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Market Update M&Amarlin & Associates Investment Banking and Strategic Advisory to the Technology and Information Industries

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Market Update M&Amarlin & Associates Investment Banking and Strategic Advisory to the Technology and Information Industries June 2018 MARKET UPDATE M&AMARLIN & ASSOCIATES INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY AND INFORMATION INDUSTRIES New York Washington, D.C. Toronto www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved DEAR CLIENTS AND FRIENDS, Infotech – It’s All About Speed – and Maybe Wireless. Our June M&A Report on the Information Technology Universe Dear Clients and Friends, Our report found below contains an update on m&a deals, values, and trends in the dozen+ segments of the information technology industry that we follow, and sometimes lead. Please see below for our latest Market Update. As we have previously noted, one of the biggest challenges – and one of the largest opportunities – in our industry today revolves around the ability to capture and analyze the massive amounts of structured and unstructured data. A big part of the challenge is that the volume keeps growing. Connected homes, offices, cities and cars, health and financial systems, video, augmented reality, automated factories, artificial intelligence and cloud based services all contribute. According to Cisco, cumulative global data is expected to grow 24% per year for a long time. (Read more here.) We have often discussed the role of Big Data Analytics to help us process and understand much of this data. But the ability of any software to process the data is limited by the speed at which that data is received and that’s where 5G wireless technology comes in. Our industry is used to a wired world. For most participants, wireless is for mobile apps – mostly consumer oriented. But with the speed of 5G wireless approaching 1 gigabyte per second, our assumptions regarding wireless applications (including B2B) need to be reexamined. Yes, fiber (now typically 50 – 100 Mbps) will improve to rival – and probably surpass - 5G at some point. But fiber isn’t everywhere. Meanwhile wireless 5G is touted to deliver peak speeds much faster than most conventional wired systems – and as much as 100 times faster than 4G. Those are speeds that can facilitate the vast majority of InfoTech applications including remote surgery and augmented reality headsets for emergency responders. Cisco forecasts that, by 2021, wired devices will account for 37% of global traffic, while Wi-Fi and mobile devices will grow to account for 63% of traffic, up from 49% in 2016. The Chinese are at the forefront of 5G – rolling out 5G networks in Guangzhou, Hangzhou, Shanghai, Suzhou and Wuhan this year. South Korea is aiming for 2019. The US probably won’t have a full 5G system in place before 2020. But it’s coming. InfoTech companies that position themselves to take advantage of 5G speeds will be the desirable ones of the future. Count on it. As you will see in our June Market Update found below, m&a activity in the dozen sectors that we follow and sometimes lead is strong. A few of the more interesting recent transactions over the past month include: • PayPal (NASDAQ:PYPL) agreed to acquire iZettle for $2.2bn, • ThoughtSpot (Palo Alto, CA) raised $145mm in a Series D valuing the company at an implied 19.8x LTM revenue, funding round at a $1bn valuation, • Adobe (NASDAQ:ADBE) agreed to acquire Magento for $1.7bn • Deutsche Börse (XTRA:DB1) agreed to acquire GTX ECN from valuing the company at an implied 11.2x LTM revenue, GAIN Capital Holdings for $100mm, valuing the company at an • Intercontinental Exchange (NYSE:ICE) agreed to acquire TMC implied 4.4x 2017 revenue. Bonds for $685mm, • Fuze (Boston, MA) raised $151mm in an equity funding round led by Summit Partners, Please see below for more of our June Market Update. Sincerely, Kenneth B. Marlin | Managing Partner Marlin & Associates | www.marlinllc.com P.S. My book: “The Marine Corps Way To Win on Wall Street” does a pretty good job of showing what we do that is different than most firms – and why. For more please visit www.marlinLLC.com. Marlin & Associates is one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, and