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TECHNOLOGY, MEDIA, & TELECOM

QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

TECHNOLOGY, MEDIA, & TELECOM

QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016

HARRIS WILLIAMS & CO. OVERVIEW

CONTENTS

. DEAL SPOTLIGHT

HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM

. M&A TRANSACTIONS – 2Q 2016 . SOFTWARE M&A ACTIVITY . SOFTWARE SECTOR OVERVIEWS

KEY FACTS

. 25 year history with over 120 closed transactions in the last 24 months

. SOFTWARE PRIVATE PLACEMENTS OVERVIEW
. SOFTWARE PUBLIC COMPARABLES OVERVIEW

. Approximately 250 professionals across seven

offices in the U.S. and

Europe

. TECHNOLOGY IPO OVERVIEW . DEBT MARKET OVERVIEW . APPENDIX: PUBLIC COMPARABLES DETAIL

. Strategic relationships in

TMT CONTACTS

HW&Co. Office

Network Office

India and China

UNITED STATES

. 10 industry groups

Jeff Bistrong

Managing Director

[email protected]

HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS

Sam Hendler

Managing Director

[email protected]

  • SOFTWARE / SAAS
  • INTERNET & DIGITAL MEDIA

. Digital Media and Content . eCommerce . Mobile
. IT and Tech-enabled
. Enterprise Software

. Data and Analytics . Infrastructure and Security Software
. AdTech and Marketing

Solutions

Mike Wilkins

Managing Director

[email protected]

Services

. Data Center and Managed Services
. Consumer Internet

EUROPE

Thierry Monjauze

TMT VERTICAL FOCUS AREAS

Managing Director

[email protected]

  • . Education
  • . Fintech
  • . Manufacturing
  • . Public Sector and Non-Profit

  • . Energy, Power, and
  • . Healthcare IT
  • . Professional Services
  • . Supply Chain, Transportation,

TO SUBSCRIBE PLEASE EMAIL:

  • Infrastructure
  • and Logistics

*[email protected]

SELECT RECENT HW&CO. TMT TRANSACTIONS

Baarsma B2C trades as:

has received a majority investment from has been recapitalized by has been recapitalized by

  • has been acquired by
  • has acquired
  • has been acquired by
  • has been acquired by
  • has been acquired by
  • has been acquired by
  • has been acquired by
  • has been acquired by
  • has been acquired by

PAGE | 1

TECHNOLOGY, MEDIA, & TELECOM

QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016

CASE STUDY: DAXKO

HW&Co.’s TMT Group advised Pamlico Capital and its portfolio company, Daxko, on a majority recapitalization transaction led by GI Partners.

Date Closed:

. Leading provider of SaaS-based software and services to member-based health and wellness centers, offering end-
9/22/2016

to-end solutions for club and member management,

including engagement and payments solutions.

Relevant Sectors:

a portfolio company of

 SaaS / Application

. Charlotte-based private equity firm targeting investments

Software across the business & technology services, communications,

and healthcare industries, and currently investing out of its $650 million Pamlico Capital III fund.
 Fintech / Payments  Non-Profit Software  Health & Wellness

has been recapitalized by

. San Francisco-based private equity firm targeting investments in the software, tech-enabled services, IT

infrastructure, and healthcare sectors, and actively

investing out of its $2 billion GI Partners Fund IV fund.

THE DEAL

. Positions Daxko well to meet the increasingly complex needs of multi-site and multi-purpose health and wellness facility operations and gives GI Partners the ability to leverage Daxko’s market leadership, scale, and history of successful strategic acquisitions as a platform for further industry consolidation.

HW&CO. DEAL CONTACTS
Jeff Bistrong

Managing Director

Tyler Dewing

Director

Priyanka Naithani

Vice President

[email protected]

Office: (617) 654-2102

[email protected]

Office: (617) 654-2133

[email protected]

Office: (617) 654-2115

PAGE | 2

TECHNOLOGY, MEDIA, & TELECOM

QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016

SELECT SOFTWARE M&A TRANSACTIONS – 3Q 2016

EQT’s pending take-private of Press Ganey

Announced

. Press Ganey provides patient-experience measurement, performance analytics, and strategic advisory software and services

for healthcare organizations across the continuum of care.
. Partnering with more than 26,000 healthcare organizations, Press Ganey leads the industry in using data and analytics to help transform and advance patient-centered care in the US and internationally.

