HOSTING AND MANAGED SERVICES | Q3 2018

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HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

K E Y C O N T A C T S

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Office: +1 (617) 654-2117

M A R K E T C O M M E N T A R Y

• Significant consolidation and investment activity across managed hosting and services with more than ten significant transactions in the past 6 months

• Market opportunity continues to be significant as SMBs turn to third party vendors to manage their cloud and IT environments given the significant scalability and cost efficiencies they provide

• Growth in webhosting services supported by a confluence of secular trends including the mission critical nature of having an online presence and the adoption of easy to use and low cost cloud-based website creation and hosting

• As businesses and consumers increasingly embrace the digital economy, data usage will only increase, supporting growth for data centers – Read a report published by Harris Williams’ Industrials team

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• Education Technology• Fintech• Healthcare IT• Hosting and Managed Services• Human Capital Management• Internet & Digital Media

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T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 2

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

S E L E C T E D R E C E N T H W H O S T I N G A N D M A N A G E D S E R V I C E S T R A N S A C T I O N S

Selected Market Participants Selected Market Participants Selected Global Market Participants

Refers to a service in which a vendor offers the housing of business-to-business or business-to-

consumer eCommerce websites via vendor-owned shared or dedicated servers and applications for

enterprises at the provider-controlled facilities

Refers to the use of external service providers to effectively deliver IT-enabled business

process, application service and infrastructure solutions for business outcomes

Refers to the delivery of network, application, system and e-management services across a

network to multiple enterprises, using a “pay as you go” pricing model

Provider of managed technology services with

national scale in the US and the capability to design,

deploy and support technology solutions from

cable to cloud

Provider of managed hosting and cloud solutions

specialised in managed cloud hosting, desktop-as-a-

service, security andconnectivity

has been acquired by

Provider of web domains, shared web hosting and

value-added services with leading positions in Sweden and the Czech Republic, and presence in Norway, Serbia, Slovakia, Spain, Netherlands,

Germany and the UK

&

Provider of services allowing SMEs to move their IT

infrastructure and operations into the cloud, as well as

providing end user support and consulting as part of a

full-service IT offering

Provider of SME focused hosting and cloud solutions, including domains website hosting, email for smaller customers and managed

servers and applications for larger customers

has been acquired byhas been acquired byhave been acquired byhas acquired

T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 3

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

80

90

100

110

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

70

90

110

130

150

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

90

100

110

120

130

140

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

70

90

110

130

150

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

MA

NA

GE

D

SE

RV

ICE

S August, 20, 2018

Enterprise Value: €350M

Maturing of platforms driven by advanced technologies (i.e., artificial intelligence, automation, chatbots, self-

service options) are causing changes to delivery, as well as a reduction in pricing and contract value

In the News“Orange Business Services reaffirms its ambition to

become a global leader in multi-cloud services”

GLO

BA

L IT

S

ER

VIC

ES July, 22, 2018

Enterprise Value: $3.5B

Growth opportunities exist for service providers with solutions and services meeting the needs of buyers inrelation to changes brought about by the combination

of cloud, social, mobile and information

In the News“Modernised hybrid cloud integration is the key to

unlocking the business value of digital transformation”

LOC

AL

IT

SE

RV

ICE

S August, 27, 2018

Enterprise Value: NA

Demand for an optimised digital environment and processes expected to drive enterprises to seek consulting around

cloud adoption and platform-based development to support business needs with rapid delivery.

