2015 strictly private and...

2015 STRICTLY PRIVATE AND CONFIDENTIAL

1 QUARTERLY TECH REPORT - 2015

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SECTION 1


3 QUARTERLY TECH REPORT – 2015, YEAR IN REVIEW: DIGITAL SERVICES

A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH

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DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND BROAD INDUSTRY NETWORKS

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=Xnpv6mT1mXrNHM&tbnid=3pJvLIYwfhFInM:&ved=0CAUQjRw&url=http://my.opera.com/community/opera/buttons/&ei=NuDXUv-XB8am0QXpzoGIBw&bvm=bv.59568121,d.bGE&psig=AFQjCNE6m80XE3hdbm-4Akuss3EvthcY7Q&ust=1389965726223087

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DIGITAL

SERVICES

QUARTERLY TECH REPORT – 2015, YEAR IN REVIEW: DIGITAL SERVICES

5

80

85

90

95

100

105

110

115

120


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Q4 2015 PERFORMANCE

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9.2%

5.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

IT / CONSULTING SERVICES MARKETING COMMUNICATIONS

15.1% 14.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%


1.9 x

1.4 x

0.0 x

0.2 x

0.4 x

0.6 x

0.8 x

1.0 x

1.2 x

1.4 x

1.6 x

1.8 x

2.0 x


11.4 x

10.1 x

0.0 x

2.0 x

4.0 x

6.0 x

8.0 x

10.0 x

12.0 x



REVENUE GROWTH (2015-16E) EV / REVENUE 2015E

EBITDA MARGIN 2015E EV / EBITDA 2015E


DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTION TARGET

LOCATION



LOCATION

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OPERATING METRICS VALUATION METRICS

PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA

COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016

IT / CONSULTING SERVICES

EBITDA MARGIN


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MARKETING COMMUNICATIONS

EBITDA MARGIN



PARTNER - LONDON PARTNER – NEW YORK PARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC

mailto:[email protected]








































SECTION 2


16 QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS


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http://www.covance.com/index.php

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=c0RRud0PBBv66M&tbnid=_v7sGUY1JN5xDM:&ved=0CAUQjRw&url=http://weijiblog.com/2010/03/42-merck/&ei=sEjUUdHsIcSJhQfd_ICgDw&bvm=bv.48705608,d.ZG4&psig=AFQjCNH22HylAPJvqj1KeOfdNdZOwjzjUQ&ust=1372953090294243

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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

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Q4 2

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LARGE CAP MID CAP


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SMALL CAP


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PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA

COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 HISTORICAL CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016

LARGE CAP

MID CAP

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PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA

COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 HISTORICAL CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016

SMALL CAP

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DIRECTOR – LONDON PARTNER – NEW YORK PARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC













































SECTION 3


25 QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH


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http://www.google.co.uk/url?sa=i&source=images&cd=&cad=rja&docid=DFQYiv0ak9F7FM&tbnid=JC0hUqObSsXtIM:&ved=0CAgQjRwwAA&url=http://miranda.hemscott.com/servlet/HsPublic?context=ir.access&ir_option=RNS_NEWS&item=45709189634603&ir_client_id=687&ei=XFtMUracJemM7QaDtIHgCg&psig=AFQjCNEyyjGJ5RmA-3O_m4xWlR5jBhRVwA&ust=1380822236675855


http://www.covance.com/index.php

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=c0RRud0PBBv66M&tbnid=_v7sGUY1JN5xDM:&ved=0CAUQjRw&url=http://weijiblog.com/2010/03/42-merck/&ei=sEjUUdHsIcSJhQfd_ICgDw&bvm=bv.48705608,d.ZG4&psig=AFQjCNH22HylAPJvqj1KeOfdNdZOwjzjUQ&ust=1372953090294243


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27 QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH LA

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HEALTHCARE IT - EUROPE HEALTHCARE IT - US BIOPHARMA IT


COMPANY IPO

DATE DESCRIPTION

RAISED ($M)

INDICATIVE PRICE RANGE ($)

IPO LISTING PRICE ($)

INCREASE VS. RANGE

DAY 1 INCREASE

CURRENT INCREASE(1)

CURRENT EV ($M)

EV / REVENUE 2015E

EV / EBITDA 2015E

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$M

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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH



LOCATION


DATE COMPANY TYPE OF ROUND

FUNDS RAISED ($M)

INVESTOR PARTICIPATION COMPANY DESCRIPTION COMPANY LOCATION



FUNDS RAISED ($M)


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GENERALISTS WITH SIGNIFICANT HEALTHTECH EXPOSURE

HEALTHCARE IT - EUROPE

HEALTHCARE IT - US

BIOPHARMA IT

EBITDA MARGIN

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH


MANAGER - LONDON PARTNER – NEW YORK PARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC









































SECTION 4


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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY


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OPPORTUNITY

OUTCOME

PAUL KENYON & MARK AUSTIN, FOUNDERS & CO-CEOS, AVECTO, COMMENT:

SITUATION


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Q4 2015 PERFORMANCE

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BROADLINE ENDPOINT NETWORK DATA

MONITORING

& ANALYSIS


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COMPANY IPO

DATE DESCRIPTION

RAISED ($M)

INDICATIVE PRICE RANGE ($)

IPO LISTING PRICE ($)

INCREASE VS. RANGE

DAY 1 INCREASE

CURRENT INCREASE(1)

CURRENT EV ($M)

EV / REVENUE 2015E

EV / EBITDA 2015E


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44 QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

TOTA

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DATE BUYER TARGET EV ($M) EV /

