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1
Software Sector Summary
Week of December 19th, 2016
2
SOFTWARE DEAL DASHBOARD
Quarterly Financing Deal Count (1)(2)
Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 12/09/16. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. Excludes the $7.3Bn raise by Didi Chuxing on 6/15/2016. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 5) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. 6) Aggregative Value represents the majority stake being acquired by KKR. The Blackstone Group will maintain a minority stake.
Quarterly M&A Deal Count (3)
$Bn $Bn
(6)
Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions
Company Amount ($MM) Target Acquirer EV ($Bn)
$210.0 $26.2
$150.0 $8.7
$52.0 $8.7
$50.0 $6.1
$40.0 $3.3
$33.0 $2.8
$28.0 $2.4
$22.0 $1.8
Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)
`
$30.2 BillionFinancing Volume YTD (1)(2)
432Financing Transactions YTD (1)(2)
$108.5 BillionM&A Volume YTD (3)
85M&A Transactions YTD (3)
7286
118103
111127
94 100
0
20
40
60
80
100
120
140
Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16 Q4'16
$3$4
$6 $6
$9$10
$5 $5
$0
$2
$4
$6
$8
$10
$12
Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16 Q4'16
$5
$14
$24
$15
$7
$50
$41
$11
$0
$10
$20
$30
$40
$50
$60
Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16Q4'16
7
13
2427
15
2924
17
0
10
20
30
40
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16
(Software Business Division)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
IGV SPX
8%
10%
TD TD
TDTD
( )
3
RECENT STOCK PERFORMANCE Index Performance
Last 12 Months Last 3 Years
(50%)
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Notes: Source: Capital IQ. Market Data as of 12/09/16. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.
Sector 3 Months 1 Year 3 Years
Platform 5% 10% 32%
Infrastructure 4% 13% 13%
Security (2%) (6%) 20%
SaaS / On Demand (4%) (2%) 21%
BI & Analytics (6%) (11%) (12%)
Vertical (8%) (7%) 2%
4
TRADING COMPARABLES Valuation Metrics
EV / 2016E Revenue EV / 2016E EBITDA
Notes: Source: Capital IQ. Market Data as of 12/09/16. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.
5.0x 4.8x4.4x 4.4x
4.0x
3.3x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
SaaS / OnDemand
Infrastructure Vertical Platform Security BI & Analytics
36.5x
29.1x27.0x
23.7x
20.7x
13.4x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
SaaS / OnDemand
BI & Analytics Security Infrastructure Vertical Platform
5
TRADING COMPARABLES Operational Metrics
2016 EBITDA Margin 2017 / 2016 Rev. Growth
34%
27%
22% 21%
17% 15%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Platform Infrastructure Vertical Security BI & Analytics SaaS / OnDemand
19%
16% 15%15%
14%
7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
SaaS / OnDemand
Security BI & Analytics Vertical Infrastructure Platform
Notes: Source: Capital IQ. Market Data as of 12/09/16. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.
6
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 12/09/16.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
12/9/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
Platform
Alphabet Inc. $809.45 $557,906 ($79,118) $478,788 5.4x 4.6x 13.2x 11.4x 23.3x 19.6x 18.3% 16.1% 40.8% 40.9%
Microsoft Corporation $61.97 481,838 (60,857) 420,981 4.6 4.4 12.0 11.3 21.7 20.4 4.8% 4.2% 38.0% 38.8%
Oracle Corporation $40.52 166,361 (14,340) 152,021 4.1 4.0 9.1 8.8 15.5 14.8 (0.2%) 2.3% 44.5% 45.2%
International Business Machines Corporation $166.52 158,336 32,515 190,851 2.4 2.4 10.1 9.4 12.3 12.0 (2.4%) (0.5%) 23.7% 25.6%
SAP SE $84.05 100,711 2,962 103,673 4.5 4.2 13.1 12.2 21.0 18.7 2.7% 6.5% 34.0% 34.3%
Red Hat, Inc. $78.65 14,125 (601) 13,524 5.8 5.0 22.9 18.9 36.6 31.1 18.1% 15.1% 25.4% 26.6%
Mean 4.4x 4.1x 13.4x 12.0x 21.7x 19.4x 6.9% 7.3% 34.4% 35.2%
Median 4.5 4.3 12.6 11.3 21.4 19.2 3.8% 5.4% 36.0% 36.5%
Infrastructure
VMware, Inc. $80.58 $33,164 ($6,754) $26,410 3.7x 3.6x 10.0x 9.4x 18.5x 17.2x 6.1% 5.3% 37.4% 37.7%
Red Hat, Inc. $78.65 14,125 (601) 13,524 5.8 5.0 22.9 18.9 36.6 31.1 18.1% 15.1% 25.4% 26.6%
Citrix Systems, Inc. $89.32 13,931 (324) 13,607 4.0 4.0 11.5 11.2 17.2 16.6 4.1% (0.3%) 34.8% 35.7%
CA, Inc. $31.68 13,237 (496) 12,741 3.2 3.1 7.9 8.0 12.6 12.4 0.0% 1.0% 40.0% 38.8%
ServiceNow, Inc. $79.40 13,181 (308) 12,874 9.3 7.2 49.3 33.0 NM 75.7 37.7% 30.0% 18.8% 21.7%
F5 Networks, Inc. $142.54 9,311 (882) 8,428 4.2 3.8 10.5 9.8 18.9 16.8 3.9% 8.3% 39.5% 39.5%
Splunk Inc. $56.82 7,708 (939) 6,769 7.3 5.7 83.6 54.0 NM NM 39.4% 27.8% 8.7% 10.5%
Micro Focus International plc $26.76 6,137 1,078 7,215 5.3 5.1 11.4 9.9 16.1 14.9 9.3% 3.8% 46.6% 52.1%
Atlassian Corporation Plc $26.55 5,846 (754) 5,091 9.7 7.5 46.3 35.0 80.4 70.1 35.9% 29.7% 20.9% 21.3%
Nutanix, Inc. $27.42 3,410 ($112) 3,298 NA NA NA NA NA NA NA NA NA NA
NetScout Systems, Inc. $33.15 3,036 5 3,041 2.7 2.4 10.3 7.8 19.9 15.5 45.2% 8.5% 25.8% 31.6%
Software Aktiengesellschaft $34.41 2,623 (105) 2,518 2.7 2.7 8.6 8.4 13.5 13.0 (2.4%) 2.3% 31.7% 31.5%
LogMeIn, Inc. $100.80 2,569 (180) 2,389 7.1 6.2 27.0 22.2 50.5 39.8 23.5% 15.1% 26.4% 27.8%