In the News“Tieto enters into strategic partnership with Citrix for

providing new generation hybrid cloud services~

WE

B H

OS

TIN

G

August, 20, 2018

Enterprise Value: NA

Market growth supported by a confluence of secular trends including the mission critical nature of having an online

presence for businesses and the adoption of easy to use and low cost cloud-based website creation and hosting

In the News“Endurance International Said to Mull Strategic

Options”

DA

TA

CE

NT

ER

S

/ C

OLO

CA

TIO

N

September, 24, 2018

Enterprise Value: $1.8B

Increasing demand from customers for interconnected ecosystems across data centers in order to drive value

for customers who want to interconnect with other customers, suppliers, partners and cloud/IT providers

In the News“Businesses need better automation to regain

control of their data centers”

Enterprise Value /

LTM Rev. LTM EBITDA 2019P EBITDA

2.3x 9.5x 8.4x

Enterprise Value /

LTM Rev. LTM EBITDA 2019P EBITDA

2.2x 11.6x 10.5x

Enterprise Value /

LTM Rev. LTM EBITDA 2019P EBITDA

0.9x 10.1x 9.7x

Enterprise Value /

LTM Rev. LTM EBITDA 2019P EBITDA

4.7x 13.2x 12.9x

Enterprise Value /

LTM Rev. LTM EBITDA 2019P EBITDA

8.1x 15.9x 14.6x

Note: (1) Group weighted average stock price performance over the past year based on market capitalisations; Sources: Factset; market data as of 30 September 2018, Gartner, broker notes, company websites

80

85

90

95

100

105

110

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 4

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

• Austrian provider of webhosting services

• With over 100,000 customers and more than 250,000 domains, the Company is the market leader for webhosting in Austria

• World4You will remain independent and will enhance 1&1’s European hosting and cloud application business, further solidifying its market position in Austria

Enterprise Value: c. $115M

2018 Rev: c. $14M EV / 2018 EBITDA: c. 16x

EV / 2018 Rev: c. 8x

• Norway-based provider of cloud computing services for the enterprise sector

• Basefarm has a strong operational presence in several European countries, particularly in Norway, Sweden, the Netherlands, Austria and in Germany

• This acquisition is set to reinforce Orange Business Services’ position as a significant player in the European cloud computing services market

Enterprise Value: c. $400M

2018 Rev: c. $130M EV / 2018 EBITDA: c. 12x

EV / 2018 Rev: c. 3x

• US-based domain registrar holding the world’s largest portfolio of new top-level domains (TLDs)

• Donuts provides its registrar / reseller customers with innovative services for the discovery, registration, usage and monetization of high-quality domain names

• The financial resources provided by Abry Partners will help Donuts to accelerate its growth and innovation

Enterprise Value: NA

Rev: NA EV / EBITDA: NA

EV / Rev: NA

• Netherlands-based provider of business-critical managed services and shared hosting for SMEs

• IT-Ernity offers a portfolio of standardized fully-managed solutions as well as shared hosting, domain registration and secure infrastructure connectivity through xDSL and fiber

• The combined entity will create a new market leader with 1.2 million domain names

Enterprise Value: NA

Rev: NA EV / EBITDA: NA

EV / Rev: NA

• US-based provider of information technology and business process outsourcing services

• Syntel will significantly strengthen Atos’ Business & Platform Solutions Division worldwide with its delivery platform generating some of the highest margins in the industry

• This transaction expands Atos’s capabilities in North America to provide end-to-end services to US customers as well as strongly reinforcing its Banking, Finance & Insurance verticals

Enterprise Value: $3.5B

LTM Rev: $966M EV / LTM EBITDA: 13.4x

EV / LTM Rev: 3.7x

Webhosting

Managed Services

Domain Registrar

Webhosting

Global IT Services

Sources: MergerMarket, companies’ press releases, HW proprietary information

T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 5

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

–

VALUATION

As of September 30, 2018 ($ in millions)

Source: Factset; market data as of 30 September 2018

IT & Tech-Enabled Services Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth 2018E EBITDA Enterprise Value /

Sub-Vertical Company Value Capitalization Week High Performance Performance 2018E 2019P Margin '18E Rev. '19P Rev. '18E EBITDA '19P EBITDA

