hw&co. industry reader template - preeminent middle market ... · 2014), the global tourism...

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EUROPEAN TECHNOLOGY

0

INDUSTRY UPDATE │ JANUARY 2017

PAGE |

www.harriswilliams.com

HARRIS WILLIAMS & CO. OVERVIEW

1

EUROPEAN TECHNOLOGY

INDUSTRY UPDATE │JANUARY 2017

CONTENTS

CASE STUDY

INDUSTRY INSIGHT

RECENT TRANSACTIONS

PUBLIC MARKET TRADING

SOFTWARE

IT SERVICES

COMMUNICATIONS

INTERNET AND DIGITAL MEDIA

TMT GROUP OVERVIEW

Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction leadership experience spans the software, digital media, IT Services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships with leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.

CONTACTS

EUROPE

Thierry MonjauzeManaging [email protected]+44 (0) 20 7518 8901

Jonathan [email protected]+44 (0) 20 7518 8909

UNITED STATES

Jeff BistrongManaging [email protected]+1 (617) 482-7501

Michael WilkinsManaging [email protected]+1 (415) 288-4260

Sam HendlerManaging [email protected]+1 (617) 654-2117

HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS

SELECT RECENT HW&CO. TMT TRANSACTIONS

Enterprise Software

Data and

Analytics

Infrastructure and

Security Software

IT and Tech-

enabled Services

Data Centre and

Managed Services

AdTech and

Marketing Solutions

Consumer Internet

Mobile

Digital Media and

Content

eCommerce

SOFTWARE / SAAS AND SERVICES INTERNET & DIGITAL MEDIA

INTRODUCTION

Harris Williams & Co. is pleased to present our European Technology Industry

Update for January 2017. This report provides commentary and analysis on

current trading market trends, and merger and acquisition dynamics within the

technology industry.

We hope you find this edition helpful and we would encourage you to reach out

to either Thierry Monjauze or Jonathan Organ if you would like to discuss our

perspective on current industry trends and M&A opportunities or our relevant

industry experience.

Harris Williams & Co. is a leading advisor to the TMT industry. Our global practice

has significant experience that covers a broad range of sub-sectors and verticals.

a portfolio company of

has been acquired by

has acquired










Baarsma B2C trades as:



a majority stake in



has been recapitalised

by

has acquiredhas been acquired by



http://www.harriswilliams.com/

mailto:[email protected]





http://www.harriswilliams.com/person/thierry-monjauze

http://www.harriswilliams.com/person/jonathan-organ

http://www.leisurepassgroup.com/


PAGE |

11%

15%

Beach Holidays City Breaks

0.60.8

1.1

1.4

2.1

2000 2005 2010 2014 2025



CONSUMER TECHNOLOGY CASE STUDY: THE LEISURE PASS GROUP

EUROPEAN TECHNOLOGY

HW&Co. advised The Leisure Pass Group on its sale to Exponent Private Equity

Following sustained historical growth at a 6.5% CAGR (1999 –

2014), the global tourism market was worth $1.4tn in 2014 and

expected to grow at a 4% CAGR to reach $2.1tn in 2025

City tourism is one of the fastest growing sub-sectors in the

overall tourism market, having increased at a 14.5% CAGR

(2010 – 2014)

Growth in city tourism is underpinned by increasing

affordability of airfares, low-cost accommodation and the

development and better marketing of in-city activities

City breaks account for over 380m international overnight

visitors p.a. with the top 20 cities accounting for over half

In general, attractions use a mix of sales channels to drive

optimum margin and volume, with the popularity of

attractions being broadly correlated to the level of discount

against gate price

Moreover, annual tourist spend in top global destination cities

has risen consistently for a number of contributing factors

Revenues from global tourism

2

Historical growth CAGR by sub-sector (2010-2014)

Considerable expertise in marketing as well as providing the leading attraction pass management software

Track record of driving large volumes of international customers to attractions, with over 13 million unique visits per annum, with significant benefits for both tourists and attractions

Sector-leading proprietary technology and systems providing valuable and actionable customer insights

Rigorous customer feedback process underpinning continuous innovation and improvement

Significant barriers to entry as a result of LPG’s model, which creates a network effect, where a larger pool of attractions drives a larger pool of tourists

Attractive financial profile, with 16 years of uninterrupted growth at both revenue and EBITDA level and 100%+ cash flow conversion

GLOBAL TOURISM INDUSTRY INSIGHT

ABOUT THE LEISURE PASS GROUP

– The Leisure Pass Group is a leading provider of city attraction

passes, serving attractions and tourists in 19 major

international cities across Europe and the US

– Comprehensive offering includes bundled attraction passes,

web marketing expertise and licensed white-label pass

management solutions (LPOS) as well as complementary

products offered at a discount

$tn

Sources: World Bank; World Travel and Tourism Council; Mintel, 2015; World Travel Monitor, 2015; ITB World travel trend report, 2014






PAGE |

Close EV EV

Country Acquirer Country Date Target Description EV (m) LTM Rev. LTM EBITDA

Pending Satellite and cable broadcasting company £25,788.8 2.2x 13.1x

Pending 24 data center sites; part of Verizon Communications $3,600.0 N/A N/A

Pending Provider of enterprise software and information solutions $2,800.0 N/A N/A

Pending Provider of web hosting serv ices and cloud storage €600.0 4.7x 12.4x

Pending Supplier of technical information and knowledge solutions for the automotive aftermarket £340.0 13.3x 20.4x

Pending Alliance of event organisers dedicated to the organising of trade exhibitions and related serv ices $485.0 5.0x 12.9x

30-Nov-16 Provider of client reporting and communications software and serv ices to the financial serv ices industry $67.0 N/A N/A

23-Dec-16 Online payment serv ice company $26.5 N/A N/A

16-Dec-16 Provider of software tools for developing and optimising high performance computing applications £18.1 6.0x 29.1x

Pending Cyber security specialist N/A N/A N/A

11-Jan-17 Provider of SAP consultancy serv ices N/A N/A N/A

21-Dec-16 Marketing software company providing consumer insights and analytics N/A N/A N/A

20-Dec-16 Provider of alternative fiber network, data center and managed hosting serv ices N/A N/A N/A

16-Dec-16 Provider of cloud-based on-demand professional serv ices automation and customer relationship management solutions N/A N/A N/A

13-Dec-16 Provider of document management solutions and other support serv ices to the global clinical research market N/A N/A N/A

05-Dec-16 Travel booking software company N/A N/A N/A

02-Dec-16 Provider of cloud solutions for cross-enterprise collaboration N/A N/A N/A

Target

Mobile

Payment Unit

(4%)

(2%)

0%

2%

4%

6%

8%

15 Dec 22 Dec 29 Dec 05 Jan 12 Jan

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

Jan 2016 Apr 2016 Jul 2016 Oct 2016

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

SELECT RECENT TMT DEALS

3

EUROPEAN TECHNOLOGY


LAST TWELVE MONTHS

Stock Performance

LAST 30 DAYS

PUBLIC MARKET TRADING STATISTICS

28.0%

24.2%

19.3%

11.3%

8.7%

6.7%

5.7%

5.5%

2.6%

1.6%

1.1%

(0.4%)

1) Includes earnout of €34.0m

2) Based on forecasted FY16 financials

3) Based on FY15 financials

4) Based on FY16 financials

Sources: Companies House and public accounts

(3)

(2)

(4)

(1) (2)

(3)

(4)

PAGE |

PUBLIC MARKET TRADING STATISTICS

4

EUROPEAN TECHNOLOGY

COMPARABLE TRADING SUMMARY

Rev. Growth EBITDA Margin CY17E CY18E CY17E CY18E CY17E CY18E

Software

European Large Cap. Software 7.7% 35.1% 5.1x 4.8x 14.9x 13.7x 22.6x 20.5x

Application Software 8.0% 28.9% 4.4x 4.0x 16.0x 13.8x 23.2x 23.0x

Infrastructure Software 5.4% 27.9% 3.1x 2.9x 12.6x 10.0x 18.1x 18.1x

Large Cap. SaaS 22.5% 17.5% 6.0x 5.0x 25.1x 24.5x NM 41.8x

Small Cap. SaaS 11.1% 7.8% 2.6x 2.2x 28.5x 23.9x 39.1x 38.2x

HCM/WFM 18.5% 17.1% 4.7x 4.0x 21.3x 24.3x 21.6x 24.7x

FinTech 10.5% 30.1% 5.0x 4.5x 16.2x 14.0x 25.5x 23.8x

Healthcare IT 9.0% 19.7% 3.1x 2.8x 13.2x 14.8x 21.6x 19.2x

Data and Data Analytics 7.2% 23.8% 4.0x 3.7x 14.8x 15.8x 17.9x 17.1x

Security Software 12.9% 24.3% 4.2x 3.7x 13.9x 14.5x 26.0x 23.6x

CAx/PLM 7.7% 25.5% 5.3x 4.7x 16.7x 17.4x 28.2x 24.1x

IT Services

IT Services 4.3% 13.5% 1.1x 1.1x 8.3x 7.8x 15.4x 13.9x

Offshore IT Services 12.0% 23.3% 2.4x 2.2x 10.1x 9.2x 14.5x 13.3x

Managed Services, Colocation and Hosting (3.1%) 41.0% 3.3x 2.4x 8.6x 7.9x 15.9x 23.3x

