Mergers & Acquisitions Capital Raising Strategic Advisory
Software Industry Update Q2 2016
1 │ Software Industry Update Q2 2016
Vista Point Advisors Overview Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and middle markets are unique and require specialized attention and advice when considering investment and exit opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founderowned and operated businesses to deliver the most favorable transactions at premium valuations.
Unconflicted Advice
Deep Technology Domain Expertise
Differentiated Negotiation Framework
Vista Point exclusively provides sell-
Vista Point bankers are industry
The firm utilizes a unique negotiation
side M&A and Capital Raising advisory
specialists that focus exclusively on
framework to increase the
services to technology businesses
core technology markets allowing us
competitiveness of the transaction
removing the conflict of interest
to provide relevant insights into our
process, and ultimately yield higher
associated with working both sides of
client’s business and create the
valuations at better terms for clients.
the table.
strategic framework to optimize valuation.
2 │ Software Industry Update Q2 2016
Representative Vista Point Advisors Transactions has been acquired by has been acquired by
has been acquired by
has been acquired by
received investment from
May 2016
May 2016
March 2016
December 2015
has been acquired by
has been acquired by
has been acquired by
a portfolio company of
May 2016
has been acquired by has been acquired by a portfolio company of
December 2015
October 2015
September 2015
March 2015
February 2015
has been acquired by
has been acquired by
has been acquired by
has been acquired by
received investment from
November 2014
August 2014
April 2014
March 2014
March 2013
3 │ Software Industry Update Q2 2016
Q2 2016 Software Industry Overview • There were 256 reported software M&A transactions in Q2 2016 totaling $25.2 billion in transaction value − Software M&A deals in 1H 2016 were down 7% relative to 1H 2015 − Notable strategic deals include: • Mediware’s acquisition of Bowman Systems • Vista Equity’s $1.7 billion acquisition of Marketo • Salesforce.com’s $2.7 billion acquisition of Demandware • Thoma Bravo’s $2.6 billion acquisition of Qlik Technologies • Symantec’s $4.7 billion acquisition of Blue Coat • The software IPO market had one major IPO pricing in Q2 2016 − SecureWorks (NasdaqGS:SCWX), a information security solution, raised $112 million and has traded up 1%
4 │ Software Industry Update Q2 2016
Active Acquirers and Notable Transactions Most Active Acquirers (Since 2010) Reported Value ($bn)
$20.0
$16.4
$15.3
$10.0
$7.6
$6.9
$5.1
$15.1
$4.0
$3.9 $1.3
$0.5
$3.7
$1.2
$0.7
$0.9
$0.4
$0.0
Number of Transactions
60
1
Deals $1bn
5
2
40
3
1
2
50 20
38
35
28
24
24
23
21
1
2
20
20
20
16
16
3
2
15
15
0 Gray bar denotes Deals over $1 billion
Notable Recent Transactions Acquirer Target Date
05/25/16
05/31/16
06/01/16
06/02/16
06/12/16
EV
N/A
$1,700m
$2,662m
$2,615m
$4,722m
EV / LTM Rev
N/A
7.5x
10.5x
4.1x
7.9x
EV / LTM EBITDA
N/A
N/M
N/M
682.7x
533.6x
Source: Capital IQ as of 06/30/16
5 │ Software Industry Update Q2 2016
Software M&A Market Overview Quarterly Software M&A Value and Deal Count (Since 2010) $60 $48
Transaction Value ($bn)
$50
$39 $40 $31 $27
$30
$24
$22
$22 $18
$20
$14
$19
$13
$15
$17
$22 $18
$17
$25
$23 $15
$15
$16
$9 $5
$6
$10
$8
$8
$0 400
366
344
334
327
336
337
363
368
340
349
363
345 325
322
304
308 263
269
260
256
Q2 '16
265
Q1 '16
288 250
Q4 '15
286
Q3 '15
Number of Transactions
299 300
207 200
100
0 Q2 '15
Q1 '15
Q4 '14
Q3 '14
Q2 '14
Q1 '14
Q4 '13
Q3 '13
Q2 '13
Q1 '13
6 │ Software Industry Update Q2 2016
Q4 '12
Q3 '12
Q2 '12
Q1 '12
Q4 '11
Q3 '11
Q2 '11
Q1 '11
Q4 '10
Q3 '10
Q2 '10
Q1 '10
Source: Capital IQ as of 06/30/16, WhatsApp/Facebook, Broadcom/Avago, and EMC/Denali deals omitted from top graph
Software M&A Market Overview Transactions by Reported Value Q1 '16
Q2 '16
6% 13% 6%
>$1B $500M - $1B $250M - $500M $100M - $250M $50M - $100M 30% LTM Revenue Growth) High Margin Software (>30% LTM EBITDA Margins) All Software NASDAQ Composite Index S&P 500 Index
250%
+58% +49% +48% +41% +30%
200%
150%
100%
50%
0% Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
% of 52 Week High 100%
May-14
Jul-14
Sep-14
Nov-14
Jan-15
May-15
EV / Revenue 9.0x
92%
74%
60%
High Margin
High Growth
May-16
42.3x 33.3x
2016E
3.9x
17.9x
15.1x
15.3x 14.1x
All Software
High Margin
15.0x
0.0x All Software
High Margin
High Growth
High Growth Software: APIC, BOX, CSOD, CYBR, DATA, ELLI, FEYE, FTNT, HDP, HUBS, IMPV, N, NEWR, NOW, NTCT, NYSE:CSLT, NYSE:SQ, PANW, PAYC, PCTY, PFPT, QIHU, QTWO, RUBI, SCWX, SPLK, TEAM, TUBE, VEEV, WDAY, ZEN All Software: See all bucketed companies High Margin Software: AKAM, AVG, AZPN, CA, CHKP, EBIX, FDC, FDS, FISV, INTU, JKHY, MANH, MSCI, MSFT, NSR, ORCL, OTEX, PAYX, TSX:DSG, VRSN, XTRA:SOW Source: Capital IQ as of 06/30/16
10 │ Software Industry Update Q2 2016
Mar-16
30.0x
0.0x All Software
Jan-16
LTM
6.0x
5.2x
3.0x
40%
Nov-15
45.0x
5.4x
4.2x
Sep-15
7.4x
2016E
6.0x
Jul-15
EV / EBITDA
LTM
86% 80%
Mar-15
High Growth
Jul-16
Public Company Summary Software Accounting / ERP
CRM
52-Wk High
91%
92%
Knowledge / Content Management
Human Capital Management
Supply Chain Management
91%
94%
Business Intelligence
84%
81%
Systems / Network Management
80%
Security / Storage
71%
Application Infrastructure
87%
Financial Technology
93%
Healthcare IT / Life Sciences Software
81%
Median
87%
Mean
86%
Aggregate Mkt Cap ($ in m)
$60,529
$455,668
$128,117
$50,493
$75,692
$185,958
$84,223
$129,953
$778,476
$81,396
$40,073
$84,223
$188,234
Aggregate EV ($ in m)
$60,474
$513,793
$129,764
$50,317
$79,201
$219,034
$85,729
$123,926
$879,171
$107,670
$41,565
$107,670
$208,240
LTM EV / Revenue
6.2x
4.0x
5.2x
9.2x
3.2x
3.3x
3.7x
3.2x
4.6x
5.2x
4.2x
4.2x
4.7x
2016E EV / Revenue
5.1x
3.9x
4.5x
7.8x
3.0x
3.1x
3.6x
3.0x
3.7x
5.0x
3.8x
3.8x
4.2x
2017E EV / Revenue
4.1x
3.7x
4.2x
6.4x
2.7x
2.6x
3.5x
2.5x
3.3x
4.7x
3.2x
3.5x
3.7x
LTM EV / EBITDA
19.5x
14.4x
22.8x
29.3x
14.6x
13.5x
13.7x
15.1x
13.5x
17.7x
22.6x
15.1x
17.9x
2016E EV / EBITDA
33.4x
13.4x
16.9x
32.7x
12.8x
10.0x
11.6x
14.1x
9.3x
15.1x
16.8x
14.1x
16.9x
2017E EV / EBITDA
22.5x
11.5x
16.3x
26.0x
13.7x
9.2x
11.0x
10.9x
10.2x
13.9x
14.8x
13.7x
14.5x
LTM P / E
NM
29.9x
42.0x
52.7x
30.3x
20.3x
33.8x
30.9x
29.6x
30.9x
101.8x
30.9x
40.2x
2016E P / E
82.7x
26.2x
26.3x
64.1x
22.8x
17.5x
16.1x
22.2x
16.1x
24.6x
24.9x
24.6x
31.2x
2017E P / E
46.4x
24.1x
23.7x
51.6x
22.9x
15.8x
15.9x
22.5x
15.0x
22.0x
21.8x
22.5x
25.6x
LTM Revenue Growth
25%
5%
12%
30%
9%
11%
16%
20%
14%
7%
18%
14%
15%
2016E Revenue Growth
22%
3%
9%
27%
8%
11%
13%
20%
13%
7%
13%
13%
13%
2017E Revenue Growth
19%
5%
8%
24%
11%
12%
5%
16%
10%
9%
11%
11%
12%
LTM EBITDA Margin
(3%)
24%
27%
2%
18%
15%
11%
5%
18%
17%
11%
15%
13%
2016E EBITDA Margin
3%
24%
34%
11%
24%
24%
27%
18%
23%
25%
20%
24%
21%
2017E EBITDA Margin
6%
26%
35%
13%
25%
25%
30%
21%
25%
25%
20%
25%
23%
LTM Net Margin
(14%)
12%
11%
(1%)
5%
(0%)
2%
2%
10%
11%
4%
4%
4%
2016E Net Margin
(4%)
16%
21%
8%
14%
15%
14%
11%
16%
15%
8%
14%
12%
2017E Net Margin
(1%)
16%
21%
9%
14%
15%
16%
13%
17%
14%
9%
14%
13%
Source: Capital IQ as of 06/30/16
11 │ Software Industry Update Q2 2016
Select Q2 2016 Announced M&A Transactions Date 06/30/16 06/30/16 06/29/16 06/29/16 06/29/16 06/29/16 06/29/16 06/28/16 06/28/16 06/27/16 06/27/16 06/27/16 06/24/16 06/23/16 06/23/16 06/23/16 06/23/16 06/22/16 06/22/16 06/22/16 06/22/16 06/21/16 06/21/16 06/21/16 06/21/16 06/21/16 06/20/16 06/20/16 06/20/16 06/20/16 06/20/16 06/20/16 06/19/16 06/17/16 06/17/16 06/16/16 06/16/16 06/15/16 06/14/16 06/14/16 06/14/16 06/14/16 06/14/16 06/14/16 06/13/16
Target
Acquirer
Delivery
Sector
Zentri Higher One Intellectual Property IDscan Biometrics Wize Services Mobile Active Defense Ecocion CloudLock Predictix ReachLocal iLab Solutions Orchestro Badgeville PMW Technologies Bomgar Alacrity Services Efficient Collaborative Retail Marketing CMO Software Socure Motivity Solutions CMO Global Simutronics OpenWhere Telogis GOFACTORY Sharp BancSystems Capstone Technology Yingsheng Technology Magic Pony Technology ShippingEasy ClientRunner Software Actio Software Digital Dimensions PersonaDrive Infosilem Klik Technologies Neon Play Joyent 3point Science ElasticBox Care At Hand Algorithmic Implementations Columbia Ultimate Toolworx Information Products Tropics
