2015 tech m&a monthly - sellers panel
TRANSCRIPT
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Tech M&A Monthly
Sellers Panel
12 March 2015
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Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Moderator
Timothy Goddard
VP, Marketing
Corum Group Ltd.
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Agenda
Welcome
Field Report: EmailDirect
Special Report: Gaming Ecosystem M&A
Research Report
Seller Conversation: Rob Linden, EmailDirect
Q&A
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Rob has over 30 years of executive and entrepreneurial experience in multiple technologies: Integrated
circuit testing, industrial process automation and control, communications software, security software, and
energy software and services.
Rob has founded and sold several companies and engaged in two IPOs. He was most recently CEO of
Evergreen Fuel Technologies, Inc. in the energy sector. Rob is a broadly skilled strategic development
professional with a proven reputation for targeting, negotiating and developing profitable ventures and a
demonstrated ability to successfully analyze an organization's critical business requirements, identify
deficiencies and opportunities, and develop innovative and cost-effective solutions for enhancing
competitiveness, increasing revenues, and improving customer relationships.
Rob Schram
Senior Vice President
Corum Group Ltd.
Field Report: EmailDirect
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Gaming Ecosystem M&A Report
Alina Soltys
Associate
Alina Soltys joined Corum Group in 2010, located out of their Seattle headquarters assisting on the transaction side. As a senior analyst, she focuses on strategic positioning, growth opportunity development and financial analysis as well as speaking regularly at conferences such as Casual Connect and WFS.
Previously she worked on the buy side at a boutique real estate development firm focused on multi-family acquisitions as well as interning in the Mergers and Acquisitions Group at Colliers International. Alina graduated from the Foster School of Business at the University of Washington with honors, specializing in Finance and Entrepreneurship.
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Gaming Valuations: Public Peer Group
1.50 x
1.70 x
1.90 x
2.10 x
2.30 x
2.50 x
2.70 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
EV/SEV/EBITDA
Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15
EV/EBITDA 8.04 x 7.51 x 7.08 x 6.84 x 7.94 x 7.94 x 9.16 x 9.33 x 9.92 x 9.63 x 9.75 x 11.31 x 12.00 x
EV/S 2.14 x 2.42 x 2.18 x 2.18 x 2.47 x 2.30 x 2.58 x 2.29 x 2.14 x 2.26 x 2.30 x 2.20 x 2.08 x
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37
22
19 18
14 14 13 1210 10 9 9 9
Top Strategic Acquirers: 2014
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Top Strategic Gaming Acquirers: 2014
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Oculus: Growth Through M&AAcquirer: FacebookTarget: Oculus RiftDeal Value: $2 BillionDate: April 2014
Sold to
Following the Acquisition
Target: Carbon Design Group
Acquirer: Oculus VR
Transaction Value: Undisclosed
Target: Jenkins Software (RakNet)
Acquirer: Oculus VR
Transaction Value: Undisclosed
Target: Nimble VRAcquirer: Oculus VR
Transaction Value: Undisclosed
Target: 13th Lab ABAcquirer: Oculus VR
Transaction Value: Undisclosed
Sold to
Sold to
Sold to
Sold to
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0
20
40
60
80
100
120
140
160
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2009 H1 2009 H2 2010 H1 2010 H2 2011 H1 2011 H2 2012 H1 2012 H2 2013 H1 2013 H2 2014 H1 2014 H2
Deal Counts
Do
llar
Val
ue
in B
illio
ns
Transaction Value ($B) Billion Dollar + Total Deals
Transactions in the Gaming Ecosystem
Sources include company filings and releases, industry databases and Corum Group.• Both majority and minority deals included.• Transactions relating to the gaming ecosystem were included, not limited to gaming studios.• Only announced or available deal values included.