Commvault Systems, Inc. $53.98 2,445 (440) 2,005 3.2 3.0 22.4 20.6 50.0 49.7 8.3% 6.2% 14.1% 14.5%
Pure Storage, Inc. $12.19 2,397 (518) 1,878 2.6 1.9 NM NM NM NM 65.1% 39.1% NM NM
New Relic, Inc. $30.27 1,578 (197) 1,380 5.7 4.5 NM NM NM NM 48.5% 28.4% NM 1.0%
Progress Software Corporation $31.57 1,534 (96) 1,438 3.5 3.4 10.0 10.2 19.9 18.6 9.1% 2.6% 35.1% 33.3%
A10 Networks, Inc. $8.12 546 (117) 429 1.9 1.7 NM 25.5 NM 93.3 14.1% 13.0% 1.8% 6.6%
Mean 4.8x 4.2x 23.7x 18.9x 29.5x 34.6x 21.5% 13.9% 27.1% 26.9%
Median 4.0 3.8 11.4 11.2 19.4 17.9 14.1% 8.5% 26.4% 29.7%
7
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 12/09/16.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
12/9/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
Security Software
Symantec Corporation $24.82 $15,473 $1,557 $17,030 4.5x 3.8x 11.5x 8.3x 22.7x 16.2x (38.2%) 18.3% 38.9% 45.7%
Check Point Software Technologies Ltd. $85.22 14,905 (1,230) 13,675 7.9 7.5 14.3 13.8 18.8 17.4 6.3% 5.6% 55.2% 54.0%
Palo Alto Networks, Inc. $130.07 11,926 (884) 11,042 7.0 5.4 33.1 21.4 62.1 40.2 36.9% 30.5% 21.2% 25.1%
Splunk Inc. $56.82 7,708 (939) 6,769 7.3 5.7 83.6 54.0 NM NM 39.4% 27.8% 8.7% 10.5%
Fortinet, Inc. $30.69 5,311 (1,030) 4,280 3.4 2.9 20.4 15.9 48.0 38.1 24.5% 16.8% 16.7% 18.4%
Trend Micro Inc. $35.63 4,899 (1,255) 3,644 3.2 3.0 10.2 9.3 29.3 25.1 10.4% 6.7% 31.2% 32.1%
Proofpoint, Inc. $72.26 3,070 (51) 3,019 8.1 6.2 84.2 60.6 NM NM 40.4% 30.0% 9.6% 10.3%
FireEye, Inc. $13.69 2,342 (193) 2,149 3.0 2.7 NM 65.0 NM NM 15.6% 10.5% NM 4.2%
CyberArk Software, Ltd. $47.83 1,606 (252) 1,353 6.3 5.1 22.7 19.4 40.5 35.6 33.8% 22.3% 27.6% 26.5%
Imperva, Inc. $37.80 1,241 (259) 982 3.8 3.2 NM 80.6 NM NM 9.4% 19.4% NM 4.0%
Barracuda Networks, Inc. $22.89 1,197 (175) 1,022 3.0 2.8 13.3 11.9 32.5 33.8 11.8% 6.5% 22.2% 23.5%
Qualys, Inc. $33.00 1,178 (210) 968 4.9 4.1 14.9 12.5 40.9 36.0 20.7% 18.1% 32.9% 33.0%
Mimecast Limited $19.74 1,082 (107) 976 5.8 4.7 NM 60.0 NM NM 23.7% 24.3% 4.8% 7.8%
SecureWorks Corp. $11.66 941 (111) 830 1.9 1.7 NM NM NM NM 26.0% 14.8% NM 0.2%
VASCO Data Security International, Inc. $15.35 610 (142) 469 2.5 2.2 19.3 17.0 32.0 23.3 (21.2%) 11.5% 12.7% 13.0%
Rapid7, Inc. $12.99 552 (88) 464 3.0 2.4 NM NM NM NM 40.5% 23.2% NM NM
F-Secure Oyj $3.29 514 (97) 416 2.5 2.3 16.8 12.9 32.8 28.2 3.1% 7.2% 15.0% 18.1%
MobileIron, Inc. $4.25 374 (80) 294 1.8 1.6 NM NM NM NM 9.6% 10.9% NM NM
Zix Corporation $4.66 250 (25) 225 3.7 3.4 13.8 12.9 18.6 16.6 9.9% 9.4% 27.1% 26.5%
Guidance Software, Inc. $7.40 238 (7) 231 2.1 2.0 NM 19.9 NM 24.0 2.6% 4.7% 0.9% 10.1%
Absolute Software Corporation $4.96 194 (32) 162 1.8 1.7 19.8 18.0 NM NM (3.8%) 9.7% 9.2% 9.2%
iPass Inc. $1.65 109 (17) 92 1.4 1.2 NM 15.6 NA 82.5 2.3% 18.3% NM 7.8%
Mean 4.0x 3.4x 27.0x 27.8x 34.4x 32.1x 13.8% 15.8% 20.9% 19.0%
Median 3.3 3.0 18.1 17.0 32.5 28.2 11.1% 15.8% 18.9% 15.6%
8
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 12/09/16.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
12/9/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
SaaS / On Demand
salesforce.com, inc. $71.17 $48,331 $1,315 $49,646 5.9x 4.9x 28.8x 23.3x 72.7x 55.3x 25.6% 21.3% 20.6% 21.0%
Workday, Inc. $70.65 14,201 (1,386) 12,814 8.2 6.4 94.6 58.2 NM NM 34.5% 27.5% 8.7% 11.0%
ServiceNow, Inc. $79.40 13,181 (308) 12,874 9.3 7.2 49.3 33.0 NM 75.7 37.7% 30.0% 18.8% 21.7%
Veeva Systems Inc. $42.77 5,866 (511) 5,356 9.9 8.2 31.8 26.5 62.5 54.1 31.9% 20.6% 31.2% 31.0%
The Ultimate Software Group, Inc. $190.40 5,522 (100) 5,421 6.9 5.6 29.1 22.9 58.7 47.6 26.3% 24.0% 23.9% 24.4%
Aspen Technology, Inc. $54.44 4,204 (52) 4,153 8.8 8.6 17.6 17.9 28.9 29.0 1.3% 3.1% 50.2% 47.9%
j2 Global, Inc. $80.90 3,884 274 4,158 4.9 4.0 10.7 9.0 16.4 13.9 18.8% 22.4% 45.4% 44.3%
Shopify Inc. $42.22 3,756 (400) 3,356 8.8 6.0 NM NM NM NM 85.5% 47.8% 0.1% 2.2%
Blackbaud, Inc. $65.94 3,065 359 3,424 4.7 4.3 19.6 17.8 34.8 30.1 14.5% 8.9% 23.9% 24.2%
Paycom Software, Inc. $46.92 2,820 (44) 2,776 8.5 6.6 31.2 24.0 57.2 45.1 45.9% 28.7% 27.1% 27.4%
LogMeIn, Inc. $100.80 2,569 (180) 2,389 7.1 6.2 27.0 22.2 50.5 39.8 23.5% 15.1% 26.4% 27.8%
RealPage, Inc. $30.50 2,454 54 2,508 4.4 3.8 20.1 16.6 41.2 33.8 21.3% 14.7% 22.0% 23.2%
Cornerstone OnDemand, Inc. $39.10 2,197 (1) 2,196 5.2 4.5 63.4 44.9 NM NM 24.6% 15.7% 8.2% 10.0%
Zendesk, Inc. $22.65 2,159 (211) 1,948 6.3 4.7 NM NM NM NM 48.8% 32.2% 1.6% 3.5%
Box, Inc. $14.78 1,954 (102) 1,852 4.7 3.7 NM NM NM NM 31.3% 26.0% NM NM
HubSpot, Inc. $49.85 1,775 (113) 1,662 6.2 4.7 NM NM NM NM 47.7% 30.3% NM 0.4%
Paylocity Holding Corporation $32.86 1,687 (78) 1,609 6.1 4.9 51.0 37.7 NM 75.6 39.8% 26.0% 12.0% 12.9%
RingCentral, Inc. $22.75 1,674 (136) 1,538 4.1 3.3 71.3 48.9 NM NM 27.2% 24.4% 5.7% 6.7%
New Relic, Inc. $30.27 1,578 (197) 1,380 5.7 4.5 NM NM NM NM 48.5% 28.4% NM 1.0%
2U, Inc. $32.68 1,538 (157) 1,381 6.7 5.2 NM NM NM NM 36.4% 30.8% 2.0% 3.1%
Coupa Software Incorporated $26.10 1,305 (221) 1,084 8.2 6.6 NM NM NM NM 57.2% 25.1% NM NM
SPS Commerce, Inc. $69.84 1,190 (125) 1,065 5.5 4.7 40.5 32.4 70.9 59.0 21.8% 17.8% 13.6% 14.4%
Qualys, Inc. $33.00 1,178 (210) 968 4.9 4.1 14.9 12.5 40.9 36.0 20.7% 18.1% 32.9% 33.0%
Mimecast Limited $19.74 1,082 (107) 976 5.8 4.7 NM 60.0 NM NM 23.7% 24.3% 4.8% 7.8%
