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Salesforce.Com Acquires Exacttarget TRANSACTION COMMENTS Salesforce.Com, Inc (NYSE:CRM) Signed a Definitive Agreement to Acquire Exacttarget, Inc

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Salesforce.Com Acquires Exacttarget TRANSACTION COMMENTS Salesforce.Com, Inc (NYSE:CRM) Signed a Definitive Agreement to Acquire Exacttarget, Inc salesforce.com Acquires ExactTarget TRANSACTION COMMENTS salesforce.com, inc (NYSE:CRM) signed a definitive agreement to acquire ExactTarget, Inc. (NYSE:ET) from a group of shareholders for $2.5 billion in cash on June 3, 2013. The group of shareholders includes Battery Ventures, Collina Ventures LLC, Greenspring Associates, Inc., Insight Venture Partners, SAP Ventures, Scale Venture Partners and others. Salesforce will pay $33.75 for each outstanding share of ExactTarget. The transaction is expected to close late in salesforce.com's fiscal second quarter, ending July 31, 2013. Marty Korman and Mike Ringler of Wilson Sonsini Goodrich & Rosati acted as legal advisors for salesforce while Howard B. Adler and Christopher D. Dillon of Gibson, Dunn & Crutcher LLP acted as legal advisors for ExactTarget. BofA Merrill Lynch acted as the financial advisor to salesforce.com. JP Morgan acted as the financial advisor to ExactTarget. STRATEGIC RATIONALE salesforce.com continues to build out its marekting cloud offerings by acquiring ExactTarget. The ExactTarget acquisition comes on the heels of acquiring Buddy Media for $745M last year and Radian6 in 2011. Salesforce, and other software providers, are rapidly enhancing their marketing offerings as forecasts suggest the CMO will spend more on technology than the CTO/CIO in years to come. According to Gartner, marketing was the fastest growing CRM category in 2012, growing at 21%, more than four times the software industry norm. The marketing category as a whole is undergoing rapid transformation due to the explosion of social and mobile which offer new and unique ways to for brands to reach the end customer. ExactTarget provides the multi-channel digital marketing capabilities which complement salesforce.com's strengths in CRM and social marketing. GENERAL TRANSACTION DETAILS IMPORTANT DATES Transaction Currency n/a Pre Announcement Date 6/3/2013 Target Primary Industry n/a Offer Date 6/4/2013 Transaction Features Acquisition of Equity Stake Bid Made Date n/a Majority/Minority Stakes Majority Letter of Intent Date n/a Change of Control Yes Def. Agreement Date 6/3/2013 Accounting Method n/a Closed Date n/a Deal Attitude n/a Cancelled/Withdrawn Date n/a DEAL VALUES Total Consideration to Shareholders 2,350.6 Total Gross Transaction Value 2,350.6 Implied Equity Value 2,350.6 Implied Enterprise Value 2,249.6 Implied Enterprise Value/LTMRevenue 7.1x Implied Enterprise Value/NTM Revenue 5.7x Implied Enterprise Value/LTMEBITDA NM Implied Enterprise Value/NTM EBITDA NM Implied Enterprise Value/LTMEBIT NM Implied Enterprise Value/NTM EBIT NM Implied Equity Value/LTMNet Income NM Offer Price/NTM Earnings NM Implied Equity Value/Book Value 8.5x Offer Price/Forward Book Value 9.2x TRANSACTION DETAILS Deal Conditions Approval of Offer by Target / Acquirer Board; Minimum Tender; Subject to Antitrust Regulations Response to Conditions n/a Change of Control Yes Deal Approach n/a Minority/Majority Stake Majority Deal Attitude n/a Accounting Method n/a Special Committee Unknown Sell-Side Termination Fee n/a Sell-Side Termination Fee (%) #VALUE! Buy-Side Termination Fee n/a Buy-Side Termination Fee (%) #VALUE! CONSIDERATION SUMMARY Offered Current/Final Date 6/4/2013 Date n/a Consideration to Shareholders 2,350.6 Consideration to Shareholders 2,350.6 Offer per Share 33.75 Offer per Share 33.75 Total Cash 2,350.6 Total Cash 2,350.6 Total Stock n/a Total Stock n/a Total Debt n/a Total Debt n/a Total Hybrid n/a Total Hybrid n/a Total Preferred n/a Total Preferred n/a Total Rights/Warrants/Options n/a Total Rights/Warrants/Options n/a Cash % Of Consideration 100.0% Cash % Of Consideration 100.0% Stock % of Consideration 0.0% Stock % of Consideration 0.0% salesforce.com Acquires ExactTarget PREMIUM ANALYSIS Stock Price - 1 Day Prior 22.10 Premium - 1 Day Prior 52.7% Stock Price - 1 Week Prior 22.90 Premium - 1 Week Prior 47.4% Stock Price - 1 Month Prior 21.34 Premium - 1 Month Prior 58.2% TRANSACTION VALUES Offered Current/Final Consideration to Shareholders 2,350.6 Consideration to Shareholders 2,350.6 Other Consideration n/a Other Consideration n/a Total Earnouts n/a Total Earnouts n/a Total Rights/Warrants/Options n/a Total Rights/Warrants/Options n/a Net Assumed Liabilities -101.0 Net Assumed Liabilities -101.0 Adjustment Size n/a Adjustment Size n/a Total Net Transaction Value 2,249.6 Total Net Transaction Value 