Data Centres 12.2% 53.1% 8.7x 7.8x 16.5x 14.6x 25.0x 31.9x

PaaS/IaaS 12.2% 26.5% 3.5x 3.0x 14.4x 12.3x 19.6x 21.5x

Communications

Digital Broadband 7.5% 7.8% 1.0x 1.0x 9.9x 9.3x 18.3x 15.7x

Diversified Communication Equipment 4.0% 11.7% 1.2x 1.2x 10.5x 10.6x 19.0x 16.7x

Mobile Content/Solutions Providers 8.2% 12.7% 1.3x 1.2x 10.4x 8.9x 25.0x 16.4x

Mobile Infrastructure Software 7.2% 26.0% 2.8x 3.0x 9.8x 8.7x 19.4x 15.6x

Internet and Digital Media

Global Internet Leaders 16.7% 36.2% 5.6x 4.9x 16.7x 14.3x 21.2x 17.3x

Chinese Internet Leaders 21.0% 23.3% 4.4x 3.5x 18.6x 12.1x 27.0x 19.9x

Online Classifieds 10.2% 33.3% 5.6x 5.0x 17.2x 12.9x 22.2x 19.8x

Content Providers/Communities 14.3% 16.1% 3.0x 2.8x 15.7x 16.0x 29.8x 26.1x

Ecommerce 16.6% 18.2% 3.5x 3.1x 15.5x 15.1x 26.1x 24.2x

Interactive Entertainment 11.1% 29.9% 3.0x 2.8x 10.9x 9.2x 23.4x 18.6x

Intermediation and Comparison 7.3% 17.8% 2.8x 2.8x 14.8x 12.0x 16.5x 23.2x

Online Gambling 18.0% 33.7% 3.5x 3.2x 11.0x 9.7x 16.6x 14.6x

Digital Marketing 8.5% 15.1% 1.7x 1.7x 12.5x 8.9x 17.2x 20.1x

Online Travel 13.8% 20.9% 3.5x 3.1x 14.9x 11.9x 19.7x 18.5x

Educational Technology 7.6% 7.7% 2.4x 3.2x 11.3x 11.0x 35.4x 17.1x

Internet Services 16.9% 17.1% 3.3x 2.7x 21.2x 13.4x 16.2x 18.1x

P / EEV / Revenue EV / EBITDACY2017E


PAGE |

(10%)

(5%)

0%

5%

10%

15%


Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

SOFTWARE

5

EUROPEAN TECHNOLOGY

LAST 30 DAYS PERFORMANCE

LAST TWELVE MONTHS PERFORMANCE

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

Jan 2016 Apr 2016 Jul 2016 Oct 2016 Jan 2017

Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

Large Cap. SaaS 11.9%

Small Cap. SaaS 7.9%

Security Software 6.0%

HCM/WFM 5.4%

European Large Cap. Software 5.3%

Healthcare IT 4.4%

CAx/PLM 3.6%

Data and Data Analytics 2.2%

Fintech 2.0%

Application Software 0.1%

Infrastructure Software (4.8%)

Infrastructure Software 36.4%

CAx/PLM 35.2%

Small Cap. SaaS 34.6%

Fintech 27.5%

Application Software 19.8%

HCM/WFM 16.6%

European Large Cap. Software 15.6%

Large Cap. SaaS 10.8%

Security Software 9.6%

Data and Data Analytics 8.9%

Healthcare IT (8.7%)


PAGE |

European Large Cap. Software

SAP 111,652 109,879 96.4% 15.5% 8.7% 7.8% 33.5% 4.5x 4.2x 13.3x 12.4x 19.8x 18.3x

Dassault Systemes 18,326 20,119 87.5% 10.7% 32.4% 9.5% 34.5% 5.2x 4.8x 15.1x 13.9x 27.0x 24.7x

Sage 9,305 8,872 82.7% 3.1% 21.6% 10.4% 29.4% 4.2x 3.9x 14.3x 13.1x 20.6x 18.7x

Micro Focus 5,878 4,824 87.7% 0.1% 82.9% 4.8% 47.7% 4.2x 4.1x 8.7x 8.5x 11.8x 10.6x

Temenos 5,370 4,971 98.7% 61.1% 147.3% 9.3% 37.6% 7.8x 7.1x 20.8x 18.4x 30.1x 26.1x

Aveva 1,356 1,515 86.4% 17.8% (38.4%) 4.4% 28.2% 4.9x 4.6x 17.3x 16.3x 26.3x 24.6x

Mean 25,314 25,030 89.9% 18.1% 42.4% 7.7% 35.1% 5.1x 4.8x 14.9x 13.7x 22.6x 20.5x

Median 7,591 6,921 87.6% 13.1% 27.0% 8.6% 34.0% 4.7x 4.4x 14.7x 13.5x 23.4x 21.7x

Application Software

Microsoft 432,615 487,515 97.8% 23.0% 72.3% 4.0% 38.9% 4.5x 4.2x 11.5x 10.4x 20.1x 18.2x

Oracle 161,200 161,185 93.5% 15.1% 2.7% 2.4% 45.3% 4.2x 4.1x 9.3x 8.8x 14.5x 13.2x

SAP 111,652 109,879 96.4% 15.5% 8.7% 7.8% 33.5% 4.5x 4.2x 13.3x 12.4x 19.8x 18.3x

Intuit 30,707 30,056 98.7% 28.0% 52.1% 8.1% 38.9% 5.8x 5.4x 15.1x 13.2x 25.4x 22.1x

Constellation Software 9,595 9,554 92.9% 26.1% 111.6% 13.2% 25.6% 4.0x 3.5x 15.5x 13.6x 20.5x 18.0x

Sage 9,305 8,872 82.7% 3.1% 21.6% 10.4% 29.4% 4.2x 3.9x 14.3x 13.1x 20.6x 18.7x

Tyler Technologies 5,815 5,543 86.1% (4.7%) 44.6% 12.7% 29.8% 6.8x 6.0x 22.7x 19.0x 38.3x 33.7x

Guidewire Software 3,403 3,945 83.9% (1.3%) 5.9% 14.8% 19.4% 6.6x 5.6x 34.0x 24.6x NM 46.7x

Cegid 612 554 99.2% 46.7% 189.2% NA NA NA NA NA NA NA NA

SDL 435 449 82.7% (10.0%) (1.4%) 2.9% 12.7% 1.4x 1.3x 10.6x 9.3x 17.2x 14.9x

American Software 236 302 86.4% 9.1% 4.2% 4.1% 15.1% 2.0x 1.9x 13.4x NA 32.2x 26.0x

Mean 69,598 74,350 90.9% 13.7% 46.5% 8.0% 28.9% 4.4x 4.0x 16.0x 13.8x 23.2x 23.0x

Median 9,305 8,872 92.9% 15.1% 21.6% 8.0% 29.6% 4.3x 4.1x 13.8x 13.1x 20.5x 18.5x

Infrastructure Software

Hewlett-Packard Enterpise 39,933 30,692 93.0% NA NA (1.9%) 16.4% 0.8x 0.8x 5.0x 5.1x 9.0x 8.6x

VMware 28,101 33,753 98.8% 57.4% (16.5%) 5.4% 36.2% 3.8x 3.6x 10.5x 9.8x 17.5x 16.3x

Citrix Systems 14,225 14,318 99.4% 38.5% 51.9% 4.2% 33.7% 4.0x 4.1x 11.9x 12.4x 17.2x 15.7x

CA Technologies 13,228 13,826 94.6% 24.7% (3.9%) 0.6% 37.0% 3.2x 3.2x 8.8x 7.9x 12.9x 12.4x

Red Hat 12,847 13,079 88.7% (0.3%) 25.2% 13.2% 25.7% 4.8x 4.3x 18.8x 15.5x 28.9x 25.0x

F5 Networks 8,864 9,364 96.6% 53.3% 47.9% 7.2% 39.4% 4.1x 3.8x 10.3x 9.7x 16.8x 15.2x

Brocade 5,534 5,074 99.6% 58.7% 31.5% 9.1% 26.8% 2.1x 2.1x 7.9x 7.5x 12.1x 11.7x

Pegasystems 3,010 3,030 99.6% 64.3% 64.9% 11.5% 16.9% 3.4x 3.0x 20.4x 17.5x 35.8x 30.8x

Netscout Systems 3,002 2,985 96.4% 24.3% 5.5% 7.2% 29.8% 2.4x 2.3x 8.1x 6.6x 15.6x 14.0x

Software AG 2,605 2,809 81.0% 24.4% (0.6%) 3.0% 32.4% 2.7x 2.7x 8.4x 8.1x 13.7x 13.1x

Progress Software 1,489 1,567 99.3% 23.0% 31.7% 3.3% 33.2% 3.5x NA 10.5x NA 19.4x NA

Radware 427 634 95.9% 7.5% (23.0%) 2.3% 6.9% 2.1x 2.0x 30.7x NA NM 36.5x

Mean 11,105 10,928 95.2% 34.2% 19.5% 5.4% 27.9% 3.1x 2.9x 12.6x 10.0x 18.1x 18.1x

Median 7,199 7,219 96.5% 24.7% 25.2% 4.8% 31.1% 3.3x 3.0x 10.4x 8.9x 16.8x 15.2x

Large Cap. SaaS

Salesforce 53,542 51,367 89.5% 6.7% 26.4% 21.6% 21.1% 5.4x 4.5x 25.3x 21.8x NM 46.6x

Workday 14,750 16,259 86.7% 19.2% (12.5%) 27.9% 10.8% 7.5x 6.0x NM 46.2x NM NM

Veeva Systems 6,052 6,033 92.8% 82.2% 41.3% 21.3% 31.2% 9.4x 7.9x 30.2x 25.5x NM 46.8x

