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Technology M&A Report

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Technology M&A Report HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising John Hill Senior Managing Director [email protected] (813) 383-0205 Technology John McDonald Senior Managing Director M&A Report [email protected] (813) 383-0206 Q2 2018 Keith Hodgdon Managing Director [email protected] (813) 383-0208 Charlie Hendrick Vice President [email protected] (813) 383-0207 Jeffrey Hendricks Vice President [email protected] (678) 523-3073 Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview Commentary Select Technology Public Offerings (Q2 2018) Transaction Transaction The S&P Global Information Technology Index increased 26.6% Offer Date Issuer Industry Sector Type Value ($mm) during the twelve month period ended June 30, 2018, while the 07/26/18 Tenable Holdings, Inc. Software IPO $251 Nasdaq and the S&P 500 increased 22.9% and 11.9%, respectively. 06/28/18 Domo, Inc. Software IPO $193 06/20/18 i3 Verticals, Inc. Data & Analytics IPO $86 IPO activity in the Technology industry increased during Q2 2018 after a slower Q1 2018. GreenSky, Inc. (Nasdaq:GSKY) 06/14/18 Avalara, Inc. Software IPO $180 raised $874 million in the largest IPO of the quarter, valuing the 05/23/18 GreenSky, Inc. Data & Analytics IPO $874 company at $1.6 billion. 05/22/18 EVO Payments, Inc. Data & Analytics IPO $224 The Software-as-a-Service (SaaS) and Application Software 05/17/18 Adaptive Insights, Inc. Internet IPO $123 (Horizontal and Vertical) sectors were the industry’s leaders with respect to valuation during Q2 2018, trading at revenue 05/16/18 Pluralsight, Inc. Software IPO $311 multiples of 7.9x, 5.9x, and 5.1x, respectively. 05/03/18 Carbon Black, Inc. Software IPO $152 Public Market Performance (LTM) Market Performance by Sector 140% Median Change in Stock Price Enterprise Value / LTM 130% 26.6% Industry Sector 3 Months 12 months Revenue EBITDA Software Bellwethers 9.8% 24.5% 4.8x 12.8x Application Software (Horizontal) 6.8% 17.4% 5.9x 23.8x 120% 22.9% Application Software (Vertical) 10.8% 23.9% 5.1x 22.6x 110% Software-as-a-Service (SaaS) 15.5% 48.2% 7.9x 37.1x 11.9% Data & Analytics 6.6% 32.6% 4.9x 27.8x 100% Infrastructure Software 9.7% 35.4% 4.5x 14.2x Technology Hardware 5.0% 16.9% 1.1x 9.1x 90% IT Services 9.3% 31.4% 2.9x 15.7x Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Internet 22.6% 43.8% 4.7x 19.2x S&P 500 NASDAQ S&P Global Information Technology Index Resellers & Wholesalers 9.4% 5.3% 0.3x 8.7x Source: S&P Capital IQ. HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Annual Middle-Market M&A Activity – Technology Commentary Middle-Market M&A Transactions by Deal Size – Technology U.S. middle-market M&A activity in the Technology industry decreased 22% to 107 closed transactions during the first half ($ in billions) of 2018, down from 137 during the first half of 2017. 1H 2017 1H 2018 % Change Deal Size Volume Value Volume Value Volume Value M&A activity for transactions valued between $100 and $500 Less than $100M 86 $2.9 58 $1.9 (33%) (32%) million experienced an uptick compared to the prior year $100 - $499M 35 $7.5 40 $8.3 14% 11% $500 - $1,000M 16 $11.7 9 $7.1 (44%) (39%) period, with transactions volume and value increasing 14% and Total Middle Market 137 $22.0 107 $17.3 (22%) (21%) 11% respectively. % of Total Market Less than $100M 63% 13% 54% 11% Despite the downward trends, the software sector continues to $100 - $499M 25% 34% 37% 48% be a bright spot as deal volume jumped 12% in 1H 2018 and $500 - $1,000M 12% 53% 9% 41% completed deal value rose 65%. We expect the trend will Total Middle Market 100% 100% 100% 100% continue as more companies move to the cloud and the proliferation of SaaS businesses. U.S. Middle-Market M&A Activity – Annual Trends: VOLUME U.S. Middle-Market M&A Activity – Annual Trends: VALUE 500 $60 $51.7 $49.7 $50 $47.3 $47.6 400 384 382 $45.5 366 351 356 $39.0 $40.0 $40 304 $37.5 285 300 279 249 $30 200 $22.0 $19.4 $20 $17.3 Total Transaction Volume Transaction Total 137 107 100 Value in billions)($ Transaction Total $10 