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Quarterly Software Sector Review | 4Q 2019 Software Sector Review | 4Q 2019

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Quarterly Software Sector Review | 4Q 2019 Software Sector Review | 4Q 2019 QUARTERLY SOFTWARE SECTOR REVIEW | 4Q 2019 SOFTWARE SECTOR REVIEW | 4Q 2019 . DEALS SPOTLIGHT . M&A TRANSACTIONS – 4Q 2019 . SOFTWARE M&A ACTIVITY . Founded in 1991 . SOFTWARE SECTOR OVERVIEWS . SOFTWARE PRIVATE PLACEMENTS . 370+ professionals across eight . SOFTWARE PUBLIC COMPARABLES offices globally . TECHNOLOGY IPOS . 180+ closed transactions in last 24 . DEBT MARKETS months . APPENDIX: PUBLIC COMPARABLES DETAIL . 10 industry groups Managing Director HW Office [email protected] Managing Director [email protected] Managing Director [email protected] . Architecture, Engineering, . Facilities and Real Estate . Compliance Software . Infrastructure and Security and Construction Technology Software Managing Director . CRM and Member [email protected] . eCommerce and Retail . Financial Technology Management Software . IT and Tech Enabled Services Software . Government Technology . Data and Analytics . Managed Services, Hosting, . Education Technology . Healthcare IT . Enterprise Software Data Center Solutions . Energy Technology . Online Marketing, Data, and Managing Director . Industrial and Supply . Human Capital Management [email protected] Chain Software Research *[email protected] SOFTWARE SECTOR REVIEW | 4Q 2019 HW’s TMT Group advised Receipt Bank on its $73 million Series C Capital Raise from Insight Partners, Augmentum Fintech, Kennet Partners, and Canadian Imperial Bank of Commerce. Receipt Bank is a leading provider of a digital bookkeeping platform for SMBs and professional accountants, offering proprietary machine learning technology that fully automates workflows across bookkeeping and accounting functions. The Company’s SaaS, AI-powered bookkeeping provides market-leading accuracy, scale, and speed, saving SMBs and bookkeepers hundreds of hours of administrative work and enabling them to focus on their business and drive revenue. has received an investment from Receipt Bank serves the $500 billion global accounting and bookkeeping services market and partners with more than 9,000 bookkeeping and accounting firms to serve over 300k SMBs. Managing Director Managing Director Director Director Vice President [email protected] [email protected] [email protected] [email protected] [email protected] +44 20 7518 8901 +1 617-654-2133 +44 20 7518 8909 +44 20 7518 8917 +44 20 7518 8926 SOFTWARE SECTOR REVIEW | 4Q 2019 • Buildium provides cloud-based real estate software solutions to more than 17,000 real estate professionals in over 50 countries, totaling approximately two million residential units under management. • The Company’s real estate SaaS platform facilitates a wide variety of functions such as accounting, leasing, document storage, and Enterprise Value: $580M EV / Revenue: 11.6x tenant screening. Revenue: $50M EV / EBITDA: NA • Post acquisition, RealPage will expand Buildium’s platform by incorporating both as new capabilities that improve the renter leasing / occupancy experience, improve the recovery of fees, enhance payment processing capabilities, and expand insurance offerings. • VividCortex provides SaaS-based database performance management software for monitoring open source databases. • The Company’s database management solutions monitor and analyze database workloads and query performance in real time, to provide DBAs with visibility into database and query performance. Enterprise Value: $117M EV / Revenue: NA • The acquisition of VividCortex will meaningfully expand SolarWinds' legacy database monitoring solutions by integrating the Revenue: NA EV / EBITDA: NA capability to manage modern, open-source databases. • Onshape provides a cloud-based product development platform that unifies computer aided design (CAD) software with data management and collaboration tools, for over 5,000 commercial users. • The Company's 3D CAD platform enables designers and engineers to improve collaboration and reduce the time required to bring Enterprise Value: $470M EV / Revenue: NA products to market. Revenue: NA EV / EBITDA: NA • The acquisition of Onshape allows PTC to take advantage of the CAD and PLM market’s transition toward SaaS delivery models and accelerates their ability to win new customers while fortifying their existing solutions. • Capsilon provides AI-powered mortgage automation software for mortgage lenders, investors, and servicers, including six of the top 10 originators and service providers. • The Company’s digital mortgage platform provides automated document recognition, classification, and data extraction tools, Enterprise Value: NA EV / Revenue: NA enabling lenders and servicers to decrease costs and timeline for loan origination, acquisition, and servicing. Revenue: NA EV / EBITDA: NA • Post acquisition, Ellie Mae will integrate Capsilon’s AI data solutions with their existing lending platform to offer a comprehensive, SaaS mortgage platform. • HireVue provides a comprehensive suite of AI-driven talent assessment and video interviewing solutions to over 700 customers, including one-third of the Fortune 100. • The Company's recruiting software combines industrial and organizational science with predictive AI capabilities to enable Enterprise Value: NA EV / Revenue: NA organizations to find and engage high quality talent. Revenue: NA EV / EBITDA: NA • Following the acquisition, HireVue will leverage Carlyle’s capital and operational expertise to accelerate product innovation and development, and expansion globally and into adjacent markets. SOFTWARE SECTOR REVIEW | 4Q 2019 (# of Transactions) . Activity among the 10 largest strategic 2019 software acquirers decreased slightly 2018 compared to 2018, with 49 acquisitions 2017 in 2019. 2016 . Microsoft was the most active strategic acquirer in 2019, completing 11 acquisitions. Notable 4Q 2019 strategic software transactions include RealPage’s acquisition of Buildium, Microsoft’s acquisition of Mover, and Salesforce’s acquisition of ClickSoftware Technologies. (# of Transactions) . Global strategic software M&A registered 527 acquisitions in 4Q 2019, representing a 17% increase over 4Q 2018. 2019 was highlighted by enterprise software providers expanding their data analytics and business intelligence capabilities through multibillion-dollar acquisitions. Notable deals include 527 492 504 51 2 Google’s $2.6 billion acquisition of 452 Looker Data Sciences, Salesforce’s 406 402 394 41 0 358 380 380 $15.7 billion acquisition of Tableau, and 340 350 348 323 SAP’s $8 billion acquisition of Qualtrics. 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 Note: Includes control investments only. SOFTWARE SECTOR REVIEW | 4Q 2019 (# of Platform Transactions) . The 10 most active software investors completed 61 new platform investments 2019 in 2019. Activity among the most active 2018 private equity software buyers remained 2017 on pace with 2018 levels. 2016 . Thoma Bravo remained the most active software private equity firm in 2019, completing 11 platform acquisitions. Notable 4Q 2019 private equity platform acquisitions include Vista Equity’s acquisition of Sonatype, Thoma Bravo’s take private of Sophos Group, and Providence Equity’s acquisition of n2y. (# of Platform Transactions) . Globally, private equity buyers registered 105 new software platform investments in 4Q 2019, a slight increase from 4Q 2018. Private equity investment across the software sector continues to exhibit strong momentum as dry powder is at all-time highs and fundraising activity for technology funds remains robust. 1 05 1 07 1 05 1 02 1 00 97 93 90 95 . 2019 was a record year for technology 82 80 83 72 72 focused private equity fundraising with 61 $68B raised across 34 new funds, 50 including Thoma Bravo, $12.6B, and Vista Equity Partners, $16.0B. 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 Note: Includes control new platform investments only. Excludes add-on acquisitions. SOFTWARE SECTOR REVIEW | 4Q 2019 . Application Software M&A 450 3.6x 3.5x 3.4x 3.4x registered 450 transactions in 412 400 4Q 2019, a 14% increase from 394 390 3.1x 380 the prior quarter. 366 373 3.0x 346 2.8x 336 2.7x 2.7x 316 314 2.5x . Median reported Application 307 2.5x 2.4x 2.4x 2.4x 298 291 2.4x Software M&A transaction 281 286 2.3x 2.3x multiples increased to 3.4x revenue in 4Q 2019. 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 . In 4Q 2019, vertical-specific Application Software 1/01/2020 Great Hill Partners; Spectrum Equity Sales Performance Mgmt. Business (IBM) Provider of sales software for monitoring and improving performance. NA NA companies continued to be Pending Silver Lake First Advantage Corporation Provider of background screening, identity, and information solutions to employers and housing providers. $1,500 NA Pending Apax Partners GRAITEC Innovation Provider of CAD, analysis and design solutions for the construction and engineering field. NA NA sought after by both strategic 1/07/2020 Calero Software (Riverside) MDSL Provider of market data management and telecom expense management solutions. $350 NA and financial buyers. 12/12/2019 Growth Street Partners HR Acuity Provider of employee relationship management software. NA NA 12/11/2019 Invesco RedBlack Software Provider of technology solutions to investment advisors, wealth managers, broker dealers, and financial institutions.
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