it security final

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IN THIS ISSUE: IT Security Sector Update 2012

2 Non-Security Buyers Drive

Sector M&A Activity

3 Largest IT Security Transactions

4 Major IT Security Growth

Drivers and Beneficiaries

5 IT Security Subsector Analysis

10 About Signal Hill

Figure 2: IT Security M&A Data, by Quarter, Q4 2010 - Q4 2011 (includes GRC)

STRONG 2011 SUGGESTSMORE GAINS AHEAD

Security M&A transaction volumes grew each

quarter of 2011, ultimately ending Q4 with a

solid $1.8 billion in enterprise value and a

record 35 announced deals. For the full year

2011, median deal value/trailing revenue

multiples rose to 3.8x, the highest since 2007.

Dollar volumes also reached their highest

point since 2007, excluding an unusually

strong 2010 driven by the Intel-McAfee

transaction, the largest sector acquisition ever.

Although public share prices in the sector

declined 10% last year, an improving IPO

environment and forecasts of rising growth in

sector spending suggest better price

performance in 2012. Recent IPOs include

AVG (consumer anti-malware) and Imperva

(data security), while recent S-1 filings

include Avast Technologies (consumer anti-

malware), Infoblox (network control) and

Splunk (log management).

Marquee 2011 deals included:

Thoma Bravos $917 million acquisition of

public company Blue Coat Systems

(traffic security and management), for

2.0x trailing revenue, a 51% premium

over the 30-day trading price;

IBMs $575 million acquisition of Q1 Labs

(SIEM and vulnerability management) for

8.8x trailing revenue;

Dells $612 million acquisition of

SecureWorks (managed security) for 5.1x

trailing revenue.

Source: Signal Hill

Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Total number of deals 29 19 31 26 35

Percent change over prior year - -34.5% 63.2% -16.1% 34.6%

Total announced enterprise value ($M) $837.1 $687.1 $907.5 $989.6 $1,775.5

Percent change over prior year - -17.9% 32.1% 9.0% 79.4%

Median Deal Size $64.0 $30.1 $29.3 $20.0 $19.8

Percent change over prior year - -52.9% -2.9% -31.7% -1.3%

Median EV/TTM Revenue Multiple 1.9x 5.1x 3.8x 2.4x 4.1x

Percent change over prior year - 168.4% -25.5% -36.8% 70.8%

Signal HillDon More

Managing Director(917) 621-3664

[email protected]

Signal Hill Sector Update: IT Security 2012

Figure 3: IT Security M&A Data, 2008-2011 (includes GRC)

Source: Signal Hill

2008 2009 2010 2011

Total number of deals 70 81 112 111

Percent change over prior year - 15.7% 38.3% -0.9%

Total announced enterprise value ($M) $3,976 $3,220 $16,902 $4,360

Percent change over prior year - -19.0% 425.0% -74.2%

Median Deal Size $25.0 $35.0 $70.0 $21.0Percent change over prior year - 40.0% 100.0% -70.0%

Median EV/TTM Revenue Multiple 2.1x 3.0x 2.4x 3.8x

Percent change over prior year - 42.9% -20.0% 58.3%

IT Security Sector Update 2012 www.signalhill.com

Figure 1: IT Security Deal Volume, 2011

Source: Signal Hill

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

40

35

30

25

20

15

101Q11 2Q11 3Q11 4Q11

2011 Security Deal Volume ($mm)

2011 # Security Deals


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I T S e c u r i t y S e c t o r U p d a t e 2 0 1 2

Public non-security IT buyers (e.g. Cisco, IBM, Oracle) continually shape sector M&A, representing 71% of security transactionvolume since 2008, and are buyers in every six of 10 deals. Most mega acquisitions are led by non-security buyers e.gEMC-RSA, HP-Arcsight, Intel-McAfee. Such activity reflects, and creates, the reality that security is an essential ingredientto selling core IT products. Security buyers (e.g. Check Point, Sophos, Sourcefire) consummate many acquisitions as well,

but they tend to be smaller and constitute less than 20% of sector deal volume. While financial buyers constitute only 10%of sector deal volume, their influence and typical deal size are growing.