The Ultimate Software Group 6,029 5,833 89.8% 15.5% 28.1% 24.0% 24.4% 6.2x 5.1x 25.5x 19.8x NM 40.2x

Athenahealth 5,001 4,775 77.9% (19.1%) (13.2%) 18.7% 23.8% 3.8x 3.3x 16.1x 13.3x NM 39.3x

Guidewire Software 3,403 3,945 83.9% (1.3%) 5.9% 14.8% 19.4% 6.6x 5.6x 34.0x 24.6x NM 46.7x

Medidata Solutions 2,973 3,038 91.1% 20.3% (14.3%) 19.2% 23.9% 5.4x 4.6x 22.5x 18.3x NM 35.5x

LogMeIn 2,367 2,555 91.1% 84.4% 203.4% 15.2% 27.4% 6.1x 5.4x 22.3x 19.5x NM 37.7x

Cornerstone OnDemand 2,334 2,345 87.4% 33.8% (25.8%) 15.3% 9.3% 4.8x 4.1x NM 27.8x NM NM

Xero 1,703 1,820 87.1% 24.2% (61.7%) 42.4% (2.7%) 6.2x 4.7x NM NM NM NM

Paylocity 1,643 1,725 67.7% (0.3%) NA 26.5% 3.3% 4.9x 4.0x NM 28.2x NM NM

Mean 9,072 9,063 85.9% 24.1% 17.8% 22.5% 17.5% 6.0x 5.0x 25.1x 24.5x NM 41.8x

Median 3,403 3,945 87.4% 19.2% (3.3%) 21.3% 21.1% 6.1x 4.7x 25.3x 23.2x NM 40.2x

SOFTWARE

6

EUROPEAN TECHNOLOGY

(1)

(2)

(1) Micro Focus has agreed to merge with Hewlett Packard Enterprise’s Software Business Segment; share price as at 7th July 2016

(2) A consortium led by Silver Lake Partners and AltaOne Capital launched a tender offer to acquire Cegid Group; share price as at 15th April 2016

(1)

Enterprise Market As a 1-Year 3-Year CY17E EV/ EV/ Price /

Value Cap. percent of Stock Stock Rev. EBITDA Revenue EBITDA Earnings

($m) ($m) 52-wk High Perf. Perf. Growth Margin CY17E CY18E CY17E CY18E CY17E CY18E


PAGE |

SOFTWARE

7

EUROPEAN TECHNOLOGY

Small Cap. SaaS

SPS Commerce 1,099 1,203 94.3% 13.2% 4.6% 17.7% 14.4% 4.8x 4.1x 33.5x 26.8x NM 49.7x

Benefitfocus 958 943 70.7% 2.4% (57.2%) 19.1% 3.7% 3.4x 2.9x NM 35.4x NM NM

Callidus 812 1,092 80.2% 2.9% 21.3% 18.4% 13.7% 3.3x 2.8x 24.3x 18.1x NM 41.0x

Channel Advisors 320 384 93.7% 18.5% (69.1%) 14.3% 5.4% 2.5x 2.1x 45.8x 28.8x NM NM

JIVE 235 336 93.7% 15.4% (57.6%) 0.8% 6.7% 1.2x 1.2x 17.3x 10.2x 39.1x 23.9x

Marin Software 57 91 64.9% (24.2%) (76.8%) (3.5%) 2.8% 0.6x 0.5x 21.4x NA NM NA

Mean 580 675 82.9% 4.7% (45.5%) 11.1% 7.8% 2.6x 2.2x 28.5x 23.9x 39.1x 38.2x

Median 566 664 86.9% 8.1% (63.3%) 16.0% 6.0% 2.9x 2.4x 24.3x 26.8x 39.1x 41.0x

HCM/WFM

Workday 14,750 16,259 86.7% 19.2% (12.5%) 27.9% 10.8% 7.5x 6.0x NM 46.2x NM NM

The Ultimate Software Group 6,029 5,833 89.8% 15.5% 28.1% 24.0% 24.4% 6.2x 5.1x 25.5x 19.8x NM 40.2x

Cornerstone OnDemand 2,334 2,345 87.4% 33.8% (25.8%) 15.3% 9.3% 4.8x 4.1x NM 27.8x NM NM

Paylocity 1,643 1,725 67.7% (0.3%) NA 26.5% 13.3% 4.9x 4.0x 37.1x 28.2x NM NM

Benefitfocus 958 943 70.7% 2.4% (57.2%) 19.1% 3.7% 3.4x 2.9x NM 35.4x NM NM

ATOSS Software 227 239 70.9% (14.8%) 56.1% 12.8% 27.7% 3.8x 3.4x 13.8x 12.4x 22.9x 20.5x

Halogen 132 164 95.9% 58.5% (38.1%) 5.9% 11.8% 1.7x 1.6x 14.6x 13.2x NM 23.2x

Invision Software 87 90 75.2% (16.0%) 5.5% 16.5% 35.9% 5.5x 4.6x 15.4x 11.1x 20.2x 14.9x

Mean 3,270 3,450 80.5% 12.3% (6.3%) 18.5% 17.1% 4.7x 4.0x 21.3x 24.3x 21.6x 24.7x

Median 1,300 1,334 80.9% 8.9% (12.5%) 17.8% 12.5% 4.9x 4.1x 15.4x 23.8x 21.6x 21.9x

Healthcare IT

McKesson 37,715 33,275 73.8% (10.8%) (12.5%) 0.3% 2.3% 0.2x 0.2x 8.4x 7.8x 12.1x 10.9x

Cerner 17,586 17,433 76.1% (9.5%) (7.9%) 9.0% 34.1% 3.4x 3.1x 9.9x 8.9x 20.0x 17.8x

Sysmex 12,192 12,693 79.7% (0.4%) 104.4% 9.5% 27.4% 5.1x 4.7x 18.6x 17.0x 33.4x 30.8x

Allscripts Healthcare Solutions 3,759 2,171 77.3% (17.9%) (29.7%) 9.3% 18.8% 2.2x 2.1x 11.7x 10.7x 18.1x 15.6x

CompuGroup 2,365 2,132 85.7% 8.0% 44.5% 12.1% 23.8% 3.6x 3.2x 14.9x 12.5x 20.5x 16.7x

EMIS 738 736 69.2% (28.2%) 12.3% 2.9% 31.1% 3.6x 3.5x 11.6x 11.0x 18.8x 17.6x

Cegedim 643 402 81.0% (15.5%) (12.5%) 5.4% 16.6% 1.3x 1.3x 7.9x 6.9x 14.3x 11.3x

Sectra 598 596 88.3% 25.0% 54.8% 10.3% 21.6% 4.4x 4.1x 20.1x 18.8x 34.3x 31.7x

Computer Programs & Systems 459 311 38.9% (53.6%) (63.1%) 1.5% 18.9% 1.7x 1.6x 8.9x 8.9x 12.6x 11.8x

Craneware 377 422 89.2% 38.9% 69.9% 13.7% 31.4% 6.2x 5.4x 19.7x 17.4x 31.8x 28.2x

Castlight Health 296 415 72.7% 14.6% NA 25.0% (9.1%) 2.4x 1.8x NM 42.9x NM NM

Mean 6,975 6,417 75.6% (4.5%) 16.0% 9.0% 19.7% 3.1x 2.8x 13.2x 14.8x 21.6x 19.2x

Median 738 736 77.3% (9.5%) 2.2% 9.3% 21.6% 3.4x 3.1x 11.6x 11.0x 19.4x 17.2x

Security Software

Symantec 17,764 16,296 99.8% 32.5% 12.3% 11.3% 44.2% 4.0x 3.8x 9.1x 8.3x 16.5x 14.0x

Check Point 14,361 15,865 98.4% 19.4% 40.6% 5.8% 54.3% 7.8x 7.4x 14.4x 13.6x 18.5x 17.1x

Palo Alto Networks 11,613 12,697 83.6% (10.6%) 120.2% 29.6% 24.8% 5.7x 4.5x 23.1x 17.4x NM 33.0x

Verisign 10,428 8,450 87.8% 8.8% 30.6% 2.7% 70.7% 8.9x 8.5x 12.6x 11.8x 21.2x 19.0x

Gemalto 5,607 5,315 78.4% (2.5%) (49.6%) 5.9% 19.3% 1.6x 1.5x 8.4x 7.6x 13.8x 12.3x

Fortinet 4,715 5,587 86.2% 14.2% 50.3% 16.9% 18.5% 3.2x 2.8x 17.3x 14.2x 39.9x 32.5x

Trend Micro 3,913 5,263 87.7% (6.8%) 16.8% 9.2% 32.2% 3.2x 3.1x 9.9x 9.2x 26.0x 24.0x

Proofpoint 3,397 3,480 93.1% 43.7% 114.5% 29.7% 10.3% 7.0x 5.5x NM 38.7x NM NM

FireEye 2,021 2,300 68.5% (17.7%) (81.7%) 10.2% 2.2% 2.5x 2.2x NM 21.2x NM NM

Sophos 1,724 1,536 91.4% (0.5%) NA 13.2% 13.6% 2.9x 2.6x NM 17.8x 35.4x 26.8x

Barracuda Networks 1,117 1,278 90.7% 132.6% (32.3%) 7.7% 22.0% 3.0x 2.7x 13.5x 11.1x 30.7x 28.4x

Qualys 1,112 1,219 86.1% 16.3% 19.8% 17.8% 33.0% 4.8x 4.0x 14.4x 11.8x 37.5x 29.4x