REVENUE EV /

EBITDA COMPANY DESCRIPTION

TARGET LOCATION

PE Consortium


http://www.trustmarque.com/partners/sophos/

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DATE BUYER TARGET EV ($M) EV /

REVENUE EV /

EBITDA COMPANY DESCRIPTION

TARGET LOCATION


https://datafloq.com/read/big-data-startup-review-metafor-software/590

https://login.opendns.com/

http://www.trustmarque.com/partners/sophos/

http://www.teamlogicit.com/partners/

https://www.nsense.net/

https://en.wikipedia.org/wiki/CA,_Inc.

https://www.linkedin.com/grp/post/4647606-6015717426493161475

https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://help.d-e.org/w/page/67661317/AVG switch to AVAST&ei=XzedVf2xOaqX7Qas5q6YBw&bvm=bv.96952980,d.ZGU&psig=AFQjCNGqWdz7xeO-lgr4-TJ5-F8Oc9ZqhA&ust=1436453086162360

http://www.privax.com/

https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://www.yourlogoresources.com/wp-content/uploads/2012/04/&ei=ZTqdVaLIOYLd7Qaexoq4Bg&bvm=bv.96952980,d.d24&psig=AFQjCNHx277YzQTVqJTAYQX3aPo_LwKYPg&ust=1436453859480750

http://news.softpedia.com/news/Welsh-Carson-Anderson-Stowe-to-Acquire-Alert-Logic-377082.shtml

https://www.simeiosolutions.com/

https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=https://twitter.com/lacoonsecurity&ei=_SidVay2MqPW7QbYnZmoBw&bvm=bv.96952980,d.ZGU&psig=AFQjCNHk5BnRow5i9mJpDpZVgOsjcVXBjQ&ust=1436449404013276

https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://mothership.sg/2015/01/everything-you-need-to-know-about-singtels-new-logo-in-60-seconds/&ei=bSqdVeyXEabd7Qa41oHQBw&bvm=bv.96952980,d.ZGU&psig=AFQjCNGhup09dvGNFVNiY74YWXlH_VLTVw&ust=1436449771192654

http://articles.chicagotribune.com/2013-11-11/business/chi-trustwave-acquisition-20131111_1_security-firm-new-york-firm-data

http://www.dividend.com/news/2014/raytheon-company-matches-eps-estimates-declares-dividend-rtn/

http://pulse2.com/2013/05/20/vista-equity-partners-acquires-websense-inc-wbsn-86286/

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FUNDS RAISED ($M)



48


FUNDS RAISED ($M)



https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=https://twitter.com/distil&ei=MySdVY6uNOWV7AbHxruICA&bvm=bv.96952980,d.ZGU&psig=AFQjCNECstfFkxkvIb8hbJ2ieytFEx6Qmg&ust=1436448178286929

49 QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN EBITDA MARGIN


BROADLINE

ENDPOINT

NETWORK

DATA

MONITORING & ANALYSIS


REVENUE EBITDA

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DIRECTOR – LONDON


PARTNER – NEW YORK PARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC












































SECTION 5


52


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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH


53 QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

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Q4 2015 PERFROMANCE

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ADTECH DIVERSIFIED INTERNET MARTECH DATA

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Q4 2

015


http://uk.tremorvideo.com/

http://www.google.com/url?sa=i&source=images&cd=&cad=rja&docid=eZ-_KQo9-ow3BM&tbnid=LU3R-z5avIx_YM:&ved=0CAgQjRwwAA&url=http://www.designboom.com/design/yahoo-unveils-brand-new-logo-design/&ei=P-kuUqKUE8eJ7Ab85YHQBw&psig=AFQjCNG-I-m4ZE5b63nsTcDztTU5jk4m2g&ust=1378892479376534

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&docid=qWwKuu5X6X-l_M&tbnid=krbJlSkCTzo8GM:&ved=0CAUQjRw&url=http://couponsinthenews.com/2013/09/02/ebays-new-coupon-policy-begins-and-nothing-changes/&ei=AuouUueULoSnhAfftoHwBQ&bvm=bv.51773540,d.ZGU&psig=AFQjCNG69hAalCWkXhi1rM6gGDbkv6VJQA&ust=1378892639832050

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COMPANY IPO DATE DESCRIPTION RAISED

($M) INDICATIVE PRICE

RANGE ($) IPO LISTING PRICE ($)

DAY 1 INCREASE

CURRENT INCREASE

CURRENT EV ($M)

EV / NET REVENUE 2015E

EV / EBITDA 2015E


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REVENUE GROWTH (2015-16E) EV / NET REVENUE 2015E


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TOTA

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LOSED

DEA

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$B

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MB

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OF

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DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION TARGET

LOCATION


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DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION TARGET

LOCATION


60


FUNDS RAISED ($M)

INVESTOR PARTICIPATON COMPANY DESCRIPTION COMPANY LOCATION


61


FUNDS RAISED ($M)

INVESTOR PARTICIPATON COMPANY DESCRIPTION COMPANY LOCATION

(3)

(1)

(2)


62

COMPANY OPERATING METRICS VALUATION METRICS

PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE GROWTH EBITDA MARGIN NET REVENUE EBITDA Revenues

(31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE ($M) CY14-15 CY15-16 CY2015 CY2016 CY2015 CY2016 CY2015 CY2016

ADTECH

MARTECH

DATA

DIVERSIFIED INTERNET


63 QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

DIRECTOR – LONDON PARTNER – NEW YORK PARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC












































2015 strictly private and...

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