Ent. Value: $2,284.5M Revenue: $344.3M
EV / Rev: 6.6x EV / EBITDA: 21.4x

. Post acquisition, EQT will leverage its deep platform and healthcare expertise to support Press Ganey’s expansion both organically and through strategic acquisitions on a global basis.

Verizon’s pending acquisition of Fleetmatics

Announced

. Fleetmatics provides SaaS-based mobile workforce and fleet management software that allows service-based businesses of all sizes to improve the productivity of their mobile workforces.
. Serving approximately 38,000 customers and 757,000 subscribed vehicles worldwide, the company’s solutions provide fleet operators visibility into vehicle location, fuel usage, and other insights that allow clients to increase revenue and reduce costs.

Ent. Value: $2,183.4M Revenue: $310.7M
EV / Revenue: 7.0x EV / EBITDA: 25.9x

. Verizon Telematics plans to combine Fleetmatics with recently acquired Telogis to become a global leader in fleet and mobile

workforce management.

Thoma Bravo’s take-private of Imprivata

September 16, 2016

. Imprivata provides cloud-based, single sign-on and access-management security software for the healthcare sector that provides improved workflows, increased data security, and compliance with government regulations.
. The company’s mission-critical solutions allow hospitals to identify patients at registration and allow providers to conveniently access patient health information (“PHI”), communicate PHI across devices, and transact PHI for important clinical workflows.

Ent. Value: $442.5M Revenue: $131.1M
EV / Revenue: 3.4x EV / EBITDA: NA

. Leveraging its deep experience in both security and healthcare IT, Thoma Bravo bolsters Imprivata’s ability to expand its market

presence organically by providing additional high-value products and inorganically through strategic acquisitions.

Vista Equity Partners’ acquisition of Regulatory DataCorp

August 31, 2016

. Regulatory DataCorp provides counterparty risk and financial regulatory compliance data and software solutions to financial institutions and technology companies worldwide.
. The company’s solutions are used by Fortune 100 companies across a range of industries and combine comprehensive data, a scalable platform, and tailored analytics to provide precise risk alerts and ongoing monitoring.

Ent. Value: NA Revenue: NA
EV / Revenue: NA EV / EBITDA: NA

. Vista Equity Partners’ deep focus on software, data, and tech-enabled businesses will allow Regulatory DataCorp to increase

capital investment in risk and compliance software at a time of significant growth in the industry.

GE Transportation’s acquisition of ShipXpress

August 30, 2016

. ShipXpress provides cloud-based software solutions that enable transportation, industrial, and commodity trading businesses to operate efficiently and collaborate with their supply chain partners.
. The company works with major North American railroads and Fortune 500 companies to deliver customized transportation management solutions that help businesses manage data, simplify manual processes, and improve analysis.

Ent. Value: NA Revenue: NA
EV / Revenue: NA EV / EBITDA: NA

. Post acquisition, GE Transportation will deliver one of the industry’s most advanced and scalable cloud-based solutions by

combing ShipXpress’ software products with GE’s existing sensing technology platform, Predix.

PAGE | 3

TECHNOLOGY, MEDIA, & TELECOM

QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016

SOFTWARE ACQUISITION ACTIVITY – STRATEGIC ACQUIRERS

MOST ACTIVE STRATEGIC ACQUIRERS OF SOFTWARE ASSETS BY VOLUME

(# of Transactions)

.

The 10 most active strategic software acquirers registered 66 acquisitions in YTD 2016, with Google and IBM being the most active with 25 between them.

13 12

2016 YTD 2015

12 13

2014

.

