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SOFTWARE SECTOR REPORT January 2018 DEAL DASHBOARD Software $5.8 Billion 50 $3.7 Billion 5 YTD 2018 Financing Volume (1)(2) YTD 2018 Financing Transactions (1)(2) YTD 2018 M&A Volume (3) YTD 2018 M&A Transactions (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) Company Amount ($MM) $Bn $Bn (62%) Target Acquirer EV ($MM) 54% $14 $50 $12 $12 $263 $10 $11 $41 $3,903 $9 $6 $6 $100 $5 $15 $2,334 $12 $12 $13 $6 $5 $4 $75 $1,917 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 TD TD $65 $1,235 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $58 40% $1,125 156 160 159 161 2% ( ) 127 123 111 29 29 30 $47 94 25 $713 24 21 22 50 14 $38 5 $614 $35 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 $459 TD TD Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6) 50.0% SPX IGV 46% All Buyers Strategic Buyers PE Buyers 45.0% 6.0x ` Financing Activity by Quarter 40.0% 5.3x 4.9x 35.0% 5.0x 4.6x 4.5x 4.6x 4.2x 4.3x 4.0x 4.1x 30.0% 3.9x 3.9x 4.0x 3.6x 3.7x 3.7x 3.3x 25.0% 24% 3.1x 2.9x 2.9x 2.8x 3.0x 2.7x 20.0% 2.2x 15.0% 2.0x 10.0% 1.0x 5.0% 0.0% 0.0x Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 2011 2012 2013 2014 2015 2016 2017 Notes: Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 2/1/2018. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in 2017 and 2018 YTD. M&A metrics are based on closed and announced transactions. 2 5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected] Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected] John Lambros JT Herman Sean Minnihan Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology FinTech [email protected] [email protected] Financial Software [email protected] Executive Leadership Select Europe Team Select Asia Team Todd Carter *Adrian Reed *Phil Adams **Raiko Stelten ***Akikazu Ida ***Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander **Sascha Pfeiffer *Stephen Georgiadis **Tobias Schultheiss Sameer Jindal ***Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected] *Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. **Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. 3 ***Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation. RECENT STOCK PERFORMANCE Index Performance Last 12 Months Last 3 Years 55% 100% 90% 50% 80% 45% 70% 40% 60% 35% 50% 30% 40% 25% 30% 20% 20% 10% 15% 0% Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 10% (10%) 5% (20%) 0% (30%) Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 (5%) (40%) Sector 3 Months 1 Year 3 Years Platform 8.5% 34.7% 75.6% Security 4.9% 17.6% 28.1% Infrastructure 10.2% 39.6% 58.7% SaaS / On Demand 11.8% 49.3% 88.8% BI & Analytics 19.0% 40.4% 19.0% Vertical 5.9% 36.0% 42.0% Notes: Sources: Capital IQ. Market Data as of 2/1/2018. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SEND, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV. TRADING COMPARABLES Valuation and Operational Metrics EV / 2018E Revenue EV / 2018E EBITDA 7.0x 45.0x 6.1x 39.2x 5.7x 40.0x 6.0x 5.5x 5.1x Median: 5.3x 35.0x 28.5x 5.0x 30.0x 27.5x Median: 25.8x 4.2x 4.2x 24.0x 4.0x 25.0x 20.5x 20.0x 3.0x 14.4x 15.0x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Platform Infrastructure Vertical Security BI & Analytics SaaS BI & Analytics Infrastructure Security Vertical Platform 2018E / 2017E Revenue Growth 2018E EBITDA Margin 40.0% 40.0% 38.1% 35.0% 35.0% 30.0% 30.0% 26.0% Median: 23.4% 23.5% 23.2% 25.0% 21.3% Median: 16.4% 25.0% 19.2% 20.0% 17.3% 15.5% 13.7% 20.0% 17.6% 15.0% 15.0% 13.8% 9.9% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS BI & Analytics Infrastructure Vertical Security Platform Platform Vertical Infrastructure Security SaaS BI & Analytics Notes: Sources: Capital IQ. Market Data as of 2/1/2018. Figures represent mean values of respective comp groups. Platform: ADBE, IBM, MSFT, ORCL, SAP. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SEND, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV. PUBLIC COMPANY VALUATIONS Software Trading Statistics ($MM, Except Per Share Data) Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 2/1/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E Platform Microsoft Corporation $94.26 $725,782 ($45,347) $680,435 7.1x 6.1x 5.6x 20.5x 15.0x 13.2x 76.6x 24.9x 22.6x 7.6% 16.6% 8.3% 34.8% 40.6% 42.7% Oracle Corporation $51.63 213,728 (10,904) 202,824 5.2 5.0 4.8 13.4 10.7 10.1 22.2 16.9 15.6 4.5% 4.2% 4.6% 38.9% 46.6% 47.1% International Business Machines Corporation $162.40 150,349 34,244 184,593 2.3 2.3 2.3 11.3 9.5 9.3 26.4 11.7 11.4 (1.0%) 1.2% 0.5% 20.6% 24.3% 24.6% SAP SE $111.84 134,080 40 134,120 4.8 4.4 4.1 16.1 12.9 12.0 27.8 20.5 18.6 21.0% 7.7% 6.9% 29.5% 34.2% 34.5% Adobe Systems Incorporated $199.38 98,011 (3,937) 94,074 12.9 10.7 9.2 37.7 24.0 20.3 59.0 31.8 28.1 24.7% 20.0% 17.0% 34.2% 44.8% 45.3% Mean 6.5x 5.7x 5.2x 19.8x 14.4x 13.0x 42.4x 21.2x 19.3x 11.4% 9.9% 7.5% 31.6% 38.1% 38.8% Median 5.2 5.0 4.8 16.1 12.9 12.0 27.8 20.5 18.6 7.6% 7.7% 6.9% 34.2% 40.6% 42.7% Infrastructure VMware, Inc.