Imperva 1,060 1,335 68.0% (27.5%) (27.4%) 19.0% 3.9% 3.5x 2.9x NM NM NM NM

F-Secure 458 565 87.3% 36.6% 26.8% 7.9% 18.4% 2.6x 2.4x 14.0x 11.2x 30.3x 22.3x

Vasco Data Security 450 597 76.9% (3.9%) 96.4% 2.5% 14.0% 2.3x 2.1x 16.4x 12.9x NM 27.5x

Intercede 32 34 33.2% (65.7%) (73.0%) 17.6% (3.0%) 2.1x NA NM NA NM NA

Mean 4,986 5,113 82.3% 10.5% 17.6% 12.9% 23.7% 4.1x 3.7x 13.9x 14.8x 27.0x 23.9x

Median 2,709 2,890 86.7% 4.2% 19.8% 10.8% 18.9% 3.2x 2.9x 14.0x 12.4x 28.1x 25.4x





PAGE |

SOFTWARE

8

EUROPEAN TECHNOLOGY

Fintech

Fidelity Information Services 35,713 25,395 94.7% 32.3% 46.7% 3.6% 32.3% 3.6x 3.5x 11.3x 10.6x 17.9x 16.0x

Intuit 30,707 30,056 98.7% 28.0% 52.1% 8.1% 38.9% 5.8x 5.4x 15.1x 13.2x 25.4x 22.1x

Fiserv 28,891 23,941 98.9% 26.3% 92.7% 6.0% 35.6% 4.9x 4.7x 13.8x 13.1x 22.2x 20.0x

Paychex 22,099 22,058 98.9% 31.6% 39.4% 7.0% 43.0% 6.7x 6.3x 15.6x 14.5x 26.4x 24.4x

MSCI 8,967 7,756 90.8% 22.2% 86.3% 7.1% 50.6% 7.3x 6.8x 14.4x 13.1x 23.8x 20.2x

SS&C Technologies 8,881 6,374 91.9% 2.0% 45.4% 9.5% 41.5% 5.3x 5.0x 12.9x 11.9x 16.3x 14.5x

Jack Henry 7,054 7,071 99.1% 21.5% 55.1% 5.4% 35.2% 4.8x NA 13.7x NA 27.9x NA

Temenos 5,370 4,971 98.7% 61.1% 147.3% 9.3% 37.6% 7.8x 7.1x 20.8x 18.4x 30.1x 26.1x

Fair Isaac 4,524 3,857 93.8% 45.9% 107.9% 5.1% 29.5% 4.8x NA 16.3x NA 34.3x 28.4x

Guidewire 3,403 3,945 83.9% (1.3%) 5.9% 14.8% 19.4% 6.6x 5.6x 34.0x 24.6x NM 46.7x

Paycom 2,826 2,929 92.0% 52.2% NA 28.7% 27.4% 6.7x 5.3x 24.4x 18.7x NM 35.2x

Ellie Mae 2,373 2,766 74.9% 26.2% 216.5% 22.3% 33.0% 5.5x 4.5x 16.6x 12.7x 36.6x 28.8x

Ebix 2,044 1,872 91.7% 88.8% 319.4% 8.7% 38.2% 6.4x NA 16.7x NA 19.9x NA

SimCorp 2,029 2,126 86.3% 3.8% 34.9% 6.5% 24.3% 6.2x 5.7x 25.6x 21.9x 35.1x 29.7x

Envestnet 1,850 1,617 90.5% 57.3% (20.9%) 16.1% 19.7% 2.8x 2.4x 14.0x 10.8x 28.0x 20.8x

Iress 1,508 1,473 90.2% 36.7% 4.7% 18.4% 30.5% 4.4x 4.0x 14.5x 12.9x 20.7x 18.3x

Q2 Holdings 1,108 1,210 91.8% 31.8% NA 28.8% 3.7% 5.8x 4.5x NM NM NM NM

Bottomline Technologies 1,006 1,027 80.4% (14.1%) (27.4%) 4.3% 20.6% 2.8x NA 13.5x NA 26.9x 20.0x

Fidessa 1,004 1,090 77.4% 8.4% (31.0%) 5.8% 26.3% 2.4x 2.2x 9.0x 8.3x 24.9x 23.2x

Linedata 375 366 95.2% 52.8% 69.4% 2.3% 29.0% 2.0x 2.0x 7.0x 6.9x 14.0x 13.5x

StatPro 98 82 84.5% 15.5% (8.4%) 2.9% 15.1% 2.2x 2.0x 14.5x 11.8x 28.7x 20.0x

Mean 8,182 7,237 90.7% 29.9% 65.1% 10.5% 30.1% 5.0x 4.5x 16.2x 14.0x 25.5x 23.8x

Median 2,826 2,929 91.8% 28.0% 46.7% 7.1% 30.5% 5.3x 4.7x 14.5x 13.0x 25.9x 21.4x

Data and Data Analytics

Nielsen 22,974 15,137 75.7% (5.2%) (4.6%) 1.0% 30.9% 3.6x 3.5x 11.7x 11.0x 15.7x 14.3x

Experian 21,735 18,418 93.2% 20.7% 5.3% 4.1% 34.5% 4.5x 4.3x 13.0x 12.2x 20.4x 18.6x

Equifax 17,366 14,408 87.8% 17.0% 70.1% 8.9% 36.1% 5.1x 4.7x 14.0x 13.0x 20.0x 18.2x

Verisk 16,304 13,836 96.1% 14.7% 30.2% 5.9% 50.8% 7.7x 7.3x 15.2x 14.3x 24.6x 22.4x

Splunk 6,571 7,654 85.8% 11.8% (29.2%) 27.9% 11.0% 5.6x 4.4x NM 37.4x NM NM

Convergys 2,869 2,450 83.1% 9.9% 18.3% 2.7% 12.8% 1.0x 0.9x 7.5x 7.1x 13.2x 12.1x

Neustar 2,699 1,813 98.8% 55.1% (27.3%) 6.0% 45.4% 2.1x 2.6x 4.6x 7.1x 6.2x 11.2x

Tableau Software 2,544 3,429 53.7% (44.4%) (37.9%) 7.3% 7.3% 2.9x 2.7x 40.4x 29.9x NM NM

Microstrategy 1,769 2,330 98.3% 35.9% 65.8% 2.5% 28.8% 3.4x 3.1x 11.7x 10.5x 25.3x 22.6x

PROS 664 662 84.6% 41.0% (44.7%) 5.3% (19.6%) 4.2x 3.6x NM NM NM NM

Mean 9,550 8,014 85.7% 15.6% 4.6% 7.2% 23.8% 4.0x 3.7x 14.8x 15.8x 17.9x 17.1x

Median 4,720 5,541 86.8% 15.8% 0.3% 5.6% 29.9% 3.9x 3.5x 12.3x 12.2x 20.0x 18.2x

CAx/PLM

Dassault Systems 18,326 20,119 87.5% 10.7% 32.4% 9.5% 34.5% 5.2x 4.8x 15.1x 13.9x 27.0x 24.7x

Autodesk 17,598 18,098 97.9% 64.6% 52.7% 5.5% 4.5% 8.1x 6.5x NM 33.6x NM NM

Ansys 7,500 8,136 95.0% 10.7% 11.1% 5.8% 50.5% 7.2x 6.8x 14.2x 13.2x 24.8x 23.1x

PTC 6,104 5,691 98.6% 60.5% 39.1% 3.9% 22.7% 5.1x 4.8x 22.4x 18.0x 35.6x 26.9x

Nemetschek 2,156 2,154 84.3% 34.5% 192.9% 17.6% 27.1% 5.1x 4.5x 18.8x 16.2x 34.5x 28.3x

Aveva 1,356 1,515 86.4% 17.8% (38.4%) 4.4% 28.2% 4.9x 4.6x 17.3x 16.3x 26.3x 24.6x

Mensch und Maschine 250 228 79.7% 48.7% 87.4% 7.4% 10.7% 1.3x 1.2x 12.3x 10.3x 20.9x 17.1x

Mean 7,613 7,992 89.9% 35.4% 53.9% 7.7% 25.5% 5.3x 4.7x 16.7x 17.4x 28.2x 24.1x

Median 6,104 5,691 87.5% 34.5% 39.1% 5.8% 27.1% 5.1x 4.8x 16.2x 16.2x 26.7x 24.6x





PAGE |

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%


Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

(20%)

(10%)

0%

10%

20%

30%

40%

Jan 2016 Apr 2016 Jul 2016 Oct 2016 Jan 2017Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

IT SERVICES

9

EUROPEAN TECHNOLOGY



PaaS/IaaS 31.4%

Data Centres 29.1%

Managed Services, Colocation and Hosting 14.5%

IT Services 10.6%

Offshore IT Services (5.8%)

Data Centres 9.3%

Managed Services, Colocation and Hosting 5.1%

PaaS/IaaS 2.6%

IT Services 1.9%

Offshore IT Services (0.3%)


PAGE |

IT Services

KDDI 76,011 70,402 80.6% 10.7% 33.3% 4.3% 32.1% 1.8x 1.8x 5.7x 5.5x 13.1x 12.3x

Accenture 74,191 72,817 93.0% 17.8% 38.5% 5.6% 17.0% 2.1x 2.0x 12.4x 11.5x 19.3x 17.7x

Capgemini 17,976 14,689 84.7% (0.6%) 22.0% 4.0% 13.5% 1.3x 1.3x 9.7x 9.1x 14.2x 13.1x

