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No Slide Title Technology, Telecom & Digital Media Industry Update September 2011 Member FINRA/SIPC This report has been prepared by Harris Williams & Co. Ltd and approved by Sturgeon Ventures LLP in accordance with Conduct Of Business rules COBS 4 of the FSA Handbook. Harris Williams & Co. Ltd is an authorized representative of Sturgeon Ventures LLP which is Authorized and Regulated by the Financial Services Authority. This report is being made by Harris Williams & Co Ltd. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Lt. Harris www.harriswilliams.com Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively. Table of Contents Technology, Telecom & Digital Media What We've Been Reading…………………………………………………………………………………………1 Bellwethers……………………………………………………………………………………………2 TTDM Public Market Trading Statistics………………………………………………………………………..…………………..3 Recent TTDM M&A Activity…………………………………………………………………………………………….4 Recent U.S. TTDM Initial Public Offerings………………………………………………………………………….………………...………..5 Public and M&A Market Overview by Sector Application Software…………………………………………………….…………………..6 Digital Media and Informatics………………………………………………..…………………..9 Infrastructure Software……………………………………………………..…………………..12 IT and Tech-Enabled Services………………………………………………………………..14 SaaS……………………………………………………………………………………………………..17 Tech Hardware……………………………………………………………………..…………………..19 Telecom………………………………………………………………………………………………..22 Selected HW&Co. TTDM Transactions…………………………………………………………………………………………..25 TTDM Group Overview and Disclosures…………………………………………………………………………………………..26 What We’ve Been Reading Technology Deals Back to Pre-Recession Levels Financial Times 8/23/2011 Deal volume in the technology and telecom industry has totaled $323.3 billion for the first eight months of 2011, close to the pre-recession deal volume level of $338.8 billion completed through August 2008. Fueled by an accelerating pace of change in the technology industry, excess cash on balance sheets, and low-growth in core business offerings, companies are using M&A to transform themselves. Additionally, cross-border transactions have increased due to US technology companies looking to utilize their large hoards of “dead” cash, foreign cash reserves that are heavily taxed if returned to the US. Deal flow in August continued to steamroll forward with the announcement of Google’s $12 billion acquisition of Motorola Mobility and HP’s bid for Autonomy. Read the full article here. Deal-Making Spotlight Swings to Data Analysis New York Times 8/19/2011 Hewlett-Packard announced an enormous 64% premium in its offer to Autonomy, a premium necessary for the cost of transforming itself from a hardware manufacturer into an enterprise software company. The enterprise software market is among the fastest-growing and most profitable portions of the software industry. A successful acquisition of Autonomy is a key component to HP’s transformation and thus explains HP’s willingness to pay more than 10 times Autonomy’s estimated revenue for next year. Analysts believe that a counterbid is unlikely from