tev (reported, millions) · strategic 89% financial 11% date target buyer(s) segment amount ($ in...
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Oracle SAP Oracle SAP Oracle SAP Oracle SAP Oracle SAP Oracle SAP Oracle SAP
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12TEV (Reported, Millions)
Oracle Deal Count SAP Deal Count
Deal Count
Strategic89%
Financial11%
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA3/20/2018 MuleSoft, Inc. salesforce.com Marketing Software 5,790.91 19.53x -
3/7/2018 ABILITY Network, Inc. Inovalon Holdings, Inc. Healthcare IT 1,194.24 - -
3/6/2018 CommerceHub, Inc. GTCR LLC Financial Technology 969.93 8.73x 26.37x
2/15/2018 Zenedge, Inc. Oracle Corp. IT Security - - -
2/15/2018 Flatiron Health, Inc. Roche Holding AG Healthcare IT 2,173.91 - -
2/12/2018 CSRA, Inc. General Dynamics Corp. IT Services 9,632.68 1.90x 11.83x
1/29/2018 Callidus Software, Inc. SAP America, Inc. Marketing Software 2,242.08 8.86x -
1/22/2018 WorkMarket, Inc. Automatic Data Processing, Inc. Other SaaS 125.00 20.83x -
1/16/2018 Blackhawk Network Holdings, Inc. Silver Lake Management Co. LLC Financial Technology 1,997.62 0.90x 9.09x
1/11/2018 DST Systems, Inc. SS&C Technologies Holdings, Inc. IT Services 5,523.11 2.49x 12.63x
27 19
2
72
14 15 19 21 33
19
- -
10 20 30 40 50 60 70 80
Financial Buyer Inv. Date Select Corporate Investments
Vista Equity Partners 1/31/2018 ▪ Performance Matters LLC (via PeopleAdmin)
10/26/2017 ▪ Datto, Inc.
10/11/2017 ▪ JAMF Software LLC
8/23/2017 ▪ Applause APP Quality, Inc.
8/16/2017 ▪ SecureLink, Inc.
6/29/2017 ▪ Scoutit, Inc.
Insight Venture Management LLC 3/13/2018 ▪ Talent Rover LLC
2/16/2018 ▪ Webdam Solutions, Inc.
2/12/2018 ▪ Amber Road, Inc.
1/25/2018 ▪ Entomo, Inc.
10/23/2017 ▪ Bullhorn, Inc.
7/25/2017 ▪ Lecorpio LLC
Providence Equity Partners LLC 1/22/2018 ▪ eGovernment Solutions LLC
10/27/2017 ▪ Payline Data Services LLC
10/16/2017 ▪ SeatAdvisor, Inc.
7/10/2017 ▪ SignUpGenius, Inc.
Thoma Bravo LLC 3/23/2018 ▪ MDS Lavastorm Analytics, Inc. (via Infogix)
01/22/2018 ▪ AlphaTrust (via Internet Pipeline)
01/17/2018 ▪ Runzheimer International
01/17/2018 ▪ Motus
01/02/2108 ▪ The Computer Partnership (via Internet Pipeline)
11/27/2017 ▪ Barracuda Networks, Inc.
11/08/2017 ▪ ABC Financial Services, Inc.
Strategic Buyer Inv. Date Select Corporate Acquisitions
Alphabet Inc. (NasdaqGS:GOOGL) 3/27/2018 ▪ Tenor, Inc.
9/26/2017 ▪ Bitium, Inc.
8/13/2017 ▪ Senosis Health Inc.
5/10/2017 ▪ Owlchemy Labs, Inc.
Cisco Systems, Inc. (NasdaqGS:CSCO) 1/24/2018 ▪ Skyport Systems, Inc.
10/23/2017 ▪ BroadSoft, Inc.
10/19/2017 ▪ Perspica Networks, Inc.
5/11/2017 ▪ MindMeld, Inc.
5/1/2017 ▪ Viptela, Inc.
Microsoft Corporation (NasdaqGS:MSFT) 11/6/2017 ▪ Swing Technologies, Inc.
10/3/2017 ▪ AltspaceVR, Inc.
8/15/2017 ▪ Cycle Computing LLC
4/19/2017 ▪ Intentional Software Corp.
4/10/2017 ▪ Deis, Inc.
Asure Software, Inc. 1/2/2018 ▪ TelePayroll, Inc.
10/2/2017 ▪ Associated Data Services, Inc.
