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Cloud Managed Services and Hosting Update

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Cloud Managed Services and Hosting Update CLOUD MANAGED SERVICES AND HOSTING SECTOR REVIEW | Q1 2020 Technology, Media & Telecom Cloud Managed Services and Hosting| Q2 2020 TECHNOLOGY, MEDIA & TELECOM PAGE | 0 HW Cloud Managed Services and Hosting Solutions Introduction HARRIS WILLIAMS (“HW”) HW TECHNOLOGY, MEDIA & TELECOM (“TMT”) GROUP • 25+ years and more than 1,000 closed transactions • 35+ dedicated TMT professionals • 350+ professionals across eight office globally • TMT offices include Boston, San Francisco, and London • 170+ closed transactions in the last 24 months • 10 industry groups KEY TMT THEMES ✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning FOCUSED ADVISORY SERVICES HORIZONTAL FOCUS SECTORS VERTICAL FOCUS SECTORS • Mergers and acquisitions (M&A) • Application Software • Architecture, Engineering, and Construction Software • Capital raises • Cloud Managed Services and Hosting Solutions • Education Technology and Services • Corporate divestitures • Compliance Solutions • Energy Technology • CRM and Marketing Automation • Facilities and Real Estate Software • Human Capital Management • Financial Technology and Payments CONSISTENT RECOGNITION FOR QUALITY • Infrastructure and Security Software • Government Technology • IT and Tech-Enabled Services • Healthcare IT • Marketing, Research, and Insights Software • Industrial and Supply Chain Technology • Internet and eCommerce • Retail Technology HW CLOUD MANAGED SERVICES AND HOSTING SOLUTIONS TEAM OTHER TMT GROUP LEADERSHIP Thierry Monjauze Anthony Basmajian Priyanka Naithani Sylvain Noblet Tyler Dewing Sam Hendler Erik Szyndlar Mike Wilkins Managing Director Director Director Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Office: +44 20 7518 8901 Office: +1 (804) 887-6030 Office: +1 (617) 654-2115 Office: +44 20 7518 8917 Office: +1 (617) 654-2133 Office: +1 (617) 654-2117 Office: +1 (415) 217-3418 Office: +1 (415) 217-3411 SELECT & CLOUD AND MANAGED has been acquired by has made a significant has acquired has been acquired by has been acquired by has been acquired by has been acquired by SERVICES investment in HOSTING EXPERIENCE 1 HW Current Market Observations and Insights CURRENT MARKET OBSERVATIONS LATEST HW MARKET INSIGHTS Economic Outlook For access to HW’s latest insight and perspective, email us at [email protected] or visit • Volatility in the public markets will likely remain as investors, businesses and www.harriswilliams.com/news-insights policymakers evaluate rapidly evolving COVID-19 developments • Economists and industry analysts expect a meaningful decline in GDP in 2Q’20 and 3Q’20 while they debate the shape and timing of the recovery Buyer Sentiment Recent Publications • The desire to invest remains – buyers are actively seeking to deploy capital Global Consumer • Private equity firms and strategic acquirers have focused on meeting near-term Businesses Consider operational needs and assessing the medium- to long-term impact of COVID-19 Emergence from COVID-19 • Despite economic uncertainty, financial sponsors have record levels of capital to deploy, and many are communicating that they are “open for business” while acknowledging M&A Learnings from Past high-quality deal flow will be limited Economic Disruptions • Investors have expressed greater flexibility in investment interest including minority, growth equity and merger transactions as a way to put capital to work COVID-19 and M&A: Insights from Asia Debt Markets • In contrast to the first half of 1Q’20, debt markets have shifted to a risk-off mentality. Recent activity levels / discussions suggest lender support for M&A is starting to return Deep Sector Expertise Across Key TMT Focus Areas • Concerns over liquidity and funding availability contribute to uncertainty regarding the duration of the COVID-19 risk mitigation focus • Architecture, Engineering and Construction • Education Technology and Services M&A Valuations • Financial Technology and Payments • COVID-19 has pushed timelines for many transactions, but select deals are still closing • Healthcare IT successfully. Sectors benefitting from COVID (i.e., distance learning, eCommerce, etc.) • Industrial and Supply Chain Technology have seen valuations hold at pre-COVID levels • and more • For new processes, sellers are deploying a “match making” strategy by engaging with a For access to HW’s TMT content, email us at smaller universe of most likely buyers and communicating expectations (value and terms) early on in the process [email protected] 2 Cloud Managed Services and Hosting Taxonomy WEB HOSTING MANAGED SERVICES IT OUTSOURCING Refers to a service in which a vendor