Buddy Platform Blackboard MSGooroo GB Group Wizeline Cyber adAPT Intelex Technologies Cisco Systems Infor (US) Gannett Agilent Technologies E2open Callidus Software SnagAJob.com Thoma Bravo Lowe's Companies Snow Phipps Group Mitratech Santander UK Black Knight Financial Services Mitratech Stillfront Group Spaceflight Industries Verizon Telematics Space Time Insight Nymbus Spectris Bruker Twitter Stamps.com Next Gear Solutions Enviance DASI Solutions McorpCX Groupe Berger-Levrault Checkalt Payment Solutions Hachette UK Samsung Electronics ARANZ Geo CenturyLink Mindoula Health Freedom Scientific Ontario Systems RACO Industries Insurity
SaaS On Premise On Premise On Premise On Premise On Premise SaaS SaaS SaaS SaaS On Premise SaaS SaaS SaaS On Premise SaaS SaaS SaaS SaaS On Premise SaaS On Premise SaaS SaaS SaaS On Premise On Premise On Premise On Premise SaaS On Premise SaaS SaaS SaaS On Premise SaaS On Premise SaaS SaaS SaaS On Premise On Premise On Premise On Premise On Premise
Platform / OS Fintech Advertising and Marketing Content / Document Management Accounting / ERP Security / Storage Oil & Gas Security / Storage Retail Software Advertising and Marketing Accounting / ERP Retail Software Business Software Human Capital IT Infrastructure & Management Accounting / ERP Advertising and Marketing Governance, Risk, & Compliance Governance, Risk, & Compliance Business Software Governance, Risk, & Compliance Gaming Systems / Network Transportation / Logistics Transportation / Logistics Fintech Oil & Gas Oil & Gas Video Management Ecommerce Human Capital Governance, Risk, & Compliance CAD / CAM Business Software Education Accounting / ERP Development Hosting / Data Center Mapping / Tracking IT Infrastructure & Management Healthcare / Biotechnology Content and Services Accounting / ERP Transportation / Logistics Accounting / ERP
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ as of 06/30/16
12 │ Software Industry Update Q2 2016
Enterprise Value $26 $260 N/A $61 N/A N/A N/A N/A N/A $157 N/A N/A $8 N/A N/A N/A N/A N/A N/A N/A N/A $4 N/A N/A N/A N/A $23 N/A N/A $55 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Target LTM Revenue EBITDA N/A $152 N/A $10 N/A N/A N/A N/A N/A $362 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A ($12) N/A N/A N/A N/A N/A N/A N/A ($9) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Enterprise Value / LTM Revenue LTM EBITDA N/A 1.7x N/A 5.9x N/A N/A N/A N/A N/A 0.4x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/M N/A N/A N/A N/A N/A N/A N/A N/M N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Select Q2 2016 Announced M&A Transactions (cont.) Date 06/13/16 06/13/16 06/13/16 06/13/16 06/12/16 06/11/16 06/09/16 06/09/16 06/09/16 06/09/16 06/09/16 06/08/16 06/08/16 06/08/16 06/07/16 06/07/16 06/07/16 06/07/16 06/07/16 06/06/16 06/06/16 06/06/16 06/06/16 06/06/16 06/06/16 06/03/16 06/03/16 06/03/16 06/03/16 06/03/16 06/02/16 06/02/16 06/02/16 06/02/16 06/02/16 06/02/16 06/01/16 06/01/16 06/01/16 06/01/16 06/01/16 06/01/16 06/01/16 06/01/16 06/01/16
Target
Acquirer
Delivery
Sector
Arkin Net KMR Proliphix Online Business Applications Blue Coat Automat Onyx Group 9136-2897 Quebec Quadrant Software WorkPlace Systems Gainspeed Invoiceware Advanced Public Safety Conservice Maximum Processing AccelOps Galleria Retail Technology Solutions Northstar Travel Group Elemica Fast React Systems The Fidelis Group Saffron Digital Haiku Learning Systems Fleetmind Solutions AssureTec Technologies ChartCo Bond International Software Integratec Services Interactive Ideas Resource Navigation ProcessFlows UK Qlik Technologies Recommind OnRamp Technologies HyperActive Technologies Linoma Software Demandware BrightPoint Security 3D Icon ACE Tech Ping Identity Agencyport Software R.C. Olmstead Case Closed Software Zentila
Vmware Nymbus Yardi Systems Anju Software Symantec You & Mr Jones Pulsant AtmanCo Fresche Solutions WorkForce Software Nokia Sovos Compliance Aptean TA Associates Management Sapiens Fortinet Retail Logistics Excellence - RELEX Oy Wasserstein & Co. Thoma Bravo Coats Global Services Aspen Technology NeuLion PowerSchool Safe Fleet Acquisition Acuant Equistone Partners Europe Trapeze ITS Luxembourg MRI Software Condeco Software HR Knowledge Konica Minolta Business Solutions (UK) Thoma Bravo Open Text Market Track Acrelec SAS HelpSystems salesforce.com ServiceNow Coretec Industries CarsDirect.com Vista Equity Partners Apax Partners Nymbus Crime Tech Solutions eTouches
On Premise SaaS SaaS On Premise On Premise On Premise SaaS SaaS On Premise SaaS On Premise SaaS On Premise On Premise SaaS On Premise On Premise SaaS SaaS On Premise On Premise SaaS SaaS On Premise On Premise SaaS On Premise SaaS On Premise On Premise On Premise SaaS SaaS SaaS On Premise On Premise SaaS On Premise On Premise On Premise SaaS SaaS On Premise On Premise SaaS
Hosting / Data Center Business Software Oil & Gas Healthcare / Biotechnology Security / Storage Telecommunications IT Infrastructure & Management Telecommunications Business Intelligence Human Capital Telecommunications Accounting / ERP Law Enforcement Oil & Gas Business Software IT Infrastructure & Management Retail Software Travel / Hospitality Supply Chain Business Software Transportation / Logistics Video Management Education Transportation / Logistics Content / Document Management Transportation / Logistics Human Capital Travel / Hospitality Telecommunications Human Capital Business Software Business Intelligence Business Intelligence Ecommerce Ecommerce Security / Storage Ecommerce Security / Storage Virtual Reality CRM Security / Storage Ecommerce Fintech Law Enforcement Transportation / Logistics
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ as of 06/30/16
13 │ Software Industry Update Q2 2016
Enterprise Value N/A N/A N/A N/A $4,722 N/A N/A $3 N/A N/A N/A N/A N/A N/A N/A $32 N/A N/A N/A $13 N/A N/A N/A N/A N/A N/A $74 N/A N/A N/A N/A $2,615 $163 N/A N/A N/A $2,662 N/A N/A N/A N/A N/A N/A N/A N/A
Target LTM Revenue EBITDA N/A N/A N/A N/A $598 N/A N/A $11 N/A N/A N/A N/A N/A N/A $6 N/A $6 N/A N/A $4 N/A N/A N/A N/A N/A $58 N/A N/A N/A N/A $19 $631 N/A N/A N/A N/A $254 N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A $9 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A ($2) N/A N/A N/A N/A $4 N/A N/A N/A N/A ($34) N/A N/A N/A N/A N/A N/A N/A N/A
Enterprise Value / LTM Revenue LTM EBITDA N/A N/A N/A N/A 7.9x N/A N/A 0.3x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3.0x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 4.1x N/A N/A N/A N/A 10.5x N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A 533.6x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/M N/A N/A N/A N/A 682.7x N/A N/A N/A N/A N/M N/A N/A N/A N/A N/A N/A N/A N/A
Select Q2 2016 Announced M&A Transactions (cont.) Date 06/01/16 06/01/16 06/01/16 06/01/16 05/31/16 05/31/16 05/31/16 05/31/16 05/31/16 05/31/16 05/31/16 05/31/16 05/31/16 05/31/16 05/27/16 05/26/16 05/26/16 05/26/16 05/26/16 05/26/16 05/26/16 05/26/16 05/26/16 05/25/16 05/25/16 05/25/16 05/24/16 05/24/16 05/24/16 05/24/16 05/24/16 05/23/16 05/23/16 05/23/16 05/20/16 05/20/16 05/20/16 05/19/16 05/19/16 05/19/16 05/19/16 05/18/16 05/18/16 05/18/16 05/18/16
Target
Acquirer
Delivery
Sector
ExecuTime Software Gaming Informatics Appealtrack XyberNET Shadow NetWorks Samarind Intellinote Marketo SciQuest Betdigital JumpForward Sequoia Retail Systems InvestSoft Technology Harbortouch Payments Zerista Demonsaw Smart Technologies Itseez Statwing Flexiant Next Wave Sales-University Superweapon Zachtronics Bowman Systems Bitcoin Solutions Vertical Computer Systems TeacherMatch Professional Datasolutions Computers In Personnel Spiderbook Pixel Mags QRC INTERA Petroleum Consultants Adenium Systems Gingerbread Shed Vestrics ColSpace JURINNOV CannaScore Assembla Apical Shopety LaGarde Accruent
Tyler Technologies Kobetron Tax Compliance Blue Hill Data Services Acalvio Technologies Instem BroadSoft Vista Equity Partners Accel-KKR NYX Gaming Group Active Network Blackboard Morningstar Searchlight Capital Partners JackRabbit Systems MGT Cybersecurity Foxconn Singapore Intel Qualtrics TERN Envysion EdCast Kabam Alliance Media Mediware Information Systems KeepKey Bravo Store Systems PeopleAdmin TA Associates Management LDC (Managers) DEMANDBASE Solaris Power Cells DC Capital Partners INTERA Dodge Data & Analytics Goldenvoice The Ultimate Software Group Mediaocean Technology Concepts & Design CS Compliance Systems Scaleworks Associates ARM Holdings Inteliquent Awesome Commerce Genstar Capital