Callidus Software Inc. $16.50 1,047 (186) 861 4.2 3.5 37.3 25.8 61.2 47.4 18.6% 18.4% 11.3% 13.7%
9
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 12/09/16.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
12/9/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
SaaS / On Demand (cont'd)
Benefitfocus, Inc. $29.45 $876 $15 $891 3.8 3.2 NM 77.2 NM NM 26.2% 19.7% NM 4.1%
Five9, Inc. $12.95 686 (13) 673 4.2 3.6 92.9 78.3 NM NM 24.0% 16.6% 4.5% 4.6%
Apptio, Inc. $17.02 652 (122) 530 3.3 2.8 NM NM NM NM 22.5% 19.4% NM NM
Workiva Inc. $13.65 563 (32) 530 3.0 2.5 NM NM NM NM 22.3% 17.6% NM NM
Instructure, Inc. $19.75 558 (83) 475 4.3 3.2 NM NM NM NM 50.4% 35.6% NM NM
Castlight Health, Inc. $4.65 482 (116) 366 3.6 2.9 NM NM NM NM 33.4% 23.5% NM NM
LivePerson, Inc. $8.30 481 (51) 430 1.9 1.9 22.7 18.6 NM 92.2 (6.7%) 3.6% 8.5% 10.0%
Carbonite, Inc. $17.65 481 (49) 432 2.1 2.0 10.8 9.1 30.4 26.1 49.1% 6.8% 19.7% 21.8%
Bazaarvoice, Inc. $4.90 406 (49) 357 1.8 1.7 27.3 20.2 NA NM 2.4% 4.4% 6.5% 8.4%
ChannelAdvisor Corporation $15.15 391 (63) 327 2.9 2.5 63.4 48.1 NM NM 12.7% 14.1% 4.6% 5.3%
Jive Software, Inc. $4.15 324 (100) 224 1.1 1.1 13.3 11.1 63.8 37.7 3.3% 0.8% 8.4% 9.9%
Tangoe, Inc. $8.13 321 (32) 289 1.2 1.2 12.4 NA 22.6 22.0 NA (0.0%) 10.0% NA
Amber Road, Inc. $10.75 288 6 295 4.1 3.5 NM NM NM NM 8.3% 14.6% NM NM
Brightcove Inc. $8.15 275 (34) 241 1.6 1.5 32.6 22.1 NM 64.3 11.7% 9.8% 4.9% 6.6%
Park City Group, Inc. $14.20 275 (8) 266 NA NA NA NA NA NA NA NA NA NA
Marin Software Incorporated $2.45 95 (33) 61 0.6 0.6 NM 23.0 NM NM (8.8%) (3.5%) 0.3% 2.8%
Covisint Corporation $2.30 94 (35) 59 NA NA NA NA NA NA NA NA NA NA
Mean 5.0x 4.1x 36.5x 31.2x 47.5x 46.6x 27.3% 19.1% 15.3% 15.2%
Median 4.8 4.0 29.1 23.3 50.5 45.1 24.6% 19.6% 10.6% 10.5%
10
PUBLIC COMPANY VALUATIONS Software Trading Statistics
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 12/09/16.
$MM, Except Per Share Data
Stock Trading Statistics Operating Metrics
Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
12/9/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E
Business Intelligence & Analytics
Splunk Inc. $56.82 $7,708 ($939) $6,769 7.3x 5.7x 83.6x 54.0x NM NM 39.4% 27.8% 8.7% 10.5%
Fair Isaac Corporation $122.15 3,779 495 4,274 4.8 4.6 20.5 20.2 25.2 23.8 5.2% 4.9% 23.3% 22.6%
Teradata Corporation $28.60 3,715 (413) 3,302 1.5 1.5 5.4 7.5 11.5 16.5 (10.1%) (6.0%) 26.8% 20.6%
Tableau Software, Inc. $45.95 3,496 (865) 2,632 3.3 3.0 40.4 39.0 NM NM 23.4% 7.8% 8.1% 7.8%
MicroStrategy Incorporated $200.97 2,297 (579) 1,718 3.3 3.3 12.8 11.3 24.1 22.8 (3.2%) 2.5% 26.1% 28.8%
Verint Systems Inc. $35.50 2,225 442 2,667 2.5 2.3 11.6 10.0 14.3 12.3 (5.7%) 6.9% 21.6% 23.3%
Hortonworks, Inc. $8.47 515 (84) 431 2.4 1.8 NM NM NM NM 48.1% 30.0% NM NM
Gridsum Holding Inc. $13.25 381 (74) 307 5.4 3.5 NM 49.7 NM NM 56.2% 56.6% NM 7.0%
Attunity, Ltd. $5.66 95 (9) 86 1.6 1.4 NM 9.8 NM 42.5 10.6% 13.3% 1.1% 14.5%
Datawatch Corporation $6.05 72 (28) 44 1.4 1.3 NM NA NM NM 3.3% 10.5% NM NA
Mean 3.3x 2.8x 29.1x 25.2x 18.8x 23.6x 16.7% 15.4% 16.5% 16.9%
Median 2.9 2.7 16.7 15.7 19.2 22.8 7.9% 9.2% 21.6% 17.6%
Vertical
Cerner Corporation $48.40 $16,432 ($120) $16,311 3.4x 3.1x 10.4x 9.3x 21.0x 18.8x 10.2% 9.5% 32.6% 33.2%
Constellation Software Inc. $448.63 9,507 41 9,548 4.5 4.0 17.6 15.5 24.0 20.5 15.8% 12.8% 25.5% 25.6%
SS&C Technologies Holdings, Inc. $29.24 5,930 2,388 8,319 5.5 5.0 13.7 11.6 18.0 15.3 51.8% 9.2% 40.0% 43.3%
Veeva Systems Inc. $42.77 5,866 (511) 5,356 9.9 8.2 31.8 26.5 62.5 54.1 31.9% 20.6% 31.2% 31.0%
Guidewire Software, Inc. $53.99 3,969 (530) 3,439 7.8 6.8 43.7 31.5 77.8 60.0 11.9% 14.5% 17.8% 21.5%
athenahealth, Inc. $96.20 3,796 161 3,957 3.6 3.1 16.4 13.7 53.6 44.4 18.7% 17.2% 22.0% 22.5%
CoreLogic, Inc. $36.62 3,163 1,523 4,685 2.4 2.4 9.5 9.1 15.5 14.3 26.7% 0.1% 25.5% 26.7%
Blackbaud, Inc. $65.94 3,065 359 3,424 4.7 4.3 19.6 17.8 34.8 30.1 14.5% 8.9% 23.9% 24.2%
Medidata Solutions, Inc. $52.43 3,020 (70) 2,950 6.4 5.3 27.8 23.2 51.3 42.8 18.2% 19.2% 22.9% 23.0%
RealPage, Inc. $30.50 2,454 54 2,508 4.4 3.8 20.1 16.6 41.2 33.8 21.3% 14.7% 22.0% 23.2%
Inovalon Holdings, Inc. $15.05 2,213 (443) 1,770 3.7 3.3 13.2 11.2 34.4 30.3 8.1% 12.4% 28.3% 29.8%
Allscripts Healthcare Solutions, Inc. $11.11 2,056 1,156 3,212 2.1 1.9 11.4 9.7 19.7 16.7 12.4% 9.1% 18.1% 19.5%
WebMD Health Corp. $53.02 2,027 6 2,033 2.9 2.7 8.9 8.2 27.8 26.2 10.7% 5.5% 32.6% 33.3%
HealthStream, Inc. $26.50 841 (101) 741 3.3 2.9 24.1 19.6 NM NM 9.0% 11.4% 13.5% 14.9%
AppFolio, Inc. $22.20 748 (18) 730 7.0 5.4 NM NM NM NM 39.8% 30.1% 2.7% 3.7%
Silver Spring Networks, Inc. $13.33 692 (113) 578 2.0 1.7 31.6 20.0 73.2 46.8 (40.1%) 13.0% 6.2% 8.7%
Instructure, Inc. $19.75 558 (83) 475 4.3 3.2 NM NM NM NM 50.4% 35.6% NM NM
Castlight Health, Inc. $4.65 482 (116) 366 3.6 2.9 NM NM NM NM 33.4% 23.5% NM NM
Exa Corporation $14.21 211 (22) 189 2.6 2.3 31.9 21.2 NM NM 12.0% 12.7% 8.1% 10.8%
Mean 4.4x 3.8x 20.7x 16.5x 39.6x 32.4x 18.8% 14.7% 21.9% 23.2%
Median 3.7 3.2 18.6 16.0 34.6 30.2 15.8% 12.8% 22.9% 23.2%
11
Notes:
Sources: Capital IQ as of 12/09/16. Consensus Estimates used for CY17E figures.