2,249.6 Total Cash & Short Term Investments 101.0 Total Cash & Short Term Investments 101.0 Total Gross Transaction Value 2,350.6 Total Gross Transaction Value 2,350.6 % Sought 100.0% % Sought 100.0% Implied Enterprise Value 2,249.6 Implied Enterprise Value 2,249.6 Implied Equity Value 2,350.6 Implied Equity Value 2,350.6 Enterprise Value Multiples, Offered Enterprise Value Multiples, Current/Final Implied Enterprise Value/LTM Total Revenues 7.1x Implied Enterprise Value/LTM Total Revenues 7.1x Implied Enterprise Value/LTM EBITDA NM Implied Enterprise Value/LTM EBITDA NM Implied Enterprise Value/LTM EBIT NM Implied Enterprise Value/LTM EBIT NM Equity Value Multiples, Offered Equity Value Multiples, Current/Final Implied Equity Value/LTM Net Income NM Implied Equity Value/LTM Net Income NM Implied Equity Value/Book Value 8.5x Implied Equity Value/Book Value 8.5x PRE-DEAL SHARE PERFORMANCE Acquirer Information Target Information Acquirer Share Price - 1 Day Prior 41.04 Target Share Price - 1 Day Prior 22.10 Acquirer Market Cap. - 1 Day Prior 24,210.9 Target Market Cap. - 1 Day Prior 1,531.0 Acquirer 52 Week High - 1 Day Prior 47.58 Target Stock 52 Week High - 1 Day Prior 24.93 Acquirer 52 Week Low - 1 Day Prior 30.05 Target Stock 52 Week Low - 1 Day Prior 17.25 Acquirer % of 52 Week Low 136.6% Target % of 52 Week Low 128.1% Acquirer % of 52 Week High 86.3% Target % of 52 Week High 88.6% Acquirer LTM Return (%) 25.1% Target LTM Return (%) 2.6% ACQUIRER LTM FINANCIALS (AT ANNOUNCEMENT) TARGET LTM FINANCIALS (AT ANNOUNCEMENT) Acquirer Filing Currency n/a Target Filing Currency n/a Total Revenue n/a Total Revenue n/a EBITDA n/a EBITDA n/a Diluted EPS n/a Diluted EPS n/a Total Cash & St. Investments n/a Total Cash & St. Investments n/a Net Debt n/a Net Debt n/a Total Debt n/a Total Debt n/a Total Assets n/a Total Assets n/a Total Preferred n/a Total Preferred n/a Total Common Equity n/a Total Common Equity n/a Minority Interest n/a Minority Interest n/a EBIT n/a EBIT n/a Earnings From Continuing Ops. n/a Earnings From Continuing Ops. n/a Net Income n/a Net Income n/a Sources: S&P Capital IQ, Software Equity Group, salesforce.com press release, TechCrunch Software Equity Group did not act as the adviser in this transaction. Unmatched Expertise. Extraordinary Results Overview Deal Team Software Equity Group is an investment bank and M&A advisory firm serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including Ken Bender privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Managing Director Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, (858) 509-2800 ext. 222 Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's [email protected] leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions. R. Allen Cinzori Managing Director Services (858) 509-2800 ext. 226 [email protected] 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. We Dennis Clerke have profound understanding of software company finances, operations and valuation. We monitor and Executive Vice President analyze every publicly disclosed software M&A transaction, as well as the market, economy and (858) 509-2800 ext. 233 technology trends that impact these deals. We offer a full complement of M&A execution to our clients [email protected] worldwide. Our capabilities include:. Brad Weekes Sell-Side Advisory Services – leveraging our extensive industry contacts, skilled professionals and Vice President proven methodology, our practice is focused, primarily on guiding our client s wisely toward the (858) 509-2800 ext. 239 achievement of their exit objectives. [email protected] Buy-Side Advisory Services – utilizing a proven buy-side methodology, we help our clients acquire strategically, assess insightfully, value intelligently and structure transactions to better assure their desired outcome. Kris Beible Director, Business Development Management Buyouts & Recapitalization – assisting founders and owners of software and (858) 509-2800 ext. 227 technology comp anies to gain full or ppqyygpartial liquidity by facilitating capital investments b ypqyy private equity [email protected] firms and other financial institutions. Private Equity & Debt Placement – facilitating private companies with leading institutional investors for financings that range from $5 million to $500 million. 12220 El Camino Real, Suite 320 Mentoring Program – providing guidance to software companies contemplating an exit to ensure San Diego, CA 92130 (858) 509-2800 (P) they’re doing everything now to better their odds and enhance their future exit valuation ahead. (858) 509-2818 (F) www.softwareequity.com Transactions We’ve enjoyed serving our software clients for 20 years and have highlighted a small subset of companies we’ve assisted:.
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