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Quarterly Software Sector Review | 2Q 2019 Software Sector Review | 2Q 2019

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Quarterly Software Sector Review | 2Q 2019 Software Sector Review | 2Q 2019 QUARTERLY SOFTWARE SECTOR REVIEW | 2Q 2019 SOFTWARE SECTOR REVIEW | 2Q 2019 . DEALS SPOTLIGHT . M&A TRANSACTIONS – 2Q 2019 . SOFTWARE M&A ACTIVITY . Founded in 1991 . SOFTWARE SECTOR OVERVIEWS . SOFTWARE PRIVATE PLACEMENTS . 340+ professionals across eight . SOFTWARE PUBLIC COMPARABLES offices globally . TECHNOLOGY IPOS . 21st record year in 2018 . DEBT MARKETS . APPENDIX: PUBLIC COMPARABLES DETAIL . 10 industry groups Managing Director HW Office [email protected] Managing Director [email protected] Managing Director [email protected] . Compliance Software . Infrastructure and Security . Architecture, Engineering, . Facilities and Real Estate . CRM and Member Software and Construction Technology Management Software . IT and Tech Enabled Services . eCommerce and Retail . Financial Technology Managing Director [email protected] . Data and Analytics . Managed Services, Hosting, Software . Government Technology . Enterprise Software Data Center Solutions . Education Technology . Healthcare IT *[email protected] . Human Capital Management . Online Marketing, Data, and . Energy Technology . Industrial and Supply Research Chain Software has received a significant has made a strategic has received a strategic has been acquired by has been acquired by has been acquired by has acquired has been acquired by has acquired has been acquired by has acquired has been acquired by growth investment from investment in investment from TECHNOLOGY, MEDIA & TELECOM PAGE | 1 SOFTWARE SECTOR REVIEW | 2Q 2019 HW continues its momentum as a leading advisor for governance, risk, and compliance (“GRC”) software assets. has been acquired by . Leading provider of fully-integrated, SaaS-based . Leading provider of SaaS-based environmental, has received a significant operator qualification (“OQ”), drug and alcohol, safety growth investment from health, safety, and quality (“EHSQ”) software solutions and insurance, and training solutions a portfolio company of . Cority’s end-to-end technology platform includes EHSQ, operational risk . Veriforce’s software platform increases safety for workers and management, sustainability, and predictive analytics, offering a unified communities while driving efficiencies and reducing costs for hiring clients SaaS platform for a global customer base and contractors . The Company’s solutions enable organizations to advance their journey . The Company’s solutions are uniquely positioned to address complex to sustainability and operational excellence by combining deep domain and evolving OQ requirements, with regulation expansion through OQ expertise with a comprehensive and secure SaaS platform notice of proposed rulemaking expected to more than triple TAM in the next five years . Cority serves over 800 organizations in 100+ countries globally, supporting more than 2.5 million end-users . Veriforce serves more than 185,000 registered professionals across end- markets and geographies Managing Director Director Vice President [email protected] [email protected] [email protected] 415-217-3411 415-217-3418 415-217-3425 TECHNOLOGY, MEDIA & TELECOM PAGE | 2 SOFTWARE SECTOR REVIEW | 2Q 2019 • Amber Road provides cloud-based global trade management solutions to clients in over 80 countries, conducting trade in more than 170 countries. • The Company’s GTM platform plans, optimizes, and executes all aspects of global trade, allowing clients to efficiently and Enterprise Value: $425M EV / Revenue: 4.9x compliantly import and export goods through international borders. Revenue: $86M EV / EBITDA: NM • The acquisition of Amber Road bolsters E2open’s global trade management capabilities and extends its reach globally. • Transaction Services Group provides business management software and integrated payments solutions to the health and fitness, childcare, education, insurance, and entertainment industries. • The Company’s revenue management solutions help clients manage their members and customers, enabling them to drive Enterprise Value: HW Conf. EV / Revenue: HW Conf. improved member retention and revenue performance, and reduce administrative burden and cost. Revenue: HW Conf. EV / EBITDA: HW Conf. • Following the acquisition, Transaction Services Group will leverage Advent’s capital and industry expertise to continue driving product innovation and further expand its geographical footprint. • Insurity provides policy and claims administration software to more than 200 clients in the property and casualty insurance industry. • The Company’s cloud-based policy administration, claims, billing, and data analytics tools