other companies as potential bidders would be more likely to target smaller companies that own different slices of the enterprise software market in the near future. Read the full article here. Drowning in Data: Is Software the Solution? Network Computing 9/8/2011 According to IDC, the amount of data that enterprises manage is doubling every two years, and the resulting investments in cloud, hardware, and software by enterprises have increased by 50% since 2005 to reach $4 trillion. In particular, new product introductions, simplified pricing and bundling, and ongoing modernization of data protection are expected to be the main growth drivers for the six dominant vendors, collectively accounting for 94.2% of the market: EMC, Symantec, IBM, NetApp, Hitachi, and Hewlett-Packard. Read the full article here. Global Ad Spending in Video Games to Top $7.2B in 2016 GamesBeat 9/12/2011 Research firm DFC Intelligence has noted that the video game market is underutilized as an advertising medium. DFC estimates that global video game revenues will increase from $67 billion in 2010 to $81 billion in 2016. As a result, advertising revenue is forecast to experience strong growth as well, doubling between 2010 and 2014 to reach $2 billion. Lead DFC analyst Michael Goodman stated, “Video games have reached beyond adolescent males into a mainstream entertainment medium that touches every segment of the population.” Read the full article here. No Bear Market for M&A in August The 451 Group 9/1/2011 Amplified by Google and HP’s blockbuster transactions, deal volume in August was the second highest monthly total since the “Great Recession” of 2008. For the fourth month in a row, more than 300 deals have closed, a level one-third higher than a year previous. Additionally, aggregate deal value for August amounted to 2-3 times higher than typical spending over the past year. This all occurred during a month in which volatility in the U.S. stock market spiked and the Nasdaq dropped 7%. Read the full article here. 1 Public Market Trading Statistics Bellwethers Stock Last Twelve Months Last 30 Days Performance 140% 110% 130% 105% 120% 100% 110% 95% 100% 90% 90% 85% 80% 80% 11 11 10 11 11 11 11 11 10 11 10 10 11 - - - - - - - - - - - - - Jul Jan Jun Oct Sep Sep Feb Apr Dec Aug Mar Nov May 08/12/11 08/14/11 08/30/11 09/01/11 09/03/11 09/05/11 09/07/11 08/16/11 08/18/11 08/20/11 08/22/11 08/24/11 08/26/11 08/28/11 09/09/11 09/11/11 Nasdaq Bellwethers Nasdaq Bellwethers Stock Price CY 2011P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2011P LTM CY 2011P Bellwethers Summary Apple Inc. $ 352,239.0 $ 379.94 93.9% 59.0% 77.6% 2.8x 2.3x 8.6x 7.2x Microsoft Corporation 216,913.3 25.89 87.9% 9.6% 7.9% 2.4x 2.3x 5.6x 5.5x International Business Machines Corporation 193,974.7 162.42 87.5% 8.7% 9.9% 2.0x 1.9x 8.0x 7.9x Google Inc. 171,169.3 530.12 82.4% 28.8% 20.1% 4.1x 3.7x 10.7x 8.8x Oracle Corporation 135,320.7 26.75 73.3% 16.6% 26.3% 3.4x 3.3x 8.4x 6.9x Intel Corporation 106,490.3 20.28 84.6% 23.7% 14.1% 1.9x 1.7x 4.3x 4.1x Amazon.com Inc. 98,304.2 216.56 95.2% 43.1% 2.0% 2.3x 1.9x 50.3x 36.0x Samsung