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Source: Corum
Transactions in the Gaming Ecosystem
Deal Volume Highest Since 2009
2 Record Setting Years
Excluded Billion $ Transactions:
• H1 2014 : $3.35B
• H2 2014: $7.85B
Average Deal Size:
5 Year Growth: 170% $43m to $115m
YoY: 21% $95m to $115m$0
$20
$40
$60
$80
$100
$120
$140
2009H1
2009H2
2010H1
2010H2
2011H1
2011H2
2012H1
2012H2
2013H1
2013H2
2014H1
2014H2
in M
illio
ns
Average Deal Size Trending
0
20
40
60
80
100
120
140
160
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
Deal Counts
$ Value in Billions
Reported Gaming Transactions
Transaction Value ($B) Billion Dollar +
Total Deals
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Top Gaming Transactions 2014
$885M
$527M
$941M
$2.5BN
$3.0BN
$970M
$960M
$2.0BN
$1.9BN
$472M
(MBO)
(MBO)
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Asia Share of Top 10 Gaming Deals
Source: Corum
Top 9 of 10 Deals
(2013)
Top 4 of 10 Deals(2014)
Top 7 of 10 Deals(2012)
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Battle of Chinese Giants : Tencent vs Alibaba
Expanding beyond eCommerce
Spending time partnering with studios to become a
publisher
Data Source: CapitalIQ
$300M
$500M$63M
$120M$280M
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Activity Since 2013 for Tencent & Alibaba
88$21B
Acquisitions & Investments
Total Value
Data Compiled by The Corum Group
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Games as a ServiceContinuously delivering value to Gamers
• Players pay as they go & what they use - “F2P”Service Concept
• Starting with trailer thru game play, online presence, community, etc.All Encompassing
• Strong analytical solutions and strategies
• Keep the users coming back
Monetization is Key
• Focused solution providers helping every step of the way from product development to a/b testing to analytic compilation Specialization Economy
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Corum Research Report
Elon Gasper
Vice President,
Director of Research
Amber Stoner
Senior Analyst
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Public Markets
0%
5%
10%
15%
20%
25%
30% Weekly Percentage ChangeNASDAQ S&P TECH Dow Jones
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Start End Years
Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5
Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1
That 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2
Current Mar. 9, 2009 ? 6.0 +
*Since the Great Depression. Source: S&P Capital IQ, The Associated Press
Macro view: 4 Longest* Bull Market Runs
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Feb. 2014 Feb. 2015
# of Transactions 234 331
# of Mega Deals 1 4
Largest Deal $19B $4.8B
Private Equity Deals 9 15
# VC backed Exits 48 62
% Cross Border Transactions 32% 34%
% of Startup Acquisitions 12% 11%
Average Life of Target 13 14
Corum Index
Buyer Seller Price
Harris Corp. Exelis Inc. $4.8B
CanonAxis
Communications$2.8B
SS&C
TechnologiesAdvent Software $2.5B
ExpediaOrbitz
Worldwide$1.4B
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February Mega-Deals
Sold to
Target: Exelis
Acquirer: Harris Corporation
Value: $4.75B
- Designs software tools to visualize remotely sensed data
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February Mega-Deals
Sold to
Target: Axis Communications
Acquirer: Canon
Value: $2.8B
- Video monitoring software and Internet-networked camera
systems
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February Mega-Deals
Sold to
Target: Advent Software
Acquirer: SS&C Technologies [Carlyle Group]
Value: $2.7B
- Investment analytics software
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Horizontal Application Software Market
3.6x
17.6x
Public Valuation Multiples
EV
Sales
Since Q4 Corum Analysis
EV
EBITDA
Feb. 2015
Back to summer of ’14 levels after brief dip.
Small decrease
attending volatility in
public markets.
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17.6x
Since Q4 Feb. 2015Sold to
Target: Pentaho
Acquirer: Hitachi Data Systems
Value: $530M
- BI analytics and data integration software
Sold to
Target: Revolution Analytics
Acquirer: Microsoft
Value: $200M
- BI statistical computing and predictive analytics software
Horizontal Application Software MarketDeal spotlights
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17.6x
Since Q4 Feb. 2015Sold to
Target: Decipher
Acquirer: Focus Vision [Thompson Street]
- Provides market research and reporting platform and tools
Horizontal Application Software Market
Sold to
Target: Prelytix
Acquirer: First Derivatives
Value: $7.5M
- B2B predictive analytics and marketing automation software
Deal spotlights
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Since Q4 Feb. 2015Sold to
Target: Toro
Acquirer: Google
Horizontal Application Software Market
Sold to
Target: Converser
Acquirer: Swrve
Sold to
Target: InferSystems
Acquirer: Kochava
Deal spotlights: Marketing Automation
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Sold to
Target: Distribion
Acquirer: AH Belo
Value: $15+M
- SaaS company specializing in marketing automation
Horizontal Application Software MarketDeal spotlights: Marketing Automation
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17.6x
Since Q4 Feb. 2015Sold to
Target: PeopleVine
Acquirer: Alliance Creative Group
- Platform that bridges CRM, marketing and customer
engagement into a single product suite
Sold to
Target: Prosperity Systems
Acquirer: WRAPmail
- Offers development and commercialization of its own Virtual
Desktop platform
Horizontal Application Software MarketDeal spotlights
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Internet Market
5.3x
24.4x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Since Q4 Feb. 2015
Sales valuations lifting; still far from 2014 highs, but more rationally pacing EBITDA trends.