For Tangoe, CY16E FCF Margin % used since no CIQ Consensus Estimate available for CY17E FCF Margin %.
When analyzing the same data set, R value of 2017E Revenue Multiple and 2017E Revenue Growth % is 0.52.
When analyzing the same data set, R value of 2017E Revenue Multiple and 2107E FCF Margin % is 0.56.
Estimates for COVS and PCYG are not available.
COUP is not included in the R calculation.
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW En
terp
rise
Val
ue
/ C
Y 2
01
7E
Rev
en
ue
CY 2017E Revenue Growth % + CY 2017E FCF Margin %
AZPN
BV
BLKB BOX
CALD
CARB
CSLT
ECOM
CSOD
FIVN
HUBS
INST
LPSN
LOGM
MRIN
MIME NEWR
PAYC
PCTY
QLYS RP
RNG
CRM
NOW
SHOP
SPSC
TNGO
ULTI
VEEV
WDAY
WK
ZEN
TWOU
BNFT AMBR
JIVE
JCOM
BCOV
COUP
APTI
SPLK
(1.0x)
1.0x
3.0x
5.0x
7.0x
9.0x
11.0x
(10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
R = 0.83
12
Notes:
Sources: Capital IQ as of 12/09/16. Consensus Estimates used for CY16E Revenue figures and GAAP figures used for Sales and Marketing Expense.
For Tangoe, CIQ Consensus Estimate used for CY15 Revenue since no actual Revenue figure was reported for that period.
SaaS companies with Annual Change in Revenue (CY16E) / LTM Sales and Marketing Expense less than or equal to 0.0 placed at 0.0 x-axis position and excluded from R calculation (AZPN, LPSN, MRIN). The Annual Change in
Revenue (CY16E) / LTM Sales and Marketing Expense for these companies are provided in parenthesis.
Estimates for COVS and PCYG are not available.
COUP is not included in the R calculation.
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO S&M EFFECTIVENESS En
terp
rise
Val
ue
/ C
Y 2
01
6E
Rev
en
ue
Annual Change in Revenue (CY16E) / LTM Sales and Marketing Expense
CRM
NOW
ULTI
SHOP
BLKB
PAYC
ZEN
CSOD
LOGM
PCTY
RP
HUBS
BOX
RNG
TWOU
QLYS SPSC
BNFT
CALD
MIME
FIVN
WK
INST CSLT
BV CARB
JIVE TNGO
ECOM
VEEV
WDAY
NEWR
AMBR
AZPN (0.1x)
LPSN (-0.2x)
MRIN (-0.3x)
JCOM
BCOV
COUP
APTI
SPLK
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8
R = 0.59
13
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
12/9/16 Security $850 4.0x NA
The identity management business of 3M, which consists of 3M Cogent, a biometric identification system,
and 3M's document reader and secure materials systems and software. Assets are used by civil identification,
border control and law enforcement agencies
12/7/16 Application Software $850 NA NA
Sungard's public sector business, which provides ERP administration SaaS for government and public safety
entities and the K-12 business, which provides cloud-based administration and student management software
for K-12 educators
12/6/16Hosted Services / Managed
Security Services $1,800 2.6x NA
Provides network and wireless network IT security auditing, compliance and penetration testing services for
businesses and government agencies globally. Also operates as an information security VAR and provides
security systems integration services
12/6/16 Application Software $2,800 NA 5.2xProvides ERP, HR management, CRM and project management software, SaaS and systems integration
services, for government contractors, professional services firms and other project-based businesses globally
12/6/16 Information Management $854 2.9x 2.7xProvides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas,
technology and manufacturing industries to securely exchange documents and sync files
12/2/16 Application Software $65 6.5x NA Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses
12/1/16 Infrastructure Management $636 5.1x NA
Provides IT process automation and job scheduling software for businesses globally. Applications manage file
transfers, virtual machine provisioning, application release management and error identification and
remediation
11/30/16 Information Management $112 2.2x NAProvides enterprise data quality SaaS for business. Software provides features for data analysis, profiling,
validation and cleansing for businesses operating in the retail, insurance, healthcare and financial industries
11/20/16 Security $2,362 3.6x 3.3x Provides online identity theft and credit rating monitoring software for consumers and businesses in the US
11/15/16 Information Management $153 NA NAProvides Industrial Internet of Things (IIoT) data integration automation and analytics SaaS for businesses in
the energy, aviation and manufacturing sectors
11/14/16 Application Software $915 10.2x NA
Provides field service and contract management SaaS and mobile applications for service-oriented businesses
and enterprises. Software provides features for dispatch and scheduling, warranty, parts and return
management and field service metrics reporting
11/10/16 Application Software $270 NA NA
Provides asset and financial management SaaS to businesses and investors in the global aviation industry.
Software provides features for investment management, short term and long term bridge financing, contract
financing, customized portfolio securitization facilities, and transaction and assess risk monetization
11/8/16 Application software $300 7.9x NA
Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides
features for scheduling, project planning, workforce management and analytics reporting, accessible on
desktop systems and mobile devices
10/31/16 Information management $632 NA 4.2x
Provides data management SaaS to the manufacturing and construction industry in the United States and
Canada. Software provides features for financial risk management, vendor management, commercial
construction project search engines, analytics and reporting, and product marketing to industry professionals
10/27/16 Information management $55 NA 3.7xProvides team collaboration messaging SaaS that enables physicians at hospitals to communicate with
patients via a managed messaging system
10/24/16 Security $58 NA 3.7x
Provides IP traffic classification and network intelligence software used in physical, SDN and NFV
architectures. Supplies software to vendors that embed real-time application visibility in their products for
cybersecurity, traffic optimization, service chaining and quality of service, and analytics
( )
(Identity Management Business)
( )
(Public Sector & K-12 Education Businesses)
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/09/16. Transactions highlighted in yellow denote Private Equity Acquirers. (1) Aggregate Value represents the majority stake being acquired by KKR. The Blackstone Group will maintain a minority stake.
(1)
14
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/09/16. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
10/21/16 Information management $410 NA NA
Provides electronic evidence and data recovery SaaS and services for law firms, government agencies and
corporate law departments. Software provides features for data collection, portfolio and project management,
forensic review and data replication and destruction
10/20/16 Security $55 NA NA
Provides cloud application control (CAC) software for enterprises. Software enables detection and targeted
attack protection (TAP) for enterprises using SaaS applications on enterprise networks and on mobile devices
against malware attacks
10/4/16 Application software $250 NA NA Provides retail brand and e-commerce online shopping marketing and advertising SaaS for businesses
10/4/16 Application software $680 13.1x NA
Provides real-time audience data management and targeting SaaS for marketers, Web publishers and ad
agencies. Software enables continuous customer and prospect data collection from digital interactions,
including website visits or ads served
9/29/16 Application Software $180 2.4x NA
Provides parking software, SaaS and systems that enables parking management, enforcement, permits,
collections, access and revenue control. Also provides related handheld input devices and software
development services
9/26/16 Application software $153 NA NA
Provides email and digital subscription management SaaS that enables US government agencies to provide
citizens with information about such topics as local emergencies, events, council minutes and other matters
through email, wireless alerts, and RSS feeds
9/22/16 Data centers & facilities $185 NA NA
Provides facilities management SaaS for sustainable resource planning for multi-site corporations. Software is
used to measure and manage carbon emissions and waste and allocate energy resources throughout multiple
facilities
9/20/16 Infrastructure management $60 12.0x NAProvides Apache JMeter open-source load testing SaaS, enabling mobile app performance testing and
monitoring for Web, mobile app, micro services and API developers and businesses.