M A N A G E D S E R V I C E S

Vmware $55,409 $63,787 94.6% 42.9% 93.6% 19.1% 9.1% 38.8% 6.4x 5.8x 16.4x 15.2x

Internap $904 $268 56.5% (27.4%) (47.5%) 15.2% 5.9% 35.5% 2.8x 2.6x 7.9x 7.3x

iomart $657 $612 90.5% 26.9% 36.6% 9.3% 7.4% 41.2% 4.8x 4.4x 11.6x 10.7x

Arq Group $245 $203 56.6% (23.6%) 38.0% 3.8% 7.4% 16.8% 1.5x 1.4x 9.1x 8.5x

Redcentric $213 $173 81.0% 8.1% (58.4%) (2.3%) 8.4% 17.6% 1.6x 1.5x 9.4x 8.3x

Proact IT $182 $184 72.8% (18.9%) 57.1% (10.2%) 3.0% 7.2% 0.5x 0.5x 7.0x 6.5x

Managed Services Median $451 $235 76.9% (5.4%) 37 .3% 6.5% 7 .4% 26.5% 2.2x 2.1x 9.2x 8.4x

G L O B A L I T S E R V I C E S

Tata Consultancy Services $107,474 $113,079 98.8% 61.5% 49.7% (0.6%) 8.9% 26.9% 5.5x 5.0x 20.4x 18.4x

Accenture $106,852 $108,758 96.9% 26.0% 72.9% (0.6%) 7.7% 17.1% 2.6x 2.4x 15.3x 14.3x

Infosys $40,262 $43,862 95.9% 45.9% 12.2% (0.6%) 7.1% 26.4% 3.6x 3.4x 13.8x 12.9x

Capgemini $24,187 $21,255 90.0% 7.4% 42.2% (0.6%) 6.1% 14.3% 1.6x 1.5x 11.1x 10.4x

HCL Technologies $19,992 $20,902 90.1% 12.1% 14.7% (0.6%) 9.1% 22.9% 2.5x 2.3x 10.9x 10.0x

CGI $19,789 $18,399 96.9% 24.5% 78.8% (0.6%) 3.2% 18.3% 2.2x 2.1x 12.1x 11.4x

Wipro $17,192 $20,233 85.5% 4.0% (2.1%) (0.6%) 4.8% 19.1% 2.1x 2.0x 11.2x 10.5x

Atos $12,829 $12,699 73.7% (23.3%) 55.7% (0.6%) 6.6% 14.3% 0.9x 0.8x 6.2x 5.5x

Indra Sistemas $3,042 $2,028 71.3% (27.3%) 9.9% (0.6%) 3.2% 9.8% 0.9x 0.8x 8.8x 8.1x

Global IT Services Median $19,992 $20,902 90.1% 12.1% 42.2% (0 .6%) 6.6% 18.3% 2.2x 2.1x 11.2x 10 .5x

L O C A L I T S E R V I C E S

Bechtle $4,298 $4,266 96.0% 35.6% 125.6% 11.2% 16.9% 5.5% 0.9x 0.8x 16.0x 13.5x

Capita $3,570 $3,109 39.4% (59.7%) (83.3%) (10.9%) (4.0%) 10.1% 0.7x 0.7x 6.8x 6.4x

Tieto $2,536 $2,293 82.5% 1.5% 22.2% (2.1%) 3.0% 13.6% 1.4x 1.3x 10.0x 9.7x

EVRY $2,027 $1,457 92.7% (2.2%) 88.1% (1.5%) 2.3% 13.7% 1.3x 1.3x 9.3x 8.8x

Atea $1,964 $1,747 94.1% 22.9% 75.1% 3.2% 3.8% 3.5% 0.5x 0.4x 13.1x 11.5x

GFI Informatique $1,167 $808 99.0% 32.5% 85.8% 7.6% 12.5% 6.9% 0.8x 0.7x 11.3x 9.7x

NNIT $767 $694 85.6% (8.0%) 20.0% (4.5%) 4.8% 17.5% 1.7x 1.6x 9.4x 9.1x

Loca l IT Services Median $2,027 $1,747 92.7% 1.5% 75.1% (1.5%) 3.8% 10 .1% 0.9x 0.8x 10 .0x 9.7x