SaaS On Premise On Premise On Premise On Premise On Premise SaaS SaaS SaaS On Premise SaaS SaaS On Premise On Premise SaaS On Premise On Premise On Premise SaaS SaaS SaaS SaaS On Premise On Premise SaaS On Premise SaaS SaaS On Premise SaaS SaaS SaaS On Premise On Premise On Premise On Premise SaaS SaaS On Premise On Premise SaaS On Premise SaaS On Premise On Premise
Human Capital Accounting / ERP Travel / Hospitality Business Software Security / Storage Healthcare / Biotechnology Telecommunications Advertising and Marketing Accounting / ERP Gaming Governance, Risk, & Compliance Education Fintech Fintech Travel / Hospitality Content / Document Management Education Video Management Business Intelligence IT Infrastructure & Management Video Management Education Development Development Human Capital Fintech Ecommerce Education Retail Software Human Capital Advertising and Marketing Diversified Media Law Enforcement Oil & Gas Business Software Ecommerce Human Capital Advertising and Marketing Security / Storage Governance, Risk, & Compliance Development Video Management Content / Document Management Ecommerce Travel / Hospitality
: VPA Transaction Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ as of 06/30/16
14 │ Software Industry Update Q2 2016
Enterprise Value N/A N/A N/A N/A N/A $4 N/A $1,700 $378 $36 N/A N/A N/A N/A N/A $45 $196 N/A N/A $5 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $350 $4 N/A N/A
Target LTM Revenue EBITDA N/A N/A N/A N/A N/A $2 N/A $226 $106 N/A N/A N/A N/A N/A N/A N/A $348 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A ($54) $9 N/A N/A N/A N/A N/A N/A N/A $12 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Enterprise Value / LTM Revenue LTM EBITDA N/A N/A N/A N/A N/A 2.1x N/A 7.5x 3.6x N/A N/A N/A N/A N/A N/A N/A 0.6x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/M 40.1x N/A N/A N/A N/A N/A N/A N/A 16.5x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Select Q2 2016 Announced M&A Transactions (cont.) Date 05/18/16 05/18/16 05/17/16 05/17/16 05/17/16 05/17/16 05/17/16 05/17/16 05/17/16 05/16/16 05/16/16 05/16/16 05/16/16 05/12/16 05/12/16 05/12/16 05/11/16 05/10/16 05/09/16 05/09/16 05/09/16 05/09/16 05/08/16 05/06/16 05/06/16 05/06/16 05/05/16 05/04/16 05/04/16 05/04/16 05/03/16 05/03/16 05/03/16 05/03/16 05/03/16 05/03/16 05/02/16 05/02/16 05/02/16 05/02/16 05/02/16 05/02/16 05/02/16 05/02/16 05/02/16
Target
Acquirer
Delivery
Sector
MutualMind Radix iSolutions Datalytics Technologies Portfolio Asset Management Simpleware Noveda Technologies SafeDate The Knowledge Engineers Network eLynx CodeaN GOALLINE Sports Administration Systems Tecplot 10Stories Vision Solutions Evantix GRC Broadridge Derivatives Clearing Green Charge Networks Pospitality D-Vasive AcroSoft Caterra Spikes Security EmergiTech @hand Jumio Fairsail Kodak Design2Launch Solutions MerchantAtlas Ads Reality Milestone Systems Skydance Interactive TEKNOVARE Big Blue Marble RMS Managed ICT Security IPL Group OPOWER VHX LeanLogistics Vertafore Total Recall Chesapeake System Solutions Ausenco Global Software ONOSYS Online Ordering
Shapiro + Raj Active Industrial Solutions RungePincockMinarco Magnitude Software RealPage Synopsys Buddy Platform Tautachrome AVADO Learning Black Knight Financial Services Trepp Blue Star Sports Vela Software TrackMaven Clearlake Capital Group Optiv Security Broadridge Financial Solutions ENGIE Upserve MGT Capital Investments Hyland Software Hunter Industries aurionPro Solutions Zuercher Technologies Versata Enterprises Centana Growth Partners Sage Group Blue Software Adloop Media GAME Digital Kudelski Skydance Media BP3 GLOBAL Macro Games Spólka Akcyjna IntroNovo Civica UK Oracle Vimeo Kewill Vista Equity Partners Convergint Technologies Trintech Resource Capital Funds Thompson Street Capital Partners Splick-it
SaaS On Premise On Premise On Premise SaaS On Premise SaaS On Premise SaaS SaaS SaaS On Premise SaaS SaaS SaaS SaaS SaaS On Premise SaaS On Premise On Premise SaaS On Premise On Premise On Premise On Premise SaaS SaaS SaaS On Premise On Premise On Premise On Premise On Premise On Premise On Premise SaaS SaaS SaaS SaaS On Premise SaaS On Premise SaaS On Premise
Advertising and Marketing Transportation / Logistics Business Software Business Intelligence Travel / Hospitality CAD / CAM Mapping / Tracking Knowledge / Content (Social) Education Content / Document Management Fintech Sports CAD / CAM Advertising and Marketing IT Infrastructure & Management Governance, Risk, & Compliance Fintech Business Intelligence Travel / Hospitality Security / Storage Content / Document Management Systems / Network Security / Storage Law Enforcement Transportation / Logistics Ecommerce Human Capital Advertising and Marketing Advertising and Marketing Virtual Reality Security / Storage Development Testing Development Security / Storage Business Software Business Intelligence Video Management Transportation / Logistics Business Software Security / Storage Accounting / ERP Oil & Gas Accounting / ERP Ecommerce
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ as of 06/30/16
15 │ Software Industry Update Q2 2016
Enterprise Value N/A N/A $13 N/A $5 N/A $24 N/A N/A $115 N/A N/A N/A N/A N/A N/A N/A N/A N/A $9 N/A N/A N/A N/A N/A $1 $70 N/A N/A $29 N/A N/A N/A $2 N/A N/A $491 N/A $115 N/A N/A N/A $99 N/A N/A
Target LTM Revenue EBITDA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $1 N/A $44 $152 N/A N/A N/A N/A N/A $179 N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A ($42) N/A N/A N/A N/A N/A ($24) N/A N/A
Enterprise Value / LTM Revenue LTM EBITDA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2.2x N/A N/A 3.2x N/A N/A N/A N/A N/A 0.6x N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/M N/A N/A N/A N/A N/A N/M N/A N/A
Select Q2 2016 Announced M&A Transactions (cont.) Date 05/02/16 04/29/16 04/29/16 04/29/16 04/28/16 04/28/16 04/27/16 04/27/16 04/27/16 04/27/16 04/26/16 04/25/16 04/21/16 04/19/16 04/19/16 04/19/16 04/19/16 04/19/16 04/19/16 04/18/16 04/18/16 04/18/16 04/18/16 04/18/16 04/18/16 04/18/16 04/16/16 04/15/16 04/15/16 04/15/16 04/15/16 04/14/16 04/14/16 04/14/16 04/14/16 04/14/16 04/14/16 04/14/16 04/13/16 04/12/16 04/12/16 04/12/16 04/12/16 04/12/16 04/12/16
Target
Acquirer
Delivery
Sector
Inspired Systems TiVo Industrial CodeBox Medialon Textura Cloak Brinkster Communications Advanced Processing & Imaging ANXeBusiness LTS Education Systems FPX Receivd Daintree Networks The Property Software Group Calypso Technology Beaumont Solutions Goldleaf Enterprise Payments (GEPI) Lexmark Quickheart Cvent Powa TechnologieS Iosoft Duck Creek Technologies CSIdentity Fox Sports Pulse Mine Ventilation Services SKYLINE Cloud Services Click Security Float Left Interactive Helpmate Technology Solutions NeuCo QRO Solutions Arsenal Health Docudesk PanzerCAD Services Mercury Computer Systems (Aust) Jargon Technologies Retailigence Sysrepublic Rapita Systems Easy Convey Complete Merchant Solutions Pointstreak Sports Technologies Tricorn Systems SpectraCal
Progress Rail Services Rovi Qlik Technologies Barco Oracle StackPath Trapp Technology Marex Group Open Text K12 HGGC Pocket Games Current Zoopla Property Group Bridgepoint Advisers Cascade Human Resources Battery Ventures Legend Capital; PAG Asia Capital Agilisys Vista Equity Partners SuperCom RJD Green Apax Partners Experian Information Solutions Betgenius SRK Consulting (U.S.) Blue Diamond Solutions Alert Logic Olympusat ACS Technologies Group GE Power & Water Petards Group athenahealth LULU SOFTWARE Vectorworks Zuuse Giant Interactive ShopAdvisor The Retail Equation Danlaw OneMove Technologies Electronic Payments Blue Star Sports Valuechain.com Solutions Portrait Displays
On Premise SaaS On Premise On Premise SaaS SaaS SaaS On Premise SaaS SaaS On Premise SaaS On Premise On Premise On Premise SaaS On Premise On Premise On Premise SaaS SaaS On Premise On Premise On Premise SaaS On Premise SaaS On Premise On Premise SaaS On Premise SaaS On Premise On Premise On Premise On Premise On Premise On Premise On Premise On Premise On Premise On Premise SaaS On Premise On Premise