9/19/16 Application software $135 NA NAThe technology assets of INVeSHARE Inc. which provides embeddable Web-based shareholder communication
SaaS to brokerage firms and shareholders
9/19/16 Enterprise networking $1,254 3.5x 3.4xProvides DNS, DHCP, and IP address (DDI) management and network service delivery software and
management appliances for enterprises, government agencies and service providers worldwide
9/12/16 Information management $1,620 2.7x NAEMC's Enterprise Content Division, which provides enterprise content management SaaS and on-premise
software, including the Documentum, InfoArchive, and LEAP product lines, for businesses and corporations
9/8/16 API management SaaS $562 6.1x 5.0x
Provides API management SaaS for businesses globally. Software enables the integration, interfacing and
management of third-party applications and services for software developers creating branded mobile and
cloud applications
9/7/16 Security Software $6,078 NA NA
Provides network anti-malware and PC security software for consumers and enterprises worldwide. Software
includes features for anti-virus, anti-spyware, anti-spam, intrusion prevention, secure messaging, Web filtering
and vulnerability management
9/7/16 Security Software $8,730 2.8x NAHPE's software business division, which provides systems management, storage management, content
management, applications development, imaging and virtualization management software for enterprises
8/31/16 Application software $1,394 3.4x 3.1xProvides VoIP, unified communications, PBX and call center management software and software-as-a-service
(SaaS) for businesses globally. Also provides managed communications and disaster recovery services
8/18/16 Internet Software & Services $120 NA NAProvides online content management SaaS for Web publishers in the medical, scientific, technical and media
industries worldwide. Also provides online hosting of journalistic content
(Software Business Division)
(Technology Assets)
15
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/09/16. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
8/1/16 Application software $80 5.3x NAProvides project and portfolio management (PPM), application portfolio management (APM) and predictive
portfolio analysis (PPA) SaaS for the healthcare, government, education and commercial sectors
8/1/16 Information management $582 NA NA
Provides team collaboration and document management SaaS for businesses. The company’s solutions are
used in various platforms, such as iPad and iPhone, Macs, PCs, Windows, Apple watches, Android phones,
Android tablets, and on the Web
8/1/16 Systems Software $2,184 7.0x 5.8xProvides GPS-based vehicle tracking and mobile workforce management SaaS for service-based businesses
and the construction industry globally
7/28/16 Application Software $8,709 9.7x 7.7xProvides financial management and planning, ERP, e-commerce, CRM, SCM, and business intelligence (BI)
analytics software as a service (SaaS) for businesses globally
7/27/16 Information Management $1,009 1.9x 1.9xProvides e-discovery and document review software for businesses, the legal sector and government agencies
globally. Also provides a searchable online database of Chapter 7, 11 and 13 bankruptcy court filings
7/26/16 Information management $1,800 NA NAThe GoTo businesses of Citrix Systems provides Web conferencing and real-time team collaboration SaaS for
small- to medium-sized businesses
7/21/16 Application Software $215 NA NAProvides customer engagement and customer analytics SaaS for businesses in the telecom, insurance, finance,
travel, hospitality and retail sectors
7/21/16 Application Software $130 14.4x NAProvides marketing automation, customer analytics, and sales management SaaS for retailers. Software
enables marketers to collect and deliver user generated content (UGC) from various mediums
7/18/16 Information Management $600 4.0x NAProvides web browsers for fixed and mobile computers and smartphones for businesses and consumers
globally
7/13/16 Security $497 3.8x 3.5xProvides single sign-on (SSO) and password management software, as well as appliance-based authentication
and employee access management systems, for hospitals and healthcare providers
7/7/16 Security $1,463 3.4x 3.3x
Provides anti-virus, anti-malware, anti-spam, firewall, mobile device and endpoint security software for
consumers and businesses globally. AVG Technologies began trading on the NYSE under the ticker symbol
AVG in February 2012
7/5/16 Application Software $3,300 3.3x NA Provides ERP, CRM and SCM software and SaaS for businesses globally
6/30/16 Infrastructure Management $237 1.5x NAProvides financial and payment processing software and services for higher education institutions. Higher One
began trading on the NYSE under the ticker symbol ONE in June 2010
6/28/16 Application Software $151 NA NAProvides retail predictive analytics SaaS that uses big data to enable retailers and wholesalers to forecast
merchandise planning, assortment, category management, pricing and supply chain optimization
6/28/16 Security $293 NA NA
Provides access control and anti-data leakage SaaS to enable businesses to secure cloud applications and
provide data loss prevention (DLP). The SaaS works on cloud services such as Amazon Web Services, Box,
Google Apps, Dropbox and Salesforce
6/20/16 Application Software $2,200 1.6x NA
Provides BI analytics and corporate performance management, database management, identity and access
management, network security management, endpoint integrity and identity and access management
software and SaaS for businesses
/
Goloden Brick SilkRoad Fund Management
Yonglian Investments Co.
Beijing Kunlun Tech Co.
(Consumer Assets)
16
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/09/16. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
6/20/16 Information Management $315 NA 2.7x
The HP Exstream, HP Output Management, HP TeleForm and HP LiquidOffice software and service assets of
HP, which enable automated customer communication and multi-channel document management and
delivery for businesses
6/13/16Internet Content &
Commerce $26,188 8.1x 6.7x Provides a social networking website for professionals and businesses globally through www.linkedin.com
6/12/16 Security $4,723 7.9x NAProvides enterprise cybersecurity, Web traffic management and mobile device security systems and software
as a service (SaaS) for businesses globally
6/7/16 Application Software $175 3.5x NAProvides supply chain management (SCM) software, SaaS and related integration services to the chemical and
oil industries globally
6/2/16 Information Management $163 NA NAProvides e-discovery, enterprise search and categorization SaaS and managed services for businesses globally.
Software also enables predictive and contract analysis, and enterprise knowledge management
6/2/16 Application Software $2,615 4.1x 3.6xProvides on-premise and cloud-based business intelligence (BI) analytics and reporting software for
businesses, government agencies and educational institutions globally
6/1/16 Application Software $2,913 11.5x 9.1x
Provides enterprise cloud-based e-commerce SaaS for Web merchants and multi-channel online retailers.
