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Consolidation in Cloud Services Accelerates As Ecosystems Grow Consolidation in Cloud Services Accelerates as Ecosystems Grow and Mature Strategic and financial acquirers have been aggressively pursuing services companies focused on salesforce.com, Workday, ServiceNow, Amazon Web Services, and other leading cloud-based platforms. Industry Commentary As cloud-based applications and practices are now focused on platforms continue to reshape the acquiring scale and capabilities in Jim Suprenant way businesses manage everything these cloud solutions. [email protected] from sales and marketing to IT +1 312 364 8592 infrastructure to human resources, Several of William Blair’s recent M&A interest in companies that transactions illustrate this trend. Scott Stevens provide consulting, implementation, In September 2015, William Blair [email protected] and managed services for these advised Fruition Partners, which +1 312 364 8337 applications and associated provides consulting services related ecosystems has accelerated. Over to the ServiceNow platform, on its Michael Amez the past 18 months, William Blair acquisition by CSC. In May 2016, [email protected] has completed six transactions for William Blair advised Bluewolf, +1 312 364 8453 companies that deliver various forms a consultant and optimizer for of value-added services related to salesforce.com, on its acquisition leading cloud-based platforms. by IBM. In November 2016, William Blair advised DayNine, a consulting We examine the factors that are and deployment services provider driving strategic acquirers’ and for Workday, on its acquisition by Accenture. And in November 2016, in cloud services and the dynamics William Blair advised Appirio, which financial sponsors’ heightened interest provides consulting services for recent transactions. salesforce.com, Workday, and other that have influenced valuation in these cloud applications, on its sale Strategic Consolidators Increasingly to Wipro. Turn Focus to Cloud Services Over the past year or so, leading cloud ecosystems continued to mature and grow as their respective solutions SeptemberOther high-profile 2015 acquisition acquisitions of by gained increasingly widespread Meteorixglobal services (Workday), firms includeAccenture’s IBM’s acceptance. With this continued October 2015 acquisition of Cloud growth, the services opportunities Sherpas (multiple platforms), and related to these platforms have Mercer’s January 2016 acquisition of expanded to the point where large CPSG Partners (Workday). providers without existing, strong In cloud services, consolidation has remains the most important factor, by Generating recurring revenue tended to trigger more consolidation. far, in cloud services M&A. Companies through managed services Accenture’s acquisition of Cloud with purely project-based business Sherpas increased pressure on is an important value driver IBM to strengthen its salesforce. interest from strategic acquirers, as in cloud services M&A. But com capabilities, which IBM did longmodels as thecontinue target to focuses attract on significant a high- having domain expertise by acquiring Bluewolf. Similarly, growth application ecosystem that is in the right ecosystem IBM’s acquisition of Bluewolf and complementary to the buyer’s existing Accenture’s acquisition of DayNine capabilities and growth strategy. remains, by far, the most gave Wipro added incentive to acquire important factor. Appirio so that Wipro could enhance Companies that have managed- its salesforce.com and Workday services capabilities in the right capabilities with a single transaction. ecosystems are the ones that can command outlier valuations. For Emerging Ecosystems Domain Logicworks and OneSource Virtual Expertise Trumps Business Model (see more information on these Many cloud services companies have last two transactions below) are had success expanding beyond one- recent William Blair clients whose off consulting or implementation recurring-revenue-based business projects by adding managed-services models added to the competitive M&A capabilities. The ability to generate process dynamic and led to premium recurring revenue certainly is an important value driver, particularly sponsors to be more competitive). valuations (and also allow financial But having domain expertise, Acquirers Grasp the Scale of referenceablein the eyes of financial success, andsponsors. talent in Cloud Services emerging ecosystems, such as Amazon A major driver of consolidators’ Web Services, Google Cloud, Microsoft increased interest in cloud services Cloud, salesforce.com, and Workday, is a growing understanding of the Cloud Services – Valuation Drivers Best-of-Breed Business Nonrecurring, Mix of project- Fully recurring Model project-based based services and managed services services