related services. The firm is based in New York City, with offices in Washington, D.C., and Toronto, Canada. It has been the recipient of numerous awards including “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market Financing Agent of the Year – Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions. JUNE 2018 MARLIN & ASSOCIATES MARKET UPDATE 03 Sector Comparison Snapshot 04 Sector Analyses 04 Application Software 05 B2B E-commerce & Marketing Technologies 06 Banking Software & Processors 07 Business Intelligence Software 08 Capital Markets Software & Services 09 Data & Analytics – Financial Services 10 Information & Market Research 11 Insurance Technology 12 Payment Technology 13 Securities Exchanges 14 Security Software 15 Technology-Enabled Financial Institutions 16 Merger-and-Acquisition Activity Trends Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 5/31/18. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected 02 above. JUNE 2018 SECTOR COMPARISON SNAPSHOT: CURRENT REVENUE & EBITDA MULTIPLES Enterprise Value / 2018 Revenue Securities Exchanges Data & Analytics - Financial Services Application Software B2B E-commerce & Marketing Technologies Insurance Technology Security Software Banking Software & Processors Payment Technology Business Intelligence Software Capital Markets Software & Services Tech-enabled Financial Institutions * Information & Market Research 0x 2x 4x 6x 8x 10x Enterprise Value / 2018 EBITDA B2B E-commerce & Marketing Technologies Security Software Application Software Business Intelligence Software Data & Analytics - Financial Services Banking Software & Processors Capital Markets Software & Services Insurance Technology Payment Technology Information & Market Research Tech-enabled Financial Institutions * Securities Exchanges 0x 5x 10x 15x 20x 25x 30x 35x *Tech-enabled Financial Institutions multiples calculated using Market Cap / Revenue and Market Cap / EBT Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 5/31/18. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected 03 above. JUNE 2018 Application Software Public Market Data 5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Application Software Index[1] vs. S&P 500, base = 100 8. 0x 40x 300 7. 0x 35x 250 6. 0x 30x 200 5. 0x 25x EV / EBITDA EV / Revenue EV 150 4. 0x 20x 3. 0x 15x 100 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 EV / LTM Revenue EV / LTM EBITDA M&A Appli cation Softwar e Index S&P 500 Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E Oracle 192,580 183,407 4.7x 4.5x 12.1x 9.7x 4% 4% 39% 47% SAP 134,334 133,921 4.9x 4.7x 19.1x 13.7x 6% 3% 26% 34% salesforce 97,515 94,344 9.0x 7.2x nm 31.2x 25% 25% 9% 23% Intuit 52,819 51,333 9.4x 8.3x 31.4x 22.9x 12% 14% 30% 36% Workday 27,902 26,046 12.2x 9.7x na 51.4x 36% 26% na 19% Constellation 16,727 16,650 6.7x 5.4x 35.1x 21.4x 17% 24% 19% 25% CA 14,796 14,311 3.4x 3.4x 11.7x 8.8x 3% 2% 29% 38% Amdocs 9,741 9,237 2.4x 2.3x 12.8x 10.8x 4% 4% 19% 21% NICE 6,585 6,566 4.9x 4.5x 21.4x 15.0x 31% 9% 23% 30% Paycom Softw are 6,195 6,162 14.2x 11.3x 67.7x 27.6x 32% 26% 21% 41% Zendesk 5,795 5,497 12.8x 9.6x na nm 38% 33% na 7% Xero 4,215 4,159 15.7x 11.6x na nm 38% 35% na 13% Softw are AG 3,535 3,393 3.3x 3.3x 11.2x 10.7x 1% 1% 30% 31% Paylocity 3,288 3,159 9.5x 7.7x nm 35.1x 26% 23% 7% 22% Manhattan Associates 2,948 2,829 4.8x 5.1x 14.3x 19.9x (2%) (7%) 33% 26% Trim Mean 29,496 28,829 7.7x 6.5x 19.7x 19.8x 18% 15% 24% 28% Median 9,741 9,237 6.7x 5.4x 16.7x 19.9x 17% 14% 24% 26% [1] Cloudera (NYSE:CLDR) added to the index as of IPO 4/27/17 Recent Activity Date Acquirer(s) / Investor(s) Target / Issuer Description Announced KKR (New York, NY) agreed to acquire BMC Software for an undisclosed sum. BMC Software provides applications for IT Service Management and Application 5/29/18 Performance Monitoring. KKR plans to use BMC as a platform to make further acquisitions. Resurgens Technology Partners (Atlanta, GA) agreed to acquire Assurance Software for an undisclosed sum. Assurance helps businesses develop an end-to-end business 5/16/18 continuity program, including business impact analysis, incident management, disaster recovery planning and reporting and emergency notification management.
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