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HW&Co. Industry Reader Template EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015 www.harriswilliams.com Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015 RECENT DEVELOPMENTS COMPANY SPECIFIC NEWS CONTENTS . RECENT DEVELOPMENTS . Thoma Bravo and Ontario Teachers' Pension Plan have agreed to acquire Riverbed Technology, the US-based provider of application performance infrastructure solutions, . PUBLIC MARKET TRADING valuing the business at $3.6bn . SOFTWARE . Alliance Data Systems has acquired Conversant, the US-based provider of digital marketing . IT SERVICES services, valuing the business at $2.3bn . COMMUNICATIONS . NJJ Capital has agreed to acquire Orange Communications, the Switzerland-based provider . INTERNET AND DIGITAL MEDIA of mobile communication services, from Apax Partners, for CHF 2,800m . Apax Partners has made an offer to acquire Evry ASA, the Norway-based provider of TMT GROUP OVERVIEW software solutions and computer operating services, valuing the business at NOK 7.3bn Our Technology, Media & . Adobe has agreed to acquire Fotolia, the France-based leading marketplace for royalty-free Telecom (TMT) Group is photos, images, graphics and HD video, for c.$800 million dedicated to providing superior merger & acquisition . Koninklijke KPN has agreed to acquire the remaining 40% stake in Reggefiber, the and capital markets advisory Netherland-based provider of glass fibre networks to Internet Service Providers, for €610m services to market leading . A consortium led by Columbia Capital has agreed to acquire euNetworks Group, the UK- companies. Our extensive based provider of telecommunication services, valuing the business at SGD $507m industry knowledge and transaction leadership . CDW has acquired a 35% stake in Kelway, the UK-based provider of information technology experience spans the software, services and solutions, from Core Capital Partners, valuing the business at £262m digital media, IT services and communications sectors. Our . esure has agreed to acquire a 50% stake in GoCompare.com, the UK-based provider of online services to compare insurance policies and other financial products, valuing the professionals in London, Boston business at £190m and San Francisco have global relationships with leading . General Atlantic and Temasek Holdings have acquired an undisclosed stake in Adyen, the technology companies and Netherlands-based provider of online payment solutions, for $250m financial investors. Thoughtful advice, deep experience and . Host Europe has agreed to acquire Intergenia, the German-based provider of internet technology expertise, creativity hosting solutions, from Oakley Capital for €210m and attention to detail from . Dealtracker has agreed to acquire Incadea, the Channel Islands-based provider of dealer our senior technology bankers management systems and services to the automotive industry, valuing the business at £132m have resulted in a track record of consistently exceeding our . Bravofly has agreed to acquire lastminute.com, the UK-based provider of travel and tour clients' expectations. packages, online concert tickets and other online services, from Sabre for c.$120m . Impellam Group has acquired Lorien, the UK-based provider of technology staffing services, valuing the business at up to £64m CONTACTS . SS&C Technologies has acquired DST Global Solutions, the UK-based owner and operator of EUROPE datacentres that provide information processing, computer software and services, from DST Systems for $95m Thierry Monjauze Managing Director . Trimble Navigation has acquired Amtech Group, the UK-based developer of specialist [email protected] software for the building industry, from Primary Capital for c.£50m +44 (0) 20 7518 8901 . Sierra Wireless has agreed to acquire Wireless Maingate, the Sweden-based mobile services provider in the field of machine-to-machine communications, from Verdane Capital for $90m Jonathan Organ . Warburg Pincus has invested $75m in Blue Yonder, the German-based provider of Big Data Vice President analytics and predictive applications [email protected] +44 (0) 20 7518 8900 . Atea has agreed to acquire Axcess, the Denmark-based system integrator within the business areas of IT networks and network security, datacenter and collaboration, for DKK 317m UNITED STATES . GuestLogix has agreed to acquire OpenJaw Technologies, the Ireland-based