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Hosting & Managed Services Sector Review

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Hosting & Managed Services Sector Review HOSTING AND MANAGED SERVICES | Q4 2019 HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q4 2019 HARRIS WILLIAMS (“HW”) AS A FIRM TECHNOLOGY, MEDIA & TELECOM (“TMT”) GROUP • 350+ professionals across eight offices globally • 40+ professionals across Boston, San Francisco and London • 170+ closed transactions in the last 24 months • 60+ closed transactions since January 2017 • 100% of revenue from M&A advisory • 10 industry groups • Education Technology • Manufacturing Technology • Fintech • Membership Management • Healthcare IT • Public Sector Software • Hosting and Managed Services • Supply Chain, Transportation & Logistics • Human Capital Management • Infrastructure and Security Software MARKET COMMENTARY • Internet & Digital Media • Significant M&A activity to close out 2019, with a number of M&A platforms continuing their consolidation plays; • All sub-sectors’ share prices grew healthily through Q4 2019, with the Local IT Services and Web Hosting sub-sectors outperforming their peers on average; • According to Gartner, 2019’s slowdown in IT spending is not expected to continue into 2020 despite concerns over a recession and companies reducing their discretionary IT spend; • Growth in IT spending primarily driven by the rest of the world catching up on cloud (the U.S. currently accounts for over half of global spend); • In today’s complex geopolitical environment, regulatory compliance has become a priority for most organisations, with overall spending on security forecast to significantly increase over the next five years; • Growth in Managed Services is expected to be driven by the growing dependence of enterprises on IT assets along with the need for specialised Managed Services Providers and cloud-based managed services; and • As a result of global expansion, enterprises are either establishing new data center facilities or upgrading traditional infrastructure facilities to large-scale data centers integrated with modern technologies, enabling them to manage and protect the large amount of organisational data generated. KEY CONTACTS Managing Director Managing Director Managing Director Managing Director Managing Director Director [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Office: +1 (617) 654-2133 Office: +1 (617) 654-2117 Office: +44 20 7518 8901 Office: +1 (415) 217-3418 Office: +1 (415) 217-3411 Office: +1 (415) 217-3420 Director Director Director Director Director Director [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Office: +1 (617) 654-2122 Office: +1 (617) 654-2115 Office: +44 20 7518 8917 Office: +44 20 7518 8909 Office: +1 (617) 654-2113 Office: +1 (415) 217-3425 TECHNOLOGY, MEDIA & TELECOM PAGE | 1 HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q4 2019 Refers to a service in which a vendor offers the Refers to the delivery of network, application, Refers to the use of external service providers housing of business-to-business or business-to- system and e-management services across a to effectively deliver IT-enabled business consumer e-commerce websites via vendor-owned network to multiple enterprises, using a “pay as you process, application service and infrastructure shared or dedicated servers and applications for go” pricing model solutions for business outcomes enterprises at the provider-controlled facilities Selected Market Participants Selected Market Participants Selected Global Market Participants SELECTED HW HOSTING AND MANAGED S E R V I C E S TRANSACTIONS & has invested in has acquired have been acquired by has been acquired by has been acquired by has been acquired by Provider of mass hosting Provider of services allowing Provider of web domains, Provider of managed Provider of SME focused Provider of managed hosting services for SMEs, including web SMEs to move their IT shared web hosting and technology services with hosting and cloud solutions, and cloud solutions hosting, domains, e-commerce infrastructure and operations value-added services with national scale in the US and including domain and specialised in managed and application solutions with into the cloud, as well as leading positions in Sweden the capability to design, website hosting, email for cloud hosting, desktop-as-a- leading positions in Belgium and providing end user support and the Czech Republic, and deploy and support smaller customers and service, security and Denmark and a growing and consulting as part of a presence in Norway, Serbia, technology solutions from managed servers and connectivity presence in the Netherlands, full-service IT offering Slovakia, Spain, Netherlands, cable to cloud applications for larger Sweden and Switzerland Germany and the UK