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FB M&A Update Software M&A Update 4Q 2019 CONTENTS REPORT HIGHLIGHTS 2 Deal Analytics . The fourth quarter of 2019 saw the fewest number of deals closed in 7 Largest Deals over three years in the Software sector 9 Public Comps 11 Industry Trend . Overall deal volume in 2019 was down 17% from 2018 13 Our Service Offerings 14 Selected Transactions . 2019 lower middle-market transaction volume in the $0 - 50MM EV 15 Our M&A Deal Leaders tranche decreased while the larger $50-500MM EV tranche saw a meaningful rise in transaction volume from 2018 Trevor Hulett Managing Director . Strategic buyers have been more active than PE investors over the [email protected] last six years, but we saw a comeback by PE in 2019, especially in total capital invested Jason Qiao Analyst . The acquisition of Carbon Black by VMware in an approximately $2.3 [email protected] billion deal represented the largest deal in Q4 For more information on R.L Hulett & Co. Stock prices trended higher through 2019 while valuation multiples or this report please visit our website at slightly declined rlhulett.com or call us at (314) 721-0607 Page 2 Software M&A Update | 4Q 2019 Global Deal Analytics We tracked all 729 deals in Q4 2019 across the globe, 50% of which came from the North America market. Europe was the second most active market, with 250 deals in the Software sector. These two regions witnessed 84% of the transactions reported in Q4. 250 366 62 20 0 1-100 101-300 >300 Canada: 38 United States Regions In the North American market, the West Coast region was the most active area in terms of Software M&A transactions in Q4 because of the West Coast: 88 location advantage (Silicon Valley), with 88 closed deals. Transactions of Mid Atlantic: 69 note in the West Coast include Splunk’s acquisition of SignalFx and Ansys takeover of Livermore Software Technology. New England: 43 Great Lakes: 34 The Mid Atlantic region contributed 21% of the total deals, followed by the New England, Great Lakes, and South regions, with 43 deals, 34 South: 32 deals, and 32 deals respectively. Outside of the U.S., 38 transactions Other: 60 closed in the Canadian market in Q4 making it the second most active market in North America. Source: PitchBook Data, data as of 02/17/2020 R.L. Hulett & Company, Inc. Page 3 Software M&A Update | 4Q 2019 Global Deal Analytics Among the 729 completed deals in Q4 2019, 29% of the transactions were done in the Software Service subsector, making it the most active subsector in the Software space from an M&A standpoint. There were 175 closed deals in the Software Development and New Media subsector. Online Video and Financial Payment followed behind with a combined 35% of the total deals. Network Security had the fewest transactions in 2019 but it had the highest value in total capital invested, led by VMware’s $2.27B takeover of Carbon Black. Deal by Subsector 12% 29% 19% 16% 24% Software Service Software Dev & Financial Payment Marketing & Network Security New Media Online Video Source: PitchBook Data, data as of 02/17/2020 R.L. Hulett & Company, Inc. Page 4 Software M&A Update | 4Q 2019 Global Deal Analytics Since 2014, we have tracked 20,487 Software Deal Volume 1,121 deals across the globe, 6,257 of which have 1,035 1,200 945 988 959 939 disclosed details on transaction size. The 883 916 904 1,000 826 792 729 following analytics represent the data that is 800 available to us on private market 600 400 transactions. 200 - Deal volume in this sector dropped to 729 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q deals in Q4, down 8% from 792 deals in Q3. 2017 2018 2019 Since 2014, total deal volume has been increasing annually at an average of 13% to a Deal Volume peak of 3,972 in 2018. 2018 was a record 5,000 year for M&A activity in the Software sector 3,779 3,972 3,523 4,000 both in terms of deal volume and value. In 3,192 3,286 2,735 3,000 2019, the total number of reported transactions decreased to 3,286, down 17% 2,000 from the prior year, and represented the 1,000 lowest level in the last four years. - 2014 2015 2016 2017 2018 2019 Aggregate transaction value in 2018 reached a peak of $232.2B for all deals disclosed, of Total Capital Invested by Deal Value which $146.9B represented larger deals 232.2 204.9 207.5 250 B ($1000M+). In 2019, capital invested held up 150.6 200 B relatively well at $207.5B, down 11% from 116.8 127.4 146.9 150 B 139.5 127.1 79.7 100 B 2018, despite a 17% drop in volume from the 63.4 62.6 27.0 32.1 15.3 21.1 22.9 25.3 50 B prior year. 2019 represented the second 30.8 35.0 33.6 36.0 48.1 40.9 7.4 8.7 9.0 9.6 10.2 7.4 - highest total over the past 6 years behind 2014 2015 2016 2017 2018 2019 2018. Capital invested in the larger middle- 0-50 50-500 500-1000 MM market tranche ($500-1000MM) grew to 1000 MM + Total $32.1B in 2019, the highest level in six years. Source: PitchBook Data, data as of 02/17/2020 R.L. Hulett & Company, Inc. Page 5 Software M&A Update | 4Q 2019 Global Deal Analytics Deal Volume by Deal Value Deal volume in the