provider of Jeff Bistrong travel distribution software solutions to the travel industry, for $41m Managing Director [email protected] . Aveva Group has acquired 8over8, the UK-based provider of contract risk management +1 (617) 482-7501 solutions for organisations that design, build and operate high value assets, for £27m . Accel-KKR has made an undisclosed majority investment in EPiServer, the Sweden-based Michael Wilkins digital marketing company Managing Director . Permira has agreed to acquire Teraco Data Environments, the South Africa-based provider of [email protected] carrier neutral datacentre services, for an undisclosed amount +1 (415) 288-4260 . Thetrainline.com, Britain’s largest online rail-bookings company, has filed for an IPO to raise £75m . Sophos, the UK-based data-protection and security software company, has announced plans for an IPO on the LSE www.harriswilliams.com www.harriswilliams.de PAGE | 1 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015 RECENT DEVELOPMENTS (CONT.) INDUSTRY TRENDS . According to Gartner's latest forecasts, global communications service provider operational technology spend is expected to decline to $170bn in 2014, and is expected to reach $217bn in 2018. Gartner expects the total market to show a 5.8% CAGR (2013 to 2018) with the networking software and virtualisation segment growing at a 53.3% CAGR . According to the Boston Consulting Group, mobile internet revenue in Western Europe generates €92bn, with this figure tipped to rise to €230bn in 2017, representing a 25% CAGR . A new report from Juniper Research has forecast that Machine-to-Machine (“M2M”) service revenues will reach $20bn globally in 2015, as players across the M2M industry focus on simplifying the roll-out process for end-users . More than 1 billion people worldwide will use a tablet in 2015, according to new figures from eMarketer. This represents nearly 15% of the global population, and more than double the number three years ago. The number of global tablet users is expected to reach 1.4bn by 2018 . Global consumer video spending totaled $265bn in 2014, up 8.1% compared with 2013. VOD services have exhibited strong growth with its share of global spending on video services expected to increase from 5.8% to 8.6% , according to Gartner Source: Various industry news outlets PUBLIC MARKET TRADING STATISTICS Stock Performance LAST 30 DAYS LAST TWELVE MONTHS 10% 25% 8% 20% 14.9% 13.4% 6% 15% 10.7% 8.3% 2.5% (2.1%) 4% 10% 3.2% 2.8% 2% 1.8% 5% 1.8% 0.3% (1.1%) 0% 0% (2%) (5%) (4%) (10%) 12 Dec 19 Dec 26 Dec 02 Jan 09 Jan Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015 Software IT Services Internet and Digital Media Communications Internet and Digital Media Communications Software IT Services Nasdaq Composite DJ Stoxx 600 Technology Nasdaq Composite DJ Stoxx 600 Technology PAGE | 2 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015 PUBLIC MARKET TRADING STATISTICS (CONT.) COMPARABLE TRADING SUMMARY CY2015E EV / Revenue EV / EBITDA P / E Rev. Growth EBITDA Margin CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E Software European Large Cap. Software 16.9% 34.1% 3.7x 3.4x 11.1x 10.0x 18.2x 16.3x Application Software 7.6% 24.8% 3.4x 3.4x 14.9x 12.9x 17.6x 18.4x Infrastructure Software 8.4% 29.9% 3.3x 3.0x 10.8x 9.7x 18.4x 16.4x Large Cap. SaaS 24.5% 16.6% 7.2x 5.8x NM NM 22.8x 34.2x Small Cap. SaaS 22.4% 7.8% 4.6x 3.7x NM NM 28.1x 32.9x HCM/WFM 21.4% 6.9% 5.5x 4.8x 22.7x 15.9x 24.0x 27.8x FinTech 10.0% 26.8% 4.2x 3.9x 16.2x 13.7x 20.5x 20.9x Healthcare IT 12.0% 14.3% 3.4x 2.9x 12.1x 11.0x 22.1x 19.1x Data and Data Analytics 10.4% 21.8% 4.1x 3.8x 11.2x 10.5x 18.2x 19.1x Security Software 17.6% 21.7% 5.2x 4.6x 14.9x 15.6x 17.3x 19.0x CAx/PLM 8.0% 28.3% 3.4x 3.4x 13.1x 11.2x 18.7x 18.8x IT Services IT Services 6.5% 12.7% 0.9x 0.9x 7.2x 6.7x 13.3x 12.1x Offshore IT Services 14.4% 23.9% 3.0x 2.7x 12.4x 11.2x 17.4x 15.6x Managed Services, Colocation and Hosting 11.8% 30.8% 2.7x 2.5x 9.3x 8.3x 19.4x 20.3x Data Centers 8.5% 53.2% 6.9x 6.4x 12.8x 11.8x 27.6x 28.4x PaaS/IaaS 12.6% 21.6% 3.5x 3.0x 10.1x 8.8x 19.5x 17.2x Communications Digital Broadband 3.0% 11.8% 0.7x 0.7x 6.3x 5.7x 14.7x 12.0x Diversified Communication Equipment 5.2% 13.1% 1.2x 1.1x 9.0x 7.8x 17.4x 14.8x Mobile Content/Solutions Providers 30.4% 19.8% 1.7x 1.4x 8.0x 6.4x 18.0x 13.8x Mobile Infrastructure Software 8.5% 24.6%
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