customers TECHNOLOGY, MEDIA & TELECOM PAGE | 2 HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q4 2019 October 14, 2019 The European managed services market is projected to 120 register a CAGR of 14.1% between 2019 and 2024, with 110 Eastern Europe witnessing strong growth and server 100 virtualisation gaining traction Enterprise Value / 90 In the News SERVICES MANAGED LTM Rev. LTM EBITDA 2019E EBITDA Google Exits Managed Services, Welcome News For Its 80 Enterprise Value: €17m 2.1x 9.4x 9.5x Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Key Agency Partners November 28, 2019 Worldwide IT spending in 2019 is projected to total 140 $3.7tn, an increase of 0.4% from 2018 yet the lowest 125 forecast growth in 2019 so far, and is expected to 110 rebound in 2020 with forecast growth of 3.7%, primarily due to enterprise software spending Enterprise Value / 95 SERVICES GLOBAL IT IT GLOBAL LTM Rev. LTM EBITDA 2019E EBITDA In the News 80 Enterprise Value: €340m 2.3x 11.6x 10.0x Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Wipro Scouts for Israeli Technologies October 30, 2019 Although cloud transformation has increasingly become a 160 key enabler for digitalisation across the Nordics, only 18% of 140 organisations can be considered as cloud mature with the finance sector leading and the public sector lagging behind 120 LOCAL IT IT LOCAL Enterprise Value / 100 In the News SERVICES LTM Rev. LTM EBITDA 2019E EBITDA Atea announces collaboration with AWS to provide Nordic 80 Enterprise Value: NA 1.1x 18.1x 12.3x Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 customers with hybrid cloud solutions November 29, 2019 The global Web Hosting Services market is expected 220 to reach $160bn by 2026, growing at a CAGR of 22.4% 180 during the forecast period and primarily driven by the 140 increasing scalability and data security challenges 100 Enterprise Value / In the News 60 LTM Rev. LTM EBITDA 2019E EBITDA Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Why Verisign’s Revenues Will Remain Under Pressure WEB HOSTING WEB Enterprise Value: NA 4.6x 16.6x 17.2x Despite Swelling Domain Registrations October 29, 2019 Data Center Colocation market revenue is expected 140 to exceed $100bn by 2025, primarily driven by the 120 rapid increase in IT budgets for storing and managing their organisational data 100 Enterprise Value / 80 LTM Rev. LTM EBITDA 2019E EBITDA In the News 60 Enterprise Value: c.€7,500m / COLOCATION DATA CENTERS CENTERS DATA 10.3x 20.2x 19.0x Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 CyrusOne Took Final Bids Last Week *Group weighted average stock price performance over the past year based on market capitalisations TECHNOLOGY, MEDIA & TELECOM PAGE | 3 HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q4 2019 Local IT Services • Founded in 2007, netgo offers consulting, products and services in the IT Infrastructure, security and data storage fields. The company employs approximately 350 employees across 17 locations • With Waterland’s support, the company plans to actively pursue M&A and consolidate the German market • Since being acquired by Waterland, netgo has already completed the acquisitions of German companies ComNet and Mehrwerk Web Hosting • Ballou is a Swedish hybrid cloud and shared web hosting provider • Hosting brand specialised in cloud and hosting operations and aiming to provide customers with simple IT solutions and advice, as well as accessible, safe and secure IT operations in Swedish data centers • The acquisition takes BGF-backed Miss Group to 193,000 global accounts Data Centers / Colocation • Interxion is a publicly listed Dutch data center operator • The combination will create a leading pan-European data center presence, offering consistent, high-quality services with low-latency access to approximately 70% of the GDP in Europe • Interxion's established relationships with leading global cloud, digital media platform operators and multinational enterprise customers will significantly bolster Digital Realty's existing European platform Web Hosting • Founded in 2017, WebPros provides web hosting, billing automation, infrastructure, server management and online marketing software solutions • Through acquisitions, the company has created a product portfolio addressing the full end-to-end customer lifecycle for shared hosting providers and currently employs 450 people • Under CVC’s ownership, the company plans to continue building the leading global SaaS hosting platform for server management Managed Services • Nasstar provides hosted managed services and cloud computing services, integrating private and public clouds and supplying a robust, secure and stable hosted IT service to business customers • The group provides an end-to-end service for clients providing them with enhanced
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