5/26/2017 ▪ iSystems LLC
5/26/2017 ▪ Compass HRM, Inc.
1/3/2017 ▪ Payroll Specialties NW, Inc.
The Descartes Systems Group, Inc. 2/2/2018 ▪ Aljex Software, Inc.
8/15/2017 ▪ Macropoint LLC
6/2/2017 ▪ PCSTrac Inc
5/19/2017 ▪ Z-Firm LLC
-15%
-10%
-5%
0%
5%
10%
15%
Enterprise Software Other SaaS Data Analytics IT Services
IT Security Hosting Data Center Tech Conglomerates S&P 500
-10%
-5%
0%
5%
10%
15%
Financial Technology Supply Chain Software Human Capital Management Marketing Software
Healthcare IT Hosting Data Center S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Visa, Inc. V-US 263,572$ 119.62$ 4.9% 4.9% 94.3% 12.3% 69.2% 14.9x 21.6x 13.7x 19.3x
Mastercard, Inc. MA-US 181,684 175.16 15.7% 15.7% 95.3% 17.5% 61.2% 14.5x 24.8x 12.4x 21.2x
American Express Co. AXP-US 80,234 93.28 -6.1% -6.1% 91.1% 1.8% 36.8% 3.0x 8.1x 2.9x NM
Fidelity National Information Services, Inc. FIS-US 31,893 96.30 2.3% 2.3% 92.9% (0.2%) 34.5% 4.4x 13.1x 4.7x 12.8x
Fiserv, Inc. FISV-US 29,466 71.31 8.8% 8.8% 95.8% 7.3% 34.1% 6.0x 17.4x 6.0x 16.5x
MSCI, Inc. MSCI-US 13,444 149.47 18.1% 18.1% 93.4% 13.7% 52.3% 11.5x 22.2x 10.2x 18.6x
Jack Henry & Associates, Inc. JKHY-US 9,345 120.95 3.4% 3.4% 95.0% 7.7% 35.2% 6.4x 18.3x 5.9x 17.2x
The Western Union Co. WU-US 8,857 19.23 1.2% 1.2% 86.6% 2.1% 24.1% 2.0x 8.4x 1.9x 8.0x
Black Knight, Inc. BKI-US 7,071 47.10 6.7% 6.7% 88.9% 10.6% 46.7% 8.1x 17.6x 7.6x 15.6x
Envestnet, Inc. ENV-US 2,563 57.30 14.9% 14.9% 95.1% 19.7% 11.3% 4.0x 34.6x 3.2x 16.7x
Q2 Holdings, Inc. QTWO-US 1,914 45.55 23.6% 23.6% 93.4% 30.1% (3.7%) 9.3x NM 7.1x 74.8x
Bottomline Technologies, Inc. EPAY-US 1,576 38.75 11.7% 11.7% 96.9% 9.8% 12.6% 4.5x 37.2x 3.9x 16.4x
11.0% 34.5% 7.4x 20.3x 6.6x 21.6x10.2% 34.9% 6.2x 18.3x 5.9x 16.7x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Manhattan Associates, Inc. MANH-US 2,847$ 41.88$ -15.5% -15.5% 77.3% (6.4%) 34.9% 4.6x 13.7x 5.1x 19.7x
SPS Commerce, Inc. SPSC-US 1,105 64.07 31.9% 31.9% 98.1% 14.2% 10.3% 4.3x 46.6x 3.8x 20.9x
American Software, Inc. AMSWA-US 367 13.00 11.8% 11.8% 95.0% 8.1% 17.3% 2.9x 16.3x 2.7x 14.6x
5.3% 20.8%8.1% 17.3%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Paychex, Inc. PAYX-US 22,128$ 61.59$ -9.5% -9.5% 84.3% 7.2% 44.3% 6.6x 15.5x 6.2x 15.0x
Workday, Inc. WDAY-US 17,414 127.11 24.9% 24.9% 90.8% 30.7% (8.4%) 11.8x NM 8.8x 48.1x
The Ultimate Software Group, Inc. ULTI-US 7,623 243.70 11.7% 11.7% 94.5% 23.4% 9.7% 7.6x 91.4x 6.3x 25.2x