0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2017 1H 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2017 1H 2018 Less than $100M $100 - $499M $500 - $1,000M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion). HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly Middle-Market M&A Activity – Technology Commentary Middle-Market M&A Transactions by Deal Size – Technology Middle-market M&A activity in the Technology industry decreased ($ in billions) significantly in Q2 2018 compared to Q2 2017, with reported deal Q2 2017 Q2 2018 % Change volume down 43% to 46 completed transactions and deal value Deal Size Volume Value Volume Value Volume Value down 48% to $7 billion. Less than $100M 49 $1.7 24 $0.8 (51%) (53%) $100 - $499M 21 $3.9 19 $3.7 (10%) (3%) Transactions valued at less than $100 million saw the largest drop $500 - $1,000M 11 $7.7 3 $2.4 (73%) (69%) in both volume and value, falling 51% and 53% respectively. Total Middle Market 81 $13.3 46 $7.0 (43%) (48%) % of Total Market However, the investment activity by PE firms in the Technology Less than $100M 60% 13% 52% 11% industry has propped up deal volume. Deal volume for all $100 - $499M 26% 29% 41% 54% transactions less than $1 billion (including those with undisclosed $500 - $1,000M 14% 58% 7% 35% values) was down only 4% in Q2 2018 compared to the prior year Total Middle Market 100% 100% 100% 100% period. U.S. Middle-Market M&A Activity – Quarterly Trends: VOLUME U.S. Middle-Market M&A Activity – Quarterly Trends: VALUE 90 $18 84 84 81 $16.6 80 $16 $15.3 71 $14.8 70 67 $14 64 $13.3 62 $12.2 60 57 56 $12 $11.4 in billions) $10.9 $10.2 $10.4 50 46 $10 $8.9 40 $8 $7.0 30 $6 Total Transaction Volume Transaction Total 20 $4 Total Transaction Value Value ($ Transaction Total 10 $2 0 $0 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Less than $100M $100 - $499M $500 - $1,000M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion). HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Technology Select Announced M&A Transactions (Q2 2018) EV / EV / Announced Date Target Buyer Industry TEV ($mm) Revenue EBITDA 06/28/18 Convergys Corp. Concentrix Corp. IT Services $2,545 0.9x 7.4x 06/28/18 Gatan, Inc. Thermo Fisher Scientific Inc. Hardware $925 NA NA 06/21/18 Web.com Group, Inc. Siris Capital Group Internet $2,023 2.7x 14.3x 06/12/18 MeridianLink, Inc. Thoma Bravo Internet NA NA NA 06/11/18 Adaptive Insights, Inc. Workday, Inc. Internet NA NA NA 06/04/18 GitHub, Inc. Microsoft Corp. Internet $7,500 NA NA 05/29/18 BMC Software, Inc. KKR & Co. Software NA NA NA 05/25/18 Fairway Payments, Inc. i3 Verticals, Inc. IT Services NA NA NA 05/22/18 Pulse Electronics Corp. Yageo Corp. Hardware $740 1.8x NA Canada Pension Plan 05/21/18 GlobalLogic Inc. IT Services $2,000 NA NA Investment Board 05/21/18 Ipreo Holdings LLC Markit North America, Inc. Software $1,855 NA NA 05/21/18 Magento, Inc. Adobe Systems Inc. Internet $1,680 11.2x NA 05/21/18 PowerPlan, Inc. Roper Technologies, Inc. Software $1,110 NA NA 05/08/18 Xcerra Corp. Cohu, Inc. Hardware $621 1.3x 9.0x Source: S&P Capital IQ. HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Technology Sector U.S. Middle-Market M&A Activity by Technology Sector: VALUE % Change ($ in millions) $7.7 Software $4.7 65% $4.8 Internet $7.0 32% $1.1 IT Services $3.1 64% $4.4 Hardware $7.2 39% $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 1H '17 1H '18 U.S. Middle-Market M&A Activity by Technology Sector: VOLUME % Change 37 Software 12% 33 34 Internet 13% 39 14 IT Services 39% 23 24 Hardware 43% 42 0 5 10 15 20 25 30 35 40 45 Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion). Hardware sector includes Semiconductors, and IT Services includes Technology Distributors and Data Processing and Outsourced Services. HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Technology Commentary Select Announced Private Equity Transactions (Q2 2018) Financial sponsors were active across many sectors of the Announced Enterprise Technology industry during Q2 2018, as shown in the table to the Date Target Buyer Industry Value ($mm) right.
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