Software includes features for order management, multiple e-commerce site creation and maintenance and
mobile transaction processing
6/1/16 Infrastructure management $500 6.3x 5.0x
Provides Web-based IT service management (ITSM) SaaS for managed service providers and IT support
businesses globally. Software integrates features including remote monitoring, mail security, backup and
recovery and IT service desk
6/1/16 Security $600 NA NA
Provides enterprise Identity-as-a-Service (IDaaS), including identity and access management and
authentication SaaS. Software enables an organization's employees to use a single sign-on (SSO) to securely
access Internet applications and Web services
5/31/16 Application Software $376 3.5x 3.4xProvides procurement, SCM, contract and inventory management, and accounts payable automation SaaS for
the scientific, education, healthcare and government sectors
5/31/16 Application Software $1,700 7.5x 5.9xProvides marketing automation SaaS for businesses. Software provides features for sales lead management
and analytics, email and social media marketing, and marketing campaign analytics
5/27/16 Application Software $164 2.2x NAProvides loan and mortgage management software, insurance policy administration software, and related
outsourced services for the financial and insurance sectors globally
5/18/16 Application Software $881 3.8x 3.2xProvides predictive dialing, IVR and analytics call center SaaS and related integration services for call center
operators globally
5/16/16 Infrastructure Management $115 4.8x NA Provides secure EDI document distribution and collaboration SaaS for the financial services industry
5/5/16 Mobility $230 NA NAProvides application program interfaces (API) and software development kits (SDK) PaaS to enable voice, text,
chat application and phone verification services for enterprises and developers globally
5/2/16 Application Software $491 3.2x 3.0x
Provides cloud-based utility and energy management SaaS for power suppliers. Software enables the analysis
of smart meter reading and analytics for demand side power optimization, customer engagement and billing
automation and Web development tools
( )
( )
(customer communication
management assets)
17
RECENT ACQUISITIONS Select Software M&A Transactions
Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/09/16. Transactions highlighted in yellow denote Private Equity Acquirers.
($MM)
Announced Aggregate AV / Revenue
Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description
4/28/16 Information Management $616 6.7x 5.7xProvides collaboration software as a service (SaaS) for payment management and project pre-qualification for
the commercial construction industry
4/27/16 Infrastructure Management $104 NA 3.5x
Provides Web-based secure information exchange SaaS that enables the electronic exchange and collaboration
of supply chain documents, financial information, product development materials and protected healthcare
information
4/25/16 Application Software $820 2.7x NA
Provides enterprise healthcare data analytics software and services that enable revenue management, claim
and payment accuracy, fraud protection, population health predictive big data analytics, compliance, and
reporting for the healthcare sector
4/22/16 Application Software $90 0.6x NATeradata's marketing applications business, which provides omni-channel marketing and advertising resource
and data management SaaS and services for companies and marketing agencies
4/19/16 Security $360 3.5x 3.0xProvides enterprise consumer identity management, identity theft protection and fraud detection software,
including credit monitoring, identity authentication, voice biometrics and breach mitigation and resolution
4/19/16 Application Software $106 4.7x NA
Provides property management and residential sales management software and SaaS, including inventory
management, marketing, CRM communications, accounting and business reporting, for real estate agents and
agencies
4/18/16 Information Management $170 NA 1.9x
The HP TeamSite, HP MediaBin, HP Qfiniti, HP Explore, HP Aurasma, and HP Optimost software and service
assets of HP, which enable customer service automation, Web content and digital asset management, and
contact center workforce optimization
4/18/16 Application Software $1,414 7.1x 6.1x
Provides event planning management SaaS for businesses globally. Software provides features for event
registration, email marketing, payment processing, budget management and Web design. Also provides online
survey creation and management SaaS
4/1/16 Information Management $1,131 5.2x NAProvides customer experience management, including Web content management, website analytics, search
engine optimization and email marketing SaaS for businesses globally
3/23/16 Application Software $950 NA NAProvides medical practice, pharmacy and electronic healthcare records (EHR) management software and
software as-a-service (SaaS) for healthcare providers and related government agencies
3/22/16 Infrastructure Management $540 3.3x NAProvides enterprise application lifecycle management, business process management, automation and Web
content management software. Also provides related systems integration services
All Software
Median 3.7x 3.5x
Mean 4.7x 4.3x
PE
Median 3.5x 3.5x
Mean 3.8x 4.1x
(Customer Expirience Software and Service Assets)
(Marketing Applications Business)
18
RECENT PRIVATE FINANCINGS ($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
12/9/16 Houseparty $52 Developer of live video streaming platform. Aleph, Comcast Ventures, Greylock Partners, Sequoia Capital
12/8/16 Tangible Play $24Developer of a digital learning platform and
device.
Accel Partners, Collaborative Fund, Houghton Mifflin Harcourt Publishing, K9 Ventures, Mattel, Sesame Workshop,
Upfront Ventures
12/8/16 Procore Technologies $50Provider of an online tool for construction
project management.ICONIQ Capital
12/7/16 SnapLogic $40Provider of a unified data and application
integration platform.
Andreessen Horowitz, Capital One Growth Ventures, Ignition Venture Partners, NextEquity Partners, Triangle Peak
Partners, Vitruvian Partners
12/7/16 Podotree $107Developer of educational based applications and
content for tablets and smartphones.GIC
12/7/16 KeyMe $25 Developer of an application for key duplication. Benefit Street Partners
12/7/16 Finicity $42Provider of a real-time financial data aggregation
and insight platform.Experian
12/7/16 Face++ $100 Provider of a facial recognition technology.CCB International Asset Management, Comet Labs, Foxconn Technology Group, Legend Star, Qiming Venture
Partners, Sinovation Ventures
12/6/16 PatientPing $32Developer of a real time medical notification
platform.Andreessen Horowitz, Leerink Transformation Partners
12/6/16 High Fidelity $22 Provider of a virtual reality platform. HTC
12/6/16 Exclaimer $25 Provider of email utility software. Livingbridge
12/5/16 Accompany $20Developer of an eponymous relationship
intelligence platform.Charles River Ventures, Ignition Venture Partners
12/2/16 Zola $25Provider of a wedding registry and planning
platform.Lightspeed Venture Partners
12/2/16 Lemonade $33 Operator of a peer-to-peer insurance company. Aleph, General Catalyst Partners, GV, Sequoia Capital Israel, Thrive Capital, Tusk Ventures, XL Innovate
11/30/16 TraceLink $52Provider of cloud computing, social media and
supply network process software.FirstMark Capital, F-Prime Capital Partners, The Goldman Sachs Group, Volition Capital
11/30/16 SendGrid $33Provider of an email delivery platform for
customer communication.Bain Capital Ventures, Bessemer Venture Partners, Foundry Group, SoftTech VC
11/30/16 Opendoor $210Operator of a technology-enabled residential
real estate company.
Access Industries, Caffeinated Capital, Felicis Ventures, Fifth Wall Ventures Management, GGV Capital, Khosla
Ventures, Lakestar, NEA, Norwest Venture Partners, SVB Capital
Notes: Source: Pitchbook. Market Data as of 12/09/16. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
19
RECENT PRIVATE FINANCINGS ($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
11/30/16 Clue $20Developer of a mobile application for tracking
female health.Fabrice Grinda, Mosaic Ventures, Nokia Growth Partners, Union Square Ventures
11/30/16 Civis Analytics $22 Provider of a data science platform. Drive Capital, Verizon Ventures, WPP
11/29/16 SonarSource $45Provider of products for code quality of
applications.Insight Venture Partners
11/29/16 iXiGO $20Provider of a mobile travel search and planning
website.Sequoia Capital India
11/28/16 QuantGroup $73Provider of online financial services including
credit-based consumption and IOUs.Guoxin Hongsheng Venture Capital, Sunshine Insurance Group
11/28/16 AvidXchange $28Provider of accounts payable and on-demand
invoice management services.HarbourVest Partners, Huff Capital, Pivot Investment Partners
11/25/16 Stripe $150 Provider of an online payment platform. CapitalG, General Catalyst Partners, GV, Sequoia Capital
11/23/16 Wynd $33 Provider of restaurant management software. Bpifrance, Orange Digital Ventures
11/23/16 Palantir Technologies $20Developer of software application for
integrating, visualizing and analyzing information.NA
11/23/16 NS1 $23Developer of website traffic management
technologies.
