% 101.0% 99.1% 34.3% 16.4% 12.9x 128.5x 9.8x NM

Model N, Inc. MODN-US 435 14.95 12.4% 68.9% 99.3% 19.9% (18.3%) 3.5x NM 2.9x NM

Appian Corp. APPN-US 205 28.46 56.8% NM 99.3% 25.6% (33.8%) 11.2x NM 6.2x NM

38.6% (14.6%)33.9% (2.9%)



($ in Mil)Price ($)

Quarter

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 66,453$ 93.42$ 7.9% 36.5% 95.1% 25.1% 9.5% 7.0x 88.1x 5.7x 25.0x

HubSpot, Inc. HUBS-US 3,112 84.05 27.8% 78.8% 99.9% 37.7% (7.8%) 9.1x NM 6.6x 102.8x

Criteo SA CRTO-US 2,710 41.50 -15.4% 1.0% 74.1% (46.5%) 7.2% 1.2x 12.8x 2.3x 7.2x

Callidus Software, Inc. CALD-US 1,667 24.65 1.9% 46.7% 90.1% 23.6% (2.9%) 6.6x NM 5.1x 34.9x

Bazaarvoice, Inc. BV-US 424 4.95 0.0% 2.1% 80.7% 2.6% 3.6% 1.8x 63.6x 1.7x 13.7x

ChannelAdvisor Corp. ECOM-US 304 11.50 -0.4% -19.9% 72.6% 13.6% (7.5%) 2.1x NM 1.8x 28.2x

9.4% 0.3%18.6% 0.4%



($ in Mil)Price ($)

Quarter

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 23,649$ 71.32$ 7.3% 50.6% 98.7% 10.7% 30.5% 4.7x 15.4x 4.3x 13.0xVeeva Systems, Inc. VEEV-US 6,459 56.41 -8.0% 38.6% 82.9% 23.1% 24.3% 11.7x 47.2x 10.5x 31.9xathenahealth, Inc. ATHN-US 4,966 124.36 -11.5% 18.2% 78.4% 17.2% 15.8% 4.3x 25.7x 3.9x 17.0xMedidata Solutions, Inc. MDSO-US 4,567 78.06 -0.2% 57.2% 90.9% 23.4% 14.1% 8.8x 58.3x 7.3x 28.5xAllscripts Healthcare Solutions, Inc. MDRX-US 2,570 14.23 11.5% 39.4% 98.5% 23.9% 16.9% 2.6x 16.6x 2.1x 10.7xHMS Holdings Corp. HMSY-US 1,669 19.86 7.4% 9.4% 89.1% 23.8% 24.7% 3.7x 17.4x 3.1x 12.6xInovalon Holdings, Inc. INOV-US 1,078 17.05 29.7% 65.5% 95.8% 14.6% 19.3% 5.3x 35.1x 4.5x 17.8xQuality Systems, Inc. QSII-US 997 15.73 -8.6% 19.6% 88.7% 3.0% 12.4% 2.0x 13.0x 1.9x 12.2x

17.4% 19.7%20.1% 18.1%




($ in Mil)Price ($)

Quarter

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 9,300$ 66.43$ 16.8% 29.9% 95.4% 32.0% (25.5%) 7.7x NM 5.7x 46.0xTableau Software, Inc. DATA-US 4,697 74.89 22.2% 77.7% 98.2% 8.2% (16.2%) 5.7x NM 5.2x 60.2xPegasystems, Inc. PEGA-US 4,475 57.65 -1.2% 60.1% 88.9% 14.3% 4.0% 5.3x 57.1x 5.0x 28.9xTeradata Corp. TDC-US 4,423 33.79 14.6% 24.4% 99.7% (3.7%) 8.4% 1.7x 10.0x 1.8x 10.4xVerint Systems, Inc. VRNT-US 2,667 41.85 2.8% 18.7% 93.6% 9.3% 10.1% 2.8x 20.1x 2.5x 10.6xCloudera, Inc. CLDR-US 2,235 16.62 3.7% NM 71.2% NM (69.4%) 7.1x NM 4.4x NMMicroStrategy, Inc. MSTR-US 1,202 127.71 -33.4% -35.3% 61.6% (0.9%) 15.7% 1.6x 7.1x 1.7x 12.0xHortonworks, Inc. HDP-US 1,137 16.95 31.6% 104.0% 95.8% 36.7% (84.2%) 4.9x NM 3.4x 32.7xPROS Holdings, Inc. PRO-US 767 24.13 -11.9% 12.1% 79.1% 15.1% (36.5%) 5.1x NM 4.4x NMVeritone, Inc. VERI-US 678 45.45 288.1% NM 60.7% 135.9% (438.5%) 51.1x NM 11.3x NMAlteryx, Inc. AYX-US 218 20.37 4.4% NM 84.6% NM (22.5%) 12.2x NM 6.5x NM