Transportation / Logistics Diversified Media Development Systems / Network Accounting / ERP Telecommunications Hosting / Data Center Content / Document Management Governance, Risk, & Compliance Education Business Software Content / Document Management Systems / Network Business Software Fintech Human Capital Fintech Business Software Healthcare / Biotechnology Telecommunications Retail Software Healthcare / Biotechnology Business Software Security / Storage Sports CAD / CAM Accounting / ERP Security / Storage Diversified Media Travel / Hospitality Oil & Gas Law Enforcement Healthcare / Biotechnology Content / Document Management CAD / CAM CRM Diversified Media Advertising and Marketing Retail Software Governance, Risk, & Compliance Law Enforcement Accounting / ERP Sports Human Capital Video Management
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ as of 06/30/16
16 │ Software Industry Update Q2 2016
Enterprise Value N/A $1,235 $4 N/A $600 N/A N/A $5 $104 $20 N/A N/A $100 $108 N/A N/A N/A $3,614 N/A $1,414 N/A N/A N/A $360 N/A N/A N/A N/A N/A N/A N/A $2 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Target LTM Revenue EBITDA N/A $490 N/A N/A $92 N/A N/A N/A N/A $8 N/A N/A N/A $23 N/A N/A N/A $3,505 N/A $199 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $3 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A $85 N/A N/A ($6) N/A N/A N/A N/A N/A N/A N/A N/A $7 N/A N/A N/A $319 N/A $6 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Enterprise Value / LTM Revenue LTM EBITDA N/A 2.5x N/A N/A 6.5x N/A N/A N/A N/A 2.5x N/A N/A N/A 4.7x N/A N/A N/A 1.0x N/A 7.1x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.7x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A 14.5x N/A N/A N/M N/A N/A N/A N/A N/A N/A N/A N/A 14.7x N/A N/A N/A 11.3x N/A 225.1x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Select Q2 2016 Announced M&A Transactions (cont.) Date 04/11/16 04/08/16 04/08/16 04/08/16 04/08/16 04/08/16 04/07/16 04/07/16 04/06/16 04/06/16 04/06/16 04/06/16 04/06/16 04/06/16 04/05/16 04/05/16 04/05/16 04/05/16 04/05/16 04/05/16 04/05/16 04/05/16 04/04/16 04/04/16 04/04/16 04/04/16 04/04/16 04/04/16 04/04/16 04/04/16 04/01/16
Target
Acquirer
Delivery
Sector
5th Dimension Solutions ViewCentral CARIS-Universal Systems Ingenious inventCommerce Derivation Software Teleborder Blacksmith Applications Jargon Focus Technology Group Centris Group Renzu SambaSafety Magus Research NodePrime EXTOL International Bonzi Technology Social Yantra SkyEye Northport Systems Travel Notes OSIsoft OpenBet Technologies Revenue Management Systems REEVEX Ensim MetaMind Ceryx Ascension Software Arynga Aimetis
Symphony EYC Solution UK Callidus Software Teledyne Technologies Wood Group Mustang SQLi Linedata Services TriNet Group Strattam Capital Smartling AGDATA Frontline Technologies Group SurveyMonkey ABRY Partners CrownPeak Technology Telefonaktiebolaget LM Ericsson Cleo Communications Blue Star Sports Experticity AJ Greentech Johnson Outdoors refund.me Group Mitsui & Co. NYX Gaming Group mercator Glory Global Solutions Ingram Micro salesforce.com Dimension Data Uniguest Wind River Systems Senstar
On Premise SaaS On Premise On Premise On Premise On Premise SaaS On Premise On Premise SaaS On Premise On Premise SaaS SaaS On Premise On Premise SaaS SaaS On Premise On Premise On Premise On Premise On Premise SaaS SaaS On Premise On Premise SaaS SaaS On Premise On Premise
Retail Software Education Mapping / Tracking Oil & Gas Ecommerce Governance, Risk, & Compliance Human Capital Accounting / ERP Development Accounting / ERP Education Business Intelligence Transportation / Logistics Governance, Risk, & Compliance Hosting / Data Center Business Software Sports Advertising and Marketing Transportation / Logistics Mapping / Tracking Fintech IT Infrastructure & Management Gaming Accounting / ERP Fintech Accounting / ERP Business Intelligence Content / Document Management Business Software Transportation / Logistics Video Management
Software Median Software Mean
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ as of 06/30/16
17 │ Software Industry Update Q2 2016
Enterprise Value
Target LTM Revenue EBITDA
Enterprise Value / LTM Revenue LTM EBITDA
N/A $4 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $385 N/A N/A N/A $48 N/A N/A N/A $14
N/A N/A N/A N/A N/A $3 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $330 $92 N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $31 N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 4.2x N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 12.4x N/A N/A N/A N/A N/A N/A N/A N/A
$55 $426
$92 $264
$4 $18
3.0x 3.6x
16.5x 172.3x
Software IPOs IPO Date
Days on Company File
EV IPO Amount Raised
Market Cap
LTM Multiples EV / EBITDA
EV / Rev
Metrics and Financings Rev Grwth NTM Rev Net Cash at IPO Growth at IPO
Share Information IPO Offer File to Primary Current Chg Since Price Price Chg Shares Price IPO
Days Post Lock-Up
Follow On Information Amount Relative to Follow On IPO to Raised IPO Raise Price Price Chg
Primary Shares
Software 04/21/16 12/09/15 11/18/15 11/12/15 10/14/15 07/16/15 06/25/15 06/25/15 06/18/15 05/20/15 04/23/15 01/22/15 12/11/14 12/11/14 12/11/14 11/05/14 10/08/14 09/23/14 07/17/14 07/17/14 06/25/14 06/11/14 05/14/14 04/16/14 04/16/14 04/14/14 04/03/14 04/01/14 Median Mean
126 30 35 34 86 35 37 38 38 36 34 304 31 31 55 62 44 91 113 324 84 65 34 35 85 35 31 56 38 72
SecureWorks Atlassian Square Instructure First Data Rapid7 Xactly AppFolio MINDBODY Shopify Apigee Box Hortonworks New Relic Workiva Upland Software HubSpot Cyber-Ark Software TubeMogul Globant Materialise MobileIron Zendesk Leju Holdings Sabre Paycom Software Five9 The Rubicon Project
$1,017 4,239 2,869 393 11,673 550 188 325 368 1,369 462 1,658 736 1,074 480 132 714 458 180 263 470 660 588 1,120 3,409 625 283 466 $569 $1,313
$112 531 279 81 2,560 119 65 86 100 151 87 201 115 132 101 46 144 99 50 67 110 115 115 115 810 115 81 117 $115 $239
$1,129 4,770 3,148 474 14,233 669 252 410 468 1,520 549 1,859 851 1,206 581 178 858 556 231 330 581 775 703 1,235 4,219 739 363 583 $686 $1,553
3.0x 12.0 2.5 6.0 1.5 6.0 2.9 6.0 4.8 11.1 7.5 8.6 16.6 12.6 4.5 2.2 6.9 6.0 2.1 1.5 4.7 6.1 7.1 3.0 1.4 5.3 3.2 5.2 5.3x 5.7x
NM NM NM NM 5.0 NM NM NM NM NM NM NM NM NM NM NM NM 13.0 NM 6.4 NM NM NM 16.6 4.8 10.2 NM 16.4 10.2x 10.4x
30% 64% 107% 150% 3% 53% 27% 35% 102% 57% 15% 146% 1361% NM 43% (2%) 21% 61% 83% 302% 187% 100% NM 131% 165% NM 102% 60% 64% 136%
31% 27% 28% 46% 32% 27% 22% 64% 29% 38% 21% 34% 52% 40% 21% 22% 32% 21% 30% 20% 11% 13% 45% 35% 23% 29% 24% 35% 29% 30%
Note: $ in millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”). Source: Capital IQ as of 06/30/16
18 │ Software Industry Update Q2 2016
$5 208 174 32 (20,809) 10 (11) 2 5 46 24 125 43 92 (16) (24) (6) 75 11 (1) (7) 61 23 99 (3,432) (74) (19) 20 $10 ($834)
$14 21 9 16 16 16 8 12 14 17 17 14 16 23 14 12 25 16 7 10 12 9 9 10 16 15 7 15
(10%) 14% (18%) -(11%) 7% (20%) --21% -8% 14% 15% --19% 7% (36%) (9%) ----(11%) (17%) (22%) -(9%) (3%)
100% 100% 95% 100% 100% 100% 97% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 74% 100% 100% 100% 0% 100% 69% 100% 80% 100% 93%
$14 26 9 19 11 13 13 14 16 31 12 10 11 29 14 8 43 49 12 39 7 3 26 5 27 43 12 14
1% 23% 1% 19% (31%) (21%) 60% 21% 15% 81% (28%) (26%) (33%) 28% (2%) (37%) 74% 204% 70% 294% (40%) (66%) 193% (54%) 67% 188% 70% (9%) 17% 38%
NA NA NA NA NA NA NA NA NA NA NA NA 237 NA NA NA (20) 80 148 176 NA NA 129 NA 500 397 NA NA 162 206
NA NA NA NA NA NA NA NA NA NA NA NA 80 NA NA NA 152 299 83 99 NA NA 194 NA 545 190 NA NA $171 $205
NA NA NA NA NA NA NA NA NA NA NA NA (30%) NA NA NA 6% 203% 65% 47% NA NA 69% NA (33%) 65% NA NA 56% 49%
NA NA NA NA NA NA NA NA NA NA NA NA 10 NA NA NA 37 61 16 28 NA NA 23 NA 27 42 NA NA $28 $30
NA NA NA NA NA NA NA NA NA NA NA NA (30%) NA NA NA 6% 203% 65% 47% NA NA 69% NA (33%) 65% NA NA 56% 49%
NA NA NA NA NA NA NA NA NA NA NA NA 100% NA NA NA 21% 18% 66% 0% NA NA 88% NA 0% 0% NA NA 20% 37%
Internet IPOs IPO Date
Days on Company File
EV IPO Amount Raised
Market Cap
LTM Multiples EV / EBITDA
EV / Rev
Metrics and Financings Rev Grwth NTM Rev Net Cash at IPO Growth at IPO
Share Information IPO Offer File to Primary Current Chg Since Price Price Chg Shares Price IPO
Days Post Lock-Up
Follow On Information Amount Relative to Follow On IPO to Raised IPO Raise Price Price Chg
Primary Shares