Google has been actively pursuing assets that enhance its enterprise cloud business, while IBM focuses on its stated strategic imperatives – big data and analytics, cloud platform expansion, mobile, social, and security.

9

2013

83
6

2012

18

  • 28
  • 10

6

9
86

  • 9
  • 1

4

3

4

2

3

38
31

3

4

9

10
5

75

8
1

57

  • 5
  • 9

5
55
93
92
12
10
8
7

GLOBAL STRATEGIC ACQUIRER SOFTWARE M&A ACTIVITY BY VOLUME

(# of Transactions)

.

Global strategic software M&A

registered 359 transactions in 3Q 2016, a slight uptick from a slow 2Q, and demonstrating promising momentum going into 4Q 2016.

.

Despite M&A volumes being down relative to 2015, both large tech and non-traditional software buyers continue to view M&A as a core

growth initiative. However, recent

M&A activity suggests that

454

437
434

412

  • 406
  • 402

371

  • 359
  • 352
  • 352

  • 340
  • 341

  • 333
  • 327

324

309

strategics are focusing on bolt-ons rather than large, transformational deals.

  • 4Q '12
  • 1Q '13
  • 2Q '13
  • 3Q '13
  • 4Q '13
  • 1Q '14
  • 2Q '14
  • 3Q '14
  • 4Q '14
  • 1Q '15
  • 2Q '15
  • 3Q '15
  • 4Q '15
  • 1Q '16
  • 2Q '16
  • 3Q '16

Note: Includes control investments only.

PAGE | 4

TECHNOLOGY, MEDIA, & TELECOM

QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016

SOFTWARE ACQUISITION ACTIVITY – PRIVATE EQUITY

MOST ACTIVE PRIVATE EQUITY BUYERS OF NEW SOFTWARE PLATFORMS BY VOLUME

(# of Platform Transactions)

..

The 10 most active software investors completed 42 platform investments YTD 2016, with Vista Equity and Thoma Bravo outpacing their peers with 12 and 7 new platform investments, respectively.

2016 YTD 2015

12

2014

69

Private equity remains attracted to the software sector as they look to consolidate niche vertical software markets and capitalize on the ongoing shift to the cloud.

2013 2012

7

5

37
37

4

5
1
4

34
24

2

79
4

2

332
53
7
3

33

3

3

43

33

3

  • 6
  • 4

14
422
51

  • 6
  • 2

2

GLOBAL NEW PLATFORM PRIVATE EQUITY SOFTWARE M&A ACTIVITY BY VOLUME

(# of Platform Transactions)

.

Globally, private equity software

M&A registered 74 new platform acquisitions in 3Q 2016, representing a 34% increase over 3Q 2015 and a 21% increase over the prior

quarter’s strong results.

.

With private equity dry powder at record high levels and the lending market continuing to exhibit strong

interest in high quality software

credits, both incumbent software investors and newcomers to the sector are rapidly deploying capital across a broad range of software sectors.

74

61
56
54
50
48

  • 47
  • 47
  • 47
  • 46

45

  • 44
  • 43

41
38

32

  • 4Q '12
  • 1Q '13
  • 2Q '13
  • 3Q '13
  • 4Q '13
  • 1Q '14
  • 2Q '14
  • 3Q '14
  • 4Q '14
  • 1Q '15
  • 2Q '15
  • 3Q '15
  • 4Q '15
  • 1Q '16
  • 2Q '16
  • 3Q '16

Note: Includes control investments only.

PAGE | 5

TECHNOLOGY, MEDIA, & TELECOM

QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016

APPLICATION SOFTWARE – M&A MARKET SUMMARY

  • APPLICATION SOFTWARE M&A VOLUME (GLOBAL)
  • MEDIAN M&A REVENUE MULTIPLES (REPORTED)

..

Application Software M&A registered 298 transactions in 3Q 2016, representing a 6% increase over the previous quarter, falling in line with historical averages.

