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ENTERPRISE SOFTWARE
Q2 2017 MARKET REVIEW
STRICTLY PRIVATE AND CONFIDENTIAL
1
DEALS IN
PAST 2 YEARS
20+
250+ YEARS’
EXPERIENCE
YEARS OF
RI DEALS
3 SECTORS TOTAL DEAL
VALUE IN
PAST 2 YEARS
$1b+
100%
25
10
NATIONALITIES
50 PEOPLE 3 OFFICES REFERENCEABLE
SECTOR-LED SPECIALISTS IN M&A AND FUNDRAISING
1,000+ BUYERS
AND
INVESTORS
2
ANALYTICS AI ECOMMERCE
PROGRAMMATIC UXMOBILITYVERTICAL SOFTWARE
CYBER DIGITAL HEALTH
HCM
THE BEST COMPANIES IN THE HOTTEST SECTORS WORK WITH
US TO ACHIEVE GREAT RESULTS
3
WELCOME TO THE Q2 2017 EDITION OF THE ENTERPRISE
SOFTWARE REPORT
4
RESULTS INTERNATIONAL GLOBAL ENTERPRISE SOFTWARE
PERSPECTIVE
VE
RTIC
AL
HO
RIZ
ON
TA
LIN
FR
AS
TR
UC
TU
RE
BUSINESS MODEL
5
70
80
90
100
110
120
130
140
150
160
170
180
190
200
210
Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17
LAST
12 M
ON
TH S
HA
RE P
RIC
E P
ER
FOR
MA
NC
E
AdTech MarTech HealthTech Other Vertical ERP Analytics HCM Infrastructure Security Pure play SaaS NASDAQ Comp FTSE 100
RESULTS INTERNATIONAL GLOBAL ENTERPRISE SOFTWARE
INDICES
Q2 2017 PERFORMANCE
6
ENTERPRISE SOFTWARE: PUBLIC COMPANY VALUATION
BENCHMARKS
EV / REVENUE 2017E EV / EBITDA 2017E
7
TOTA
L D
ISC
LOSED
DEA
L V
ALU
E (
$M
)
NU
MB
ER
OF D
EA
LSENTERPRISE SOFTWARE: GLOBAL M&A ACTIVITY
Q1 2013 – Q2 2017
8
ENTERPRISE SOFTWARE: TOP ACQUIRERS
(1)
ACQUIRER SELECTED ENTERPRISE SOFTWARE TARGETS
LTM M&A – ENTERPRISE SOFTWARE AGGREGATORS 2017 M&A – TOP 10 ENTERPRISE SOFTWARE ACQUIRERS
9
ENTERPRISE SOFTWARE: SELECTED DEALS IN Q2 2017
DATE BUYER TARGET EV ($M)EV / (1)
REVENUEEV /
EBITDACOMPANY DESCRIPTION
TARGET SEGMENT
TARGETLOCATION
10
ENTERPRISE SOFTWARE: SELECTED FUNDRAISINGS IN Q2 2017
DATE COMPANYTYPE OF ROUND
FUNDSRAISED ($M)
INVESTOR PARTICIPATION COMPANY DESCRIPTIONTARGET
SEGMENTCOMPANYLOCATION
PURE PLAY SAAS
Q2 2017 MARKET REVIEW
12
Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17
RESULTS INTERNATIONAL PURE PLAY SAAS INDICESLA
ST
12 M
ON
TH S
HA
RE P
RIC
E P
ER
FOR
MA
NC
E (
%)
Q2 2017 PERFORMANCE
13
PURE PLAY SAAS UNIVERSE: LARGE & MID CAP SHARE
PRICE PERFORMANCE
Q2 2
017
LARGE CAP MID CAP
LAST
12 M
ON
THS
14
PURE PLAY SAAS: SMALL CAP SHARE PRICE PERFORMANCELA
ST
12 M
ON
THS
Q2 2
017
SMALL CAP
15
PURE PLAY SAAS: PUBLIC COMPANY VALUATION
BENCHMARKS
REVENUE GROWTH (2017-18E) EV / REVENUE 2017E
EBITDA MARGIN 2017E EV / EBITDA 2017E
16
PURE PLAY SAAS: PUBLIC COMPANY VALUATION
PERFORMANCE OVER TIME
LTM Q2 2017
% CHANGE
LTM Q2 2017
% CHANGE
17
PUBLICLY TRADED COMPS
18
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018
ADTECH
MARTECH
EBITDA MARGIN
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED
COMPANIES – VERTICAL
19
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018
HEALTHTECH
OTHER VERTICAL
EBITDA MARGIN
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED
COMPANIES – VERTICAL
20
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018
ERP
ANALYTICS
HCM
EBITDA MARGIN
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED
COMPANIES – HORIZONTAL
21
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018
INFRASTRUCTURE
SECURITY
EBITDA MARGIN
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED
COMPANIES – INFRASTRUCTURE & SECURITY
22
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA
COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2017 HISTORICAL CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018
LARGE CAP
MID CAP
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED
COMPANIES – PURE PLAY SAAS
23
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED
COMPANIES – PURE PLAY SAAS
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA
COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2017 HISTORICAL CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018
SMALL CAP
24
GET IN TOUCH
PARTNER – LONDON PARTNER – NEW YORKPARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC & MENA PARTNER – NORTH ASIA
DIRECTOR – LONDONDIRECTOR – LONDON
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