Non-Security Buyers Drive Sector M&A Activity

Figure 4: IT Security M&A by Buyer Type Since 2008

Dollar Deal Volume Number of Deals

We expect large non-security IT buyer activity to rise as a percentage of total deals in 2012-13. More than ever, IT vendorsseek opportunities to differentiate, diversify and sell more core products - and view security as a way to achieve thesegoals. Security also enhances growth: research from IDC and others show that security spending consistently grows at2-3x the rate of overall IT spending. In recognition of this, HP, IBM, RSA/EMC and Dell recently announced plans toreorganize and expand their security divisions, building upon recent platform purchases. In 2011, IBM also representedthree of the 10 largest sector acquisitions. Our checks suggest those gearing up to augment their sector presence includeCisco, Juniper, Microsoft and Oracle, among others, as well as large defense contractors and IT services firms.

To stay competitive, pure-play security companies will remain prolific acquirers of mostly smaller targets that fill technologygaps or add adjacencies. With the exception of Symantec and McAfee (now part of Intel), acquisitions by security vendorsare 2.5x and 4.5x smaller on average than those by non-security and financial buyers, respectively. Large deals are unusual forsecurity pure-plays as they find it difficult to justify the cost and risk of entering segments outside theirspecialty. Larger acquisitions by pure-plays typically occur in the context of market consolidation, e.g. L-1 Identity

Solutions roll-up of biometrics firms and the Websense-SurfControl (Signal Hill represented SurfControl) web/email filteringmerger.

We see financial buyers potentially driving the biggest change to the security landscape in 2012-13 as they become moreactive and visible. Thoma Bravo has been the most notable example, completing three going-private acquistions (Entrust,SonicWALL, Blue Coat) and one post S-1 filing acquisition (Tripwire) in security over the past two years. Our discussionswith PE firms indicate more have plans to invest in divestitures, going-privates and roll-ups this year. Their goal is to fixand consolidate middling players and create newly IPOable companies.

Source: Signal Hill


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Figure 5: IT Security Largest M&A Transactions by Enterprise Value, 2011

Source: Signal Hill

DateAnnounced Seller Buyer

EnterpriseValue ($M)

EV/TTMRevenueMultiple Description

08-Dec-11 Blue CoatSystems, Inc. Thoma Bravo LLC/Investor Group $916.7 2.0x Provides WAN and Web traffic management appliances and software.Blue Coat hardware and software provide features for Web contentfiltering, anti-data leakage, anti-malware and application and networkperformance management.

04-Jan-11 SecureWorks,Inc.

Dell, Inc. $612.0 5.1x Provider of Security-as-a-Service solutions that include managed-security services, security and risk consulting and threat intelligence.

04-Oct-11 Q1 Labs IBM Corporation $575.0 8.8x Provides security information and event management (SIEM)software that includes features for risk and log management, networkactivity and application monitoring and user activity monitoring.

31-Aug-11 i2 Inc. IBM Corporation $500.0 5.9x Provides master-data management and analysis software thatenables intelligence organizations and businesses globally toprevent criminal terrorist activities.

19-May-11 ClearwellSystems, Inc.

SymantecCorporation

$390.0 7.0x Provides e-discovery software for the purposes of GRC managementfor businesses, government agencies and law firms that providesfeatures for legal hold automation, data collection and analysis andreporting.

1-Sep-11 Algorithmics IBM Corporation $387.0 2.4x Provides risk analytics software, content and advisory services thatare used by banks, investment and insurance businesses to helpassess risk, address regulatory requirements and make moreinsightful business decisions.

5-May-11 Tripwire Inc. Thoma Bravo LLC $225.0 2.6x Provides enterprise file-integrity monitoring software that detectschanges in security policies for compliance purposes for businessesglobally.

6-May-11 Astaro GmbH& Co. KG

Sophos Plc $170.0 3.8x Provides unified threat management (UTM) security gatewayhardware and software for businesses, educational institutions andgovernment agencies globally. Also provides managed email storageservices.

4-Oct-11 NitroSecurity McAfee / Intel $160.0 4.0x Provides enterprise network security information and eventmanagement (SIEM) , security log management, intrusion prevention

and anti-data leakage systems and software.