lower middle market ($0- 2.4% 2.4% 3.3% 2.9% 3.6% 100% 2.6% 2.9% 2.9% 2.8% 3.1% 4.9%4.4% 21.8% 19.1% 18.4% 20.3% 22.3% $50MM) saw a significant decrease as a % of 27.1% 80% overall volume from 70.9% in 2018 to 63.6% 60% in 2019. We did, however, see a meaningful 73.2% 75.6% 75.4% 74.0% 40% 70.9% 63.6% rise in larger middle-market deals ($50MM- 20% $500MM) to 27.1% in 2019 from 22.3% in 0% 2018. Deal volume in the other two larger 2014 2015 2016 2017 2018 2019 tranches also increased slightly from prior 0-50 50-500 500-1000 MM 1000 MM + year levels. Deal Volume by Acquirer While strategic buyers have historically 100% accounted for the majority of M&A volume 80% in the sector, we have seen a steady trend of 65.7% 63.3% 61.8% 73.4% 73.7% 71.2% 60% increasing participation by private equity 40% buyers over the last six years from 26.6% in 36.7% 38.2% 20% 2014 to 38.2% in 2019. We believe this 26.6% 26.3% 28.8% 34.3% 0% speaks to the trend of record fund raising 2014 2015 2016 2017 2018 2019 years and very high levels of dry powder for Private Equity Strategic financial sponsors to put to work over the past six years. Total Capital Invested by Acquirer 100% We have seen a similar trend in total capital 80% invested by acquirer as private equity buyers 60.4% 64.5% 65.6% 62.6% 66.2% 56.8% 60% have made up an increasing share in recent 40% years and in fact in 2019 reached the highest 39.6% 35.5% 34.4% 37.4% 33.8% 43.2% 20% level in the past six years at 43.2% of all 0% transactions reported. 2014 2015 2016 2017 2018 2019 Private Equity Strategic Source: PitchBook Data, data as of 02/17/2020 R.L. Hulett & Company, Inc. Page 6 Software M&A Update | 4Q 2019 Valuation Multiples 21.00x 18.3x 17.2x 18.00x 14.4x 14.4x 13.5x 13.3x 12.9x 13.5x 13.4x 15.00x 12.00x 9.1x 9.00x 6.00x 2.95x 3.22x 2.73x 2.94x 2.47x 2.60x 2.21x 1.92x 2.40x 1.75x 3.00x 0.00x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 EV/EBITDA EV/Revenue 8.00x 7.1x 6.8x 6.8x 6.2x 7.00x 5.7x 6.00x 4.5x 5.00x 3.3x 4.00x 2.4x 2.5x 3.00x 2.00x 1.00x 0.1x 0.00x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Debt/EBITDA 30.00x 24.12x 25.00x 19.37x 17.93x 20.00x 14.72x 14.75x 13.75x 13.57x 15.00x 11.24x 10.25x 8.94x 10.00x 20.5x 14.9x 16.0x 12.8x 12.2x 12.0x 12.5x 12.9x 9.9x 9.9x 5.00x 0.00x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Strategic EV/EBITDA PE EV/EBITDA Source: PitchBook Data, data as of 02/17/2020 R.L. Hulett & Company, Inc. Page 7 Software M&A Update | 4Q 2019 Largest Deals Deal Size Deal Date Company Name Investor Deal Type EV/EBITDA Target Business Description ($mm) Carbonite Inc is a provider of cloud and hybrid 24-Dec-2019 Carbonite OpenText 1,450.0 3.58x 22.24x business continuity solutions Flexible Architecture and Developer of SaaS-based automation 23-Dec-2019 Verisk Analytics 193.5 - - Simplified Technology technology platform and expertise 18-Dec-2019 BUILDIUM RealPage 580.0 10.55x - Developer of property management software Developer of software suites designed for the 06-Dec-2019 Innovative Aftermarket Systems iA Financial Group 720.0 - - finance and insurance departments Developer of a suite of software applications 02-Dec-2019 Pitney Bowes Centerbridge Partners 700.0 - - for businesses 09-Nov-2019 Scout Workday 540.0 - - Developer of a SaaS RFP and sourcing platform Developer of advanced general-purpose multi 06-Nov-2019 Livermore Software Technology Ansys 779.9 - - physics simulation software Provider of an insider threat management 03-Nov-2019 ObserveIT Proofpoint 225.0 - - platform Provider of a cloud-based content management 01-Nov-2019 Acquia Vista Equity Partners 1,000.0 - - platform Provider of a pricing and profitability- 01-Nov-2019 Lender Performance Group Q2 Holdings 510.0 - - management software platform 01-Nov-2019 Onshape PTC 470.0 - - Developer of a 3D CAD platform 31-Oct-2019 Caviar DoorDash 410.0 2.16x 6.03x Developer of an online delivery application Developer of a collaborative mobile robot with 17-Oct-2019 6 River Systems Shopify 450.0 - - a modern cloud-based software Provider of typeface, technology, and expertise 11-Oct-2019 Monotype Imaging HGGC 825.0 3.38x 15.21x for creative applications and consumer devices Carbon Black Inc provides security solutions in 08-Oct-2019 Carbon Black VMware 2,270.0 9.88x -34.61x the United States and internationally 08-Oct-2019 Endgame Elasticsearch 234.0 - - Developer of an endpoint security platform Provider of quality assurance and software 07-Oct-2019 Qualitest Bridgepoint Advisers 420.0 - - testing services Developer of enterprise value stream 04-Oct-2019 CollabNet TPG Capital 500.0 - - management solutions Developer of cloud monitoring platform 02-Oct-2019 SignalFx Splunk 1,050.0 - - designed to accelerate problem detection Provider of 340B software and services for 02-Oct-2019 Verity Solutions Express Scripts Holding 160.0 - - healthcare organizations Developer of a software-defined storage 01-Oct-2019 Hedvig CommVault Systems 225.0 - - platform Source: PitchBook Data, data as of 02/17/2020 R.L.
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