CGI 16,428 15,058 97.6% 32.1% 52.7% 4.6% 18.9% 2.0x 1.9x 10.3x 10.0x 17.1x 16.1x

Fujitsu 15,855 12,226 93.7% 23.7% 13.8% (6.8%) 8.2% 0.4x 0.4x 5.3x 5.1x 12.6x 11.1x

NTT Group 15,587 14,121 89.0% 3.9% 43.0% 13.4% 15.2% 1.0x 0.9x 6.3x 6.1x 26.2x 23.0x

CSC 11,486 8,771 98.3% 114.3% 166.6% 2.4% 17.5% 1.5x 1.5x 8.5x 8.0x 20.0x 17.8x

Atos Origin 11,378 11,476 99.0% 43.0% 21.0% 5.3% 12.6% 0.9x 0.9x 6.9x 6.6x 13.0x 12.4x

NEC 10,512 7,406 89.1% (8.5%) 7.0% 4.3% 6.1% 0.4x 0.4x 7.0x 6.5x 13.5x 12.8x

Capita 7,071 4,188 36.6% (61.6%) (63.9%) (3.8%) 14.2% 1.2x 1.2x 8.7x 8.4x 8.9x 8.5x

Sopra 3,160 2,373 84.9% 7.6% 9.1% 2.9% 9.7% 0.8x 0.8x 8.0x 7.4x 11.5x 10.4x

Indra Sistemas 2,522 1,853 80.6% 17.0% (39.9%) 3.3% 10.2% 0.9x 0.8x 8.4x 7.4x 13.6x 11.1x

Tieto 2,205 2,055 86.7% 11.3% 21.0% 4.0% 13.3% 1.3x 1.3x 10.1x 9.8x 15.7x 14.7x

Bechtle 2,054 2,143 86.8% 18.4% 32.7% 8.1% 5.8% 0.6x 0.5x 10.2x 9.4x 17.5x 16.0x

GFI Informatique 664 593 89.2% (3.2%) 36.3% 12.6% 7.7% 0.5x 0.5x 7.1x 6.7x 14.2x 11.6x

Mean 17,807 16,011 86.0% 15.1% 26.2% 4.3% 13.5% 1.1x 1.1x 8.3x 7.8x 15.4x 13.9x

Median 11,378 8,771 89.0% 11.3% 22.0% 4.3% 13.3% 1.0x 0.9x 8.4x 7.4x 14.2x 12.8x

Offshore IT Services

Tata 64,512 65,060 80.5% (1.3%) (8.4%) 9.1% 27.5% 3.4x 3.1x 12.5x 11.5x 15.9x 14.6x

Cognizant 30,430 34,291 89.1% (3.7%) 13.8% 9.4% 20.0% 2.1x 1.9x 10.3x 9.2x 15.4x 13.9x

Infosys 28,181 32,840 75.0% (15.2%) (5.7%) 8.9% 27.2% 2.6x 2.4x 9.6x 8.7x 14.6x 13.4x

HCL 16,039 17,539 94.8% 0.4% 10.6% 25.8% 21.7% 2.1x 1.9x 9.8x 9.0x 13.6x 12.6x

Wipro 14,341 17,275 77.6% (11.5%) (20.9%) 6.9% 20.1% 1.7x 1.5x 8.3x 7.6x 13.1x 11.9x

Mean 30,701 33,401 83.4% (6.3%) (2.1%) 12.0% 23.3% 2.4x 2.2x 10.1x 9.2x 14.5x 13.3x

Median 28,181 32,840 80.5% (3.7%) (5.7%) 9.1% 21.7% 2.1x 1.9x 9.8x 9.0x 14.6x 13.4x

Managed Services, Colocation and Hosting

Level 3 28,866 19,432 93.9% 6.1% 100.0% 2.4% 35.2% 3.4x 3.3x 9.8x 9.2x 28.6x 24.5x

Windstream 10,589 771 76.7% 53.1% (35.2%) (2.3%) 34.8% 2.0x 2.0x 5.7x 5.8x NM NM

United Internet 10,392 8,503 79.4% (15.5%) (6.9%) 7.2% 22.1% 2.3x 2.2x 10.5x 9.7x 15.8x 14.0x

GoDaddy 4,192 3,181 97.7% 7.2% NA 13.2% 23.4% 2.0x 1.8x 8.6x 7.3x NM 39.6x

Interxion 3,308 2,646 96.6% 34.4% 52.9% 11.6% 46.1% 6.7x 6.1x 14.5x 12.9x NM 45.6x

Endurance 3,069 1,146 68.3% (19.2%) (37.4%) 3.8% 27.2% 2.7x 2.6x 9.8x 9.1x 10.4x 12.2x

Internap 464 110 42.7% (53.2%) (75.1%) (2.3%) 28.6% 1.6x 1.4x 5.6x 4.6x NM NM

iomart 431 398 87.9% 5.9% (21.9%) 9.0% 41.5% 3.8x 3.4x 9.1x 8.4x 16.2x 15.6x

Redcentric 213 161 37.0% (57.4%) (36.5%) 3.0% 19.4% 1.5x NA 7.8x NA 12.0x NA

Proact 178 170 97.9% 30.7% 41.0% 8.5% 7.1% 0.5x 0.5x 7.4x 7.1x 12.5x 11.7x

Melbourne IT 148 142 88.6% (3.4%) (16.1%) (88.4%) 165.8% 9.3x 0.9x 5.6x 4.7x NA NA

Mean 5,623 3,333 78.8% (1.0%) (3.5%) (3.1%) 41.0% 3.3x 2.4x 8.6x 7.9x 15.9x 23.3x

Median 3,069 771 87.9% 5.9% (19.0%) 3.8% 28.6% 2.3x 2.1x 8.6x 7.8x 14.2x 15.6x

Data Centres

Equinix 32,874 26,764 95.9% 23.7% 113.2% 13.0% 46.9% 8.1x 7.2x 17.2x 15.1x NM NM

Digital Realty Trust 22,308 16,257 90.4% 34.0% 97.6% 8.3% 57.5% 9.7x 9.1x 16.9x 15.7x NM NM

DuPont Fabros 5,481 3,564 95.9% 49.6% 88.6% 11.9% 62.5% 9.4x 8.3x 15.0x 13.4x 25.0x 22.1x

QTS 3,796 2,427 85.4% 17.3% 104.5% 12.7% 45.5% 8.4x 7.3x 18.4x 15.6x NM NM

Coresite 3,696 2,832 90.8% 46.0% 152.6% 15.2% 53.2% 8.1x 7.2x 15.2x 13.0x NM 41.7x

Mean 13,631 10,369 91.7% 34.1% 111.3% 12.2% 53.1% 8.7x 7.8x 16.5x 14.6x 25.0x 31.9x

Median 5,481 3,564 90.8% 34.0% 104.5% 12.7% 53.2% 8.4x 7.3x 16.9x 15.1x 25.0x 31.9x

PaaS/IaaS

ServiceNow 13,506 13,867 93.0% 9.4% 34.6% 30.0% 22.2% 7.5x 5.9x 33.9x 23.9x NM NM

Akamai 12,020 12,134 97.7% 58.6% 44.1% 10.0% 40.1% 4.7x 4.2x 11.7x 10.4x 24.2x 20.9x

Netapp 7,333 9,894 92.1% 61.5% (19.2%) (0.3%) 21.0% 1.3x 1.3x 6.4x 6.5x 12.9x 12.2x

Synchronoss 2,075 1,759 77.7% 26.8% 27.3% 27.9% 35.0% 2.5x 2.1x 7.3x 5.7x 15.0x 11.2x

Commvault Systems 2,017 2,496 96.2% 75.2% (26.5%) 7.6% 14.7% 3.0x 2.7x 20.2x 16.8x NM 42.3x

Progress Software 1,489 1,567 99.3% 23.0% 31.7% 3.3% 33.2% 3.5x NA 10.5x NA 19.4x NA

Carbonite 444 488 91.2% 99.3% 42.4% 6.8% 19.3% 2.0x 1.9x 10.6x 10.4x 26.5x 21.1x

Mean 5,555 6,029 92.5% 50.5% 19.2% 12.2% 26.5% 3.5x 3.0x 14.4x 12.3x 19.6x 21.5x

Median 2,075 2,496 93.0% 58.6% 31.7% 7.6% 22.2% 3.0x 2.4x 10.6x 10.4x 19.4x 20.9x

10

IT SERVICES

EUROPEAN TECHNOLOGY

(1)

(1) CenturyLink has agreed to acquire Level 3 Communications; share price as at 28th October 2016

(2) GoDaddy has agreed to acquire HEG; share price as at 6th December 2016

(2)





PAGE |

(40%)

(20%)

0%

20%

40%

60%

80%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

COMMUNICATIONS

11

EUROPEAN TECHNOLOGY



Mobile Infrastructure Software 38.8%

Mobile Content / Solutions Providers 28.1%

Digital Broadband 13.8%

Diversified Communication Equipment (26.1%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

Digital Broadband 1.1%

Diversified Communication Equipment 1.1%

Mobile Infrastructure Software (1.9%)

Mobile Content / Solutions Providers (10.3%)


PAGE |

COMMUNICATIONS

12

EUROPEAN TECHNOLOGY

Digital Broadband

Logitech 3,834 4,423 98.7% 90.4% 85.9% 6.1% 11.4% 1.7x 1.6x 14.9x 13.5x 20.7x 18.2x

Technicolor 3,193 1,722 56.4% (41.8%) (18.9%) 1.4% 11.0% 0.6x 0.6x 5.5x 4.9x 9.7x 7.1x