16-Jan-12 LiveOffice LLC Symantec $115.0 NA A SaaS provider of email archiving, compliance and hosting. Byhosting email archives with LiveOffice, customers can migrate fromtheir current provider to a cloud provider without having to deal withthe possibility of losing sensitive information.


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We believe that sector demand growth will increase in 2012-13. Primary drivers include:

Broadening threat vectors resulting from movement of computing to collaborative, cloud and mobile usage models

This requires security technologies and approaches adapted to open, remote and dynamic IT infrastructures. The oft-usedphrase today BYOD bring your own device refers to the challenges of managing heterogeneous mobiledevice security in the workplace.

Mal-doers have gained in capabilities, and consequently, security measures in place are becoming insufficient. In 201125% of companies reported five or more data breaches, according to a survey by Ponemon Institute. Symantec foundin a recent study that cyber attacks rose 400% in 2011. APT, or advanced persistent threats, relates to new-generation malware, often deployed by criminal gangs or hostile state actors, to steal money or intelligence online.

Slow adaptation by consumers and organizations to the new security challenges. As an example, more than threequarters of small-to-mid-sized U.S. businesses have no formal internet security policy, even though most have experiencedbreaches, according to a 2011 Zogby poll. This highlights the growing security gap, i.e. the rising vulnerabilityof people, data and IT assets that will require more and smarter security investment.

These drivers suggest the rate of sector spending growth will rise over time. Greater demand will be supported by animproving economic environment, loosened budgetary restrictions (often in place since the financial downturn of 2008),and rising pain associated with frequent breaches.

Areas benefitting most from sector spending growth fulfill at least one of the following criteria:

Address security challenges associated with mobile, collaboration/social media and the cloud;

Add a management and intelligence layer to security products, e.g. security event and risk managers;

Simplify security and reduce costs by combining functionality into suites, UTM appliances or managed services;

Serve emerging markets, where IT demand growth is highest and security investment to date is lowest.

Figure 6: Select High Growth Security Demand Areas

Major IT Security Growth Drivers and Beneficiaries

Source: IDC, Gartner and other public data


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IT Security Subsector Analysis

Governance, Risk & Compliance (GRC): Regulation sprawl continues, with 13 cyber-security bills introduced in the U.SCongress alone in 2011. This is pushing demand for compliance analytics and automation platforms to support continuourisk monitoring and management. Consequently, GRC players will see higher levels of investment and deal activity in

2012-13. Already this year, SAI Global acquired Compliance 360 (a Signal Hill client), a SaaS GRC platform. GRC-relateddeals of note in 2011 included IBMs $387 million acquisition Algorithmics, a performance and risk analytics firm; Inforacquisition of Approva (a Signal Hill client) to control and audit access to sensitive applications; and Symantecs purchasof e-discovery software vendor Clearwell.

Source: Signal Hill




23-Dec-11 ProquisLimited

ideagen plc $5.1 4.3x Provides regulatory compliance management software, with featuresfor document management, auditing, equipment control, suppliercontrol and analysis.

7-Nov-11 InteractiveDialogues NV

IDOX plc $3.0 0.9x Develops workplace compliance management SaaS to enableenterprises to communicate and educate employees on regulations,track-training, and report actions in order to maintain compliancewith Sarbanes Oxley legislation.

26-Oct-11 BoardsuiteCorp.

Aumento Capital IICorporation

$15.4 30.0x Provider of GRC and document management software as a servicefor SMEs and nonprofit organizations that centralizes board documents,collaboration tools and mandated and regulated services withrespect to corporate governance activities.

7-Sep-11 ApprovaCorporation

Infor / LawsonSoftware Americas,Inc.

- NA Provides continuous controls monitoring software for the purposes ofgovernance, risk and compliance (GRC) management in a range ofsectors.

1-Sep-11 Algorithmics IBM Corporation $387.0 2.4x Provides risk analytics software, content and advisory services thatare used by banks, investment and insurance businesses to helpassess risk, address regulatory requirements and make more

insightful business decisions.31-Aug-11 i2 Inc. IBM Corporation $500.0 5.9x Provides master-data management and analysis software that

enables intelligence organizations and businesses globally toprevent criminal terrorist activities.