27.4% (59.5%)14.3% (22.5%)



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cognizant Technology Solutions Corp. CTSH-US 42,844$ 72.54$ 9.2% 29.5% 99.4% 12.0% 19.4% 2.8x 14.6x 2.5x 12.1xLeidos Holdings, Inc. LDOS-US 8,955 59.22 14.6% 15.8% 99.3% 9.7% 10.7% 1.2x 12.5x 1.1x 11.4xBooz Allen Hamilton Holding Corp. BAH-US 5,559 37.39 14.9% 3.7% 94.2% 7.1% 10.4% 1.2x 12.6x 1.1x 11.8xEPAM Systems, Inc. EPAM-US 4,613 87.93 4.6% 36.7% 99.7% 28.3% 13.9% 3.3x 24.4x 2.7x 14.5xInterXion Holding NV INXN-US 3,617 50.93 11.2% 45.2% 97.7% 24.7% 43.2% 9.1x 20.8x 7.3x 15.9xCACI International, Inc. CACI-US 3,409 139.35 11.4% 12.1% 97.5% 3.0% 8.6% 1.1x 12.4x 1.0x 11.7xPresidio, Inc. PSDO-US 1,292 14.15 -1.1% NM 86.4% 6.3% 8.0% 0.7x 9.9x 0.7x 8.4xManTech International Corp. MANT-US 1,134 44.15 6.7% 4.5% 97.0% 5.7% 7.9% 1.0x 12.8x 0.9x 12.0xVirtusa Corp. VRTU-US 1,106 37.78 28.5% 50.4% 98.6% 13.1% 2.9% 1.4x 33.6x 1.2x 14.6xUnisys Corp. UIS-US 428 8.50 -33.6% -43.1% 50.9% 0.1% 6.3% 0.2x 2.0x 0.2x 1.4xThe Hackett Group, Inc. HCKT-US 439 15.19 -2.0% -14.0% 73.4% 2.7% 12.5% 1.5x 11.5x 1.7x 9.8xServiceSource International, Inc. SREV-US 309 3.46 -10.8% -39.1% 55.4% 2.1% 2.5% 1.1x NM 1.1x 11.0x

9.6% 12.2%6.7% 9.5%



($ in Mil)Price ($)

