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Software Sector Summary Report

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Software Sector Summary Report Software COMPANYSector PRESENTATION Summary Week of October 2, 2017 1 DEAL DASHBOARD Software $35.9 Billion 470 $29.1 Billion 76 Financing Volume YTD (1)(2) Financing Transactions YTD (1)(2) M&A Volume YTD (3) M&A Transactions YTD (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) $Bn $Bn (61)% Company Amount ($MM) 43% Target Acquirer EV ($MM) $14 $50 $270 $12 $41 $3,903 $10 $11 $9 $6 $6 $24 $250 $6 $5 $1,125 $16 $15 $12 ( ) $12 $6 $5 $70 $834 ( ) Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 $45 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $614 36% $35 9% $531 156 160 154 127 118 123 103 111 $35 94 29 29 29 29 $382 24 24 26 21 $32 14 $344 $26 $270 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6) 35.0% SPX IGV All Buyers Strategic Buyers PE Buyers 30.0% 30% 6 ` 5.3x Financing Activity by Quarter 4.7x 4.9x 5 4.5x 4.6x 25.0% 4.2x 4.3x 4.0x 4.1x 3.9x 3.9x 3.7x 20.0% 4 3.6x 3.1x 16% 2.7x 2.9x 2.9x 15.0% 3 2.5x 2.5x 2.5x 2.2x 10.0% 2 5.0% 1 0.0% 0 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 2011 2012 2013 2014 2015 2016 2017 (5.0%) (10.0%) Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 09/29/2017. 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 CY2017. 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 Peter Bang Sean Minnihan Managing Director Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology Financial Services FinTech [email protected] [email protected] Financial Software Financial Software [email protected] [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, Sascha Pfeiffer, Stephen Georgiadis and Tobias Schultheiss are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium Limited, 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 35% 70% 30% 55% 25% 20% 40% 15% 25% 10% 5% 10% 0% Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 (5%)Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 (5%) (10%) (20%) (15%) (35%) Sector 3 Months 1 Year 3 Years Platform 4.9% 21.2% 43.6% Security 7.9% 18.7% 37.5% Infrastructure 11.8% 21.3% 26.7% BI & Analytics 10.3% 21.1% 6.4% Vertical 5.2% 15.9% 47.6% SaaS / On Demand 9.2% 28.8% 65.9% Notes: Source: Capital IQ. Market Data as of 09/29/2017. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: ADBE, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA 7.0x 6.5x 40.0x 37.2x Median: 29.1x 6.0x 5.6x 5.5x 5.3x 35.0x Median: 5.4x 29.4x 29.3x 29.0x 30.0x 27.8x 5.0x 4.3x 4.1x 25.0x 4.0x 20.0x 3.0x 14.0x 15.0x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Vertical Infrastructure Platform Security BI & Analytics SaaS Security Vertical BI & Analytics Infrastructure Platform 2017E / 2016A Revenue Growth 2017E EBITDA Margin 40.0% 40.0% 37.1% 35.0% 35.0% Median: 16.7% Median: 22.0% 30.0% 30.0% 25.0% 24.6% 22.9% 25.0% 22.4% 25.0% 21.2% 17.8% 20.0% 15.5% 15.3% 20.0% 16.9% 14.2% 15.0% 12.8% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS Infrastructure BI & Analytics Security Vertical Platform Platform Infrastructure Vertical Security SaaS BI & Analytics Notes: Source: Capital IQ. Market Data as of 09/29/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: ADBE, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, 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 9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E Platform Microsoft Corporation $74.49 $573,740 ($40,403) $533,337 6.2x 5.3x 4.9x 19.2x 13.7x 12.7x 35.1x 22.6x 22.1x (2.7%) 16.8% 7.8% 32.4% 38.9% 39.1% Oracle Corporation $48.35 201,788 (13,606) 188,182 5.1 4.8 4.7 12.9 10.5 9.8 23.1 16.8 15.7 (0.6%) 4.7% 3.8% 39.2% 46.1% 47.4% International Business Machines Corporation $145.08 135,206 33,379 168,585 2.1 2.2 2.2 9.1 9.2 9.0 11.7 10.5 10.5 (2.2%) (2.5%) (0.1%) 23.2% 23.6% 24.2% SAP SE $109.44 131,212 1,897 133,109 5.7 4.7 4.4 20.9 13.5 13.0 34.1 22.2 20.2 3.1% 21.0% 6.6% 27.4% 35.0% 34.1% Adobe Systems Incorporated $149.18 73,537 (3,479) 70,058 12.0 9.7 8.1 38.4 23.0 19.0 64.3 35.4 28.7 22.1% 23.8% 19.7% 31.1% 42.0% 42.6% Mean 6.2x 5.3x 4.9x 20.1x 14.0x 12.7x 33.7x 21.5x 19.4x 3.9% 12.8% 7.5% 30.7% 37.1% 37.5% Median 5.7 4.8 4.7 19.2 13.5 12.7 34.1 22.2 20.2 (0.6%) 16.8% 6.6% 31.1% 38.9% 39.1% Infastructure VMware, Inc.
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