19-May-11 ClearwellSystems, Inc.

SymantecCorporation

$390.0 7.0x Provides e-discovery software for the purposes of GRC managementfor businesses, government agencies and law firms that providesfeatures for legal hold automation, data collection and analysis andreporting.

Figure 7: Select GRC M&A Transactions, 2011


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Mobile Security: Rapidly proliferating use of smart pads/phones with dual-purpose use in business and the home iscreating intense interest around mobile management solutions, particularly those relating to security. Gartner has projectedworldwide mobile application store revenue to be several billion dollars in 2011. Accompanying mobile usage growth, IDCpredicts mobile security spending to increase from $407 million in 2010 to $1.9 billion in 2015. While mobile security M&Adeals to date have been small, most investment in the segment is occurring in-house at larger vendors and also through

early-stage venture funding. We believe the velocity of change in the segment will drive several break-out mobilitytransactions in 2012-13. In fact, in March 2012, Symantec announced the acquisition of mobile security manager OdysseySoftware, at an estimated doubled-digit revenue multiple.

Source: Signal Hill




20-Dec-11 SRA Intl/Secure Mobile

ApplicationsSuite

KoolSpan, Inc. - NA The One Vault Voice and One Vault Messenger products from SRA,which are mobile voice and SMS text message data securitysoftware applications for use on Android and BlackBerry smartphones.

28-Nov-11 WhisperSystems

Twitter, Inc. - NA Develops RedPhone, which creates encrypted phone cal ls so no onecan listen into users' conversation, and TextSecure, a service thatalso encrypts users' text messages.

28-Oct-11 SmartSolutions, Inc.

Exclaim Mobility,Inc.

- NA Developer of SmrtGuard, a smartphone application that providesfeatures for anti-malware and anti-virus, online data backup,application privileges control, and GPS-based device location.

18-Oct-11 InquisitiveMinds Inc.

HTC Corporation $13.0 NA Developer of Zoodles, a kids-friendly browser designed to givechildren a safe and educational browsing environment for Windows,Mac, iOS and Android.

22-Sep-11 ITAgents AVAST Softwarea.s.

- NA Developer of Android and Symbian smart phone anti-theft softwarethat enables business and consumers to locate stolen phone viaGSM and GPS signals and data.

22-Jun-11 SentryWireless

AdaptiveMobile - NA Provides operators with white-label applications that subscribers cause to report SMS spam, check the validity of a downloaded app,and be notified securely by their mobile network operator if theirhandset is detected to be compromised.

02-May-11 Ubitexx Gmbh Research in MotionLimited

$6.0 6.7x Develops and distributes management and security software forsmartphones and mobile devices

14-Feb-11 Three LawsMobility, Inc.(3LM)

Motorola MobilityHoldings, Inc.

- NA Developer of mobile enterprise security software and solutions andmobile device management products for the Android operatingsystem.

Figure 8: Select Mobile Security M&A Transactions, 2011


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Source: Signal Hill




18-Jan-11 Nordic EdgeAB

Intel Corporation $39.3 7.1x Provides identity and access management solutions.

27-Apr-11 IdenTrust, Inc. Polaris SoftwareLab Ltd.

$23.5 2.8x Provider of digital identity authentication solutions including PLOT, arule set for identity authentication that ensures identities are issued,validated, and utilized in a standardized way inside and outside a

financial institution.17-Nov-11 Avenda

SystemsAruba Networks,Inc.

$20.0 NA Provides network access solutions for user and endpointauthentication and posture assessment.

8-Sep-11 IdentityNetworks

Meru Networks,Inc.

- NA Developer of secure guest and device access management solutionsthat provide secure, policy based, wired and wireless networkaccess for guests and employees that bring their own devices intothe enterprise.

15-Aug-11 S.I.C.Biometrics Inc.

Bio-KeyInternational, Inc.

- NA Provides biometric fingerprint identification software andsensor-based systems.

06-Jun-11 Symlabs Inc. Quest Software Inc. - NA Develops virtual directory and identity management software solutionsfor enterprise, telecommunication/carrier, and financial clients.