  • 320
  • 319

316

314

  • 298
  • 298

2.5x

2.5x

  • 2.5x
  • 2.5x

289

2.5x
2.4x

282

281

2.4x
2.3x

  • 272
  • 271

2.3x

  • 2.3x
  • 2.3x

266
252
251

246

244

2.1x

227

1.6x

3Q 2016 median reported Application Software M&A revenue multiples were slightly below 2015 and 1H 2016 multiples, though remain in line with historical four year

averages.

1.5x
1.4x
1.4x

1.3x

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    Q4 2019 In partnership with Angel & seed deal value remains Value of VC deals with 2019 marks record year for elevated in 2019 at $9.1B nontraditional investor VC exit value despite tepid exit Page 7 participation approaches $100B for activity in Q4 second consecutive year Page 32 Page 27 The definitive review of the US venture capital ecosystem Credits & contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Research & Analysis Content NIZAR TARHUNI Director, Research JAMES GELFER Senior Strategist & Lead Analyst, VC ALEX FREDERICK Senior Analyst, VC CAMERON STANFILL, CFA Analyst II, VC KYLE STANFORD Analyst, VC VAN LE Senior Data Analyst RESEARCH Contents [email protected] Report & cover design by CONOR HAMILL Executive summary 3 National Venture Capital Association (NVCA) BOBBY FRANKLIN President & CEO NVCA policy highlights 4 MARYAM HAQUE Senior Vice President of Industry Advancement Overview 5-6 CASSIE HODGES Director of Communications DEVIN MILLER Manager of Communications & Digital Angel, seed & first financings 7-8 Strategy Early-stage VC 9-10 Contact NVCA nvca.org Late-stage VC 11-12 [email protected] SVB: Resilience is the theme for 2020 14-15 Silicon Valley Bank Deals by region 17 GREG BECKER Chief Executive Officer MICHAEL DESCHENEAUX President Deals by sector 18-21 BEN STASIUK Vice President SVB: Global trade tensions create stress—and opportunity 22-23 Contact Silicon Valley Bank svb.com Female founders 24-25 [email protected] Nontraditional investors 27-28 Carta: How dual-class and single-class companies Carta 29-30 MISCHA VAUGHN Head of Editorial compare JEFF PERRY Vice President of Revenue D’ARCY DOYLE Senior Vice President of Investor Exits 32-33 Services Sales VINCENT TIMONEY Director of Channel Strategy Fundraising 34-35 Contact Carta Methodology 37 carta.com 2 Q4 2019 PITCHBOOK-NVCA VENTURE MONITOR Executive summary The big question mark at the start of 2019 was how VC deal value would fare after a historic showing in the year prior.
  • Economic and Social Impacts of Google Cloud September 2018 Economic and Social Impacts of Google Cloud |

    Economic and Social Impacts of Google Cloud September 2018 Economic and Social Impacts of Google Cloud |

    Economic and social impacts of Google Cloud September 2018 Economic and social impacts of Google Cloud | Contents Executive Summary 03 Introduction 10 Productivity impacts 15 Social and other impacts 29 Barriers to Cloud adoption and use 38 Policy actions to support Cloud adoption 42 Appendix 1. Country Sections 48 Appendix 2. Methodology 105 This final report (the “Final Report”) has been prepared by Deloitte Financial Advisory, S.L.U. (“Deloitte”) for Google in accordance with the contract with them dated 23rd February 2018 (“the Contract”) and on the basis of the scope and limitations set out below. The Final Report has been prepared solely for the purposes of assessment of the economic and social impacts of Google Cloud as set out in the Contract. It should not be used for any other purposes or in any other context, and Deloitte accepts no responsibility for its use in either regard. The Final Report is provided exclusively for Google’s use under the terms of the Contract. No party other than Google is entitled to rely on the Final Report for any purpose whatsoever and Deloitte accepts no responsibility or liability or duty of care to any party other than Google in respect of the Final Report and any of its contents. As set out in the Contract, the scope of our work has been limited by the time, information and explanations made available to us. The information contained in the Final Report has been obtained from Google and third party sources that are clearly referenced in the appropriate sections of the Final Report.
  • Department of Defense Enterprise Devsecops Initiative