T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 6

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

–

VALUATION

As of September 30, 2018 ($ in millions)

Source: Factset; market data as of 30 September 2018

IT & Tech-Enabled Services Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth 2018E EBITDA Enterprise Value /

Sub-Vertical Company Value Capitalization Week High Performance Performance 2018E 2019P Margin '18E Rev. '19P Rev. '18E EBITDA '19P EBITDA

W E B H O S T I N G

GoDaddy $16,676 $15,643 98.5% 91.7% 229.7% 18.8% 12.2% 27.5% 6.3x 5.6x 22.9x 20.0x

Shopify $15,855 $17,575 93.1% 41.2% 368.9% 53.4% 39.1% 3.3% 15.3x 11.0x NM NM

United Internet $11,944 $9,703 63.8% (24.0%) (5.6%) 15.7% 5.6% 23.2% 2.0x 1.9x 8.6x 7.8x

Wix.com $5,357 $5,787 98.8% 66.6% 584.0% 40.7% 26.8% 18.7% 8.9x 7.1x 48.0x 30.2x

Endurance $3,034 $1,263 80.4% 7.3% (32.4%) (2.5%) 0.3% 29.1% 2.6x 2.6x 9.1x 9.0x

Tucows $660 $591 77.7% (4.8%) 138.9% 2.9% 0.6% 12.4% 1.9x 1.9x 15.7x 12.9x

Web Hosting Median $8,651 $7 ,745 86.7% 24.2% 184.3% 17 .2% 8.9% 20.9% 4.5x 4.1x 15.7x 12.9x

D A T A C E N T E R S / C O L O C A T I O N

KDDI $78,615 $69,974 95.6% 4.8% 23.5% 1.4% 1.0% 30.9% 1.7x 1.7x 5.6x 5.5x

CenturyLink $59,269 $22,899 87.6% 12.2% (13.8%) 33.6% (1.4%) 38.2% 2.5x 2.5x 6.6x 6.5x

Equinix $44,904 $34,418 87.4% (3.0%) 56.6% 16.0% 10.3% 47.6% 8.9x 8.0x 18.6x 16.5x

Digital Realty Trust $34,272 $23,187 89.9% (4.9%) 73.7% 24.9% 8.3% 59.8% 11.2x 10.3x 18.7x 17.2x

Zayo $14,200 $8,557 87.5% 0.9% 38.7% 8.7% 2.0% 49.8% 5.4x 5.3x 10.9x 10.5x

CyrusOne $8,508 $6,710 91.9% 7.6% 94.2% 22.3% 18.6% 55.3% 10.4x 8.7x 18.7x 15.5x

Interxion Holding $5,926 $4,819 97.6% 32.1% 151.8% 7.7% 14.8% 45.6% 9.1x 7.9x 19.9x 17.2x

CoreSite Realty $4,957 $3,829 92.9% (0.7%) 114.3% 12.9% 10.8% 54.4% 9.1x 8.2x 16.7x 15.0x

QTS Realty Trust $3,713 $2,182 69.3% (18.5%) (3.8%) (6.5%) 13.9% 53.1% 8.9x 7.8x 16.8x 14.6x

Switch $1,500 $2,729 43.4% NA NA 7.7% 13.2% 48.8% 3.7x 3.3x 7.5x 6.6x

Internap $904 $268 56.5% (27.4%) (47.5%) 15.2% 5.9% 35.5% 2.8x 2.6x 7.9x 7.3x

Data Centers / Colocation Median $8,508 $6,7 10 87 .6% 0.1% 47 .6% 12.9% 10 .3% 48.8% 8.9x 7 .8x 16.7x 14.6x

T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 7

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

–SELECT RECENT M&A TRANSACTIONS

Announced Date Target / Issuer Buyer Descript ion Enterprise Value (m)

07/05/2018 NotSoSecure Global Services Claranet UK-based IT services and ethical hacking training and penetration testing services provider NA