enable carriers to improve processing Enterprise Value: NA EV / Revenue: NA speed and enhance customer experience. Revenue: NA EV / EBITDA: NA • Following the acquisition, Insurity will leverage GI Partners’ operational expertise and proven add-on capabilities to continue driving growth and expanding its leadership position in policy administration. • Dude Solutions provides end-to-end operations management software to over 12,000 clients in the education, government, healthcare, and manufacturing verticals. • The Company’s solutions automate mission critical enterprise asset management workflows including work order, inventory, Enterprise Value: NA EV / Revenue: NA energy, capital planning, facility scheduling, and community development. Revenue: NA EV / EBITDA: NA • Post acquisition, Dude Solutions will leverage Clearlake Capital’s global resources and operational expertise to invest in both organic and inorganic initiatives that accelerate the Company’s long-term growth. • PayScale provides cloud-based compensation data, analytics, and software to over 8,000 clients, ranging from small businesses to Fortune 500 companies. • The Company’s solutions leverage big data and proprietary algorithms to dynamically acquire, analyze, and aggregate Enterprise Value: $325M EV / Revenue: NA compensation information, enabling employers to make salary decisions supported by real-time data that align to business goals. Revenue: NA EV / EBITDA: NA • Post acquisition, PayScale will leverage Francisco Partners’ operational network and capital to further drive organic growth in a large and expanding market opportunity. TECHNOLOGY, MEDIA & TELECOM PAGE | 3 SOFTWARE SECTOR REVIEW | 2Q 2019 (# of Transactions) . The 10 most active strategic software acquirers registered 28 acquisitions in 1H 2019. Activity among large strategic 1H 2019 software acquirers remains in line with 7 2018 levels as incumbent players look to 3 2018 M&A to expand technology capabilities 7 and reach new customers. 2017 17 . Microsoft was the most active strategic 2016 acquirer in 1H 2019, completing seven 12 2 4 1 acquisitions. 5 6 4 8 3 . Notable 2Q 2019 strategic software 10 5 3 2 transactions include Alphabet’s pending 4 1 7 2 4 4 5 acquisition of Looker Data Sciences, 15 9 2 14 1 salesforce.com’s pending acquisition of 4 2 9 9 8 7 6 Tableau Software, and Dassault 3 3 4 Systemes’ pending acquisition of Medidata. (# of Transactions) . Global strategic software M&A registered 499 acquisitions in 2Q 2019, which is in line with the prior quarter, but represents a 31% increase over 2Q 2018. Traditional software bellwethers continue to consolidate niche markets as they look to fill product gaps and maintain competitive advantage against nimbler, more disruptive innovators. 490 499 437 434 450 406 402 395 41 0 358 381 381 341 351 348 328 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 Note: Includes control investments only. TECHNOLOGY, MEDIA & TELECOM PAGE | 4 SOFTWARE SECTOR REVIEW | 2Q 2019 (# of Platform Transactions) . The 10 most active software investors completed 26 new platform investments in 1H 2019. 1H 2019 5 . Thoma Bravo remained the most active 2018 software private equity firm in 1H 2019, 8 completing eight platform acquisitions. 10 2017 . Notable 2Q 2019 private equity platform 2 2016 acquisitions include Advent’s pending 12 5 3 2 acquisition of Transaction Services 5 Group, Vista Equity’s acquisition of 9 1 3 6 8 7 Plansource, Insight Partners’ acquisition 7 1 5 of Recorded Future, and Thoma Bravo’s 6 3 1 acquisition of Autodata Solutions. 6 5 2 6 3 10 5 3 7 8 2 5 4 3 4 3 1 3 1 (# of Platform Transactions) . Globally, private equity buyers registered 107 new software platform investments in 2Q 2019, remaining in line with the prior four quarters. Private equity firms continue to exhibit strong interest in the software sector as they seek to deploy record levels of uninvested capital and capitalize on a favorable lending environment, 1 07 1 02 1 00 1 05 especially for high quality, middle 93 90 95 82 80 83 market software companies. 72 72 56 61 47 50 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 Note: Includes control new platform investments only. Excludes add-on acquisitions. TECHNOLOGY, MEDIA & TELECOM PAGE | 5 SOFTWARE SECTOR REVIEW | 2Q 2019 . Application Software M&A 412 3.6x 394 390 3.5x 380 3.4x registered 390 transactions in 2Q 373 366 2019, representing a 5% decrease 346 from the prior quarter, but remain 336 3.0x 319 320 316 314 2.8x 307 298 2.7x 2.7x in line with 2018 activity levels. 291 286 2.5x 281 2.5x 2.5x 2.4x 2.4x 2.4x 2.3x 2.4x . Median reported Application 2.3x 2.3x Software M&A transaction multiples increased slightly to 3.6x revenue in 2Q 2019. 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17
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