Internet and Digital Media 06/22/16 12/18/15 05/21/15 04/08/15 03/31/15 03/05/15 12/10/14 12/10/14 09/18/14 08/06/14 06/23/14 05/15/14 05/07/14 04/17/14 04/03/14 Median Mean
27 32 34 89 295 30 33 105 135 34 31 42 35 34 34 34 66
Twilio Yirendai Baozun Wowo GoDaddy MaxPoint Interactive Momo LendingClub Alibaba iDreamSky Technology Xunlei TrueCar Cheetah Mobile Weibo GrubHub
$1,245 1,020 1,348 3,027 1,712 233 5,035 5,135 144,094 2,324 3,724 661 2,031 3,173 2,051 $2,051 $11,788
$150 75 110 12 470 75 464 1,001 25,032 133 439 80 193 328 104 $150 $1,911
$1,395 1,095 1,458 3,039 2,182 308 5,499 6,135 169,126 2,457 4,163 742 2,224 3,502 2,155 $2,224 $13,699
6.5x 6.5 4.7 NM 1.2 2.2 NM NM 15.6 NM 22.4 4.3 13.6 13.8 12.1 6.5x 9.3x
NM 11.4 NM NM 11.1 NM NM NA 25.7 NM NM NM 34.3 45.6 23.0 24.3x 25.2x
87% 4906% 15% (2%) 21% 61% NM 131% 66% 1962% 19% 91% 224% 249% 107% 89% 567%
NM 105% 52% NM 15% NM 313% 87% 44% 220% 30% 33% 104% 55% 44% 53% 92%
Note: $ in millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”). Source: Capital IQ as of 06/30/16
19 │ Software Industry Update Q2 2016
$103 18 28 (68) (1,221) (31) 162 33 (1,639) 25 302 38 71 (57) 113 $28 ($142)
$15 10 10 10 20 12 14 15 68 15 12 9 14 17 26
7% -(17%) -5% --25% 3% 7% 9% (25%) --18% 7% 4%
100% 0% 100% 100% 100% 100% 100% 87% 38% 0% 100% 100% 100% 100% 54% 100% 79%
$37 14 6 4 31 11 10 4 80 14 5 8 10 28 31
143% 39% (35%) (64%) 56% (6%) (25%) (71%) 17% (9%) (56%) (13%) (32%) 67% 20% (9%) 2%
NA NA NA NA 192 NA NA NA NA NA NA 0 NA NA (27) 0 55
NA NA NA NA 499 NA NA NA NA NA NA 109 NA NA 421 $421 $343
NA NA NA NA 6% NA NA NA NA NA NA 35% NA NA 305% 35% 116%
NA NA NA NA 30 NA NA NA NA NA NA 17 NA NA 40 $30 $29
NA NA NA NA 6% NA NA NA NA NA NA 35% NA NA 305% 35% 116%
NA NA NA NA 0% NA NA NA NA NA NA 16% NA NA 12% 12% 9%
Hardware & Tech-Enabled Services IPOs IPO Date
Days on Company File
EV IPO Amount Raised
Market Cap
LTM Multiples EV / EBITDA
EV / Rev
Metrics and Financings Rev Grwth NTM Rev Net Cash at IPO Growth at IPO
Share Information IPO Offer File to Primary Current Chg Since Price Price Chg Shares Price IPO
Days Post Lock-Up
Follow On Information Amount Relative to Follow On IPO to Raised IPO Raise Price Price Chg
Primary Shares
Hardware & Tech-Enabled Services 11/18/15 11/12/15 10/08/15 10/06/15 06/25/15 06/17/15 05/19/15 03/26/15 05/28/14 05/21/14 04/10/14 03/20/14 03/27/14 10/24/13 Median Mean
33 38 62 55 34 41 147 36 124 254 183 30 42 83 49 83
Mimecast Xtera Communications CPI Card Group Pure Storage Alarm.Com Fitbit Black Knight InfoServ SolarEdge Technologies Resonant SunEdison Semiconductor Sysorex Global Holdings A10 Networks Aerohive Networks CommScope
$503 63 420 3,468 571 3,983 1,130 651 23 213 85 754 401 2,193 $537 $1,033
$78 25 173 489 113 841 507 145 19 108 20 193 86 625 $129 $244
$581 88 593 3,957 683 4,824 1,637 796 42 320 105 946 487 2,818 $638 $1,277
3.9x 1.1 1.1 12.7 3.2 4.1 1.3 3.0 NM 0.2 1.4 5.3 3.7 0.6 3.0x 3.2x
NM NM 4.8 NM 17.3 13.8 3.5 9.4 NM 2.9 NM NM NM 2.6 4.8x 7.8x
45% 135% 88% 541% 27% 259% 1361% 173% NM (5%) 624% 18% 50% 6% 88% 256%
17% 98% 16% 74% 18% 53% 7% 86% NM 6% 37% 41% 39% 0% 37% 38%
Note: $ in millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”). Source: Capital IQ as of 06/30/16
20 │ Software Industry Update Q2 2016
$24 (11) (411) 128 32 78 (1,711) 19 (6) (98) (4) 1 15 (2,703) ($2) ($332)
$10 5 10 17 14 20 25 18 6 13 6 15 10 15
-(44%) (38%) --25% -------(17%) (27%) (18%)
100% 100% 100% 100% 100% 61% 100% 100% 100% 100% 95% 72% 100% 80% 100% 93%
$10 1 5 11 26 12 38 20 4 6 1 6 7 31
0% (82%) (50%) (36%) 83% (39%) 53% 9% (27%) (54%) (91%) (57%) (34%) 107% (35%) (16%)
NA NA NA NA NA (32) NA NA NA 219 353 NA NA 741 286 320
NA NA NA NA NA 493 NA NA NA 291 5 NA NA 582 $392 $343
NA NA NA NA NA (41%) NA NA NA 170% (74%) NA NA (7%) (24%) 12%
NA NA NA NA NA 29 NA NA NA 18 1 NA NA 29 $24 $19
NA NA NA NA NA (41%) NA NA NA 170% (74%) NA NA (7%) (24%) 12%
NA NA NA NA NA 18% NA NA NA 0% 100% NA NA 0% 9% 29%
Public Company Valuation Company
Price 06/30/16
52-Wk High
$79.41 26.38 43.42 40.99 11.90 6.34
95% 95% 73% 89% 92% 62% 91% 84%
$40.93 151.78 75.16 111.61 8.58 72.80 19.27 10.48 7.62
$75.16 75.83 64.13 37.58 40.24 43.33 19.04 38.39 17.66
Mkt Cap
EV / Revenue 2016E
2017E
LTM
EV / EBITDA 2016E
6.6x 7.8 6.1 2.1 4.2 1.4 5.1x 4.7x
5.5x 5.8 4.7 1.9 3.6 1.3 4.1x 3.8x
NM NM NM NM NM 19.5 19.5x 19.5x
5.3x 2.2 4.0 6.2 4.6 7.4 0.9 2.2 2.2 4.0x 3.9x
5.2x 2.2 3.9 5.9 4.7 6.0 0.9 2.2 2.1 3.9x 3.7x
5.1x 2.2 3.7 5.4 4.3 4.8 0.8 2.1 2.0 3.7x 3.4x
4.0x 5.4 7.9 4.1 7.1 5.2 7.4 3.1 4.1 5.2x 5.4x
3.9x 5.2 7.3 4.1 7.2 4.5 6.9 2.9 4.0 4.5x 5.1x
3.7x 4.8 6.7 4.2 6.9 3.8 6.2 2.6 3.7 4.2x 4.7x
EV
LTM
$54,404 2,568 1,621 913 659 364 $1,267 $10,088
$54,670 2,350 1,569 918 646 320 $1,244 $10,079
7.7x 10.0 7.7 2.3 4.7 1.4 6.2x 5.6x
98% 88% 92% 100% 93% 73% 69% 94% 83% 92% 88%
$172,970 145,731 92,230 28,813 9,267 5,860 363 302 132 $9,267 $50,630
$196,673 176,934 95,530 28,524 9,657 5,834 238 253 150 $9,657 $57,088
92% 92% 83% 91% 88% 70% 91% 74% 100% 91% 87%
$92,230 19,445 4,626 4,308 3,306 1,709 1,448 550 494 $3,306 $14,235
$95,530 17,689 4,521 4,777 3,349 1,551 1,403 506 439 $3,349 $14,418
2017E
LTM
P/E 2016E
2017E
33.4x NM NM 39.3 NM 14.3 33.4x 29.0x
27.4x NM NM 22.5 NM 11.4 22.5x 20.4x
NM NM NM NM NM NM NM NM
81.6x NM NM NM NM 83.8 82.7x 82.7x
60.0x NM NM NM NM 32.8 46.4x 46.4x
13.3x 9.3 14.4 20.2 17.2 NM 19.5 13.2 NM 14.4x 15.3x
11.7x 9.3 11.6 16.1 16.0 NM 15.3 12.3 14.5 13.4x 13.3x
11.2x 8.7 10.8 13.8 14.7 NM 10.0 11.7 12.5 11.5x 11.7x
19.8x 11.4 24.5 40.5 36.7 NM 66.4 29.9 NM 29.9x 32.8x
15.2x 11.2 17.1 28.7 23.7 NM 47.0 30.8 29.9 26.2x 25.5x
14.1x 10.8 15.8 24.9 21.2 101.4 29.3 30.8 24.1 24.1x 30.3x
14.4x 19.8 25.7 24.1 15.3 22.8 22.8 49.4 46.7 22.8x 26.8x
11.6x 14.6 21.4 19.8 14.8 13.5 20.3 NM 19.0 16.9x 16.9x
10.8x 13.4 19.2 16.4 14.1 11.1 17.7 42.4 16.3 16.3x 17.9x
24.5x 40.4 43.6 NM 24.7 52.2 66.4 NM NM 42.0x 42.0x
17.1x 27.9 36.5 28.7 22.9 24.7 24.0 NM 52.7 26.3x 29.3x
15.8x 25.1 32.6 29.5 22.4 20.4 21.5 NM 45.6 23.7x 26.6x
CRM salesforce.com, inc. Zendesk, Inc. HubSpot, Inc. Interactive Intelligence Group Inc. Five9, Inc. LivePerson Inc. Median Mean
Accounting / ERP Oracle Corporation International Business Machines Corporation SAP SE Intuit Inc. Sage Group plc NetSuite Inc. QAD Inc. American Software, Inc. Upland Software, Inc. Median Mean
Supply Chain Management SAP SE Dassault Systèmes SE Manhattan Associates, Inc. PTC Inc. Aspen Technology, Inc. Fleetmatics Group PLC The Descartes Systems Group Inc BasWare Oyj SciQuest, Inc. Median Mean
Source: Capital IQ as of 06/30/16
21 │ Software Industry Update Q2 2016
Public Company Valuation (cont.) Company
Price 06/30/16
52-Wk High
Mkt Cap
$59.50 74.67 210.29 43.21 43.20 38.06 19.98
100% 88% 99% 94% 93% 88% 95% 94% 94%
$95.79 55.93 86.46 59.16 11.90 5.13 8.80 3.05
$151.78 385.22 15.63 116.43 62.23 48.92 25.07 29.58 26.95 33.13 175.02 27.46 23.51 13.66 12.81 12.22
EV / Revenue 2016E
2017E
LTM
EV / EBITDA 2016E
6.9x 9.5 7.8 7.9 8.7 5.3 5.1 7.8x 7.3x
6.5x 7.3 6.4 6.1 6.9 4.3 4.3 6.4x 6.0x
16.9x NM NM 41.7 NM NM NM 29.3x 29.3x
9.2x 4.5 10.2 4.4 1.9 1.0 2.0 1.4 3.2x 4.3x
8.4x 4.3 9.7 4.1 1.6 1.2 1.8 1.3 3.0x 4.1x
6.9x 3.8 9.4 3.8 1.4 1.1 1.7 1.2 2.7x 3.7x
2.2x 4.3 3.3 1.6 3.8 4.1 1.2 3.9 2.9 2.2 3.2 3.3 2.1 3.5 4.8 3.8 3.3x 3.1x
2.2x 4.0 3.2 2.3 3.6 3.3 1.3 3.5 2.5 2.2 3.2 3.1 1.9 3.0 4.1 3.1 3.1x 2.9x
2.2x 3.4 3.1 2.0 3.1 2.7 1.3 3.0 2.3 2.1 3.0 3.0 1.8 2.5 3.3 2.4 2.6x 2.6x
EV
LTM
$21,427 14,710 6,160 2,589 2,319 2,144 1,144 $2,589 $7,213
$21,296 14,819 6,087 2,543 2,229 2,281 1,062 $2,543 $7,188
7.2x 11.8 9.2 9.8 10.6 6.2 5.8 9.2x 8.7x
96% 73% 93% 96% 74% 74% 99% 51% 84% 82%
$47,792 9,857 9,379 7,242 448 417 298 260 $3,845 $9,462
$48,824 10,167 11,010 7,946 373 399 270 211 $4,173 $9,900
88% 83% 73% 87% 92% 38% 68% 71% 90% 53% 79% 91% 74% 73% 99% 94% 81% 78%
$145,731 8,163 4,365 3,891 3,841 3,639 3,259 2,838 2,128 2,061 2,000 1,385 1,279 560 425 392 $2,483 $11,622
$176,934 8,268 6,371 4,540 3,571 2,831 3,012 2,468 2,036 2,479 1,691 1,295 2,280 539 394 325 $2,473 $13,690
2017E
LTM
P/E 2016E
2017E
16.3x NM 31.4 34.0 NM NM 44.8 32.7x 31.6x
15.1x NM 25.3 26.0 NM 36.5 32.7 26.0x 27.1x
28.5x NM NM 76.8 NM NM NM 52.7x 52.7x
28.1x NM 63.7 64.6 NM NM 71.2 64.1x 56.9x
25.9x NM 51.7 50.2 111.6 119.1 51.5 51.6x 68.3x
32.0x 14.6 16.0 14.3 NM 13.2 NM NM 14.6x 18.0x
22.7x 10.7 14.0 11.5 NM 9.8 30.6 NM 12.8x 16.5x
