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Technology, Media, & Telecom TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 2Q 2016 www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 2Q 2016 HARRIS WILLIAMS & CO. OVERVIEW HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM CONTENTS . DEAL SPOTLIGHT . M&A TRANSACTIONS – 2Q 2016 KEY FACTS . SOFTWARE M&A ACTIVITY . 25 year history with over 120 . SOFTWARE SECTOR OVERVIEWS closed transactions in the . SOFTWARE PRIVATE PLACEMENTS last 24 months OVERVIEW . 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 INTERNET & DIGITAL MEDIA Managing Director [email protected] . Enterprise Software . IT and Tech-enabled . AdTech and Marketing . Digital Media and Content Services Solutions Mike Wilkins . Data and Analytics . eCommerce Managing Director . Infrastructure and . Data Center 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 RECENT HW&CO. TMT TRANSACTIONS Baarsma B2C trades as: has been to be acquired by has acquired 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 │ 2Q 2016 DEAL SPOTLIGHT – WORKPLACE SYSTEMS HW&Co.’s TMT Group advised LDC and its portfolio company, Workplace Systems, on its sale to WorkForce Software, a portfolio company of Insight Venture Partners. Acquisition enhances WorkForce Software’s existing workforce management offering and expands its global footprint with the premier employee-focused forecasting and scheduling solution for the retail and hospitality sectors. Combining Workplace’s highly accurate forecasting and scheduling software and mobile platform with WorkForce’s existing offering creates a highly differentiated has been acquired by workforce management platform that more efficiently allocates resources and employee time, providing corporations and employees with greater visibility into the scheduling process. Together, these two companies create a leading global player in the workforce management software arena, with highly complementary SaaS-based solutions, June 9, 2016 customers and cultures. ABOUT WORKPLACE SYSTEMS . Workplace offers SaaS-based, employee-focused forecasting and scheduling software, with a proprietary optimization solution, for employers of hourly-paid workers in complex, consumer-facing environments, notably in the retail and hospitality sectors. Workplace’s client base spans 65 countries and includes some of the world’s largest retailers and respected luxury brands that are responsible for managing over 500,000 workers each day. Founded in 1986, Workplace is headquartered in the United Kingdom with additional offices in the U.S. and Australia. PAGE | 2 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 2Q 2016 SELECT SOFTWARE M&A TRANSACTIONS – 2Q 2016 July 20, 2016 The Hearst Corporation’s acquisition of MedHOK . MedHOK provides a SaaS-based platform that enables healthcare payers to ensure regulatory compliance and succeed in the emerging value-based reimbursement model. The company captures pharmacy and medical data into a single platform, creating a 360° view of members, allowing payers Ent. Value: HW&Co. EV / Rev: HW&Co. to identify / target health risks, intelligently trigger interventions, and improve quality of care throughout the continuum of care. Revenue: HW&Co. EV / EBITDA: HW&Co. MedHOK will become part of Hearst Health, a network of healthcare companies that serves nearly 180 million individuals, and will help its partners improve the quality of care as the industry shifts towards a value-based reimbursement model. July 7, 2016 Thoma Bravo’s acquisition of Elemica . Elemica provides a cloud-based supply chain operating network that helps companies to reduce costs with trading partners. The company serves customers across the chemical, energy, plastics, and other process markets, with notable clients such as Dow Chemical, Michelin, and Shell, and processes a reported $400 billion in commerce value annually on its network. Ent. Value: NA EV / Revenue: NA . Post acquisition, Thoma Bravo will support Elemica in developing next-generation technologies that can broaden the Revenue: NA EV / EBITDA: NA capabilities of the company’s supply chain platform. May 24, 2016 TA Associates’ majority investment in Professional Datasolutions . Professional Datasolutions (PDI) provides enterprise resource planning software that addresses various functional areas, including retail automation, supply chain management, workforce management, analytics, and financial reporting. The company’s client base includes more than 300 convenience store retailers and petroleum wholesale marketers, Ent. Value: NA EV / Revenue: NA representing more than 31,000 locations worldwide. Revenue: NA EV / EBITDA: NA . TA Associates is partnering with PDI and will support various growth initiatives, including further investment in development resources to support new products and providing acquisition capital to improve the company’s strong market position. May 18, 2016 Genstar Capital’s acquisition of Accruent . Accruent is a global provider of property and facility management software and services to the real estate, retail, healthcare, education, telecom, and public sector industries, among others. The company’s customer base is comprised of over 5,400 organizations, including 40% of the top 100 retailers, 20% of the Ent. Value: NA EV / Revenue: NA Fortune 500, and all of the top five U.S. wireless carriers. Revenue: NA EV / EBITDA: NA . Post acquisition, Genstar will support management in its pursuit of various organic and inorganic growth initiatives to fortify the company’s leadership position in the U.S. and internationally. April 6, 2016 ABRY Partners’ acquisition of a majority stake in SambaSafety . SambaSafety provides SaaS-based driver risk management software and information to employers, insurance companies, background screeners, and fleet management companies. The company’s solutions enable clients with large commercial and non-commercial fleets to easily identify and address unsafe Ent. Value: NA EV / Revenue: NA driving behavior and take the appropriate actions necessary to maintain the safety of drivers and passengers. Revenue: NA EV / EBITDA: NA . ABRY's investment demonstrates the growing importance of driver risk solutions today, and strategically positions SambaSafety to be a transformative force in the market. PAGE | 3 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 2Q 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 46 acquisitions in 1H 2016, with IBM 1H 2016 and Microsoft being the most active 6 with 20 collective acquisitions to 2015 date. 12 12 2014 8 . Microsoft is actively pursuing 2013 investments that enhance its Azure 13 5 5 2012 and cloud services capabilities 18 3 through analytics and machine 28 10 6 9 learning, and expanding its 4 2 2 3 4 3 2 presence in mobile. Recent 9 6 6 3 10 8 5 8 4 investments in Solair and Wand Labs 9 1 5 5 5 2 7 are part of a broader strategy 12 5 9 9 7 8 10 7 7 towards developer integration as 5 5 2 3 Microsoft seeks to redefine computer interaction through software. GLOBAL STRATEGIC ACQUIRER SOFTWARE M&A ACTIVITY BY VOLUME (# of Transactions) . Global strategic software M&A registered 345 transactions in 2Q 2016, representing the lowest volume quarter since 1Q 2015, but remains in line with historical averages over the last four years. Strategic software M&A cooled in 1H 2016, with the fewest number of deals and lowest deal value since 454 437 434 412 402 406 1H 2014. After a strong 2015, many 371 362 352 352 340 345 active acquirers are digesting past 333 327 324 309 acquisitions
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