TomTom 2,106 2,169 85.5% (10.3%) 21.8% 3.2% 15.3% 1.9x 1.9x 12.6x 10.4x 31.8x 23.5x

Kudelski 1,260 988 81.0% 43.3% 20.9% 6.1% 12.6% 1.2x 1.1x 9.2x 8.4x 15.9x 14.0x

Extreme Networks 516 573 97.5% 48.6% (28.5%) 12.2% 11.6% 0.8x NA 7.0x NA 13.6x NA

Parrot 16 272 35.5% (61.9%) (59.4%) 15.7% (14.9%) NM NM NM NM NM NM

Mean 1,821 1,691 75.8% 11.4% 3.6% 7.5% 7.8% 1.2x 1.3x 9.9x 9.3x 18.3x 15.7x

Median 1,683 1,355 83.2% 16.5% 1.0% 6.1% 11.5% 1.2x 1.4x 9.2x 9.4x 15.9x 16.1x

Diversified Communication Equipment

LM Ericsson Telephone 17,911 19,841 57.9% (30.6%) (50.9%) (1.5%) 10.1% 0.8x 0.8x 7.5x 6.3x 19.2x 15.2x

CIENA 3,906 3,428 97.4% 36.1% 11.1% 7.6% 14.7% 1.4x 1.3x 9.4x 8.4x 14.0x 12.0x

ADTRAN 990 1,077 93.7% 27.9% (10.4%) 5.8% 10.3% 1.5x 1.4x 14.5x 17.1x 23.7x 22.7x

Mean 7,603 8,116 83.0% 11.2% (16.7%) 4.0% 11.7% 1.2x 1.2x 10.5x 10.6x 19.0x 16.7x

Median 3,906 3,428 93.7% 27.9% (10.4%) 5.8% 10.3% 1.4x 1.3x 9.4x 8.4x 19.2x 15.2x

Mobile Infrastructure Software

QUALCOMM 93,285 98,774 93.4% 46.0% (10.5%) 2.2% 37.9% 3.9x 3.7x 10.2x 9.7x 14.0x 13.3x

VeriSign 10,428 8,450 87.8% 8.8% 30.6% 2.7% 70.7% 8.9x 8.5x 12.6x 11.8x 21.2x 19.0x

Amdocs 8,087 8,722 96.9% 11.8% 41.6% 4.0% 18.8% 2.1x 2.0x 11.0x 10.8x 15.3x 14.3x

Synchronoss Technologies 2,075 1,759 77.7% 26.8% 27.3% 27.9% 35.0% 2.5x 2.1x 7.3x 5.7x 15.0x 11.2x

Sonus Networks 225 308 62.3% 7.6% (59.0%) 3.0% 8.7% 0.9x 0.8x 9.9x NA 24.1x 25.3x

Redknee Solutions 147 134 59.1% (33.1%) (78.6%) 0.4% 11.2% 0.9x 0.8x 7.7x 5.6x 26.9x 10.6x

Smith Micro Software 17 21 53.8% (30.3%) (75.6%) 9.8% 0.0% 0.5x NA NM NA NM NA

Mean 16,324 16,881 75.9% 5.4% (17.7%) 7.2% 26.0% 2.8x 3.0x 9.8x 8.7x 19.4x 15.6x

Median 2,075 1,759 77.7% 8.8% (10.5%) 3.0% 18.8% 2.1x 2.0x 10.1x 9.7x 18.3x 13.8x

Mobile Content / Solutions Providers

Opera Software 867 679 54.6% 17.4% (56.1%) 8.2% 12.7% 1.3x 1.2x 10.4x 8.9x 25.0x 16.4x

Mean 867 679 54.6% 17.4% (56.1%) 8.2% 12.7% 1.3x 1.2x 10.4x 8.9x 25.0x 16.4x

Median 867 679 54.6% 17.4% (56.1%) 8.2% 12.7% 1.3x 1.2x 10.4x 8.9x 25.0x 16.4x





PAGE |

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%


Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology


13

EUROPEAN TECHNOLOGY



(10%)

(5%)

0%

5%

10%

15%


Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology

Interactive Entertainment 10.7%

Digital Marketing 10.2%

eCommerce 9.2%

Online Classifieds 9.1%

Internet Services 8.1%

Online Gambling 4.3%

Online Travel 4.2%

Global Internet Leaders 4.0%

Educational Technology 3.3%

Intermediation and Comparison 2.2%

Chinese Internet Leaders (1.6%)

Content Providers / Communities (4.0%)

Educational Technology 41.1%

Ecommerce 37.9%

Chinese Internet Leaders 37.2%

Global Internet Leaders 25.9%

Internet Services 25.3%

Digital Marketing 25.2%

Interactive Entertainment 25.1%

Online Travel 21.8%

Intermediation and Comparison 9.8%

Online Classifieds 9.4%

Online Gambling 2.3%

Content Providers / Communities 1.2%


PAGE |

Global Internet Leaders

Apple 674,630 625,890 99.3% 22.6% 54.1% 6.0% 32.1% 2.9x 2.8x 9.1x 8.6x 12.9x 11.7x

Google 501,244 563,517 99.0% 17.0% 44.3% 17.1% 49.7% 5.9x 5.1x 11.8x 10.2x 20.2x 17.1x

Microsoft 432,615 487,515 97.8% 23.0% 72.3% 4.0% 38.9% 4.5x 4.2x 11.5x 10.4x 20.1x 18.2x

Amazon 396,486 388,278 96.5% 43.3% 104.5% 22.8% 12.0% 2.4x 1.9x 19.7x 15.0x NM NM

Facebook 347,971 370,495 96.1% 35.1% 128.0% 34.4% 62.5% 9.5x 7.5x 15.2x 12.1x 24.6x 19.6x

Alibaba 250,558 233,953 87.6% 38.3% NA 34.9% 45.3% 9.2x 7.2x 20.4x 16.2x 24.5x 19.3x

Baidu 56,299 61,223 87.8% 7.7% 3.7% 21.3% 23.1% 4.6x 3.8x 19.7x 14.2x 29.3x 21.0x

eBay 35,486 33,862 91.3% 19.9% 35.3% 4.6% 39.1% 3.8x 3.6x 9.7x 9.2x 14.6x 13.4x

Yahoo! 32,267 37,408 99.0% 0.4% 43.9% (0.6%) 24.7% 9.4x 9.3x 37.9x 37.3x NM NM

Yandex 6,337 6,919 90.1% 75.9% (50.0%) 22.6% 35.2% 4.2x 3.6x 12.0x 9.7x 23.2x 17.8x

Mean 273,389 280,906 94.4% 28.3% 48.5% 16.7% 36.2% 5.6x 4.9x 16.7x 14.3x 21.2x 17.3x

Median 299,265 302,224 96.3% 22.8% 44.3% 19.2% 37.0% 4.5x 4.0x 13.6x 11.3x 21.7x 18.0x

Ecommerce

Amazon 396,486 388,278 96.5% 43.3% 104.5% 22.8% 12.0% 2.4x 1.9x 19.7x 15.0x NM NM

Alibaba 250,558 233,953 87.6% 38.3% NA 34.9% 45.3% 9.2x 7.2x 20.4x 16.2x 24.5x 19.3x

Naspers 72,888 70,587 88.8% 48.6% 49.8% 6.3% 10.7% 10.8x 9.7x NM NM 30.6x 22.5x

Netflix 59,643 57,377 99.8% 28.5% 183.6% 25.1% 9.1% 5.4x 4.5x NM 37.8x NM NM

JD.com 37,140 38,738 89.4% (0.6%) NA 34.1% 1.2% 0.8x 0.6x NM 29.7x NM NM

eBay 35,486 33,862 91.3% 19.9% 35.3% 4.6% 39.1% 3.8x 3.6x 9.7x 9.2x 14.6x 13.4x

Zalando 9,873 10,444 94.0% 29.4% NA 24.2% 7.5% 2.0x 1.7x 27.4x 20.7x NM 39.6x

Mercadolibre 7,625 7,792 91.2% 83.0% 68.1% 32.7% 24.9% 6.9x 5.3x 27.6x 20.9x NM 33.3x

IAC 6,202 5,626 99.3% 30.3% (1.2%) 7.7% 17.9% 1.9x 1.7x 10.3x 8.6x 20.5x 16.5x

JUST EAT 4,143 4,276 80.5% 3.8% NA 28.9% 32.5% 7.0x 5.8x 21.5x 16.1x 31.8x 23.2x

Cimpress 3,887 3,057 92.8% 36.0% 88.5% 13.9% 13.4% 1.8x 1.6x 13.2x 11.4x NM 38.8x

Mail.ru 3,661 3,994 79.3% (0.8%) (57.8%) 16.3% 44.3% 4.8x 4.2x 10.8x 9.3x 16.5x 14.6x

GrubHub 3,077 3,342 87.6% 85.9% NA 25.8% 30.0% 5.0x 4.1x 16.5x 13.3x 33.7x 27.3x

Ocado 2,211 2,047 64.8% (10.7%) (60.8%) 5.2% 6.9% 1.2x 1.1x 17.8x 14.7x NM NM

Groupon 1,601 2,053 60.3% 37.7% (67.0%) 3.1% 6.9% 0.5x 0.5x 7.2x 5.7x 36.7x 21.0x

Shutterstock 1,530 1,785 78.0% 68.8% (38.5%) 15.8% 20.5% 2.6x 2.4x 12.9x 10.6x 29.9x 25.1x