17.7x 9.5 13.7 10.1 19.8 8.6 23.6 NM 13.7x 14.7x
54.1x 31.6 29.0 27.1 NM NM NM NM 30.3x 35.5x
33.5x 20.8 24.7 16.1 NM 17.3 139.0 NM 22.8x 41.9x
25.2x 18.6 22.9 13.9 34.1 14.5 74.4 NM 22.9x 29.1x
9.3x 18.7 20.8 11.3 15.5 NM 7.9 NM 22.4 20.5 11.7 13.5 5.8 NM NM NM 13.5x 14.3x
9.3x 15.7 9.4 10.3 12.4 28.3 5.0 32.1 16.1 9.0 10.0 9.0 4.1 NM NM NM 10.0x 13.1x
8.7x 13.7 9.2 9.7 10.6 18.4 5.1 23.8 13.3 8.1 9.1 9.2 4.0 NM NM NM 9.2x 11.0x
11.4x 50.1 NM 13.4 25.9 NM NM NM 55.0 NM 20.3 NM 8.1 NM NM NM 20.3x 26.3x
11.2x 21.1 9.9 17.5 17.8 88.6 10.4 66.8 28.1 10.9 19.4 17.1 4.6 NM NM NM 17.5x 24.9x
10.8x 17.6 9.2 15.7 16.3 58.1 10.3 46.4 23.6 10.0 16.9 15.8 4.5 NM NM NM 15.8x 19.6x
Human Capital Management Paychex, Inc. Workday, Inc. The Ultimate Software Group, Inc. Paycom Software, Inc. Paylocity Holding Corporation Cornerstone OnDemand, Inc. Callidus Software Inc. Median Mean
Knowledge / Content Management Adobe Systems Incorporated Akamai Technologies, Inc. VeriSign, Inc. Open Text Corporation TubeMogul, Inc. SDL plc Brightcove Inc. MobileIron, Inc. Median Mean
Business Intelligence International Business Machines Corporation Constellation Software Inc. Nuance Communications, Inc. DST Systems Inc. NICE Ltd. Tableau Software, Inc. Teradata Corporation Qlik Technologies, Inc. Pegasystems Inc. Verint Systems Inc. MicroStrategy Inc. Progress Software Corporation NeuStar, Inc. Workiva Inc. Xactly Corporation Apigee Corporation Median Mean
Source: Capital IQ as of 06/30/16
22 │ Software Industry Update Q2 2016
Public Company Valuation (cont.) Company
Price 06/30/16
52-Wk High
$57.22 32.83 80.09 146.69 66.40 54.18 22.25 63.43
63% 98% 91% 99% 74% 72% 54% 86% 80% 80%
$27.17 79.68 20.54 122.64 73.05 24.59 31.59 16.47 63.09 43.19 48.59 43.01 10.34 14.10 29.81 18.99 15.14 16.39 3.70 9.73 3.75
96% 89% 88% 62% 96% 71% 65% 33% 85% 91% 77% 56% 55% 91% 74% 66% 38% 54% 70% 81% 65% 71% 72%
Mkt Cap
EV
LTM
$24,277 13,819 12,428 11,447 11,194 7,365 2,086 1,608 $11,320 $10,528
$22,992 13,099 13,235 14,549 11,223 6,937 2,175 1,519 $12,161 $10,716
3.4x 3.3 4.0 1.4 10.2 9.5 2.3 5.2 3.7x 4.9x
$53,485 13,943 12,642 11,240 8,807 6,887 5,490 2,800 2,794 1,910 1,746 1,394 1,311 1,137 1,131 965 792 652 356 262 209 $1,746 $6,188
$52,663 13,699 8,866 11,193 9,349 6,358 4,922 3,340 2,767 1,622 1,508 1,235 1,184 1,014 1,018 1,060 677 582 465 221 182 $1,508 $5,901
2.1x 8.2 2.5 8.9 5.2 1.1 4.6 5.0 9.7 2.7 8.6 5.0 3.6 2.8 5.9 2.4 2.1 2.6 1.2 1.5 3.2 3.2x 4.2x
EV / Revenue 2016E
2017E
LTM
EV / EBITDA 2016E
3.3x 3.2 3.9 1.4 8.2 7.7 1.9 4.6 3.6x 4.3x
3.2x 3.2 3.8 1.4 6.3 6.0 1.7 4.0 3.5x 3.7x
13.1x 10.4 14.2 12.6 NM NM 31.1 45.2 13.7x 21.1x
10.0x 8.3 11.6 12.0 45.1 NM 6.7 17.9 11.6x 15.9x
2.1x 7.8 2.5 7.1 3.1 1.2 3.9 4.2 7.8 2.6 7.2 4.1 3.0 2.4 5.1 2.4 2.0 2.8 1.3 1.2 3.0 3.0x 3.7x
2.1x 7.3 2.4 5.4 2.5 1.2 3.3 3.4 6.0 2.4 5.8 3.3 2.4 2.0 4.3 2.2 1.9 2.5 NM 1.1 2.8 2.5x 3.2x
11.0x 16.0 9.9 NM 24.6 10.1 NM NM NM NM 43.0 NM NM NM 24.0 8.3 NM 14.3 NM NM 16.9 15.1x 17.8x
7.7x 14.1 7.8 32.5 14.1 6.9 21.3 NM NM 19.5 31.2 NM NM NM 15.9 6.7 12.0 15.5 NM 7.2 11.0 14.1x 14.9x
LTM
P/E 2016E
2017E
9.4x 8.1 11.0 11.3 29.0 NM 4.6 15.2 11.0x 12.7x
25.2x 18.4 34.0 33.8 NM NM NM 123.6 33.8x 47.0x
13.8x 13.1 16.1 18.8 105.9 NM 12.9 33.8 16.1x 30.6x
13.0x 12.6 14.8 17.0 65.5 110.8 10.2 28.8 15.9x 34.1x
7.9x 13.1 6.1 22.2 8.9 6.1 17.0 NM NM 16.9 24.5 43.4 NM NM 13.0 6.3 10.8 11.0 NM 8.8 9.6 10.9x 14.1x
26.4x 20.8 NM NM 30.9 31.9 NM NM NM NM 66.7 NM NM NM 63.4 21.3 NM 21.1 NM NM 39.0 30.9x 35.7x
15.0x 17.6 20.3 57.9 16.8 11.8 45.0 NM NM 44.1 53.1 NM NM NM 37.7 9.8 31.0 23.8 20.6 29.9 15.6 22.2x 28.1x
14.4x 16.0 14.9 40.1 12.9 10.2 36.2 NM NM 40.6 42.7 83.2 NM NM 31.4 9.2 27.3 18.9 NM 26.0 13.4 22.5x 27.3x
2017E
Systems / Network Management VMware, Inc. CA, Inc. Citrix Systems, Inc. L-3 Communications Holdings Inc. ServiceNow, Inc. Splunk, Inc. NetScout Systems, Inc. LogMeIn, Inc. Median Mean
Security / Storage EMC Corporation Check Point Software Technologies Ltd. Symantec Corporation Palo Alto Networks, Inc. Qihoo 360 Technology Co. Ltd. NetApp, Inc. Fortinet Inc. FireEye, Inc. Proofpoint, Inc. CommVault Systems, Inc. CyberArk Software, Ltd. Imperva Inc. Box, Inc. SecureWorks Corp. Qualys, Inc. AVG Technologies N.V. Barracuda Networks, Inc. VASCO Data Security International Inc. NQ Mobile Inc. Carbonite, Inc. Zix Corporation Median Mean
Source: Capital IQ as of 06/30/16
23 │ Software Industry Update Q2 2016
Public Company Valuation (cont.) Company
Price 06/30/16
52-Wk High
$51.17 40.93 151.78 18.27 72.60 25.90 33.92 29.38 39.35 27.46 13.65 10.69
90% 98% 88% 92% 87% 83% 86% 74% 97% 91% 68% 38% 87% 83%
$108.73 11.07 77.12 87.27 161.42 61.76 116.43 113.01 9.05 91.65 19.51 47.90 33.31 28.02 21.53
$58.60 138.01 34.12 46.87 12.70 41.60 26.52 11.91 30.51 3.96
Mkt Cap
EV / Revenue 2016E
2017E
LTM
EV / EBITDA 2016E
4.8x 5.2 2.2 0.7 5.6 10.1 2.6 6.5 4.4 3.1 1.8 3.1 3.7x 4.2x
4.5x 5.1 2.2 0.8 4.9 7.7 2.6 5.0 3.7 3.0 1.5 2.1 3.3x 3.6x
15.2x 13.3 9.3 5.0 34.3 NM 8.3 NM 33.4 13.5 19.1 NM 13.5x 16.8x
5.4x 3.7 7.9 5.2 6.2 10.6 1.6 4.9 1.9 10.5 2.9 6.3 3.8 9.6 2.8 5.2x 5.6x
5.2x 2.5 7.5 5.0 5.9 9.8 2.3 4.8 4.1 8.7 3.0 6.0 3.0 7.7 2.7 5.0x 5.2x
4.9x 2.4 6.9 4.7 5.5 8.6 2.0 4.5 3.2 7.1 2.8 5.2 2.5 6.0 2.5 4.7x 4.6x
4.6x 5.9 9.9 7.2 2.1 3.9 3.6 1.6 1.4 4.7 4.2x 4.5x
4.2x 5.1 8.4 6.3 1.8 3.8 3.3 1.6 1.4 3.8 3.8x 4.0x
3.8x 4.3 6.9 5.3 1.7 3.4 3.0 1.5 1.3 3.0 3.2x 3.4x
EV
LTM
$402,220 172,970 145,731 30,571 13,163 5,527 2,617 1,585 1,400 1,385 679 628 $4,072 $64,873
$441,817 196,673 176,934 37,773 12,861 5,214 2,586 1,519 1,367 1,295 543 590 $3,900 $73,264
5.1x 5.3 2.2 0.7 6.0 12.4 2.6 8.4 5.0 3.3 1.9 4.2 4.6x 4.8x
100% 62% 97% 100% 92% 98% 87% 98% 58% 100% 79% 97% 72% 93% 69% 93% 87%
$24,764 10,046 7,468 6,891 6,759 4,542 3,891 3,657 3,035 2,901 2,306 1,574 1,484 1,193 884 $3,657 $5,426
$28,930 29,196 8,603 6,937 6,872 4,337 4,540 4,183 2,664 2,876 2,984 1,732 1,741 1,138 937 $4,183 $7,178
80% 82% 97% 78% 82% 93% 83% 69% 65% 49% 81% 78%
$20,364 5,511 4,598 2,730 2,376 2,068 852 726 426 421 $2,222 $4,007
$20,664 5,708 4,352 2,895 2,875 2,441 769 804 668 386 $2,658 $4,156
2017E
LTM
P/E 2016E
2017E
13.3x 11.7 9.3 4.6 22.0 NM 8.5 NM 21.3 9.0 8.4 NM 9.3x 12.0x
12.2x 11.2 8.7 4.4 18.6 35.4 8.3 NM 18.1 9.2 6.2 NM 10.2x 13.2x
39.5x 19.8 11.4 15.0 63.7 NM 15.5 NM 43.2 NM 82.6 NM 29.6x 36.3x
19.1x 15.2 11.2 9.5 34.1 95.9 12.9 NM 33.9 17.1 15.2 NM 16.1x 26.4x
16.9x 14.1 10.8 8.8 29.0 69.6 12.6 NM 27.8 15.8 13.1 NM 15.0x 21.8x
17.7x 12.5 17.0 15.1 17.9 NM 11.3 21.1 NM NM 19.6 17.0 39.1 NM 20.7 17.7x 19.0x
15.1x 10.0 15.6 14.4 16.7 NM 10.3 20.9 NM 30.1 11.6 15.0 17.1 NM 12.9 15.1x 15.8x
14.0x 9.4 14.1 13.3 14.8 38.1 9.7 18.6 33.1 20.8 10.7 13.7 12.6 NM 12.3 13.9x 16.8x
30.9x NM 34.3 31.0 26.2 NM 13.4 38.3 NM 135.0 13.3 19.6 NM NM NM 30.9x 38.0x
24.6x 8.5 26.8 29.4 23.7 81.9 17.5 24.6 NM 47.6 36.7 18.5 32.6 NM 16.4 24.6x 29.9x
21.8x 7.3 22.5 27.1 22.0 66.4 15.7 20.9 NM 35.3 31.9 17.8 23.1 NM 14.9 22.0x 25.1x
16.5x NM 49.8 NM 23.1 22.6 32.1 14.0 11.4 NM 22.6x 24.2x
12.8x 24.2 30.3 27.0 10.1 16.8 20.3 8.6 7.7 NM 16.8x 17.5x
11.2x 19.9 23.0 21.6 8.9 14.8 16.6 7.9 7.2 NM 14.8x 14.6x
35.5x NM 89.8 143.8 NM 66.7 113.9 132.3 NM NM 101.8x 97.0x
24.9x 76.8 59.7 46.5 21.9 23.5 82.6 15.4 17.6 NM 24.9x 41.0x
21.8x 60.9 46.8 38.0 18.6 19.9 61.9 13.6 10.5 NM 21.8x 32.4x
Application Infrastructure Microsoft Corporation Oracle Corporation International Business Machines Corporation Hewlett Packard Enterprise Company Red Hat, Inc. Atlassian Corporation Plc Software Aktiengesellschaft New Relic, Inc. Globant S.A. Progress Software Corporation The Rubicon Project, Inc. Hortonworks, Inc. Median Mean
Financial Technology Fiserv, Inc. First Data Corporation MSCI Inc. Jack Henry & Associates Inc. FactSet Research Systems Inc. Guidewire Software, Inc. DST Systems Inc. Fair Isaac Corporation Square, Inc. Ellie Mae, Inc. ACI Worldwide, Inc. Ebix Inc. Envestnet, Inc. Q2 Holdings, Inc. Bottomline Technologies (de), Inc. Median Mean
Healthcare IT / Life Sciences Software Cerner Corporation athenahealth, Inc. Veeva Systems Inc. Medidata Solutions, Inc. Allscripts Healthcare Solutions, Inc. CompuGroup Medical SE HealthStream, Inc. Quality Systems Inc. Cegedim SA Castlight Health, Inc. Median Mean
Source: Capital IQ as of 06/30/16
24 │ Software Industry Update Q2 2016
Public Company Operating Metrics Company
Price 06/30/16
52-Wk High
$79.41 26.38 43.42 40.99 11.90 6.34