offers the Refers to the delivery of network, application, system Refers to the use of external service providers to housing of business-to-business or business-to- and e-management services across a network to effectively deliver IT-enabled business process, consumer eCommerce websites via vendor-owned multiple enterprises, using a “pay as you go” pricing application service and infrastructure solutions shared or dedicated servers and applications for model for business outcomes enterprises at the provider-controlled facilities SELECTED MARKET PARTICIPANTS SELECTED MARKET PARTICIPANTS SELECTED MARKET PARTICIPANTS S E L E C T E D HW CLOUD MANAGED SERVICES AND HOSTING TRANSACTIONS & has made a significant has been acquired by has acquired have been acquired by has been acquired by has been acquired by investment in Provider of a post-warranty Provider of mass hosting Provider of services Provider of web domains, Provider of managed Provider of SME-focused alternative for storage, server services for SMEs, including allowing SMEs to move shared web hosting and technology services with hosting and cloud solutions, and networking hardware web hosting, domains, their IT infrastructure and value-added services with national scale in the US and including domain and maintenance for IT data eCommerce and operations into the cloud, leading positions in Sweden the capability to design, website hosting, email for centers application solutions in the as well as providing end and the Czech Republic, and deploy and support smaller customers, and Benelux, Nordic countries user support and consulting presence in Central Europe technology solutions from managed servers and and Switzerland as part of a full-service IT and the UK cable to cloud applications for larger offering customers 3 Market Observations Key Public Comparables Indexed stock price performance1 Transaction Spotlight Market Observations2 May 7, 2020 The global Cloud Managed Services (“CMS”) market is projected 120 to reach $116bn by 2025, a 13.3% CAGR, primarily driven by Acquired an additional businesses looking to avoid significant infrastructural capital 100 45% stake, bringing total shareholding to 75% investments and shift into operational costs by adopting CMS SERVICES 80 MANAGED MANAGED Enterprise Value / In the News LTM Rev. LTM EBITDA 2020E EBITDA Arq Group rebrands again, remaining business emerges as 60 2.5x 11.2x 9.6x Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Webcentral Group Key Public Comparables Indexed stock price performance1 Transaction Spotlight Market Observations3 IT Services spending is expected to decline 7.7% to $950bn in 120 June 24, 2020 2020 as organizations prioritize spending on mission-critical 100 technology and services over those aimed at growth or transformation in light of COVID-19 and the effects of the 80 global recession SERVICES GLOBAL IT GLOBAL Enterprise Value / LTM Rev. LTM EBITDA 2020E EBITDA 60 In the News 2.0x 10.5x 8.7x Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Wipro names Thierry Delaporte as CEO Key Public Comparables Indexed stock price performance1 Transaction Spotlight Market Observations4 June 3, 2020 Across the Nordics, IT outsourcing is predicted to continue at a 160 similar or higher pre-COVID-19 pace over the next two years, with businesses citing more scalability being the key 120 driver alongside cost optimization Enterprise Value / 80 LTM Rev. LTM EBITDA 2020E EBITDA In the News LOCAL IT SERVICESLOCAL IT 40 1.2x 13.8x 9.0x Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Bechtle expands cloud portfolio with Pickit Key Public Comparables Indexed stock price performance1 Transaction Spotlight Market Observations5 April 7, 2020 With physical retail stores having shut, consumer buying 240 patterns have likely changed permanently as a result of COVID-19, which will serve as a catalyst for growth in the 180 Registry business web hosting services market as the pace of eCommerce adoption dramatically increases Enterprise Value / 120 WEB HOSTING WEB LTM Rev. LTM EBITDA 2020E EBITDA 60 In the News 3.3x 14.2x 15.4x Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Walmart partners with Shopify to expand its online marketplace Key Public Comparables Indexed stock price performance1 Transaction Spotlight Market Observations6 The data center industry is set to see rising demand in the 140 June 1, 2020 near-term as it supports the increasing digitalization to online services for businesses, schools and not-for-profits 120 Portfolio of 25** data centers from brought on by the COVID-19 pandemic 100 Enterprise Value / In the News COLOCATION LTM Rev. LTM EBITDA 2020E EBITDA DATA CENTERS / CENTERS DATA 80 Equinix and GIC enter into $1bn+ data center 11.3x
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