Electronics Co. Ltd. 93,607.9 719.31 76.9% NA NA 0.5x NA 3.2x NA Cisco Systems, Inc. 88,498.0 16.09 65.4% 4.7% 4.8% 1.4x 1.4x 5.4x 4.5x QUALCOMM Inc. 86,181.0 51.39 85.9% 36.9% 36.7% 4.9x 4.3x 12.4x 9.7x SAP AG 57,637.2 48.45 77.1% 14.1% 20.1% 2.9x 3.0x 8.3x 8.7x Hewlett-Packard Company 44,865.7 22.58 45.7% (0.8%) (8.0%) 0.5x 0.5x 3.2x 3.5x EMC Corporation 44,664.8 21.63 75.3% 17.8% 15.2% 2.1x 2.0x 9.5x 7.2x eBay Inc. 37,915.3 29.42 83.2% 26.3% 14.6% 3.3x 2.9x 11.0x 8.7x Total Comp Set Median $ 95,956.0 82.8% 17.8% 14.6% 2.3x 2.3x 8.4x 7.2x 2 TTDM Public Market Trading Statistics by Vertical Stock Price % Change LTM Revenue LTM EBITDA TEV / Revenue Multiple TEV / EBITDA Multiple Comparable Industry Segment 1 Month 12 Month Growth Margin LTM 2011P 2012P LTM 2011P 2012P Trading Bellwethers (1.6% ) 12.0% 21.2% 31.0% 2.3 x 2.3 x 2.0 x 8.4 x 7.2 x 6.4 x Summary Application Software 1.5% 17.8% 17.5% 20.6% 3.2 x 3.0 x 2.8 x 14.4 x 10.4 x 9.3 x Enterprise Resource Planning (4.0%) 3.8% 24.4% 31.7% 2.6 x 3.1 x 2.9 x 8.2 x 7.8 x 7.0 x Supply/Demand Chain Management (0.6%) 27.4% 32.5% 17.3% 2.0 x 1.9 x 1.7 x 11.6 x 8.8 x 7.5 x Product Lifecycle Management/Technical Design 0.1% 3.4% 15.6% 18.3% 2.0 x 1.7 x 1.6 x 10.2 x 7.5 x 6.2 x CRM/Call Center Management 1.3% 22.8% 17.4% 16.2% 2.4 x 2.2 x 2.1 x 12.8 x 9.5 x 8.6 x Human Capital Management (4.5%) 2.0% 28.7% 13.1% 5.2 x 4.7 x 3.8 x 35.1 x 22.7 x 15.5 x Content Management 0.8% (6.8%) 13.3% 28.6% 2.8 x 2.7 x 2.5 x 7.8 x 6.6 x 6.7 x Business Intelligence/Analytics 5.2% 31.2% 20.9% 23.4% 4.3 x 3.4 x 3.1 x 21.7 x 16.3 x 13.5 x Vertical Focused - Education/Government/Non-Profit 0.2% 18.9% 14.8% 17.2% 2.8 x 2.6 x 2.4 x 15.8 x 12.2 x 10.2 x Vertically Focused - Energy and Industrial 4.6% 30.7% 13.5% 39.9% 6.8 x 6.4 x 5.3 x 14.9 x 11.8 x 168.5 x Vertically Focused - Financial Technology (0.1%) 0.3% 13.9% 33.2% 3.6 x 3.4 x 3.1 x 10.8 x 9.3 x 8.6 x Vertical Focused - Healthcare IT 8.8% 44.1% 28.6% 25.2% 4.6 x 4.3 x 3.8 x 18.1 x 15.3 x 13.1 x Digital Media and Informatics (2.6% ) 6.7% 20.1% 24.1% 2.4 x 2.3 x 2.3 x 10.4 x 8.4 x 7.3 x Informatics and Data Services (2.6%) (5.1%) 11.9% 23.3% 2.3 x 2.2 x 2.0 x 8.5 x 7.0 x 6.7 x e-Commerce 1.7% 37.9% 38.9% 16.8% 4.1 x 3.3 x 2.4 x 24.6 x 18.3 x 13.1 x Internet Software and Services (7.0%) (12.3%) 16.1% 33.6% 2.4 x 2.4 x 2.3 x 7.0 x 6.6 x 5.6 x Online Content and Search (3.5%) 14.3% 27.3% 25.9% 3.6 x 3.3 x 3.0 x 10.7 x 7.9 x 6.8 x Social Networking (4.3%) NA 112.3% 10.3% 11.6 x 8.3 x 5.9 x 93.5 x 63.7 x 33.0 x Infrastructure Software (7.5% ) 7.9% 14.3% 22.2% 2.7 x 2.7 x 2.3 x 10.2 x 9.7 x 8.7 x Enterprise IT Management (7.6%) 1.4% 11.4% 22.7% 2.5 x 2.4 x 2.3 x 8.4 x 6.7 x 5.4 x Security (5.4%) 14.5% 12.6% 27.1% 4.5 x 4.7 x 4.0 x 11.7 x 10.5 x 9.3 x Enterprise Storage (9.5%) 13.1% 19.5% 18.0% 2.9 x 2.9 x 2.8 x 10.1 x 9.7 x 9.1 x IT and Tech-Enabled Services (5.2% ) (1.3% ) 13.4% 17.2% 1.3 x 1.7 x 1.6 x 7.8 x 7.2 x 6.4 x Data & Transaction Processing (3.6%) 4.6% 11.1% 24.3% 1.8 x 1.8 x 1.6 x 7.8 x 7.2 x 6.4 x IT Services (9.3%) (17.3%) 17.6% 10.1% 0.4 x 1.1 x
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