Paycom Software, Inc. PAYC-US 6,343 107.39 33.7% 33.7% 93.0% 33.2% 16.1% 14.3x 63.2x 11.0x 27.4x
Paylocity Holding Corp. PCTY-US 2,695 51.23 8.6% 8.6% 89.6% 29.8% 8.8% 7.7x 69.0x 6.3x 29.0x
Cornerstone OnDemand, Inc. CSOD-US 2,242 39.11 10.7% 10.7% 84.7% 9.8% (2.5%) 4.6x NM 4.3x 23.8x
Benefitfocus, Inc. BNFT-US 764 24.40 -9.6% -9.6% 65.8% 10.8% 0.5% 3.2x NM 3.1x 64.0x
20.7% 9.8%23.4% 8.8%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Microsoft Corp. MSFT-US 702,760$ 91.27$ 6.7% 6.7% 93.9% 20.1% 41.3% 6.6x 16.7x 5.7x 14.1x
Oracle Corp. ORCL-US 186,766 45.75 -3.2% -3.2% 85.5% 4.4% 42.3% 4.5x 10.5x 4.4x 9.4x
SAP SE SAP-US 128,379 105.16 -6.4% -6.4% 90.0% 13.3% 28.0% 4.8x 17.8x 4.2x 13.0x
Adobe Systems, Inc. ADBE-US 106,413 216.08 23.3% 23.3% 93.4% 22.1% 36.4% 13.3x 37.7x 11.1x 24.6x
Intuit, Inc. INTU-US 44,397 173.35 9.9% 9.9% 96.7% 12.2% 0.9% 8.2x 27.2x 7.3x 19.6x
MuleSoft, Inc. MULE-US 4,077 43.98 89.1% 89.1% 98.7% 50.0% (31.4%) 19.4x NM 10.1x NM
Yext, Inc. YEXT-US 1,191 12.65 5.2% 5.2% 83.7% NM (35.9%) 6.3x NM 3.7x NM20.4% 11.6% 9.0x 22.0x 6.6x 16.1x16.7% 28.0% 6.6x 17.8x 5.7x 14.1x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
ServiceNow, Inc. NOW-US 28,904$ 165.45$ 26.9% 26.9% 93.7% 41.7% 4.4% 14.6x NM 10.2x 38.5x
Snap, Inc. SNAP-US 14,086 15.87 8.6% 8.6% 67.3% 85.9% (213.7%) 21.1x NM 11.1x NM
LogMeIn, Inc. LOGM-US 6,058 115.55 0.9% 0.9% 85.7% 42.6% 28.9% 5.9x 21.6x 4.9x 12.3x
Guidewire Software, Inc. GWRE-US 6,431 80.83 8.8% 8.8% 87.2% 29.7% (23.0%) 10.3x NM 7.9x 39.3x
Atlassian Corp. Plc TEAM-US 5,370 53.92 18.5% 18.5% 86.6% 42.5% (0.9%) 16.0x NM 11.3x 43.4x
Zendesk, Inc. ZEN-US 4,949 47.87 41.5% 41.5% 95.5% 39.6% (18.0%) 10.9x NM 7.5x NM
RealPage, Inc. RP-US 4,279 51.50 16.3% 16.3% 93.7% 30.5% 11.9% 7.1x 48.6x 5.5x 20.7x
RingCentral, Inc. RNG-US 4,221 63.50 31.2% 31.2% 91.2% 32.3% (1.7%) 9.6x NM 7.0x 59.6x
Ebix, Inc. EBIX-US 2,346 74.50 -6.0% -6.0% 85.1% 25.5% 33.5% 7.4x 17.0x 5.8x 16.0x
Alarm.com Holdings, Inc. ALRM-US 1,782 37.74 0.0% 0.0% 76.3% 19.1% 17.4% 5.2x 33.7x 4.7x 21.4x
Five9, Inc. FIVN-US 1,718 29.79 19.7% 19.7% 91.7% 22.4% 2.9% 8.3x NM 6.7x 54.4x
MINDBODY, Inc. MB-US 1,698 38.90 27.8% 27.8% 89.5% 33.0% (3.1%) 8.8x NM 6.1x 59.2x
Instructure, Inc. INST-US 1,445 42.15 27.3% 27.3% 90.6% 36.7% (25.3%) 7.9x NM 5.4x NM
Workiva, Inc. WK-US 767 23.70 10.7% 10.7% 88.6% 17.7% (24.8%) 4.6x NM 3.8x NM
AppFolio, Inc. APPF-US 615 40.85 -1.6% -1.6% 78.2% 34.9% 18.0% 9.3x 60.9x 7.3x NM
