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PRISM … Progress Report for Internet and Social Media LOS ANGELES | SAN FRANCISCO | NEW YORK | BOSTON | SEATTLE | MINNEAPOLIS | MILWAUKEE April 15, 2013 Michael Pachter Yoni Yadgaran (213) 688-4474 (212) 938-9924 [email protected] [email protected] PRISM … Progress Report for Internet and Social Media In This Issue: SugarCRM, Tableau SugarCRM SugarCRM’s customer relationship management (CRM) application is a subscription service that allows customers to host on their own servers (on-premise), in a public cloud (on-demand), or in a hybrid private cloud. We attended a presentation by SugarCRM’s CEO Larry Augustin in New York this week, hosted by the company as part of its annual conference, where SugarCRM previewed its latest platform iteration, Sugar 7. In Q4:12 and FY:12, SugarCRM increased ARR by 40% and 60% y-o-y, respectively, while the number of paying subscribers doubled in 2012. Tableau Tableau is a stand-alone vendor of business intelligence applications that makes it easy for business users to visualize and analyze data without needing a large amount of technical knowledge. Earlier this month, Tableau publicly filed an S-1, and believe that the earliest the company’s shares will begin trading is in May. GIES GROUP Tableau will trade on the NYSE under the ticker DATA, after a $150 million offering to be led by Goldman and Morgan Stanley. The company doubled revenues in 2012 to $127.7 million, and has been moderately profitable for the last three years. THE INFORMATION HEREIN IS ONLY FOR ACCREDITED INVESTORS AS DEFINED IN RULE 501 OF REGULATION D UNDER THE SECURITIES ACT OF 1933 OR INSTITUTIONAL INVESTORS. WEDBUSH PRIVATE COMPANY STRATE Wedbush Securities does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see page 8 of this report for analyst certification and important disclosure information. SugarCRM We attended a presentation by SugarCRM’s CEO Larry Augustin in New York this week, hosted by the company as part of its annual conference for customers, developers, and partners. The company previewed its latest platform iteration, Sugar 7, which will launch this summer, and provided details on the company’s market traction. We published an earlier report covering SugarCRM in August 2012 (available here: http://goo.gl/clVgR). SugarCRM has grown to over 400 employees, and its platform has grown to include over 30,000 registered developers and 1,300 integrations. In the aggregate, the company’s Community Edition (free) and four paid editions have been downloaded over 12.5 million times, with over 6,500 organizations paying subscription fees to enable over 1.2 million end-users. SugarCRM’s management noted that they have often been told that they are underpricing their product, which is priced between $420 – 1,200 annually per subscriber (vs. $60 – 3,000 charged for Salesforce.com’s five tiers). SugarCRM: List Price / User / Month Community Edition Professional Corporate Enterprise Ultimate Free $35 $45 $60 $100 Salesforce.com: List Price / User / Month Contact Manager Group Professional Enterprise Unlimited $5 $25 $65 $125 $250 Source: Wedbush Securities, Company Data SugarCRM’s customer relationship management (CRM) application is a subscription service that allows customers to host on their own servers (on-premise), in a public cloud (on-demand), or in a hybrid private cloud. The updated Sugar 7 iteration will utilize HTML5 to increase platform speeds, and a social stream will show relevant client activity on social networks in the context of a customer’s account, within a single dashboard. Sugar 7 was designed to ensure that the service was appealing to end-users (i.e., a company’s sales team), in addition to management’s using the platform to track activity across an organization. The company wants to offer more than just a place to input data, and is trying to figure out how to turn inputs into useful analysis. The new release will include tools for pipeline management, including operating forecasting by line-item, which is meant to helps sales meet their quotas by improving their understanding of a customer’s needs. In 2012, the company took a more vertical-specific approach, with the Education Services and Consumer Goods verticals performing particularly well. Manufacturing and Healthcare also grew share of Sugar’s annual recurring revenue (ARR) in 2012, and SugarCRM anticipates Transportation will be a very strong vertical in 2013. The anticipated strength within Transportation is likely a derivative of a broader growth in IT spend among Transportation and Logistics companies this year. The chart below illustrates IT spend growth projections that were published by Gartner earlier this year. SugarCRM’s platform is used primarily by small and mid-sized businesses, although the company has successfully competed for several larger enterprise