Quarter

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 166,534$ 33.63$ 7.4% 11.3% 97.2% 0.8% 30.9% 2.7x 8.6x 2.7x 7.8xSymantec Corp. SYMC-US 20,163 32.81 16.1% 37.3% 95.9% 23.5% 20.0% 5.6x 29.7x 4.5x 9.7xCheck Point Software Technologies Ltd. CHKP-US 18,636 114.02 4.5% 35.0% 97.8% 8.9% 49.2% 9.4x 19.0x 8.9x 16.3xPalo Alto Networks, Inc. PANW-US 13,234 144.10 7.7% 15.2% 87.0% 25.8% 1.7% 7.0x NM 5.5x 22.1xVeriSign, Inc. VRSN-US 10,631 106.39 14.4% 39.9% 99.6% 3.5% 64.8% 9.3x 14.3x 11.1x 15.8xFortinet, Inc. FTNT-US 6,299 35.84 -4.3% 19.0% 86.2% 19.5% 11.7% 3.7x 35.7x 3.2x 14.7xProofpoint, Inc. PFPT-US 3,875 87.22 0.4% 23.5% 89.9% 38.4% (7.9%) 8.0x NM 6.2x 45.2xFireEye, Inc. FEYE-US 3,055 16.77 10.3% 40.9% 95.8% 8.2% (18.2%) 4.0x NM 3.6x 36.7xQualys, Inc. QLYS-US 1,944 51.80 27.0% 63.7% 96.7% 20.3% 25.3% 7.9x 31.8x 6.9x 20.5xMimecast Ltd. (Jersey) MIME-US 1,616 28.42 6.1% 58.8% 94.4% 35.9% 4.3% 7.5x 362.3x 5.4x 51.3xImperva, Inc. IMPV-US 1,468 43.40 -9.3% 13.0% 75.8% 24.3% (1.5%) 3.9x NM 3.1x 21.8xCyberArk Software Ltd. CYBR-US 1,424 41.00 -17.9% -9.9% 72.9% 23.8% 4.9% 4.9x 33.1x 4.2x 18.6xVaronis Systems, Inc. VRNS-US 1,152 41.90 12.6% 56.3% 97.3% 25.5% (9.3%) 5.5x NM 4.4x 97.0xRapid7, Inc. RPD-US 766 17.60 4.6% 44.6% 91.2% 27.5% (21.7%) 3.8x NM 2.9x NMCheetah Mobile, Inc. CMCM-US 359 8.41 -22.0% -12.0% 61.0% 16.3% NM 0.2x 14.0x 0.2x 1.6x

20.4% 11.0%23.6% 4.6%




($ in Mil)Price ($)

Quarter

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 34,772$ 446.30$ 4.0% 24.9% 93.9% 22.0% 45.3% 11.0x 26.1x 9.0x 18.7xDigital Realty Trust, Inc. DLR-US 24,267 118.33 4.8% 20.4% 93.0% 29.9% 54.3% 11.9x 21.3x 9.1x 15.1xAkamai Technologies, Inc. AKAM-US 8,352 48.72 -2.2% -26.9% 68.0% 8.2% 29.8% 3.4x 10.6x 3.2x 8.7xGoDaddy, Inc. GDDY-US 4,840 43.51 2.6% 24.5% 95.9% 22.7% 11.0% 3.7x 33.6x 4.1x 16.4xCoreSite Realty Corp. COR-US 3,826 111.90 8.1% 41.0% 92.6% 18.4% 52.7% 10.9x 21.1x 9.2x 17.1xQTS Realty Trust, Inc. QTS-US 2,549 52.36 0.1% 5.5% 93.1% 16.2% 42.3% 8.7x 20.3x 8.2x 17.6xExtreme Networks, Inc. EXTR-US 1,345 11.89 29.0% 136.4% 98.0% 47.9% 12.3% 2.2x 27.4x 1.4x 11.7x

23.6% 35.4%22.0% 42.3%



($ in Mil)Price ($)

Quarter

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 796,065$ 154.12$ 7.0% 33.1% 93.4% 17.9% 28.5% 3.7x 12.0x 3.2x 10.1xAlphabet, Inc. GOOGL-US 622,992 973.72 4.7% 22.9% 96.5% 1.3% 32.6% 5.9x 18.4x 5.9x 12.0xAmazon.com, Inc. AMZN-US 461,813 961.35 -0.7% 28.2% 88.7% 31.0% 8.4% 3.1x 37.2x 2.4x 20.6xFacebook, Inc. FB-US 405,019 170.87 13.2% 48.5% 97.4% 43.9% 55.3% 13.9x 25.4x 9.8x 15.7xInternational Business Machines Corp. IBM-US 135,206 145.08 -5.7% -12.6% 79.4% (0.7%) 16.6% 2.2x 11.3x 2.2x 8.9x

18.9% 28.2%16.2% 24.6%



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