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HW&Co. Landscape Industry Reader Template TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 1Q 2016 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 1Q 2016 HARRIS WILLIAMS & CO. OVERVIEW HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM CONTENTS . DEAL SPOTLIGHT . M&A TRANSACTIONS – 1Q 2016 KEY FACTS . SOFTWARE M&A ACTIVITY . 25 year history with over 120 . SOFTWARE SECTOR OVERVIEWS closed transactions in the . SOFTWARE PRIVATE PLACEMENTS OVERVIEW last 2 years . SOFTWARE PUBLIC COMPARABLES . Approximately 250 OVERVIEW professionals across seven . TECHNOLOGY IPO OVERVIEW offices in the U.S. and . DEBT MARKET OVERVIEW Europe . APPENDIX: PUBLIC COMPARABLES DETAIL . Strategic relationships in India and China HW&Co. Office TMT CONTACTS Network Office UNITED STATES . 10 industry groups Jeff Bistrong Managing Director HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS [email protected] Sam Hendler SOFTWARE / SAAS Managing Director INTERNET & DIGITAL MEDIA [email protected] . Enterprise Software . IT and Tech-enabled . AdTech and Marketing . Digital Media and Content Services Mike Wilkins . Data and Analytics Solutions . eCommerce Managing Director . Data Center and . Infrastructure and . Consumer Internet . Mobile [email protected] Managed Services Security Software EUROPE Thierry Monjauze TMT VERTICAL FOCUS AREAS Managing Director [email protected] . Education . Fintech . Manufacturing . Public Sector and Non-Profit . Energy, Power, and . Healthcare IT . Professional Services . Supply Chain, Transportation, TO SUBSCRIBE PLEASE EMAIL: Infrastructure and Logistics *[email protected] SELECT 2016 AND 2015 HW&CO. TMT TRANSACTIONS Baarsma B2C trades as: has been has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by recapitalized by PAGE | 1 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 1Q 2016 DEAL SPOTLIGHT – CLEARLINK HW&Co.’s TMT Group advised Pamlico Capital and its portfolio company, Clear Link Holdings, LLC (dba Clearlink), on its sale to Sykes Enterprises, Inc. (NASDAQ: SYKE). This transformative acquisition expands Sykes’s service offerings and total addressable market, enabling the company to capture a greater share of the customer contact management value chain. Combining Clearlink’s digital marketing, demand generation, and sales conversion has been acquired by model with Sykes’s post-sales customer care and support capabilities will enable the combined company to provide the market with a unique and differentiated global customer interaction management platform that more effectively engages digital consumers at every touch point in the customer life cycle. There is a significant opportunity for the combined companies to generate revenue synergies through cross-selling the full solution suite to existing customers, providing a April 1, 2016 comprehensive outsourced customer management strategy. ABOUT CLEARLINK . Clearlink is a leading tech-enabled inbound demand generation and sales conversion platform serving well-known clients across various industries and subsectors, including telecommunications, satellite television, home security, and insurance. Clearlink leverages proprietary marketing content generation and sales analytics technologies to capture potential customers, who are then directed towards the company’s sales centers and converted into actual customers for its clients. Founded in 2003, Clearlink is based in Salt Lake City, Utah and has approximately 1,300 employees across two offices. PAGE | 2 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 1Q 2016 SELECT SOFTWARE M&A TRANSACTIONS – 1Q 2016 Announced Insight Venture Partners’ pending take-private acquisition of Diligent Corporation . Diligent is a leading provider of secure corporate governance and collaboration software for boards and senior executives. Over 3,500 clients in more than 60 countries across all seven continents rely on Diligent to provide secure, intuitive access to their most time-sensitive and confidential information, ultimately helping them make better decisions. Ent. Value: $434.3m EV / Revenue: 4.4x Revenue: $98.7m EV / EBITDA: 26.2x . This acquisition, which is expected to close in 2Q 2016, represents Insight’s second take-private transaction in the last 12 months, having completed the acquisition of supply chain software provider, E2open, in March 2015. Announced GTCR’s pending acquisition of Lytx . Lytx provides video-based driver safety software and telematics