95% 95% 73% 89% 92% 62% 91% 84%
$54,404 2,568 1,621 913 659 364 $1,267 $10,088
$54,670 2,350 1,569 918 646 320 $1,244 $10,079
25% 63% 56% 14% 25% 6% 25% 32%
24% 45% 42% 11% 19% (3%) 22% 23%
21% 33% 30% 13% 18% 8% 19% 21%
7% (32%) (21%) (0%) (7%) 7% (3%) (7%)
$40.93 151.78 75.16 111.61 8.58 72.80 19.27 10.48 7.62
98% 88% 92% 100% 93% 73% 69% 94% 83% 92% 88%
$172,970 145,731 92,230 28,813 9,267 5,860 363 302 132 $9,267 $50,630
$196,673 176,934 95,530 28,524 9,657 5,834 238 253 150 $9,657 $57,088
(3%) (10%) 21% 17% 0% 33% (7%) 11% 5% 5% 7%
0% (3%) 8% 8% (4%) 30% (0%) 3% 3% 3% 5%
3% (0%) 5% 9% 9% 27% 3% 6% 5% 5% 7%
$75.16 75.83 64.13 37.58 40.24 43.33 19.04 38.39 17.66
92% 92% 83% 91% 88% 70% 91% 74% 100% 91% 87%
$92,230 19,445 4,626 4,308 3,306 1,709 1,448 550 494 $3,306 $14,235
$95,530 17,689 4,521 4,777 3,349 1,551 1,403 506 439 $3,349 $14,418
21% 25% 12% (12%) 11% 22% 9% 16% 4% 12% 12%
8% 9% 11% (5%) 0% 21% 11% 11% 4% 9% 8%
5% 8% 10% (1%) 4% 18% 11% 13% 8% 8% 8%
Mkt Cap
EV
Revenue Growth LTM 2016E
2017E
EBITDA Margin LTM 2016E
2017E
LTM
Net Margin 2016E
2017E
20% 0% (5%) 5% 1% 10% 3% 5%
20% 5% (1%) 8% 5% 11% 6% 8%
(0%) (39%) (22%) (8%) (16%) (12%) (14%) (16%)
8% (9%) (9%) (1%) (7%) 2% (4%) (3%)
10% (4%) (4%) 1% (3%) 5% (1%) 1%
40% 24% 28% 30% 27% (8%) 4% 17% 2% 24% 18%
45% 24% 34% 37% 29% 9% 6% 18% 14% 24% 24%
45% 26% 35% 40% 29% 9% 8% 18% 16% 26% 25%
24% 16% 15% 22% 12% (17%) 2% 9% (22%) 12% 7%
30% 16% 21% 21% 19% 4% 3% 9% 6% 16% 14%
31% 16% 22% 22% 19% 5% 5% 8% 7% 16% 15%
28% 27% 31% 17% 46% 23% 32% 6% 9% 27% 24%
34% 36% 34% 21% 49% 34% 34% 0% 21% 34% 29%
35% 36% 35% 25% 49% 35% 35% 6% 23% 35% 31%
15% 15% 19% (1%) 29% 11% 11% (0%) 3% 11% 11%
21% 21% 21% 13% 31% 21% 11% (5%) 9% 21% 16%
22% 21% 21% 12% 30% 22% 13% (0%) 9% 21% 17%
CRM salesforce.com, inc. Zendesk, Inc. HubSpot, Inc. Interactive Intelligence Group Inc. Five9, Inc. LivePerson Inc. Median Mean
Accounting / ERP Oracle Corporation International Business Machines Corporation SAP SE Intuit Inc. Sage Group plc NetSuite Inc. QAD Inc. American Software, Inc. Upland Software, Inc. Median Mean
Supply Chain Management SAP SE Dassault Systèmes SE Manhattan Associates, Inc. PTC Inc. Aspen Technology, Inc. Fleetmatics Group PLC The Descartes Systems Group Inc BasWare Oyj SciQuest, Inc. Median Mean
Source: Capital IQ as of 06/30/16
25 │ Software Industry Update Q2 2016
Public Company Operating Metrics (cont.) Company
Price 06/30/16
52-Wk High
Mkt Cap
$59.50 74.67 210.29 43.21 43.20 38.06 19.98
100% 88% 99% 94% 93% 88% 95% 94% 94%
$21,427 14,710 6,160 2,589 2,319 2,144 1,144 $2,589 $7,213
$21,296 14,819 6,087 2,543 2,229 2,281 1,062 $2,543 $7,188
8% 43% 25% 53% 49% 30% 25% 30% 33%
8% 34% 26% 43% 37% 27% 21% 27% 28%
7% 31% 22% 29% 25% 24% 20% 24% 23%
43% (15%) 10% 24% 2% (16%) (0%) 2% 7%
$95.79 55.93 86.46 59.16 11.90 5.13 8.80 3.05
96% 73% 93% 96% 74% 74% 99% 51% 84% 82%
$47,792 9,857 9,379 7,242 448 417 298 260 $3,845 $9,462
$48,824 10,167 11,010 7,946 373 399 270 211 $4,173 $9,900
22% 10% 6% (2%) 57% (3%) 9% 12% 9% 14%
21% 8% 7% 5% 27% (18%) 9% 8% 8% 8%
22% 12% 3% 9% 20% 8% 10% 13% 11% 12%
$151.78 385.22 15.63 116.43 62.23 48.92 25.07 29.58 26.95 33.13 175.02 27.46 23.51 13.66 12.81 12.22
88% 83% 73% 87% 92% 38% 68% 71% 90% 53% 79% 91% 74% 73% 99% 94% 81% 78%
$145,731 8,163 4,365 3,891 3,841 3,639 3,259 2,838 2,128 2,061 2,000 1,385 1,279 560 425 392 $2,483 $11,622
$176,934 8,268 6,371 4,540 3,571 2,831 3,012 2,468 2,036 2,479 1,691 1,295 2,280 539 394 325 $2,473 $13,690
(10%) 12% 1% 4% (9%) 48% (7%) 11% 17% (3%) (7%) 13% 10% 29% 28% 32% 11% 11%
(3%) 13% 3% (30%) 8% 30% (9%) 16% 17% (1%) (1%) 10% 17% 24% 27% 33% 11% 10%
(0%) 16% 3% 12% 16% 25% (1%) 14% 12% 5% 7% 3% 2% 21% 24% 30% 12% 12%
EV
Revenue Growth LTM 2016E
2017E
EBITDA Margin LTM 2016E
2017E
LTM
Net Margin 2016E
2017E
43% 9% 25% 23% 11% 9% 11% 11% 19%
43% 11% 25% 24% 12% 12% 13% 13% 20%
26% (25%) 3% 13% (1%) (22%) (8%) (1%) (2%)
25% 1% 13% 12% 5% 0% 8% 8% 9%
25% 4% 13% 12% 7% 4% 9% 9% 11%
29% 31% 64% 31% (6%) 8% 2% (44%) 18% 14%
37% 40% 69% 36% 3% 13% 6% (21%) 24% 23%
39% 41% 68% 37% 7% 13% 7% (10%) 25% 25%
17% 14% 36% 15% (8%) (12%) (5%) (54%) 5% 1%
25% 20% 40% 23% 2% 8% 1% (24%) 14% 12%
27% 20% 40% 25% 6% 8% 2% (12%) 14% 15%
24% 23% 16% 14% 25% (8%) 15% 1% 13% 11% 27% 24% 37% (29%) (21%) (49%) 15% 8%
24% 25% 34% 22% 29% 12% 26% 11% 16% 24% 32% 35% 46% (24%) (11%) (28%) 24% 17%
26% 25% 33% 21% 29% 14% 26% 13% 17% 26% 33% 33% 46% (14%) (7%) (14%) 25% 19%
16% 9% (4%) 11% 28% (17%) (11%) (5%) 6% 0% 19% (1%) 15% (31%) (30%) (52%) (0%) (3%)
16% 18% 23% 11% 21% 5% 14% 6% 10% 17% 20% 19% 23% (26%) (16%) (27%) 15% 8%
16% 19% 24% 10% 20% 7% 14% 8% 10% 18% 21% 20% 23% (18%) (12%) (15%) 15% 10%
Human Capital Management Paychex, Inc. Workday, Inc. The Ultimate Software Group, Inc. Paycom Software, Inc. Paylocity Holding Corporation Cornerstone OnDemand, Inc. Callidus Software Inc. Median Mean
Knowledge / Content Management Adobe Systems Incorporated Akamai Technologies, Inc. VeriSign, Inc. Open Text Corporation TubeMogul, Inc. SDL plc Brightcove Inc. MobileIron, Inc. Median Mean
Business Intelligence International Business Machines Corporation Constellation Software Inc. Nuance Communications, Inc. DST Systems Inc. NICE Ltd. Tableau Software, Inc. Teradata Corporation Qlik Technologies, Inc. Pegasystems Inc. Verint Systems Inc. MicroStrategy Inc. Progress Software Corporation NeuStar, Inc. Workiva Inc. Xactly Corporation Apigee Corporation Median Mean
Source: Capital IQ as of 06/30/16
26 │ Software Industry Update Q2 2016
Public Company Operating Metrics (cont.) Company
Price 06/30/16
52-Wk High
$57.22 32.83 80.09 146.69 66.40 54.18 22.25 63.43
63% 98% 91% 99% 74% 72% 54% 86% 80% 80%
$24,277 13,819 12,428 11,447 11,194 7,365 2,086 1,608 $11,320 $10,528
$22,992 13,099 13,235 14,549 11,223 6,937 2,175 1,519 $12,161 $10,716
9% (6%) 6% (2%) 46% 49% 111% 24% 16% 29%
4% 0% 2% (3%) 36% 34% 49% 22% 13% 18%
4% 2% 3% 2% 30% 28% 7% 16% 5% 11%
26% 31% 28% 11% (9%) (40%) 7% 12% 11% 8%
$27.17 79.68 20.54 122.64 73.05 24.59 31.59 16.47 63.09 43.19 48.59 43.01 10.34 14.10 29.81 18.99 15.14 16.39 3.70 9.73 3.75
96% 89% 88% 62% 96% 71% 65% 33% 85% 91% 77% 56% 55% 91% 74% 66% 38% 54% 70% 81% 65% 71% 72%
$53,485 13,943 12,642 11,240 8,807 6,887 5,490 2,800 2,794 1,910 1,746 1,394 1,311 1,137 1,131 965 792 652 356 262 209 $1,746 $6,188
$52,663 13,699 8,866 11,193 9,349 6,358 4,922 3,340 2,767 1,622 1,508 1,235 1,184 1,014 1,018 1,060 677 582 465 221 182 $1,508 $5,901
(0%) 9% (9%) 53% 30% (9%) 33% 40% 36% (2%) 47% 41% 38% 30% 23% 13% 15% (2%) 14% 20% 9% 20% 20%
(0%) 7% (43%) 38% 68% (7%) 26% 27% 33% 6% 31% 29% 30% 25% 20% 4% 9% (14%) (12%) 36% 9% 20% 15%
2% 7% 4% 30% 23% (1%) 19% 25% 30% 7% 22% 23% 26% 20% 19% 6% 7% 13% NM 6% 10% 16% 15%
20% 52% 25% (11%) 21% 11% 5% (62%) (21%) 2% 20% (19%) (48%) (16%) 25% 30% 3% 18% (1%) (3%) 19% 5% 3%
Mkt Cap
EV
Revenue Growth LTM 2016E
2017E
EBITDA Margin LTM 2016E
2017E
LTM
Net Margin 2016E
2017E
33% 39% 34% 12% 18% 9% 28% 26% 27% 25%
34% 39% 35% 12% 22% 10% 38% 26% 30% 27%
14% 19% 11% (1%) (43%) (42%) (3%) 5% 2% (5%)
25% 26% 23% 6% 8% 4% 14% 15% 14% 15%
26% 26% 24% 6% 10% 6% 16% 15% 16% 16%
28% 56% 32% 22% 22% 17% 18% (9%) 5% 13% 23% 5% (15%) (7%) 32% 36% 17% 18% NM 17% 28% 18% 18%
27% 56% 40% 24% 28% 20% 19% (1%) 8% 14% 24% 8% (6%) 1% 33% 36% 17% 22% NM 13% 29% 21% 21%
8% 42% 69% (17%) 17% 4% 0% (84%) (41%) 0% 15% (21%) (59%) (18%) 10% 11% (1%) 14% 2% (13%) 10% 2% (3%)
14% 45% 18% 12% 22% 11% 10% (25%) (2%) 7% 15% 3% (25%) (6%) 15% 23% 8% 14% 5% 5% 23% 11% 9%
15% 45% 21% 14% 23% 13% 11% (9%) 3% 8% 17% 5% (13%) (2%) 16% 24% 8% 13% NM 5% 24% 13% 12%
Systems / Network Management VMware, Inc. CA, Inc. Citrix Systems, Inc. L-3 Communications Holdings Inc. ServiceNow, Inc. Splunk, Inc. NetScout Systems, Inc. LogMeIn, Inc. Median Mean
Security / Storage EMC Corporation Check Point Software Technologies Ltd. Symantec Corporation Palo Alto Networks, Inc. Qihoo 360 Technology Co. Ltd. NetApp, Inc. Fortinet Inc. FireEye, Inc. Proofpoint, Inc. CommVault Systems, Inc. CyberArk Software, Ltd. Imperva Inc. Box, Inc. SecureWorks Corp. Qualys, Inc. AVG Technologies N.V. Barracuda Networks, Inc. VASCO Data Security International Inc. NQ Mobile Inc. Carbonite, Inc. Zix Corporation Median Mean
Source: Capital IQ as of 06/30/16
27 │ Software Industry Update Q2 2016
Public Company Operating Metrics (cont.) Company
Price 06/30/16