07/06/2018 Damovo Eli Global Germany-based provider of ICT managed services and solutions to large enterprises $164.6

07/12/2018 Kogentix Accenture US-based provider of solutions integrate Artificial Intelligence with Big Data NA

07/16/2018 Basefarm Orange SA Norway-based provider of cloud computing services for the enterprise sector $400.0

07/20/2018 Alight HR Services WiproIndia-based provider of IT outsourcing services, information technology services, shared services

and finance process outsourcing services$117.0

07/22/2018 Syntel Atos SE US-based provider of information technology and business process outsourcing services $3,543.3

07/24/2018 Arkessa ECI PartnersInternet-of-Things managed services provider enabling Enterprises to develop and optimise their

businesses by helping them adopt, integrate and scale IoT enabled servicesNA

07/26/2018 Indusa Technical Corp Synoptek US-based provider of end-to-end enterprise software solutions and services NA

08/02/2018 Miss Group (Growth investment) BGF UK-based web hosting company $8.3

08/09/2018 Pillar Technology Group AccentureUS-based provider of enterprise grade applications, software products and platforms associated

with physical products, and digital services engineering for hardware products NA

08/09/2018 Mindtribe Product Engineering Accenture US-based engineering consultancy firm NA

08/10/2018 It-Ernity TransIP Netherlands-based company engaged in the development of internet services and hosting solutions NA

08/10/2018 Cloudeon A/S (40% stake) TDC A/S Denmark-based provider of cloud solutions and related services NA

08/15/2018 MyBrand Conclusion Netherlands-based company that offers IT and cybersecurity support to Dutch SMEs NA

08/20/2018 CNS Group Six Degrees Technology Group UK-based cyber security services and consultancy firm NA

08/20/2018 World4You 1&1 Internet Austria-based provider of webhosting services $115.0

08/20/2018 IT Local BeeOne Netherlands-based IT consultant NA

08/23/2018 SaaSfocus Cognizant India-based specialised technology consulting firm NA

08/27/2018 Exonor Group EvryNorway-based provider of strategic consultancy and support services in relation to implementing

clinical IT systemsNA

09/01/2018Sungard Availability Services AB

(now Conapto AB)Segulah Advisor Sweden-based provider of cloud computing, disaster recovery, colocation and other IT services NA

09/05/2018 Donuts Abry Partners US-based provider of high-quality, new top-level Internet domains NA

09/07/2018 Sherpa Consulting Atea Norway-based independent provider of business intelligence and data analytics $7.1

09/10/2018 Advanced Control Systems Indra Sistemas US-based developer of smart grid solutions to the global electric power industry $46.0

09/14/2018 Fluido Infosys Finland-based Salesforce consulting partner NA

09/18/2018 Advanced Technology Group CognizantUS-based provider of customer and revenue management consulting and implementation services

focused on the salesforce platformNA

09/19/2018 Xpeppers ClaranetItaly-based value-added systems integrator specialising in AWS managed services, DevOps and

Agile technologiesNA

09/20/2018 ckc CGI Group Germany-based provider of IT and business consulting services NA

09/24/2018 Ascenty Data Centers Telecomunicacoes Brookfield Asset Management & Digital Realty Trust Brazil-based provider of data center services $1,800.0

09/27/2018 System Partners DXC Technology Company Australia-based provider of IT services NA

Note: convertion to USD based on FX rate as of announcement date

T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 8

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

R E P R E S E N T A T I V E I T & T E C H - E N A B L E D S E R V I C E S P R O V I D E R S

Data Centers Shared HostingColocation / Dedicated

Managed Services

Managed Hosting Managed Applications

Diversified Comms.

Cloud Consultancies and VARs

Global IT Outsourcing / Diversified System Integration

T E C H N O L O G Y , M E D I A & T E L E C O M PAGE | 9

HOSTING AND MANAGED SERVICES SECTOR REVIEW | Q3 2018

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