14-Feb-11 e-DMZSecurity, LLC

Quest Software,Inc.

- NA The Total Privilege Access Management (TPAM) Suite from e-DMZincorporates privileged password management, application password

management, privileged session management, and privilegedcommand management.

09-Jan-12 Proxure, Inc. Authentec - NA Developer of cloud-based storage services including the KeepVaultsecure backup service and KeepSync software which synchronizesa users identity across multiple devices.

Figure 9: Select IAM M&A Transactions, 2011

Identity and Access Management (IAM): Authentication, authorization and provisioning are critical to effective securityand compliance, and fundamental to all forms of web and network interactions. Segment spending is predicted to growfrom $3.9 billion in 2010 to $6.2 billion in 2015, according to IDC. IAM is becoming even more important given growth inonline banking, movement of IT to the cloud and incorporation of social media into the enterprise. Deals of note in 2011included the acquisition of password management vendor e-DMZ (a Signal Hill client) by Quest Software, and the

acquisition of Nordic Edge AB by Intel Corporation.


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Cloud Security: Security concerns are often cited by surveys as the primary obstacle to faster adoption of cloud-basedcomputing. Most often, the safety of cloud data storage and of multi-tenant hosted environments are questioned. In addition,security vendors seek to deliver their own solutions over the cloud for greater flexibility at a lower cost. IDC estimates thatcloud security spending will increase from $1.2 billion in 2010 to $4.3 billion by 2015, a 30% CAGR. Notable cloud-relatedsecurity deals in 2011 include Salesforce.coms acquisition of cloud encryption vendor Navajo Systems; VMwares

purchase of NeoAccel and McAfees acquisition of Sentrigo.

Source: Signal Hill




01-Dec-11 BsecureTechnologies,Inc.

AVG Technologies - NA Provider of cloud-based internet filtering and parental controlsoftware for use on Windows and Macintosh personal computers.

15-Nov-11 SecureInfoCorporation

Kratos Defense &Security Solutions,Inc.

$19.5 NA A cybersecurity firm that offers strategic advisory, operational cyber-security and cybersecurity risk management services and is arecognized leader in the rapidly evolving fields of Cloud Security,

Continuous Monitoring and Cyber Security Training.28-Oct-11 Compliance11,

Inc.The CharlesSchwabCorporation

- NA Provider of cloud-based compliance automation software thatprovides companies with a series of compliance tools to assist inmanaging their disclosure, tracking, surveillance and reportingneeds, and more efficiently manage employee compliance.

19-Oct-11 ENXSuite Infor GlobalSolutions

- NA A cloud based energy performance management and energyconsolidation product that enables organizations to capture andanalyze energy usage data for the purposes of compliance withcarbon footprint regulations and cost containment.

26-Aug-11 NavajoSystems

salesforce.com - NA Provides encryption gateway systems for use in securing data storedin SaaS and cloud computing environments.

23-Aug-11 Comsecware AFORE Solutions,Inc.

- NA Developer of technology that allows full application level security incloud environments by protecting applications from outsider andadministrator attacks.

03-Jun-11 TexelTek TASC, Inc. - NA An IT services company that provides secure cloud solutions tothe U.S. government in the areas of cloud computing, networkconsolidation and virtualization, data analytics and cybersecurity.

18-May-11 SafetyWeb Experian Plc - NA Develops cloud-based, personal security products that help peopleprotect their privacy and identity.

23-Mar-11 Sentrigo, Inc. McAfee - NA Offers a suite of database security technologies including vulnerabil itymanagement, database activity monitoring, database audit, andvirtual patching ensuring databases are protected withoutimpacting performance or availability.

14-Jan-11 NeoAccel Inc. VMware, Inc. - NA Provider of security solutions for cloud computing. The company isbest known for its SSL VPN-Plus product and related ICAA & TSSLtechnology.

