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The Software Industry Financial Report SOFTWARE INDUSTRY FINANCIAL REPORT CONTENTS About Software Equity Group Leaders in Software M&A 4 Extensive Global Reach 5 Software Industry Macroeconomics Global GDP 8 U.S. GDP and Unemployment 9 Global IT Spending 10 E-Commerce and Digital Advertising Spend 11 Stock Market Performance 12 Public Software Financial and Valuation Performance The SEG Software Index 14 The SEG Software Index: Financial Performance 15-19 The SEG Software Index: Market Multiples 20-22 The SEG Software Index by Product Category 23 The SEG Software Index by Product Category: Financial Performance 24 The SEG Software Index by Product Category: Market Multiples 25 Public SaaS Company Financial and Valuation Performance The SEG SaaS Index 27 The SEG SaaS Index: Financial Performance 28-32 The SEG SaaS Index: Market Multiples 33-36 The SEG Saa S In dex by Pro duc t Ca tegory 37 The SEG SaaS Index by Product Category: Financial Performance 38 The SEG SaaS Index by Product Category: Market Multiples 39 Public Internet Company Financial and Valuation Performance The SEG Internet Index 41 The SEG I nt ernet IdIndex: Financ ia l Per formance 42-46 The SEG Internet Index: Market Multiples 47-49 The SEG Internet Index by Product Category 50 The SEG Internet Index by Product Category: Financial Performance 51 The SEG Internet Index by Product Category: Market Multiples 52 1 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved SOFTWARE INDUSTRY FINANCIAL REPORT CONTENTS Software/SaaS/Internet IPO Annual Software IPO Trends 54 2013 Software IPO Data 55 Venture Capital Activity: All Industry Sectors 56 Venture Cappyital Activity: Software 57 The Buyers Speak: Software Equity Group’s 2014 Annual M&A Survey Results Summary 59-60 Results 61-62 Software Industry M&A Market Update Software/SaaS M&A Deal Volume and Sppgending 64-65 Software M&A Exit Multiples 66 Software M&A by Ownership Structure and Size 67 Software M&A by Vertical and Horizontal Markets 68 Software M&A Deal Volume by Product Category 69 Software M&A Exit Valuations by Product Category 70 SaaS M&A Deal Volume and Exit Multiples 71-72 SaaS M&A by Product Category 73 Internet M&A: Deal Volume and Exit Multiples 74 Internet M&A: By Product Category 75 Appendix SEG So ftware In dex Key MtiMetrics 77-83 SEG Software Index Key Metrics by Product Category 84-85 SEG SaaS Index Key Metrics 86-88 SEG SaaS Index Key Metrics by Product Category 89 SEG Internet Index Key Metrics 90 - 95 SEG Internet Index Key Metrics by Product Category 96 2013 Select Public Sellers 97 2013 Mega Deals 98 2013 Most Active Buyers 99-108 2013 Select SaaS Sellers 109-119 2 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved ABOUT SOFTWARE EQUITY GROUP 3 LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 pritivate an d pu blic compan ies thhtUSthroughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients 4 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved EXTENSIVE GLOBAL REACH Current Sell-side Representation • SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell-side Representation • In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution • SEG’s Quarterly and Annual Software Industry Eqyquity Re ports and Monthly Flash Re ports are distributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, pp,ublic accountants, etc. in 76 countries. 5 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved ABOUT SOFTWARE EQUITY GROUP Software Eqqyuity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992,,g our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions. Our value proposition is unique and compelling . We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value. Per haps mos t i mport ant are th e rel ati onshi ps we' ve bu ilt an d the in dus try repu ta tion we en joy. So ftware Equ ity Group is known andtdbblild respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports. Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509-2800, [email protected] . CONTACT INFORMATION: Software Equity Group, L.L.C. 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity . com p: (858) 509-2800 The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ. This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights. 6 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved SOFTWARE INDUSTRY MACROECONOMICS 7 GLOBAL GDP Global GDP (% YoY Change) GDP Size • Globally, the IMF forecasted last October GDP would grow 2.9% in 2013, a downward correction from their July forecast of 3.2%. • According to the IMF, slower growth in major emerging markets (China, Russia, Brazil, India and Mexico) is constraining overall global expansion. This slowdown is in stark contract with 2008, when emerging markets were rapidly expanding in contrast to major Western economies that were reeling from the global economic crises they helped bring about. • Economists predict global economic health will improve further in 2014. The IMF projects 3.6% growth in global GDP this year. • PIMCO has forecast global GDP growth of 2.5% - 3.0% in 2014, based upon continued improvement in the U.S., Eurozone and Japan economies and growth favoring monetary polices. PIMCO also expects China to benefit from increased demand from developed economies, helping to offset lower domestic demand. Sources: Worldbank, The Economist Q4 2013 Software Industry Financial Report 8 and PIMCO Copyright © 2014 by Software Equity Group, LLC All Rights Reserved U.S. GDP AND UNEMPLOYMENT 10% GDP % Growth 8% Unemployment Rate 6% 5.0% 4.1% 3.7% 32%3.2% 4% 2.6% 3.1% 3.1% 2.1% 2.5% 2.5% 2.2% 2.0% 2.2% 1.5% 1.7% 1.3% 1.8% 2% 1.3% 0.4% 0.4% 0% -0.7% -0.7% -2% -2.7% -4% -6% -5.4% -6.4% -8% 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 • In the United States, 2013 GDP growth was lackluster for most of 2013, before picking up steam in Q4. After faltering in 2Q13, the economy eked out a marginal improvement in Q3, but surprised many by closing the year with a far more respectable 3.2% growth rate.
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