accounts as well. Large customer wins in 2012 include NY Life, Samsung, Lueg, Sennheiser, RussMedia, Wilson, IronFx, City Sprint, SMC, and AHS. Macquarie University, which was Sugar’s largest deployment in Australia, deployed the company’s platform to enable faculty to resolve issues and interact with about 50,000 students. While Sugar remains primarily a B2B service, customer support deals like Macquarie University incorporate B2C functionality that Sugar has been building out over the last year. We also thought it was interesting that between 10 – 25% of customers use Sugar’s service for customer support only (including Macquarie University), with many accounting for Sugar’s largest accounts. The company estimates that 48% of customers use Sugar primarily for sales force automation (SFA), while another 43% and 9% use the service primarily for customer support and marketing, respectively. The company observed that it is displacing Siebel on customer support account wins, in addition to significant green field wins (an estimated 60% of total new deployments) by replacing homegrown systems. In Q4:12 and FY:12, SugarCRM increased ARR by 40% and 60% y-o-y, respectively, while the number of paying subscribers doubled in 2012. SugarCRM has seen significant traction around the 100- seat deal size cohort in 2012, and has grown ARR for its small (less than 50 people), medium (50 –- 250), and large (250+) sized account cohorts by 30%, 90%, and 270% y-o-y, respectively. The company’s largest markets are (in order of size) the U.S., UK, Australia, Germany, and France. North America was the company’s strongest market in 2012, accounting for 72% of new ARR (vs. 63% in 2011), while share of new ARR from EMEA fell from 29% in 2011 to 24% in 2012 due to the European crisis. Tableau Tableau is a stand-alone vendor of business intelligence applications that makes it easy for business users to visualize and analyze data without needing a large amount of technical knowledge. The company’s data discovery tool represents the next generation of business intelligence applications that are replacing traditional ad hoc query tools. Earlier this month, Tableau publicly filed an S-1, after having already filed a confidential draft with the SEC under the Jumpstart Our Business Startup (JOBS) Act, which went into effect one year ago. Under the JOBS Act, Tableau has to wait a minimum of three weeks after publicly filing an S-1 to start its roadshow, and we therefore believe that the earliest the company’s shares will begin trading is in May. Tableau will trade on the NYSE under the ticker DATA, after a $150 million offering to be led by Goldman and Morgan Stanley. In September 2008, Tableau received $10 million in funding, in a Series B venture round from New Enterprise Associates (NEA), which followed a $5 million Series A investment from NEA in 2004. In September 2010, Tableau agreed not to exercise its right of first refusal (ROFR) when NEA and Meritech Capital made a tender offer for a little over 5.9 million Class B shares of Tableau at $5.90 per share. Employees sold a total of 5.4 million shares for $32 million, effectively filling 91% of the tender offer. At the time, Tableau had ≈32 million shares outstanding, which at $5.90 per share implies a $190 million valuation. NEA and Meritech Capital hold 38% and 6% of outstanding Class B shares, respectively, while the company’s three co-founders (who continue to hold chief executive positions at Tableau) together own about half of outstanding shares. Platform Tableau’s software visualizes data in order to make it easier for users to analyze trends and patterns in both large and small data sets. The company’s products are used by individuals, SMBs and larger enterprise customers, and can be utilized in a broad range of use cases. Tableau’s products both replace and complement existing core on-premise business intelligence software. Tableau’s platform utilizes two technologies developed by the company to compete with other business intelligence offerings on ease-of-use and performance: 1) VizQL, a visual query programming language that Tableau created to enable a seamless translation of data queries into a visual interface and vice versa. The program enables the drag-and-drop user interface that makes Tableau’s offering easy to use for customers, who normally would have to first perform a data query from their database and then separately use the gathered data to create visuals. 2) Tableau’s hybrid data architecture, which enables customers to both export data to Tableau’s database and access their own on- premise databases. The hybrid architecture utilizes Tableau’s query engine for quickly accessing local data, while an in-memory data engine is used to simultaneously answer data queries with Tableau’s own in-memory database.
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