Small tick upward supported by hot subsectors like Travel & Leisure undergoing consolidation wave.
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Sold to
Target: SwagsGalore.com
Acquirer: Menrva Holdings
- Online vendor of window treatments such as curtains and
valences
Internet MarketDeal spotlights
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24.4x
Since Q4 Feb. 2015Sold to
Sold to
Target: Travelocity
Acquirer: Expedia
Value: $280M
- Added travel agency expertise to battle competitors
Target: Orbitz Worldwide
Acquirer: Expedia
Value: $1.3B
- Orbitz provides more search queries for Expedia to target
Internet MarketDeal spotlights
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Since Q4 Feb. 2015Sold to
Sold to
Target: MyTable
Acquirer: TripAdvisor
Target: Restopolis
Acquirer: TripAdvisor
Sold to
Target: ZeTrip
Acquirer: TripAdvisor
Internet MarketDeal spotlights
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0
20
40
60
80
100
120
140
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD
Travel-related Internet Deals2012-2015 (Projected)
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2015 - Travel & Leisure Acquisitions
European & OtherNorth American
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Sold to
Target: Trainline
Acquirer: KKR
- Rail ticket provider for UK consumers and businesses
Internet MarketDeal spotlights
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Infrastructure Software Market
4.0x
15.8x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Since Q4 Feb. 2015
Small dip cushioned by rising importance and value of security.
Retreating to summer
’14 levels as focus
shifts to market share
value in changing
environment.
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4.0x
15.8x
Since Q4 Feb. 2015
Sold to
Target: Voltage Security
Acquirer: Hewlett-Packard
Value: $175M
- Encryption software provider offering protection across
enterprise, cloud, mobile and big data environments
Infrastructure Software Market
Sold to
Target: Porticor [Israel]
Acquirer: Intuit
- SaaS data encryption company
Deal spotlight
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4.0x
15.8x
Since Q4 Feb. 2015
Sold to
Target: Intellinx [Israel]
Acquirer: Bottomline Technologies
Value: $85M
- Enterprise fraud detection software
Infrastructure Software Market
Sold to
Target: Identity Finder
Acquirer: Inverness Graham
- Provides anti-data breach and leakage software
Deal spotlight
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Sold to
Target: Younited [F-Secure] [Finland]
Acquirer: Synchronoss Technologies
Value: $60M
- Cloud storage solutions provider
Infrastructure Software MarketDeal spotlight
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Sold to
Target: Coversant
Acquirer: Ubiquity
Value: $6M
- “Internet of Things Service Bus”
Infrastructure Software MarketDeal spotlight
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IT Services Market
0.89x
9.8x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Since Q4 Feb. 2015
Uptick matches Sales valuation growth.
Steady growth in valuations since Q3 2014.
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Since Q4 Feb. 2015Sold to
Target: Cosmic Blue Team [Italy]
Acquirer: Hitachi
Sold to
Target: oXya [France]
Acquirer: Hitachi
- Hitachi has retained the 800 employees between CBT and
oXya, strengthening its European position
IT Services MarketDeal spotlights
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Sold to
Target: TS Sports
Acquirer: Panasonic
- Specializes in LED technology for video board systems, as
well as designs, installs, systems integration and services the
boards, sounds systems and control rooms
IT Services MarketDeal spotlights
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Corum Research Report
Elon Gasper
Vice President,
Director of Research
Amber Stoner
Senior Analyst
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Nat Burgess
President
Corum Group Ltd.
Seller Conversation
Kevin Linden
CEO/CO-founder
EmailDirect – sold to j2 Global
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Q&A
We welcome your questions!
Use Q&A window on left side
Submit to queue at any time
Ask “all panelists” – see “ask” option above text-entry box
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Upcoming Conference ScheduleSelling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position,
research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A
event ever – participants have done over $1 trillion in transaction value.
Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends,
valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.”
www.CorumGroup.com/Events
Mar. 17: Copenhagen – MB
Mar. 17: Detroit – SUSO
Mar. 18: Stockholm – MB
Mar. 20: Houston – MB
Mar. 24: Orlando – MB
Mar. 26: Miami – MB
Mar. 31: Dallas – MB
Apr. 2: Austin – MB
Apr. 14: Atlanta – SUSO
Apr. 15: Paris – MB
Apr. 22: Munich – MB
Apr. 28: Kansas City – MB
Apr. 29: St. Louis – MB
Apr. 30: Manchester – MB
May 5: Riga – MB
May 7: Istanbul – MB
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After the Deal – Celebration
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www.corumgroup.com