Coupons.com 753 951 75.2% 99.6% NA 14.7% 14.1% 2.4x 2.1x 17.2x 13.4x NM 28.7x

Overstock 355 433 86.5% 61.3% (40.4%) 8.0% 1.2% 0.2x 0.2x 15.6x 14.4x NM NM

Blue Nile 318 354 78.1% (20.3%) (27.0%) 1.5% 5.7% 0.7x NA 11.6x NA 32.7x NA

RetailMeNot 280 439 70.0% 7.9% (72.2%) 5.5% 20.1% 1.0x 0.9x 4.7x 4.5x 16.1x 15.7x

Mean 44,886 43,469 84.5% 34.5% 11.8% 16.6% 18.2% 3.5x 3.1x 15.5x 15.1x 26.1x 24.2x

Median 4,015 4,135 87.6% 33.2% (14.1%) 15.2% 13.8% 2.4x 2.1x 15.6x 13.9x 29.9x 22.8x

Online Travel

The Priceline Group 80,216 76,405 96.6% 42.2% 31.2% 15.9% 38.2% 6.4x 5.6x 16.9x 14.6x 20.9x 18.2x

Ctrip 23,029 21,848 87.7% 5.0% 114.6% 37.8% 14.7% 6.0x 4.7x 40.8x 23.4x NM 25.6x

Amadeus 22,679 20,398 91.5% 15.6% 14.3% 8.0% 38.0% 4.5x 4.2x 11.8x 11.1x 20.5x 19.2x

Expedia 21,271 17,825 89.0% 15.6% 68.1% 14.7% 19.5% 2.1x 1.9x 10.8x 9.1x 19.6x 15.7x

Sabre Corporation 10,285 7,045 84.5% 0.8% NA 7.4% 32.0% 2.8x 2.6x 8.9x 8.0x 15.6x 13.6x

Tripadvisor 7,160 7,708 72.1% (25.1%) (36.9%) 10.7% 23.5% 4.3x 3.9x 18.4x 15.2x 33.9x 28.0x

Travelport 4,017 1,789 95.2% 28.1% NA 5.5% 24.3% 1.6x 1.5x 6.6x 6.3x 10.4x 9.0x

MakeMyTrip 1,185 1,417 86.2% 36.0% 31.3% 35.8% (19.0%) 4.1x 3.3x NM NM NM NM

Hostelworld Group 220 240 57.5% (18.6%) NA 2.4% 28.7% 2.6x 2.5x 9.2x 8.9x 12.2x 12.0x

Travelzoo 116 140 76.5% 35.2% (55.3%) (0.5%) 8.8% 0.9x 0.9x 10.3x 10.9x 24.6x 24.9x

Mean 17,018 15,482 83.7% 17.1% 23.9% 13.8% 20.9% 3.5x 3.1x 14.9x 11.9x 19.7x 18.5x

Median 8,722 7,377 87.0% 15.6% 31.2% 9.3% 23.9% 3.4x 2.9x 10.8x 10.9x 20.0x 18.2x


14

EUROPEAN TECHNOLOGY

(1)

(1) Verizon has agreed to acquire Yahoo's operating business; share price as at 22nd July 2016





PAGE |

Digital Marketing

Criteo 2,625 2,919 95.8% 55.2% 25.4% 27.2% 30.3% 2.9x 2.4x 9.5x 7.2x 19.0x 14.9x

Callidus Software 812 1,092 80.2% 2.9% 21.3% 18.4% 13.7% 3.3x 2.8x 24.3x 18.1x NM 41.0x

Bazaarvoice 324 376 73.3% 24.3% (42.4%) 4.2% 9.0% 1.5x 1.4x 17.2x 11.8x NM 35.6x

TechTarget 258 246 95.6% 11.3% 26.9% 9.6% 21.8% 2.2x 2.0x 10.2x NA 21.0x 13.8x

The Rubicon Project 225 421 42.2% (40.6%) NA 0.2% 25.0% 0.9x 0.8x 3.5x 3.2x 12.8x 12.3x

Dotdigital 195 219 77.0% 9.9% 51.8% 20.3% 30.0% 4.4x 3.7x 14.6x NA 24.7x 21.8x

Matomy Media 174 151 94.0% 21.8% NA 13.3% 7.3% 0.6x 0.5x 7.7x 6.6x 10.6x 8.6x

Harte-Hanks 150 96 41.8% (44.1%) (78.4%) 0.8% 3.4% 0.3x NA 9.5x NA NM NA

1000mercis 125 146 94.5% 14.8% (32.3%) 17.1% 23.1% 1.7x 1.5x 7.5x 6.4x 15.1x 12.5x

Marin Software 57 91 64.9% (24.2%) (76.8%) (3.5%) 2.8% 0.6x 0.5x 21.4x NA NM NA

Marchex 19 114 56.4% (24.4%) (74.0%) (14.0%) (0.2%) 0.2x NA NM NA NM NA

Mean 451 534 74.2% 0.6% (19.8%) 8.5% 15.1% 1.7x 1.7x 12.5x 8.9x 17.2x 20.1x

Median 195 219 77.0% 9.9% (32.3%) 9.6% 13.7% 1.5x 1.5x 9.8x 6.9x 17.0x 14.4x

Content Providers / Communities

Twitter 10,140 12,332 68.3% (3.8%) (72.3%) 9.6% 30.1% 3.6x 3.3x 12.1x 10.5x 28.2x 22.2x

JustEat 4,143 4,276 80.5% 3.8% NA 28.9% 32.5% 7.0x 5.8x 21.5x 16.1x 31.8x 23.2x

Pandora Media 3,042 2,977 85.2% 35.0% (63.7%) 22.6% (2.7%) 1.8x 1.5x NM 34.3x NM NM

WebMD Health 2,853 1,896 75.5% 4.5% 2.9% 5.5% 33.3% 3.8x 3.6x 11.5x 10.9x 25.5x 24.5x

GoPro 1,074 1,303 52.4% (19.1%) NA 15.2% (1.4%) 0.7x 0.7x NM 17.1x NM NM

XING 987 1,086 87.7% 10.3% 76.9% 19.0% 33.1% 5.4x 4.6x 16.2x 13.4x 33.9x 26.9x

XO Group 400 516 92.9% 34.6% 34.1% 10.3% 21.0% 2.4x 2.2x 11.4x 9.4x NM 33.6x

Brightcove 231 269 57.6% 35.7% (32.2%) 9.5% 6.5% 1.4x NA 21.7x NA NM NA

Demand Media 81 133 91.2% 36.6% (37.5%) 7.9% (7.8%) 0.7x 0.6x NM NM NM NM

Mean 2,550 2,754 76.8% 15.3% (13.1%) 14.3% 16.1% 3.0x 2.8x 15.7x 16.0x 29.8x 26.1x

Median 1,074 1,303 80.5% 10.3% (32.2%) 10.3% 21.0% 2.4x 2.7x 14.1x 13.4x 30.0x 24.5x

Intermediation and Comparison

Zillow 6,993 6,803 95.0% 70.4% 42.1% 23.3% 22.9% 6.7x 5.6x 29.5x 21.2x NM 42.3x

Moneysupermarket 1,966 1,975 68.2% (19.6%) 12.2% 5.8% 39.4% 4.9x 4.6x 12.3x 11.5x 17.8x 16.4x

Bankrate 1,155 1,009 86.6% 0.4% (30.3%) 12.9% 24.9% 2.3x 2.2x 9.3x 8.4x 16.3x 13.6x

Angie's List 491 468 73.5% (7.9%) (47.9%) 0.1% 11.1% 1.5x 1.4x 13.6x 11.2x NM NM

Gruppo MutuiOnline 388 382 92.5% 23.6% 73.9% 9.3% 28.6% 2.6x 2.3x 9.1x 7.7x 15.4x 12.9x

Liquidity Services 167 308 85.7% 69.5% (54.4%) 5.2% 0.0% 0.5x NA NM NA NM NA

eHealth 161 228 82.2% 23.2% (79.8%) (5.7%) (2.6%) 0.9x 0.8x NM 12.2x NM 31.1x

Mean 1,617 1,596 83.4% 22.8% (12.0%) 7.3% 17.8% 2.8x 2.8x 14.8x 12.0x 16.5x 23.2x

Median 491 468 85.7% 23.2% (30.3%) 5.8% 22.9% 2.3x 2.2x 12.3x 11.3x 16.3x 16.4x

Online Classifieds

Rightmove 4,681 4,590 77.7% (10.4%) 15.9% 7.7% 75.7% 16.2x 14.7x 21.4x 19.4x 26.2x 23.2x

SEEK 4,425 3,942 86.9% 17.8% (0.3%) 11.5% 38.3% 5.5x 5.0x 14.3x 12.8x 23.9x 20.7x

Yelp 2,962 3,558 94.4% 92.1% (50.3%) 25.6% 18.3% 3.3x 2.8x 18.1x 13.2x NM NM

Zoopla 1,954 1,761 84.1% 44.1% NA 9.7% 39.2% 7.1x 6.4x 18.0x 15.9x 24.0x 20.7x

SouFun 1,772 1,775 59.1% (31.7%) (77.7%) 4.4% 5.7% 1.7x 1.4x 30.7x 13.3x NM 20.5x

51job 1,400 2,109 95.9% 35.6% (13.4%) 15.6% 31.8% 3.6x 3.2x 11.4x 9.9x 18.7x 16.4x

Dice 340 291 60.7% (33.9%) (20.8%) (3.0%) 24.3% 1.5x 1.5x 6.4x 6.0x 18.1x 17.5x

Mean 2,505 2,575 79.8% 16.2% (24.4%) 10.2% 33.3% 5.6x 5.0x 17.2x 12.9x 22.2x 19.8x