Model N, Inc. MODN-US 532 18.05 14.6% 14.6% 95.5% 17.1% (13.2%) 3.8x NM 3.5x NM
Appian Corp. APPN-US 332 25.18 -20.0% -20.0% 58.2% 22.1% (14.1%) 8.2x NM 5.6x NM
33.7% (13.0%)32.3% (1.7%)
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Cerner Corp. CERN-US 19,241$ 58.00$ -13.9% -13.9% 78.5% 9.6% 30.9% 3.7x 12.3x 3.4x 10.9xVeeva Systems, Inc. VEEV-US 8,585 73.02 32.1% 32.1% 93.3% 22.1% 25.6% 14.0x 58.4x 12.4x 38.2xathenahealth, Inc. ATHN-US 5,735 143.03 7.5% 7.5% 90.1% 13.9% 18.1% 4.8x 24.7x 4.3x 16.0xMedidata Solutions, Inc. MDSO-US 3,720 62.81 -0.9% -0.9% 73.1% 21.1% 17.2% 6.6x 43.0x 5.5x 21.0xAllscripts Healthcare Solutions, Inc. MDRX-US 2,234 12.35 -15.1% -15.1% 76.6% 24.9% 17.5% 2.3x 16.0x 1.8x 9.2xHMS Holdings Corp. HMSY-US 1,396 16.84 -0.6% -0.6% 80.6% 12.9% 22.8% 3.0x 13.8x 2.8x 11.9xQuality Systems, Inc. QSII-US 870 13.65 0.5% 0.5% 76.9% 2.7% 15.9% 1.7x 12.5x 1.6x 10.4xInovalon Holdings, Inc. INOV-US 673 10.60 -29.3% -29.3% 59.6% 13.2% 25.1% 2.9x 14.2x 2.7x 10.8x
15.0% 21.6%13.5% 20.5%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
salesforce.com, inc. CRM-US 85,176$ 116.30$ 13.8% 13.8% 90.2% 24.4% 11.3% 7.9x 83.8x 6.4x 28.2x
HubSpot, Inc. HUBS-US 4,100 108.30 22.5% 22.5% 87.0% 36.6% (8.2%) 10.4x NM 7.4x 79.8x
Callidus Software, Inc. CALD-US 2,389 35.95 25.5% 25.5% 99.2% 24.7% 2.4% 8.8x NM 7.0x 40.0x
Criteo SA CRTO-US 1,705 25.84 -0.7% -0.7% 46.1% (57.8%) 10.1% 0.6x 5.4x 1.3x 4.4x
ChannelAdvisor Corp. ECOM-US 246 9.10 1.1% 1.1% 71.9% 12.1% (8.4%) 1.6x NM 1.4x 26.3x
8.0% 1.5%24.4% 2.4%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Splunk, Inc. SPLK-US 13,918$ 98.39$ 18.8% 18.8% 87.3% 32.0% (12.4%) 10.1x NM 7.4x 50.3xTableau Software, Inc. DATA-US 5,488 80.82 16.8% 16.8% 92.3% 7.3% (18.0%) 6.6x NM 5.5x NMTeradata Corp. TDC-US 4,797 39.67 3.1% 3.1% 92.6% 0.6% 9.1% 2.1x 19.2x 2.1x 12.1xPegasystems, Inc. PEGA-US 4,737 60.65 28.6% 28.6% 93.5% 10.9% (4.4%) 5.4x 71.2x 4.9x 30.5xCloudera, Inc. CLDR-US 3,048 21.58 30.6% 30.6% 92.4% 33.8% (57.0%) 7.5x NM 4.4x NMVerint Systems, Inc. VRNT-US 2,719 42.60 1.8% 1.8% 95.6% 9.1% 12.2% 2.8x 21.5x 2.5x 10.2xHortonworks, Inc. HDP-US 1,587 20.37 1.3% 1.3% 92.6% 36.7% (60.4%) 5.8x NM 3.7x NMMicroStrategy, Inc. MSTR-US 1,214 128.99 -1.8% -1.8% 65.7% (2.8%) 18.6% 1.6x 9.0x 1.6x 16.1xPROS Holdings, Inc. PRO-US 1,065 33.01 24.8% 24.8% 94.6% 14.5% (33.6%) 6.8x NM 5.8x NMAlteryx, Inc. AYX-US 945 34.14 35.1% 35.1% 87.8% (0.6%) (3.8%) 14.3x NM 8.5x NMVeritone, Inc. VERI-US 225 13.92 -40.0% -40.0% 18.6% 130.4% (521.6%) 10.8x NM 2.8x NM