managed services Spend Tens to hundreds of Millions for Millions per client Magnitude thousands per client largest clients Key Cloud Various platforms, including: Amazon Web Services, Google, Platforms Microso , Salesforce, ServiceNow, Workday, and others Contract Project-based 1–3 years 3–5 years Length Revenue <10% 10%–30% >30% Growth Rate Recurring <20% 20%–50% >50% Revenue Gross 25%–30% 30%–40% >40% Margin Valuation Valuation for high-growth cloud services companies can range from 2.5 to 4.0x LTM revenue with more established providers yielding valuations of 8–14x LTM EBITDA Source: William Blair analysis potential customer spend and of the usually involves some level of change When global services �irms total addressable market size. Until management consulting, work that evaluate opportunities to recently, strategic buyers largely is right in the wheelhouse of global viewed the revenue opportunity expand their cloud services surrounding a salesforce.com adoption of a cloud application is a offerings through M&A, implementation or a ServiceNow harbingerservices firms. of transformational In many cases, thechange transaction size plays a project, for example, as being subscale in the enterprise. Implementing large role in in�luencing relative to the massive projects Workday, for example, often is a sign that the company may be rethinking the company’s buy-vs.- like SAP and Oracle. its broader human resources strategy build decision. services firms did within ecosystems or considering outsourcing some of That mindset has shifted dramatically these functions. Adding cloud services over the past two to three years. capabilities strengthens a services Consolidators have realized that cloud company’s ability to be a meaningful implementations and associated part of these transformation efforts. services can be massive projects. One of William Blair’s clients had several Size and Focus Matter $10 million-plus projects related to a cloud application. Having even a few of opportunities to expand their cloud these large clients can be an important servicesWhen global offerings services through firms M&A, evaluate value driver in cloud services M&A transaction size plays a large role in as it proves to the buyer the levels to which client spend around cloud build decision. For strategic acquirers, implementations can grow. theinfluencing target needs the company’s to be large buy-vs.- enough that it moves the needle, but the Strategic buyers have also gained transaction size must be within a a better understanding of the range that acquiring the capability additional spend beyond just the still makes more sense than trying to implementation work that often is build it internally. For fast-growing required whenever a cloud-based application is adopted. For example, a salesforce.com implementation believecloud services that this firms sweet that spot have generally not yet achieved optimized profitability, we Leading IT Services M&A Advisor $135,000,000 $500,000,000 Not Disclosed has been acquired by has been acquired by has been acquired by December 2016 November 2016 November 2016 Cloud Infrastructure Cloud Services Workday Services Managed Services (AWS) (Salesforce & Workday) Not Disclosed Not Disclosed $150,000,000 has received a minority has been acquired by has been acquired by investment from May 2016 September 2015 June 2015 Salesforce Services ServiceNow Services Workday Services ranges from $75 million to $250 and SAP, will become more important million of enterprise value. For more over time. Traditional services providers will begin to value these and margin enhancement are part of offerings more as they seek new themature acquirer’s companies investment where profitabilitythesis, the upper range of this sweet spot can be monetize their relationships and the installedand profitable base ofopportunities “legacy” ERP to and database applications. Strategicsignificantly acquirers higher. also pay close attention to how well the target’s To learn more about these and other trends shaping M&A activity in the with the buyer’s existing capabilities. cloud services industry, please do not Companiescapabilities thatand focusend-market on one focus or fit hesitate to contact us. two applications are more likely to value to every dollar of the target’s revenue,find a buyer versus willing a target to assign that isa highmore perspective. In terms of end-market focus,diversified companies from an with application clients in focus sciences, consumer, and other high- growthfinancial industries services, healthcare,typically are life able to command premium valuations. As always, buyers also will look closely at a target’s gross margins and average client size during the diligence process. For Established/Legacy Ecosystems “William Blair”
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