to over 1,400 commercial and government clients worldwide. The company’s flagship DriveCam™ solution enables clients to realize a significant return on investment by lowering operating and insurance costs, while achieving greater efficiency, safety and compliance. Ent. Value: $500.0m EV / Revenue: NA . Post-acquisition, GTCR will support Lytx in enhancing its solution suite and data set to better serve its expanding client base, Revenue: NA EV / EBITDA: NA furthering the company’s video telematics market leadership. April 4, 2016 ResMed’s acquisition of Brightree . Brightree offers cloud-based business management software solutions to the post-acute care industry. The acquisition furthers ResMed's position as a leading tech-driven medical device company and provides its customers new tools to help them increase operational efficiency and improve cash-flow while delivering best-in-class patient care. Ent. Value: $800.0m EV / Revenue: 7.1x Revenue: $113.0m EV / EBITDA: 18.6x . Building healthcare informatics offerings is central to ResMed's growth strategy and its goal of helping customers improve patient quality of life, slow the progression of chronic disease, and lower overall healthcare system costs. March 31, 2016 The Riverside Company’s acquisition of Guestline . Guestline provides a broad suite of hospitality and hotel management software including property management systems, online bookings, channel distribution, social media, PCI compliance, and POS systems. The company serves a diverse client base of independent hotels, hotel chains, pub companies, and serviced apartments Ent. Value: NA EV / Revenue: NA across four continents and over ten countries. Revenue: NA EV / EBITDA: NA . Riverside plans to leverage its global team to help Guestline grow internationally, deepen its penetration in the UK market, and invest in new technologies and products to ensure Guestline remains an industry leader. February 2, 2016 Summit Partners’ acquisition of Perforce Software . Perforce provides a cloud-based source code management and collaboration platform to over 10,000 clients globally. The company’s software supports distributed high-change environments, favored by developers, as well as the centralized collaborative environment and large file support needed by operations teams. Ent. Value: NA EV / Revenue: NA Revenue: NA EV / EBITDA: NA . Summit is partnering with Perforce to capitalize on the rapidly growing collaborative development market opportunity, which is being driven by the increasing complexity within enterprise development and deployment environments. PAGE | 3 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 1Q 2016 SOFTWARE ACQUISITION ACTIVITY – STRATEGIC ACQUIRERS MOST ACTIVE STRATEGIC ACQUIRERS OF SOFTWARE ASSETS BY VOLUME (# of Transactions) . The 10 most active strategic software consolidators combined for 4 29 acquisitions in 1Q 2016, with IBM 2016 being the most active. 12 10 2015 . IBM is actively expanding its 5 presence in higher-margin 2014 businesses like cloud, security, and 13 4 2013 analytics to offset the decline in its 2 18 3 2012 28 10 perpetual licensing business. The 6 9 company’s investment in these 3 2 4 1 1 areas grew 24% to $28.9 billion in 3 3 9 6 6 constant currency terms in 2015. 10 8 8 5 4 9 5 1 Notable 1Q 2016 transactions 5 5 5 2 7 9 include Truven Health Analytics, 12 9 8 10 7 5 7 5 7 Optevia, IRIS Analytics, and Resilient, 2 3 among others. GLOBAL STRATEGIC ACQUIRER SOFTWARE M&A ACTIVITY BY VOLUME (# of Transactions) . Global strategic software M&A registered 406 transactions in 1Q 2016, which was slightly below the last three quarters, but still among the most active quarters in the last four years. Historically, software M&A has largely been driven by big technology companies; however, in 454 438 435 412 402 406 recent years, many large non- 379 362 371 352 352 333 340 traditional technology companies 327 324 309 like GE and Schneider, have become more active in the sector as their business models are being disrupted by new technologies seeking to capitalize on secular trends involving data and the 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 internet of things. Note: Includes control investments only. PAGE | 4 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 1Q 2016 SOFTWARE ACQUISITION ACTIVITY – PRIVATE EQUITY MOST ACTIVE PRIVATE EQUITY BUYERS OF NEW SOFTWARE PLATFORMS BY VOLUME (# of Platform Transactions) . The 10
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