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2Q10 Software Industry Equity Report.Pdf ABOUT OUR FIRM Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions. 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, including Software-as-a Service (SaaS), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value. Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than eighteen thousand industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. Software Equity Group’s senior bankers have keynoted and spoken at more than one hundred software industry conferences and seminars, including Software Business, SoftExpo, Culpepper, VAR Conference, ACETECH, and the Arizona, Colorado, Chicago, Southern California, Denver, San Diego, Washington State and Boulder Software Associations. Software Equity Group, LLC 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800 f: (858) 509-2818 Software Equity Group, L.L.C. 2Q 2010 Software Industry Equity Report Contents U.S. ECONOMY: SOFTWARE INDUSTRY MACROECONOMICS........................................................................ 1 IT SPENDING............................................................................................................................................................ 1 PUBLIC SOFTWARE COMPANY STOCK PERFORMANCE ................................................................................. 3 PUBLIC SOFTWARE COMPANY MARKET VALUATIONS ................................................................................... 3 PUBLIC SOFTWARE COMPANY FINANCIAL PERFORMANCE .......................................................................... 5 PUBLIC SOFTWARE COMPANY PERFORMANCE BY PRODUCT CATEGORY ................................................ 6 PUBLIC SOFTWARE AS A SERVICE (SAAS) COMPANY MARKET VALUATIONS AND FINANCIAL PERFORMANCE....................................................................................................................................................... 7 PUBLIC INTERNET COMPANY MARKET VALUATIONS AND FINANCIAL PERFORMANCE ........................... 8 INITIAL PUBLIC OFFERINGS................................................................................................................................ 10 MERGERS AND ACQUISITIONS: THE NUMBERS.............................................................................................. 12 M&A DEAL VOLUME AND SPENDING: ALL INDUSTRY SECTORS ............................................................................... 12 SOFTWARE M&A DEAL VOLUME AND SPENDING..................................................................................................... 12 SOFTWARE M&A DEAL CURRENCY ........................................................................................................................ 14 PRIVATE VS. PUBLIC BUYERS ................................................................................................................................. 14 SOFTWARE M&A VALUATIONS ............................................................................................................................... 15 M&A EXIT VALUATIONS BY SOFTWARE CATEGORY................................................................................................. 17 SAAS .................................................................................................................................................................... 18 APPENDIX A: 2Q10 PUBLIC MARKET VALUATIONS AND STATISTICS BY PRODUCT CATEGORY........... 19 APPENDIX B: 2Q10 MERGERS AND ACQUISITIONS, SELECT PUBLIC SELLER VALUATIONS.................. 22 APPENDIX C: 2Q10 MERGERS AND ACQUISITIONS, MOST ACTIVE BUYERS ............................................. 23 APPENDIX D: 2Q10 MERGERS AND ACQUISITIONS, SOFTWARE INDUSTRY MEGA-DEALS..................... 24 APPENDIX E: YTD MERGERS AND ACQUISITIONS, SELECT SOFTWARE-AS-A-SERVICE SELLERS ....... 25 APPENDIX F: 2Q10 MERGERS AND ACQUISITIONS – DEAL INSIGHT (CONTINUED) .................................. 27 This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights. Copyright © 2010 Software Equity Group, L.L.C., All Rights Reserved Software Equity Group, L.L.C. Investment Banking / Mergers & Acquisitions Figure 1: U.S. Gross Domestic Product and Unemployment Rate 10% GDP % Growth 8% Unemployment Rate 6% 5.6% 4.8% 4.4% 3.6% 3.9% 4% 3.6% 3.5% 3.2% 3.0% 3.0% 2.7% 2.5% 2.6% 2.7% 2.1% 2.1% 2.2% 2% 1.3% 1.1% 1.2% 1.5% 0% 2004 2005 2006 2007 2008 2009 2010 -0.7% -0.7% -2% -2.7% -4% -5.4% -6% -6.4% -8% U.S. ECONOMY: SOFTWARE INDUSTRY MACROECONOMICS As of our publication date, 1Q10’s growth rate Fed appear almost equally divided, with some was revised downward from 3.0% to 2.7%, and forecasting continued growth, restored consumer the U.S. GDP growth rate for the second quarter confidence and a housing market recovery, while is now forecast to increase an encouraging 4.4%, others talk of a “double dip” recession and marking the fourth consecutive quarter of deflation. Time will tell, but for the time being, economic expansion (Figure 1). economic uncertainty reigns. The 2Q10 forecast seems a bit optimistic in light Jobs remained in relatively scarce supply. The of recently released economic data. The U.S. U.S. unemployment rate held steady in 2Q10 at Conference Board’s Leading Economic Index 9.7% for the second consecutive quarter. While (LEI) inched up 0.4% in May, following no change the jobless rate has declined modestly from its in April and a 1.4% increase in March. Five of the 4Q09 high of 10.1%, it remains stubbornly high – ten indicators that make up The U.S. Conference especially when compared to the 5.3% jobless Board’s LEI increased in May. The positive rate just two years ago (Figure 1). Still, total contributors, beginning with the largest positive private employment increased by 116,000 jobs in contributor, were interest rate spread, real money 2Q10, with most new jobs created in the supply, average weekly manufacturing hours, the healthcare, mining and manufacturing sectors. index of consumer expectations and Federal government employment also rose and manufacturers' new orders for consumer goods fell, reflecting the hiring and subsequent and materials. The negative contributors, elimination of temporary workers for Census beginning with the largest negative contributor, 2010. We believe the economy will continue to were stock prices, building permits, stabilize and the unemployment rate will ebb manufacturers' new orders for nondefense capital further – albeit slowly and modestly – in 2H2010. goods, the index of supplier deliveries (vendor performance) and average weekly initial claims for IT SPENDING unemployment insurance (inverted). As a point of reference, our readers will recall that Current sentiments about the pace and trajectory large enterprises cut back sharply on spending for of a sustained economic recovery seem to reflect software, hardware and IT services in 2009. the “glass half full” or “glass half empty” outlook of Following IT spending increases of 9% in 2007 the particular prognosticator. Economists and the and 6% in 2008, IT capital spending declined by 1| 2Q10 SOFTWARE INDUSTRY EQUITY REPORT www.softwareequity.com Copyright © 2010 Software Equity Group, L.L.C., All Rights Reserved Software Equity Group, L.L.C. Investment Banking / Mergers & Acquisitions more than 10% in 2009. To provide some As for enterprise adoption of SaaS applications, perspective, we estimate every percentage CIO negativity seems to be dissipating. In increase/decrease in IT spending equates to Goldman’s latest survey, CIOs who will not
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