Deutsche Telekom Capital Partners, Flybridge Capital Partners, Sigma Prime Ventures, Telstra Ventures, Two Sigma
Ventures
11/23/16 Knowlarity $20 Provider of cloud telephony and other programs. Delta Partners Group, Mayfield, Sequoia Capital India
11/22/16 Zola $25Provider of a wedding registry and planning
platform.Lightspeed Venture Partners
11/22/16 Helpshift $25 Provider of customer engagement services. Cisco Investments, Intel Capital, Nexus Venture Partners, Salesforce Ventures, True Ventures, Visionnaire Ventures
11/22/16 8i $20Developer of virtual reality technology to bring
virtual experiences to life.NA
11/21/16 Yixia $500 Developer of video blogging applications. Shanghai Media Group, Sina Weibo, WePiao
11/21/16 Getui $58 Developer of push notification software. NA
11/21/16 China Rapid Finance $30Developer and provider of consumer credit
management platform in China.NA
Notes: Source: Pitchbook. Market Data as of 12/09/16. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
20
RECENT PRIVATE FINANCINGS ($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
11/18/16 Sparkcentral $20
Provider of business to business application for
companies to communicate with their customers
through social media.
Group MC, Jackson Square Ventures, Split Rock Partners
11/18/16 Joya Communications $20Provider of mobile video communication
applications.Benchmark Capital, Matrix Partners, StartX
11/18/16 AdvisorEngine $20Provider of an online wealth management
platform.WisdomTree Investments
11/17/16 Prevalent $60Provider of risk management and cyber threat
monitoring services.Insight Venture Partners
11/17/16Handshake (Career Management
Platform)$20 Provider of an online recruiting platform.
Annox Capital, Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Lowercase Capital, Spark Capital,
True Ventures
11/16/16 Zwift $27Provider of interactive fitness entertainment
platform.Max Levchin, Novator Partners, Samchuly Bicycle, Shasta Ventures, Waypoint
11/16/16 OfferUp $130 Provider of an online shopping platform.Altimeter Capital Management, Andreessen Horowitz, Coatue Management, GGV Capital, Max Levchin, T. Rowe
Price, Vy Capital, Warburg Pincus
11/16/16 Mofangge $22 Developer of an online education platform. NA
11/15/16 Sauce Labs $70Developer of a cloud-based mobile and web-
testing platform.Adams Street Partners, Centerview Capital Technology, IVP
11/15/16 Mavenlink $39Provider of an online project management and
resource planning software.The Goldman Sachs Group
11/15/16 Womply $30 Provider of an e-commerce platform. Sageview Capital
11/15/16 MacroPoint $44 Provider of load tracking software. Susquehanna Growth Equity
11/14/16 xAd $43 Provider of a location-based marketing platform. Emergence Capital Partners, Eminence Capital, IVP, W Capital Partners
11/14/16 Nutmeg $37 Operator of digital wealth management services.Armada Investment, Balderton Capital, Convoy Global Holdings, Draper Associates, eFolio, NKM Capital, Pentech
Ventures, Schroders
11/14/16 CompareAsiaGroup $25 Provider of a financial comparison platform. NA
11/10/16 RiskIQ $31
Provider of website security, mobile application
security and anti-malvertising services beyond
the firewall.
Battery Ventures, Georgian Partners, MassMutual Ventures, Summit Partners
11/10/16 JobToday $20Provider of an online platform for job search on
mobile.Accel Partners, Channel Four Television, Felix Capital, Flint Capital, German Media Pool, Mangrove Capital Partners
Notes: Source: Pitchbook. Market Data as of 12/09/16. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
21
RECENT PRIVATE FINANCINGS
Notes: Source: Pitchbook. Market Data as of 12/09/16. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
11/10/16 Glint $37Provider of a real-time employee engagement
platform.Bessemer Venture Partners, Meritech Capital Partners, Norwest Venture Partners, Shasta Ventures
11/9/16 EverQuote $31Provider of a comparison-shopping site for auto
insurance.Oceanic Partners, Savano Capital Partners, Stratim Capital, T Capital Partners
11/7/16 Treasure Data $24Provider of a cloud-based data analytics
platform.
AME Cloud Ventures, Dentsu, Innovation Network Corporation of Japan, IT-Farm Corporation, SBI Holdings, Scale
Venture Partners, Sierra Ventures, William Tai
11/3/16 Catchpoint $23Provider of a technology platform for Web
performance monitoring and analytics.Battery Ventures, Sapphire Ventures
11/3/16 Apartment List $30 Provider of an online rental marketplace. Canaan Partners, Glynn Capital Management, Matrix Partners
11/3/16 Real Matters $31Provider of property information services to
residential and commercial properties.BMO Capital Markets
11/2/16 Neo Technology $36 Developer of an open-source graph database. Creandum, Eight Roads Ventures, Sunstone Capital
11/2/16 Big Viking Games $22Developer of free-to-play mobile and social
games.BDC Capital, Export Development Canada, Royal Bank of Canada
11/2/16 Atlas (Search Engine) $21 Provider of an online personal search engine. Aspect Venture Partners, Microsoft
11/1/16 Voyager Labs $100 Provider of big data analysis services. Horizons Ventures
11/1/16 Freshdesk $55Provider of a cloud-based customer support
platform.Accel Partners, Sequoia Capital India
11/1/16 Classy $30Operator of an online fundraising platform for
social enterprises.Bullpen Capital, Galileo Partners, JMI Equity, Mithril Capital Management, Salesforce Ventures
10/31/16 Postmates $141 Provider of delivery services. Fontinalis Partners, Founders Fund
10/31/16 Paktor $33 Operator of a social dating application. K2 Global, PT Media Nusantara Citra, Vertex Venture Holdings, YJ Capital
10/31/16 Giphy $72Developer of an animated graphics interchange
format (GIF) based platform.Betaworks, CMC Capital Partners, DFJ Growth, Draper Fisher Jurvetson, GV, IVP, Lightspeed Venture Partners
10/31/16 Everything But The House $42Provider of an online estate sale and auction
platform.Greenspring Associates, Greycroft Partners, Spark Capital
10/31/16 Riskalyze $20Provider of risk management software and
services to investors.FTV Capital
22
RECENT PRIVATE FINANCINGS
Notes: Source: Pitchbook. Market Data as of 12/09/16. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
($MM)
Deal Date CompanyAmount
Raised Brief Description Investors
10/26/16 Heal $70Provider of a platform for on-demand medical
house calls.
Breyer Capital, Hashtag One, Kevin Colleran, March Capital Partners, Pritzker Group Venture Capital, Singulariteam,
Slow Ventures, Tidecrest Capital, Tull Financial Group
10/26/16 Busfor $20Developer of inventory distribution system for
the transport market.Baring Vostok Capital Partners, Chernovetskyi Investment Group, Elbrus Capital, InVenture Partners
10/26/16 51credit $394Provider of an online marketplace for credit
cards.Guoxin Hongsheng Venture Capital, Harvest Global Investments, HgCapital, Intime Retail, Tiantu Capital
10/25/16 Microseer $30Provider of human resource management in
China.NA
10/25/16 Clarifai $30 Provider of image recognition systems. Lux Capital, Menlo Ventures, Osage Partners, Qualcomm Ventures, Union Square Ventures
10/24/16 YOUNGZONE (Shanghai) $37Provider of educational and entertainment
services for kids.GGV Capital, New Horizon, Qualcomm
10/24/16 Wavefront $52Provider of a cloud-based analytics platform for
managing data centers.Sequoia Capital, Sutter Hill Ventures, Tenaya Capital
10/21/16 Zwift $25Provider of interactive fitness entertainment
platform.NA
10/20/16 Relayr $23Provider of a cloud platform for application
developers.Kleiner Perkins Caufield & Byers, Munich Venture Partners
10/20/16 MatahariMall $100Provider of an e-commerce platform serving the
Indonesian market.Mitsui & Company, Venturra Capital
10/20/16 EverQuote $23Provider of a comparison-shopping site for auto
insurance.Oceanic Partners, Savano Capital Partners, Stratim Capital, T Capital Partners
10/20/16 PaySimple $115Provider of electronic payment services for small
and mid-sized businesses.Providence Equity Partners
10/19/16 Furlenco $30 Provider of furniture rental services. Axis Capital Partners, Lightbox
10/19/16 Duomi.com $40Developer of a recruitment and job-seeking
application.