Figure 10: Select Cloud Security M&A Transactions, 2011

Social Networking Security: The rising danger of malware and identity theft in social media has placed social securityin the spotlight. Signal Hill tracked its first four social media security deals in the space recently (Dasient/Twitter, WhisperSystems/Twitter, Unsubscribe.com/TrustedID, and Garlik/Experian), and over the past year, a number of internet securitycompanies began marketing suites of products designed to protect social media users. Social media is expected to becomea much bigger part of enterprise operations, according to Gartner, with social networking services acting as the primarymeans of interpersonal communications in 20% of businesses by 2014. As social media continues to grow at a torrid paceand expands within the business world, more investment will be required in social security.


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SIEM: Security information and event management (SIEM) hit the spotlight this past year as IBM and Intels McAfeesimultaneously announced acquisitions of Q1 Labs and Nitrosecurity, respectively. SIEM, and its adjacencies logmanagement, configuration management and GRC, are important to IT infrastructure vendors as they add the ability tointelligently analyze large volumes of event data regarding internal/external security and compliance threats to largerorganizations. SIEM is part of the big data investment trend witnessed since at least the beginning of 2011, whereby

organizations seek to do more with large volumes of information. CA, Juniper, Oracle and SAP are among big IT vendorsthat have been rumored to be seeking SIEM targets.

Source: Signal Hill




12-Jun-11 SecureWorks,Inc.

Dell $612.0 5.1x Provider of Security-as-a-Service solutions include Managed-Security Services, Security and Risk Consulting Services and ThreatIntelligence.

4-Oct-11 Q1 Labs IBM Corporation $575.0 8.8x Developer of software that collects and analyzes information fromhundreds of sources across an organization. Its security information

and event management (SIEM) software also helps IT staff andauditors manage the tracking of security incidents and model risk.

11-May-11 Tripwire Inc. Thoma Bravo LLC $225.0 2.6x Provides enterprise file-integrity monitoring software that detectschanges in security policies for compliance purposes for businessesglobally.

4-Oct-11 NitroSecurity Intel/McAfee $160.0 4.0x Provider of security information and event management (SIEM)software that provide complete visibility and situational awareness toprotect critical information and infrastructure.

23-Jun-11 TriGeoNetworkSecurity, Inc.

SolarWinds, Inc. $35.0 3.9x Provides enterprise security information, event and log managementsoftware for businesses. Also provides related event managementanalysis and USB drive endpoint security software.

Figure 11: Select SIEM M&A Transactions, 2011


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Signal Hill DisclaimerThe information in this report has been obtained from sources believed to be reliable, but Signal Hill makes no representation as to the accuracy or completeness of sucinformation or any opinions expressed herein. Signal Hill may provide, or may seek to provide advisory services to one or more companies mentioned herein. In additionemployees of Signal Hill may own or may purchase securities in one or more companies mentioned in this report. Signal Hill has no obligation and will not undertake tupdate, modify or amend this report for any reason, including for errors subsequently discovered. This report is not to be construed as an offer to buy or sell or a solicitatioof an offer to buy or sell any securities.

2012 Signal Hill. All rights reserved.

B a l t i m o r e N a s h v i l l e N e w Y o r k R e s t o n S a n F r a n c i s c o

About Signal HillSignal Hill is a privately-held investment banking partnership with a sole focus on growth companies. Ourprofessionals have deep expertise in Information Technology, Media & Internet, Telecom Services & InternetInfrastructure, Communications, Education & Business Services, and Healthcare Services. Signal Hill has morethan 50 professionals across five offices in Baltimore, Nashville, New York, Reston and San Francisco (San Bruno).

Mathew DahlManaging [email protected]

J. Adam HittManaging [email protected]

Howard LoewenbergManaging [email protected]

John MacDonaldManaging Director

[email protected]

Don MoreManaging [email protected]

Jeff NahleyManaging Director

[email protected]

Michael ParentManaging [email protected]

Henry SageManaging [email protected]

Chase SandersManaging [email protected]

Matthew ShillingManaging [email protected]

Joel StrauchManaging Director

[email protected]

Douglas WebsterManaging [email protected]

Bart ShaefferDirector

[email protected]

Franklin E.W. [email protected]

David DolanVice [email protected]

Matt FioreVice [email protected]

Scott [email protected]

Ira D. CohenManaging [email protected]

Greg AgerManaging [email protected]

Justin BalciunasManaging Director

[email protected]

Justin PuccioVice President

[email protected]



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