    Department of Defense Enterprise Devsecops Initiative

    Headquarters U.S. Air Force I n t e g r i t y - S e r v i c e - E x c e l l e n c e How did the Department of Defense move to Kubernetes and Istio? Mr. Nicolas Chaillan Chief Software Officer, U.S. Air Force Co-Lead, DoD Enterprise DevSecOps Initiative V2.5 – UNCLASSFIED Must Adapt to Challenges Must Rapidly Adapt To Challenges I n t e g r i t y - S e r v i c e - E x c e l l e n c e 2 Must Adapt to Challenges Work as a Team! Must Adapt To Challenges I n t e g r i t y - S e r v i c e - E x c e l l e n c e 3 Must Adapt to Challenges Work as a Team! A Large Team! Must Adapt To Challenges I n t e g r i t y - S e r v i c e - E x c e l l e n c e 4 Must Adapt to Challenges With Various TechnologiesWork as a Team! A Large Team! Must Adapt To Challenges I n t e g r i t y - S e r v i c e - E x c e l l e n c e 5 Must Adapt to Challenges With Various Technologies Work as a Team! A Large Team! Must AdaptBring To Challenges It With Us! I n t e g r i t y - S e r v i c e - E x c e l l e n c e 6 Must Adapt to Challenges With Various Technologies Work as a Team! Even To Space! A Large Team! Must AdaptBring To Challenges It With Us! I n t e g r i t y - S e r v i c e - E x c e l l e n c e 7 Must Adapt to Challenges With Various Technologies Work as a Team! To Space! A Large Team! MustWith Adapt a FewBring To Sensors! Challenges It With Us! I n t e g r i t y - S e r v i c e - E x c e l l e n c e 8 With Their Help! Must Adapt to Challenges With Various Technologies Work as a Team! To Space! A Large Team! MustWith Adapt a FewBring To Sensors! Challenges It With Us! I n t e g r i t y - S e r v i c e - E x c e l l e n c e 9 What is the DoD Enterprise DevSecOps Initiative? Joint Program with OUSD(A&S), DoD CIO, U.S.
  • Enterprise Procurement with GCP Marketplace Spend Smart, Procure Fast, and Help Your Development Team Succeed

    Enterprise Procurement with GCP Marketplace Spend Smart, Procure Fast, and Help Your Development Team Succeed

    Enterprise Procurement with GCP Marketplace Spend smart, procure fast, and help your development team succeed Be development’s strategic business partner Google Cloud offers a robust, enterprise-tailored, and vetted set of business solutions that will help establish you as a development ally. Spend strategically with options that can draw down your GCP committed spend, and enable your developers to procure directly from GCP Marketplace. Lastly, simplify multi-cloud billing with Orbitera Cloud Billing and Cost Management. Benefits ● Solutions are vetted by Google for security “We use GCP Marketplace to sell our vulnerabilities. Deployment options for industry-leading security solutions and for GCP, on-prem, and multi-cloud. purchasing because they support enterprise procurement with features such as private ● Solutions offer deployment templates so pricing and subscriptions." they launch quickly into the destination environment. Jane Chung VP Public Cloud ● Flexible and consolidated billing models Palo Alto Networks that fit your business needs. What’s new? Partner spotlight Free trial capability for Kubernetes, SaaS, and VM solutions. Subscription and private pricing options for some paid solutions. Anthos applications which can be deployed on-prem and in Google Cloud. For more information visit ​cloud.google.com/marketplace Features No Separate Billing Relationships Flexible Pricing Get solutions to your team fast by eliminating the Get individualized solution pricing quotes with need for separate billing agreements for partner private pricing. Subscription and usage-based solutions. Purchases from GCP Marketplace billing models fit various business needs. have Google as the seller of record. Retire Committed Spend Integrated Solutions Solutions procured through GCP Marketplace Remove deployment headaches with solutions may count toward GCP committed spend, if you that are tightly integrated with GCP and feature have a GCP spend agreement.