Banyan Investment Partners, Blue Lake Capital, Hillhouse Capital Management, New Hope Group, Tencent
Holdings
10/19/16 360insights $30Provider of on-demand incentive management
software and services.Sageview Capital
10/18/16 SmartFrog $22 Provider of home-security systems. e.ventures, Target Global
10/18/16 ContentSquare $20Developer of an experience optimization
platform for online and mobile businesses.Highland Capital Partners Europe
23
SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings
Notes:
Source: Capital IQ and Dealogic.
Market Data as of 12/09/2016.
(1) First Trading Day listed as Offer Date.
($ MM)
Offer Date (1) Market Cap @
IPO Date
Amount
Raised Original Filing Range Offer Price
% Change
Offer /
Midpoint Price
% Change
1st Trading Day /
Offer Price
% Change Current
/ Offer Price
28-Oct-16 $1,169 $146 13.00 - 15.00 $17.00 21.4% 40.5% 51.8%
6-Oct-16 $1,601 $133 14.00 - 16.00 $18.00 20.0% 84.9% 45.0%
30-Sep-16 $5,079 $238 11.00 - 13.00 $16.00 33.3% 131.3% 71.4%
23-Sep-16 $841 $96 13.00 - 15.00 $16.00 14.3% 40.9% 6.4%
22-Sep-16 $453 $87 10.50 - 12.50 $13.00 13.0% 21.2% 1.9%
16-Sep-16 $411 $90 11.00 - 13.00 $12.00 0.0% 27.1% 41.2%
Name
24
IPO PIPELINE Software IPOs in Public Registration
Notes: Source: Pitchbook and SEC.gov. Offering amounts $10MM or greater. (1) LTM as of 9/30/16. (2) Figures represent 9 months ended 9/30/16. (3) On 12/6/16, KKR announced that it would acquire a majority stake in Optiv Security.
($MM)
Primary Initial Initial Offering LTM
Issuer Industry Filing Date Amount Description Revenue EBIT % EBITDA
Other IT Services
Communication
Software
11/22/16 $100
Provider of professional and managed services for
advanced IT solutions. The company assists clients in
designing, procuring, implementing and managing IT
infrastructures that deliver tangible business value. It
operates in six core technology verticals including:
networking, data centers, mobility, security,
collaboration and contact centers
$2,761 3.4% $210
Systems and
Information
Management
11/18/16 $100
Provider of information security and compliance
management services to enterprise clients. The
company offers services in the areas of security
assessment, business compliance, risk management,
wireless network security and security coverage
$644 4.6% $61
(1)
(2)(3)
25
195
161
(5)
(4)
(6)(9) (6)
(7)
(8)
(9)
(7)
(11)
(8)(11)
(9)
(6)
(10)
(12)
6
11
717
1617
11
9
150
160
170
180
190
200
210 PE Acquisitions Strategic Acquisitions IPO
Strategic and Private Equity Exits Outweigh New Issues
A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES
Notes: Sources: Capital IQ, company filings. Market Data as of 12/09/16.
2008 2009 2010 2011 2015 2012 2013 2014 2016YTD
Fortinet CDC Software
LogMeIn Medidata
SolarWinds Rosetta Stone SciQuest
RealPage IntraLinks Envestnet
Qlik BroadSoft
Higher One Convio
SPS Commerce SS&C
QuinStreet
Jive Imperva
Carbonite Tangoe
Responsys Cornerstone
Epocrates
Workday Fleetmatics
Qualys Eloqua E2open
ServiceNow Exa
Incadea Infloblox
Proofpoint Splunk
ExactTarget Demandware Bazaarvoice Greenway
AVG Guidewire
Mavenir Barracuda Wix.com Covisint
RingCentral FireEye Cvent
Gigamon Textura
ChannelAdvisor Marketo Tableau Halogen
Rally Marin
Model N
Workiva Hortonworks
New Relic HubSpot CyberArk
MobileIron Kinaxis
Zendesk Paycom
OPOWER Five9
2U Borderfree
Amber Road A10 Networks
Paylocity Varonis Systems
Atlassian Mimecast
Instructure Rapid7 Sophos
AppFolio Alarm.Com
Xactly Shopify Apigee
Box
Twilio SecureWorks
Talend Everbridge
Apptio Gridsum Holding
Nutanix Coupa
BlackLine, Inc.
2009 2010 2011 2012 2013 2014 2015 2016YTD
PE 5 4 6 9 6 7 8 9
Strategic 7 11 8 11 9 6 10 12
IPO 6 11 7 17 16 17 11 9
26
VENTURE CAPITAL INDUSTRY TMT Transactions Since Q3 2001
Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and
Equipment, Semiconductors, Software and Telecommunications.
(1)
0
200
400
600
800
1,000
$0
$2
$4
$6
$8
$10
$12
Q3 2001 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016
Nu
mb
er o
f In
vest
men
ts
$B
n
Quarter - Year
Number of Deals Investment Amount(1)
27
GCA OVERVIEW Deep Software Sector Expertise
Acquired by
We Advised the Seller
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
Fairness Opinion to Buddy Media
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by Acquired by
We Advised the Seller
Acquired by
We Advised the Seller We Advised the Seller
Acquired by
We Advised the Buyer
Acquisition of
We Advised the Seller
Acquired by
We Advised the Buyer
Acquisition of Strategic Advisory Services
Financial Advisor
We Advised the Seller
Acquired by Acquired by
Acquired by
We Advised the Seller
Acquisition of
We Advised the Buyer
We Advised the Seller
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Preferred Stock
Financial Advisor
Acquisition of
We Advised the Buyer We Advised the Seller
Investment by
We Advised the Seller
Acquired by Preferred Stock
Financial Advisor
Acquired by
We Advised the Seller
Acquired by
We Advised the Seller
Financial Advisor
Preferred Stock
Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.
Convertible Note Offering
Financial Advisor
28
GCA OVERVIEW Software Team
San Francisco
One Maritime Plaza, 25th Fl. San Francisco, CA 94111
United States Phone: (415) 318-3600
New York
640 Fifth Avenue, 10th
Fl. New York, NY 10019
United States Phone: (212) 999-7090
Tokyo
11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230
Japan Phone: +81 (3) 6212-7100
London
1 Southampton St. London WC2R0LR United Kingdom
Phone:+44 20 7484 4040
*Adrian Reed is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Sascha Pfeiffer is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation.
Todd Carter Clark Callander Seihun Kong Paul DiNardo Sascha Pfeiffer* Akikazu Ida* Co-President and CEO Co-Head of Investment Banking Managing Director Advisory Director Managing Director Managing Director
Phone: (415) 318-3610 Phone: (415) 318-3680 Phone: (415) 318-3682 Phone: (212) 999-7097 Phone: +49 (69) 204-34-6410 Phone: +81 (3) 6212-7241
Mobile: (415) 314-9898 Mobile: (415) 515-2468 Mobile: (415) 823-7300 Mobile: (650) 483-7246 Mobile: +49 (0) 177-74-15643 Mobile: +81 (80) 9027-3023
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Adrian Reed* James Orozco Chris Gough Dan Etchevers Raiko Stelten* Gautam GargManaging Director Managing Director Managing Director Director Director Vice President
Phone: +44 845 505 4314 Phone: (415) 318-3667 Phone: (415) 318-3658 Phone: (415) 318-3644 Phone: +49 (69) 204 34 6418 Phone: (415) 318-3692
Mobile: +44 7887 626 800 Mobile: (415) 722-0922 Mobile: (415) 385-9427 Mobile: (415) 572-3549 Mobile: +49 171 335 0879 Mobile: (650) 504-1722
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]