52-Wk High
$51.17 40.93 151.78 18.27 72.60 25.90 33.92 29.38 39.35 27.46 13.65 10.69
90% 98% 88% 92% 87% 83% 86% 74% 97% 91% 68% 38% 87% 83%
$402,220 172,970 145,731 30,571 13,163 5,527 2,617 1,585 1,400 1,385 679 628 $4,072 $64,873
$441,817 196,673 176,934 37,773 12,861 5,214 2,586 1,519 1,367 1,295 543 590 $3,900 $73,264
(8%) (3%) (10%) (3%) 16% 96% 11% 64% 29% 13% 101% 136% 14% 37%
5% 0% (3%) (2%) 17% 34% 3% 45% 23% 10% 19% 57% 13% 17%
5% 3% (0%) (1%) 15% 30% 3% 29% 19% 3% 21% 44% 10% 14%
34% 40% 24% 14% 18% 3% 31% (32%) 15% 24% 10% NM 18% 16%
$108.73 11.07 77.12 87.27 161.42 61.76 116.43 113.01 9.05 91.65 19.51 47.90 33.31 28.02 21.53
100% 62% 97% 100% 92% 98% 87% 98% 58% 100% 79% 97% 72% 93% 69% 93% 87%
$24,764 10,046 7,468 6,891 6,759 4,542 3,891 3,657 3,035 2,901 2,306 1,574 1,484 1,193 884 $3,657 $5,426
$28,930 29,196 8,603 6,937 6,872 4,337 4,540 4,183 2,664 2,876 2,984 1,732 1,741 1,138 937 $4,183 $7,178
4% 3% 7% 7% 12% 10% 4% 4% 53% 49% 1% 20% 24% 37% 4% 7% 16%
6% 53% 7% 7% 12% 12% (30%) 4% (49%) 30% (4%) 9% 38% 36% 4% 7% 9%
6% 4% 8% 7% 8% 14% 12% 6% 30% 23% 4% 14% 19% 28% 9% 9% 13%
$58.60 138.01 34.12 46.87 12.70 41.60 26.52 11.91 30.51 3.96
80% 82% 97% 78% 82% 93% 83% 69% 65% 49% 81% 78%
$20,364 5,511 4,598 2,730 2,376 2,068 852 726 426 421 $2,222 $4,007
$20,664 5,708 4,352 2,895 2,875 2,441 769 804 668 386 $2,658 $4,156
27% 22% 31% 15% 2% 10% 20% 0% 15% 54% 18% 20%
13% 21% 27% 17% 12% 7% 10% 4% 5% 34% 13% 15%
11% 19% 21% 20% 8% 10% 12% 3% 2% 28% 11% 13%
Mkt Cap
EV
Revenue Growth LTM 2016E
2017E
EBITDA Margin LTM 2016E
2017E
LTM
Net Margin 2016E
2017E
36% 45% 24% 16% 25% 19% 31% (11%) 20% 35% 22% (35%) 23% 19%
37% 45% 26% 17% 26% 22% 31% (1%) 20% 33% 25% (9%) 25% 23%
12% 24% 16% 4% 10% 2% 17% (37%) 12% (1%) 3% NM 10% 6%
23% 30% 16% 6% 17% 12% 21% (17%) 13% 19% 16% (73%) 16% 7%
24% 31% 16% 7% 17% 13% 20% (6%) 14% 20% 17% (41%) 17% 11%
31% 30% 46% 35% 35% 6% 14% 23% (7%) 17% 15% 37% 10% (16%) 13% 17% 19%
34% 25% 48% 35% 35% 20% 22% 23% 2% 29% 26% 40% 17% (3%) 21% 25% 25%
35% 25% 49% 35% 37% 23% 21% 24% 10% 34% 27% 38% 20% 4% 20% 25% 27%
15% (18%) 22% 17% 23% 3% 11% 11% (16%) 8% 17% 31% (2%) (25%) (10%) 11% 6%
18% 10% 24% 17% 24% 13% 11% 17% (7%) 19% 6% 31% 8% (11%) 15% 15% 13%
18% 11% 26% NM 23% 14% 10% 19% 1% 21% 7% 28% 9% (3%) 15% 14% 14%
28% 8% 20% 11% 9% 17% 11% 12% 12% (94%) 11% 3%
33% 21% 28% 23% 18% 23% 16% 18% 18% (38%) 20% 16%
34% 22% 30% 24% 19% 23% 18% 19% 19% (10%) 20% 20%
13% 2% 12% 5% 1% 5% 3% 1% 11% (99%) 4% (5%)
16% 6% 16% 13% 7% 14% 4% 9% 5% (40%) 8% 5%
17% 7% 18% 15% 8% 15% 5% 10% 8% (13%) 9% 9%
Application Infrastructure Microsoft Corporation Oracle Corporation International Business Machines Corporation Hewlett Packard Enterprise Company Red Hat, Inc. Atlassian Corporation Plc Software Aktiengesellschaft New Relic, Inc. Globant S.A. Progress Software Corporation The Rubicon Project, Inc. Hortonworks, Inc. Median Mean
Financial Technology Fiserv, Inc. First Data Corporation MSCI Inc. Jack Henry & Associates Inc. FactSet Research Systems Inc. Guidewire Software, Inc. DST Systems Inc. Fair Isaac Corporation Square, Inc. Ellie Mae, Inc. ACI Worldwide, Inc. Ebix Inc. Envestnet, Inc. Q2 Holdings, Inc. Bottomline Technologies (de), Inc. Median Mean
Healthcare IT / Life Sciences Software Cerner Corporation athenahealth, Inc. Veeva Systems Inc. Medidata Solutions, Inc. Allscripts Healthcare Solutions, Inc. CompuGroup Medical SE HealthStream, Inc. Quality Systems Inc. Cegedim SA Castlight Health, Inc. Median Mean
Source: Capital IQ as of 06/30/16
28 │ Software Industry Update Q2 2016
salesforce.com, inc.
5%
CRM
Zendesk, Inc.
26%
HubSpot, Inc.
1%
Interactive Intelligence Group Inc.
12%
Five9, Inc.
32%
LivePerson Inc. Oracle Corporation
-1%
International Business Machines Corporation
0%
Accounting / ERP
SAP SE
-6%
Intuit Inc.
7%
Sage Group plc
-4%
NetSuite Inc.
5%
Paychex, Inc.
10%
Workday, Inc.
-5%
The Ultimate Software Group, Inc.
7%
Paycom Software, Inc.
22%
Paylocity Holding Corporation
31%
Cornerstone OnDemand, Inc.
16%
Callidus Software Inc.
19%
Adobe Systems Incorporated
1%
Akamai Technologies, Inc.
1%
VeriSign, Inc.
-4%
Open Text Corporation
14%
TubeMogul, Inc.
-10%
SDL plc
-10%
Brightcove Inc.
MobileIron, Inc.
43% -32%
International Business Machines Corporation -9%
Constellation Software Inc.
American Software, Inc.
17%
Upland Software, Inc.
Nuance Communications, Inc.
12%
NICE Ltd.
SAP SE
-6%
Dassault Systèmes SE
-4%
Manhattan Associates, Inc.
13%
PTC Inc.
14%
Aspen Technology, Inc.
12%
Fleetmatics Group PLC
-17%
3% -5%
Tableau Software, Inc. Teradata Corporation
7% -2%
Qlik Technologies, Inc.
2%
Pegasystems Inc.
7%
Verint Systems Inc.
-4%
MicroStrategy Inc.
-4%
Progress Software Corporation
7%
The Descartes Systems Group Inc
0% -8%
DST Systems Inc.
Business Intelligence
QAD Inc.
Supply Chain Management
Knowledge / Content Management
9%
Human Capital Management
Software Public Market Performance Last 3 Months
NeuStar, Inc.
-3%
10% -5%
Workiva Inc. BasWare Oyj
-13%
SciQuest, Inc. -30% Source: Capital IQ as of 06/30/16
29 │ Software Industry Update Q2 2016
26% -20%
17%
Xactly Corporation
-10%
0%
10%
20%
30%
84%
Apigee Corporation 40%
-60% -40% -20%
39% 0%
20% 40% 60% 80% 100%
VMware, Inc. CA, Inc. 1%
L-3 Communications Holdings Inc.
24%
ServiceNow, Inc.
7%
Splunk, Inc.
10%
NetScout Systems, Inc.
-2%
LogMeIn, Inc.
23%
12%
-9%
Fortinet Inc.
2% -7%
Proofpoint, Inc.
17% -1%
0%
Qualys, Inc.
16% -9% -3%
VASCO Data Security International Inc.
6% -20%
Carbonite, Inc.
22%
Zix Corporation -40% Source: Capital IQ as of 06/30/16
30 │ Software Industry Update Q2 2016
-4% -30%
-20%
18%
Globant S.A.
24%
Progress Software Corporation
10% -25% -3% 5% -12%
MSCI Inc.
3%
Jack Henry & Associates Inc.
3%
FactSet Research Systems Inc.
6%
Guidewire Software, Inc.
12%
DST Systems Inc.
3%
Fair Isaac Corporation Square, Inc.
4% -36%
Ellie Mae, Inc.
Bottomline Technologies (de), Inc.
SecureWorks Corp.
Barracuda Networks, Inc.
New Relic, Inc.
3% -6% 17% 24%
Q2 Holdings, Inc.
-16%
AVG Technologies N.V.
-13%
Envestnet, Inc.
-15%
Box, Inc.
9%
Software Aktiengesellschaft
Ebix Inc.
15%
Imperva Inc.
-4%
ACI Worldwide, Inc.
CyberArk Software, Ltd.
NQ Mobile Inc.
Financial Technology
-3%
CommVault Systems, Inc.
Red Hat, Inc. Atlassian Corporation Plc
First Data Corporation
-24%
FireEye, Inc.
-1%
Fiserv, Inc.
Symantec Corporation
NetApp, Inc.
0%
Hewlett Packard Enterprise Company
Hortonworks, Inc.
-8%
Qihoo 360 Technology Co. Ltd.
-1%
International Business Machines Corporation
The Rubicon Project, Inc.
1%
Check Point Software Technologies Ltd.
Palo Alto Networks, Inc.
Application Infrastructure
Citrix Systems, Inc.
-8%
Oracle Corporation
6%
EMC Corporation
Security / Storage
Microsoft Corporation
10%
-10%
0%
10%
20%
30%
Healthcare IT / Life Sciences Software
Systems / Network Management
Software Public Market Performance Last 3 Months (cont.)
16% -30%
Cerner Corporation
8%
athenahealth, Inc.
-1%
Veeva Systems Inc.
37%
Medidata Solutions, Inc.
21%
Allscripts Healthcare Solutions, Inc.
-6%
CompuGroup Medical SE
-2%
HealthStream, Inc. Quality Systems Inc.
19% -22%
Cegedim SA
4%
Castlight Health, Inc. -60%
16% -40%
-20%
0%
20%
40%
60%
Vista Point Advisors Overview Vista Point Advisors is a boutique investment bank focused on capital raises and M&A advisory for growing technology companies
Software • • • • •
Software-as-a-Service On-premise Application Software Healthcare IT Financial Tech
90 New Montgomery, Suite 700
San Francisco, CA 94105
31 │ Software Industry Update Q2 2016
Internet • • • • •
Mobile
Advertising and Marketing Digital Media Gaming Content Platforms
• • • • •
Hardware
Consumer Applications Enterprise Applications Gaming Payments Infrastructure
• • • • •
Communications Entertainment Industrial Systems Consumer
Mike Lyon 415.659.9187
[email protected]
Drew Pascarella 917.670.1097
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Jeff Bean 415.659.9190
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Jeffrey Koons 415.659.9189
[email protected]
David Cho 415.547.8440
[email protected]
Scott Austin 415.547.8437
[email protected]
Mike Greco 415.659.9191
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Thomas Lin 415.692.6163
[email protected]
Miles Lacey 415.659.9278
[email protected]
Tyler Jamison 415.547.8439
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Russell Perkins 415.501.9029
[email protected]
