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2014 YEAR in REVIEW Growth Equity Valuation Report: B2B Software

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2014 YEAR in REVIEW Growth Equity Valuation Report: B2B Software GrowthCap Insights January 2015 Special Edition: Annual Valuation Report .GrowthCap, LLC www.growthcap.co 2014 YEAR IN REVIEW Growth Equity Valuation Report: B2B Software Graybar Building | 420 Lexington Avenue, New York, NY, 10170 Copyright 2014 GrowthCap LLC. +1 (212) 537 0576 All rights reserved. Contents Introduction & Methodology .....................................................................................................................................4 2014 B2B Software Growth Equity Valuations ...........................................................................................................5 a. 2014 B2B Software Growth Equity Valuations (by industry) .........................................................................5 b. 2014 B2B Software Growth Equity Valuations (by capital raised) .................................................................6 Valuation Increases Over Prior Rounds ......................................................................................................................7 a. Valuation Increases Over Prior Rounds (by industry).....................................................................................7 b. Valuation Increases Over Prior Rounds (by days since last funding) .............................................................8 c. Valuation Increases Over Prior Rounds (by capital raised) ............................................................................9 d. Valuation Increases Over Prior Rounds (by year founded) ......................................................................... 10 The Top Growth-Stage Investors and Companies of 2014 ...................................................................................... 11 a. Top Growth Equity Investors* (deal volume by pre-money valuation) ....................................................... 11 b. Top Investors* in the Fastest Growing Companies (based on valuation increase over prior round) .......... 12 c. The Fastest Growing Companies of 2014 (by valuation increase) .............................................................. 13 2014 B2B Software Growth Equity Transactions & Valuations ............................................................................... 14 a. Advertising Technology ............................................................................................................................... 14 b. Internet Infrastructure & Development ...................................................................................................... 19 c. Business Intelligence & Analytics ................................................................................................................ 24 d. Financial Technology & Planning ................................................................................................................. 27 g. IT Security .................................................................................................................................................... 30 h. Human Resources & Training Software ....................................................................................................... 33 i. Health Care Software .................................................................................................................................. 35 j. Customer Service & CRM Software ............................................................................................................. 37 k. Productivity & Workflow Management ...................................................................................................... 38 l. Communications Technology ...................................................................................................................... 39 m. Media & Content ........................................................................................................................................ 40 n. Utilities & Energy Management .................................................................................................................. 41 GROWTH CAPITAL ADVISORY FOR PRIVATE COMPANIES GrowthCap advises top performing growth-stage companies on raising private capital from family offices and select institutions. Our team includes seasoned investment banking and private equity professionals who have deep experience transacting in the private capital markets. We maintain long-standing relationships with sophisticated investors. GrowthCap strives to become the premier partner for private company CEOs seeking to raise growth capital. Visit www.GrowthCap.co Copyright 2014 GrowthCap LLC. All rights reserved. Introduction & Methodology About GrowthCap GrowthCap is an advisory firm which focuses exclusively on established private companies seeking to raise equity or debt capital. Its principals have deep experience and extensive relationships in the private capital markets having worked at top tier investment banks including Credit Suisse, Lazard, Lehman Brothers, and Merrill Lynch. They have completed over $5 billion in transactions and have worked across a range of sectors with heavy emphasis in software and services. GrowthCap's mission is to become the premier partner for private company CEOs seeking capital from the private markets. Report Methodology This report focuses on private company growth equity valuation and financing data, as well as the top investors and companies that participated in transactions throughout 2014 in the B2B software industry. Data provided represents a compilation of information from leading private company financial research firms, publicly available filings, and GrowthCap’s own analysis. For purposes of this report, GrowthCap defined growth financings as 1) those that represented a company’s Series B round or later, 2) with a transaction size from $5 million to $40 million, and 3) a pre-money valuation of less than $200 million. Only transactions with available valuation data were included in our analysis which could lead to an incomplete picture of the industry as whole; this report represents an analysis of a total of 247 transactions with valuation data. Key Highlights Industries with the highest median valuations included IT Security, Advertising, and Customer Service & CRM Software as investors continue to see these sectors as large addressable markets Valuation for companies in this report increased by a median of 77% over their previous round; this increase occurred over a median period of 16 months The Advertising and Internet Infrastructure & Development industries led in overall deal volume, representing 45 and 43 transactions, respectively Sources • S&P Capital IQ • Crunchbase • Dow Jones Venture Wire • Pitchbook • FormDs.com Disclaimer: This report has been prepared by GrowthCap, LLC solely for information purposes from the above sources and other publicly available information. GrowthCap does not assume responsibility for, or make any representation or warranty (express or implied) with respect to, the accuracy or completeness of the information contained in this report. Nothing in this report is intended to be recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. P a g e | 4 2014 B2B Software Growth Equity Valuations a. 2014 B2B Software Growth Equity Valuations (by industry) Average Pre-Money Valuation By Industry ($ in millions) 90.0 82.5 80.0 74.2 74.1 71.0 70.0 63.4 63.0 59.8 58.3 57.8 60.0 55.3 50.0 46.2 40.0 32.7 30.0 20.0 17.2 10.0 0.0 Median Pre-Money Valuation By Industry ($ in millions) 80.0 70.8 70.0 66.2 65.4 63.2 60.0 52.7 52.3 48.3 50.0 46.2 45.6 40.0 40.0 31.2 30.0 23.2 20.0 17.6 10.0 0.0 2014 Growth Equity Valuation Report: B2B Software P a g e | 5 b. 2014 B2B Software Growth Equity Valuations (by capital raised) Average Pre-Money Valuation By Total Capital Raised Prior to Most Recent Round ($ in millions) 120.0 99.5 100.0 90.2 80.0 67.8 63.4 60.0 46.3 40.0 31.9 33.6 20.0 0.0 Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M $40M+ Median Pre-Money Valuation By Total Capital Raised Prior to Most Recent Round ($ in millions) 100.0 88.6 90.0 86.7 80.0 70.0 62.7 60.0 52.7 50.0 45.0 40.0 30.0 25.6 23.7 20.0 10.0 0.0 Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M $40M+ P a g e | 6 Valuation Increases Over Prior Rounds a. Valuation Increases Over Prior Rounds (by industry) Average Valuation Increase By Industry (current round pre-money vs. previous round post-money) 160% 139% 138% 140% 136% 121% 119% 120% 116% 101% 103% 100% 94% 87% 82% 80% 60% 37% 40% 22% 20% 0% Median Valuation Increase By Industry (current round pre-money vs. previous round post-money) 160% 140% 134% 132% 120% 101% 98% 100% 93% 85% 77% 80% 73% 65% 59% 57% 60% 41% 40% 20% 6% 0% 2014 Growth Equity Valuation Report: B2B Software P a g e | 7 b. Valuation Increases Over Prior Rounds (by days since last funding) Average Valuation Increase By Days Since Last Funding 160% 150% 140% 124% 120% 101% 102% 100% 91% 81% 80% 65% 60% 40% 20% 0% Total 0 to 6 Months 6 to 12 Months 12 to 18 Months 18 to 24 Months 2 to 3 Years 3+ Years Median Valuation Increase By Days Since Last Funding 120% 108% 100% 93% 82% 80% 77% 72% 60% 43% 40% 25% 20% 0% Total 0 to 6 Months 6 to 12 Months 12 to 18 Months 18 to 24 Months 2 to 3 Years 3+ Years P a g e | 8 c. Valuation Increases Over Prior Rounds (by capital raised) Average Valuation Increase By Total Capital Raised Prior to Most Recent Round 250% 207% 200% 161% 150% 132%
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