Median 1,954 2,109 84.1% 17.8% (17.1%) 9.7% 31.8% 3.6x 3.2x 18.0x 13.2x 23.9x 20.6x


15

EUROPEAN TECHNOLOGY





PAGE |


16

EUROPEAN TECHNOLOGY

Internet Services

LifeLock 2,165 2,274 99.8% 83.9% 27.9% 11.7% 14.5% 2.9x 2.6x 20.0x 15.6x 25.5x 21.4x

Wix.com 2,015 2,151 96.5% 140.7% 78.0% 32.6% 19.6% 5.3x 4.2x 27.0x 16.5x NM NM

Web.com 1,657 994 92.2% 8.9% (39.2%) 3.4% 25.2% 2.2x 2.1x 8.8x 7.9x 6.8x 6.2x

LendingClub 1,536 2,212 57.2% (27.4%) NA 19.9% 8.9% 2.6x 2.1x 29.3x 13.4x NM 26.8x

Mean 1,843 1,908 86.4% 51.5% 22.3% 16.9% 17.1% 3.3x 2.7x 21.2x 13.4x 16.2x 18.1x

Median 1,836 2,181 94.3% 46.4% 27.9% 15.8% 17.1% 2.8x 2.4x 23.5x 14.5x 16.2x 21.4x

Educational Technology

Graham 2,409 2,953 96.0% 22.8% 34.9% NA NA NA NA NA NA NA NA

2U 1,477 1,640 89.5% 63.9% NA 30.8% 3.1% 5.5x 4.3x NM NM NM NM

Chegg 606 699 89.3% 27.3% 5.5% (7.7%) 15.1% 2.6x 2.2x 17.5x 11.0x 33.4x 17.1x

K12 548 702 96.8% 128.1% (23.5%) 4.1% 11.5% 0.6x NA 5.1x NA 37.4x NA

Cambium Learning 338 245 90.9% 19.8% 162.1% NA NA NA NA NA NA NA NA

Rosetta Stone 159 190 92.6% 33.2% (25.2%) 3.3% 1.1% 0.8x NA NM NA NM NA

Mean 923 1,071 92.5% 49.2% 30.8% 7.6% 7.7% 2.4x 3.2x 11.3x 11.0x 35.4x 17.1x

Median 577 700 91.7% 30.2% 5.5% 3.7% 7.3% 1.7x 3.2x 11.3x 11.0x 35.4x 17.1x

Chinese Internet Leaders

Tencent 245,177 244,049 90.5% 46.6% 88.8% 34.5% 39.2% 8.3x 6.6x 21.3x 17.4x 30.3x 23.9x

Baidu 56,299 61,223 87.8% 7.7% 3.7% 21.3% 23.1% 4.6x 3.8x 19.7x 14.2x 29.3x 21.0x

Netease 27,048 31,517 87.2% 53.4% 199.2% 27.1% 33.2% 4.0x 3.3x 12.0x 10.3x 16.5x 14.3x

Weibo Corporation 10,201 10,145 85.3% 200.3% NA 46.8% 31.6% 10.7x 7.9x 33.8x 22.5x 37.8x 25.4x

58.com 4,260 4,364 49.0% (45.2%) (30.7%) 24.4% 16.4% 3.0x 2.4x 18.3x 10.2x NM 19.7x

Sina 4,116 4,855 80.4% 61.2% (3.7%) 27.2% 22.5% 3.2x 2.5x 14.1x 8.0x 31.1x 20.1x

Autohome 2,842 3,376 92.7% 9.8% (20.6%) (4.5%) 32.4% 3.4x 2.9x 10.6x 8.8x 17.0x 13.9x

SouFun 1,772 1,775 59.1% (31.7%) (77.7%) 4.4% 5.7% 1.7x 1.4x 30.7x 13.3x NM 20.5x

Sohu 717 1,526 73.6% (23.1%) (48.7%) 8.2% 6.1% 0.4x 0.4x 6.6x 4.1x NM NM

Renren 587 578 47.8% (44.6%) (46.9%) NA NA NA NA NA NA NA NA

Mean 35,302 36,341 75.3% 23.4% 7.0% 21.0% 23.3% 4.4x 3.5x 18.6x 12.1x 27.0x 19.9x

Median 4,188 4,610 82.8% 8.7% (20.6%) 24.4% 23.1% 3.4x 2.9x 18.3x 10.3x 29.8x 20.3x

Online Gambling

Betfair 8,122 8,909 68.2% (17.9%) 28.2% 12.2% 26.7% 3.8x 3.5x 14.2x 12.6x 21.5x 18.8x

Playtech 3,007 3,277 82.1% (5.7%) (12.4%) 23.7% 40.6% 3.2x 2.9x 7.8x 6.9x 11.6x 10.4x

Mean 5,564 6,093 75.1% (11.8%) 7.9% 18.0% 33.7% 3.5x 3.2x 11.0x 9.7x 16.6x 14.6x

Median 5,564 6,093 75.1% (11.8%) 7.9% 18.0% 33.7% 3.5x 3.2x 11.0x 9.7x 16.6x 14.6x

Interactive Entertainment

Activision 31,779 28,948 85.5% 11.6% 129.7% 3.8% 36.8% 4.7x 4.4x 12.7x 11.2x 18.6x 15.9x

Electronic Arts 21,909 24,246 93.4% 21.6% 233.4% 6.6% 34.2% 4.2x 4.0x 12.4x 11.0x 19.8x 17.3x

Take-Two Interactive 4,915 4,467 99.6% 58.4% 202.7% 20.3% 19.5% 2.4x 2.4x 12.2x 10.5x 21.4x 19.6x

Ubisoft Entertainment 3,885 3,765 77.6% 25.0% 133.0% 13.8% 45.0% 2.0x 1.8x 4.5x 3.8x 19.4x 15.0x

Zynga 1,457 2,355 85.7% 11.4% (25.6%) 10.8% 13.7% 1.8x 1.6x 12.8x 9.4x 37.9x 25.2x

Mean 12,789 12,756 88.4% 25.6% 134.6% 11.1% 29.9% 3.0x 2.8x 10.9x 9.2x 23.4x 18.6x

Median 4,915 4,467 85.7% 21.6% 133.0% 10.8% 34.2% 2.4x 2.4x 12.4x 10.5x 19.8x 17.3x





PAGE |

TECHNOLOGY, MEDIA AND TELECOM

17

EUROPEAN TECHNOLOGY

has been acquiredby

has received ainvestment from

has been acquiredby

DIGITAL

MEDIA

has received asignificant equity investment from

ERP / BUSINESS

MANAGEMENT

has merged with

DIGITAL

MEDIA

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

DATA

ANALYTICS

has been acquiredby

ERP / BUSINESS

MANAGEMENT

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

APPLICATION

SOFTWARE

has been acquiredby

REAL ESTATE

SOFTWARE

has been acquiredby

EDUCATION

TECHNOLOGY

has been acquiredby

MARKETING

ANALYTICS

ERP / BUSINESS

MANAGEMENT

has acquired

HEALTHCARE

TECHNOLOGY

has been acquiredby

NON-PROFIT

SOFTWARE

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

LEGAL

TECHNOLOGY

has been acquiredby

MARKETING

TECHNOLOGY

has been acquiredby

HCM

SOFTWARE

has been acquiredby

HEALTHCARE

TECHNOLOGY

has merged with

SUPPLY CHAIN

SOFTWARE

has been acquiredby

INFRASTRUCTURE

SOFTWARE

has been acquired

by

INFRASTRUCTURE

SOFTWARE

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been

Recapitalised by

SUPPLY CHAIN

SOFTWARE

has been acquiredby

EDUCATION

TECHNOLOGY

has been acquiredby

INFRASTRUCTURE

SOFTWARE

has become a

wholly- owned

subsidiary of

ENERGY

TECHNOLOGY

has been acquiredby

ECOMMERCE

RETAIL

has been acquiredby

DATA

ANALYTICS

has been acquiredby

FINANCIAL

TECHNOLOGY

has acquired

HEALTHCARE

TECHNOLOGY

has been acquiredby

MANAGED

SERVICES

has been acquiredby

HEALTHCARE

TECHNOLOGY

has received a

majority equity

investment from

PUBLIC SECTOR

SOFTWARE

has received a

majority investment

from

MARKETING

ANALYTICS

has been acquiredby

TECH-ENABLED

SERVICES

has received a

minority investment

from

ENERGY

TECHNOLOGY

has been acquiredby

HEALTHCARE

TECHNOLOGY

has been acquiredby

HCM

SOFTWARE

has beenRecapitalised by

NON-PROFIT

SOFTWARE

a majority stake in

has been acquired

by

HEALTHCARE

TECHNOLOGY

has been recapitalised by

APPLICATION

SOFTWARE

has acquired

HCM

SOFTWARE

has been acquiredby

NON-PROFIT

SOFTWARE

has been acquiredby

CONSUMER

TECHNOLOGY


http://www.aderant.com/

http://www.aderant.com/

http://www.meddatahealth.com/our_business/index.html

http://www.meddatahealth.com/our_business/index.html



Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501

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FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

Technology, Media & Telecom

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

18

EUROPEAN TECHNOLOGY


OUR FIRM

PAGE |

HARRIS WILLIAMS & CO.

FactSet as of 16th January 2017, broker reports and various industry news outlets

19

SOURCES

EUROPEAN TECHNOLOGY

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co.Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK,registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulatedby the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conductbusiness.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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