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    KPMG Board Leadership Center Exploring issues. Delivering insights. Advancing governance. Board Perspectives After the JOBS Act: The Impact on Private Companies It’s been three years since the Jumpstart Our exits. And there really weren’t a lot of acquirers out there. The M&A game (in Silicon Valley) ended up with a concentrated set Business Startups Act—better known as the of buyers and entrepreneurs selling out early. Steve Jobs famously JOBS Act—was signed into law. The legislation asked, “Why is everybody looking for an exit?” His response was was designed to spur business growth by that they should be building a company that outlives them. enhancing access to capital for both private and Now, I can’t fly in or out of entrepreneurial and venture capital centers around the country without meeting a CEO who hasn’t public companies. taken advantage of provisions in the JOBS Act. For a perspective on the act’s impact, KPMG recently spoke with Kate Mitchell, partner and cofounder at Scale Venture Partners, KPMG: How do you believe private capital markets have a firm that invests in early-revenue technology companies, and responded to the shifting landscape? director of Silicon Valley Bank. She also sits on the board of the Mitchell: The markets themselves always drive the appetite for National Venture Capital Association, and chaired that board when both private and public investing alike and I think we’ve seen that the JOBS Act was being drafted. play out over the last few years. The JOBS Act was designed to Following are edited excerpts from our interview.
  • Cybersecurity Market Report Covers the Business of Cybersecurity, Including Market Sizing and Industry Forecasts, Spending, Notable M&A and IPO A…

    Cybersecurity Market Report Covers the Business of Cybersecurity, Including Market Sizing and Industry Forecasts, Spending, Notable M&A and IPO A…

    11/7/2015 The Cybersecurity Market Report covers the business of cybersecurity, including market sizing and industry forecasts, spending, notable M&A and IPO a… H O M E A B O U T R E S E A R C H N E W S J O B S C A L E N D A R C O N T A C T CYBERSECURITY MARKET REPORT FROM THE EDITORS AT CYBERSECURITY VENTURES Q3 2015 Q3 Cybersecurity Special Reports The Cybersecurity Market Report is published quarterly by Cybersecurity Ventures. We cover the business of cybersecurity, including market sizing and industry forecasts from consolidated research by IT analyst firms, emerging trends, employment, the federal sector, hot companies on the SignM Uisps Nanow Is –su Deon’t Cybersecurity 500 list, notable M&A, investment and IPO activity, and more. MARKET SIZING & PROJECTIONS The worldwide cybersecurity market is defined by market sizing estimates that range from $77 billion in 2015 to $170 billion by 2020. Sponsored by the Cybersecurity 500 list of the world’s hottest and most innovative cybersecurity companies. Market research firm Gartner says global spending on IT security is set to increase 8.2 percent in 2015 to $77 http://cybersecurbityilvleinotunre,s .aconmd/c ytbherese cwuroityr-mlda rkweti-lrle psoprt/end $101 billion on 1/68 11/7/2015 The Cybersecurity Market Report covers the business of cybersecurity, including market sizing and industry forecasts, spending, notable M&A and IPO a… billion, and the world will spend $101 billion on information security in 2018. The cyber security market is estimated to grow to $170 billion (USD) by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8 percent from 2015 to 2020, according to a report from Markets and Markets.