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M&A Transaction Spotlight

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M&A Transaction Spotlight 2012 AWARD WINNER: Capstone Partners GLOBAL INVESTMENT BANKING Investment Banking Advisors BOUTIQUE FIRM OF THE YEAR SaaS & Cloud M&A and Valuation Update Q2 2013 BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY Capstone Partners 1 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.1 BUILT FOR THE MIDDLE MARKET.TM Table of Contents Section Page Introduction Research Coverage: SaaS & Cloud 4 Key Takeaways 5-6 M&A Activity & Multiples M&A Dollar Volume 8 M&A Transaction Volume 9-11 LTM Revenue Multiples 12-13 Highest Revenue Multiple Transactions for LTM 14 Notable M&A Transactions 15 Most Active Buyers 16-17 Public Company Valuation & Operating Metrics SaaS & Cloud 95 Public Company Universe 19-20 Recent IPOs 21-27 Stock Price Performance 28 LTM Revenue, EBITDA & P/E Multiples 29-31 Revenue, EBITDA and EPS Growth 32-34 Margin Analysis 35-36 Best / Worst Performers 37-38 Notable Transaction Profiles 40-49 Public Company Trading & Operating Metrics 51-55 Technology & Telecom Team 57-58 Capstone Partners 2 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 2 Capstone Partners Investment Banking Advisors Observations and Introduction Recommendations Capstone Partners 3 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.3 BUILT FOR THE MIDDLE MARKET.TM Research Coverage: SaaS & Cloud Capstone’s Technology & Telecom Group focuses its research efforts on the following market segments: Enterprise SaaS & Mobile & Wireless Consumer Internet Cloud Analytics / Business Intelligence Cloud & IT Infrastructure Cloud Computing / Storage Communication & Collaboration Content Creation & Management Content Delivery Services E-Commerce Consumer, IT & CRM & Customer Service Telecom Hardware ERP, Supply Chain & Commerce Finance & Administration Human Resources Licensed Software Leaders Marketing & Advertising Vertical Markets Capstone Partners 4 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 4 Key Takeaways – M&A Activity & Multiples M&A Dollar Volume in the Enterprise SaaS & Cloud market has surged from $8.6B in 2008 to $37.9B LTM Huge Q2’13 public deal dollar volume of $14B buoyed LTM numbers M&A Transaction Volume has increased from 271 transactions in 2008 to 566 transactions LTM Transaction Volume increased slightly for LTM versus 2012 Cloud & IT Management and Vertical Market segments accounted for nearly half of the deal volume The Median LTM Revenue Multiple paid for private company targets has rebounded to 4.0x for LTM after dropping in 2011 and 2012, though remains slightly below the 5 year high in 2010 of 4.2x Hot companies and sectors can see double digit multiple exits but those are the exception with most companies being acquired at much more reasonable multiples The Median LTM Revenue Multiple paid for public company targets above $100M has fallen to 3.2 from a 2010 high of 4.1x but appears to be leveling Fewer high growth, pure-play public SaaS companies were acquired in the last twelve months than in 2010 and 2011 Notable M&A transactions in Q2 PE Investors / BMC ($6.9B) ServiceLink / LPS ($2.9B) Salesforce / ExactTarget ($2.3B) IBM / SoftLayer ($2.0B) Vista Equity Partners / WebSense ($1.0B) Adobe / Neolane ($600M) Thoma Bravo / Keynote ($399M) Trulia / Market Leader ($336M) Rogers / Blackiron Data ($196M) Cisco / Composite Software ($180M) The most active buyers include Oracle, IBM, Cisco, Google, Citrix, Salesforce, VMware, Dell, Jive, Perceptive and Solera Capstone expects M&A activity to remain robust in the Enterprise SaaS & Cloud market for the remainder of 2013 with revenue multiples remaining relatively stable Capstone Partners 5 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 5 Key Takeaways – Public Company Metrics Q2’13 saw 7 SaaS & Cloud IPOs added to the SaaS & Cloud 95 Universe compared to just 1 in Q1 Most offerings performed well with just one company closing its first day of trading below its IPO price Median SaaS & Cloud 95 has consistently outperformed NASDAQ and was up 9.9% in Q2 The Human Resources segment led the way with a median gain of 24.8% in Q2 while Licensed Software Leaders were down a median of 7% Median LTM Revenue Multiple of 4.4x marks a 5 year high as the stock market rally continues Medians range from a high of 6.6x for Cloud & IT Infrastructure to a low of 3.0x for Cloud Computing / Storage Median LTM EBITDA multiples have been expanding gradually and currently stand at 13.7x Nearly all segments trade above 12x EBITDA with ERP, Supply Chain & Commerce, CRM & Customer Service and Finance & Administration trading at over 25x Median LTM P/E multiples remain strong, currently at 23.2x, down slightly from 2012 levels but still quite healthy Nearly all segments trade at a median P/E above 20x SaaS & Cloud 95 posted median revenue growth of 20.2% for LTM which is expected to slow to 16.7% for NTM CRM & Customer Service segment is expected to grow the fastest at a median rate of 26.6% while the Licensed Software Leaders are expected to grow at a median rate of only 7.5% SaaS & Cloud 95 posted median EBITDA growth of just 7.5% for LTM though NTM is expected to improve to 17.8% Most of the segments are expected to achieve 17-20% EBITDA growth for NTM Median gross margins have remained steady around 69% since 2010, improving slightly each period Cloud & IT Infrastructure segment leads with 85% gross margins while Marketing & Advertising lags at 58% Median EBITDA margins have slipped slightly to 18.2% as companies are reinvesting in growth EBITDA margins vary widely from 40+% for mature companies to losses for emerging companies focused on growth Capstone Partners 6 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 6 Capstone Partners Investment Banking Advisors M&AObservations Activity & and MultiplesRecommendations Capstone Partners 7 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.7 BUILT FOR THE MIDDLE MARKET.TM LTM M&A Dollar Volume LTM M&A Dollar Volume of $37.9B remains near its 5 year high with dollar volume above $35B each year since 2010 Huge Q2’13 public deal dollar volume buoyed LTM numbers, particularly the $6.9B BMC Software deal Private dollar volume is down relative to 2012 but remains quite strong Capstone Partners 8 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 8 LTM M&A Transaction Volume by Segment LTM transaction volume of 566 deals in line with 2012 and representing the strongest period in the past 5 years Vertical Market solutions and Cloud & IT Infrastructure constitute nearly half of all transactions with deal volume continuing to grow Capstone Partners 9 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 9 LTM M&A Transaction Volume by Deal Size – Private Targets Private company deal volume rose significantly each year since 2009 and remains strong on an LTM basis at a 5 year high Median deal value has been flat at $20M since 2011 and the distribution of deals by deal size has remained relatively consistent over the last 18 months Capstone Partners 10 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 10 LTM M&A Transaction Volume by Deal Size – Public Targets Public transaction volume jumped in 2011 and has remained above 20 deals per period through LTM Median deal size dropped to $163M LTM but that is more indicative of deal size mix at the lower valuations than a broader trend Deals over $250M represent more than half of the public deal volume since the start of 2011 with 25% of deals over $1B Capstone Partners 11 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 11 Median LTM Revenue Multiples – Private Targets The Median LTM Revenue Multiple paid for private company targets has rebounded after dropping each of the past two periods, reach 4.0x for the first time since 2010 Hot companies and sectors can see double digit multiple exits but those are the exception with most companies being acquired at much more reasonable multiples Capstone Partners 12 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 12 Median LTM Revenue Multiples – Public Targets The Median LTM Revenue Multiple paid for public company targets above $100M slipped to 3.2x from a 2010 high of 4.1x Fewer high growth, pure-play public SaaS companies were acquired in the last twelve months than in 2010 and 2011 With less than 25 public company target data points in a given year, the median multiple tends to be quite volatile and is not necessarily indicative of M&A valuations in the broader market Capstone Partners 13 CapstoneInvestment BankingPartners Advisors Investment Banking Advisors 13 Highest Revenue Multiple Transactions for LTM LTM Multiple Premium Ann. Deal Buyer Target Segment Target Description Revenue on $ to 1 Mo Date Value Multiple Invested Prior Provides storage virtualization capacity and performance Cloud & IT 2/11/13 management software for use in virtual server and desktop $185M 92.3x 8.3x NA Infrastructure environments for businesses. Provides enterprise mobile device management software and Cloud & IT 12/5/12 software as a service for businesses. $327M 14.2x 5.1x NA Infrastructure Content Develops and provides a compression-as-a-service based mobile 2/14/13 Creation & video optimization browser/platform for wireless
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