24.7% (61.0%)10.9% (12.4%)
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Accenture Plc ACN 98,581$ 153.50$ 0.3% 0.3% 92.7% 3.4% 17.4% 2.4x 14.8x 2.4x 13.9xCognizant Technology Solutions Corp. CTSH-US 47,338 80.50 13.3% 13.3% 94.6% 12.0% 19.8% 2.9x 15.1x 2.6x 12.3xLeidos Holdings, Inc. LDOS-US 9,918 65.40 1.3% 1.3% 93.3% 3.1% 10.6% 1.2x 12.4x 1.2x 11.8xEPAM Systems, Inc. EPAM-US 6,074 114.52 6.6% 6.6% 91.0% 28.9% 15.1% 3.8x 27.4x 3.0x 17.1xBooz Allen Hamilton Holding Corp. BAH-US 5,617 38.72 1.5% 1.5% 96.2% 7.1% 9.2% 1.2x 12.2x 1.1x 11.7xInterXion Holding NV INXN-US 4,430 62.11 5.4% 5.4% 97.0% 18.8% 42.4% 9.8x 22.8x 7.6x 16.5xCACI International, Inc. CACI-US 3,727 151.35 14.4% 14.4% 94.9% 3.3% 7.9% 1.1x 12.8x 1.1x 12.1xManTech International Corp. MANT-US 1,444 55.47 10.5% 10.5% 89.1% 15.9% 7.3% 1.3x 16.6x 1.1x 13.5xPresidio, Inc. PSDO-US 1,438 15.64 -18.4% -18.4% 79.2% 7.2% 8.7% 0.8x 10.5x 0.8x 9.7xVirtusa Corp. VRTU-US 1,426 48.46 9.9% 9.9% 91.6% 20.1% 4.9% 1.5x 25.9x 1.2x 13.8xUnisys Corp. UIS-US 544 10.75 31.9% 31.9% 75.4% 0.1% 9.4% 0.2x 1.6x 0.2x 1.2xThe Hackett Group, Inc. HCKT-US 469 16.06 2.2% 2.2% 78.9% 3.7% 12.6% 1.6x 12.7x 1.7x 10.0xServiceSource International, Inc. SREV-US 345 3.81 23.3% 23.3% 91.4% 0.5% 3.9% 1.3x 48.5x 1.2x 13.3x
9.6% 13.0%7.1% 9.4%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Cisco Systems, Inc. CSCO-US 206,623$ 42.89$ 12.0% 12.0% 92.9% 2.3% 29.5% 3.6x 11.6x 3.5x 10.1xPalo Alto Networks, Inc. PANW-US 16,672 181.52 25.2% 25.2% 94.8% 25.2% (6.5%) 7.8x NM 6.2x 23.8xCheck Point Software Technologies Ltd. CHKP-US 16,236 99.34 -4.1% -4.1% 83.3% 7.5% 50.4% 8.0x 15.7x 7.7x 14.2xSymantec Corp. SYMC-US 16,027 25.85 -7.9% -7.9% 75.6% 13.0% 21.3% 4.0x 18.4x 4.1x 8.8xVeriSign, Inc. VRSN-US 11,515 118.56 3.6% 3.6% 93.2% 4.5% 66.2% 9.9x 15.2x 12.1x 17.1xFortinet, Inc. FTNT-US 9,003 53.58 22.6% 22.6% 96.8% 17.6% 12.7% 5.2x 46.3x 4.7x 20.2xProofpoint, Inc. PFPT-US 5,745 113.65 28.0% 28.0% 91.8% 37.8% (4.5%) 10.9x NM 6.7x 50.9xFireEye, Inc. FEYE-US 3,243 16.93 19.2% 19.2% 89.9% 9.0% (19.2%) 4.2x NM 3.5x 29.5xQualys, Inc. QLYS-US 2,810 72.75 22.6% 22.6% 91.6% 21.4% 27.1% 10.9x 43.6x 9.1x 25.3xMimecast Ltd. (Jersey) MIME-US 2,048 35.43 23.6% 23.6% 90.1% 32.0% 5.9% 8.1x NM 6.1x 52.5xCyberArk Software Ltd. CYBR-US 1,815 51.02 23.3% 23.3% 91.7% 24.5% 6.0% 5.8x 53.6x 4.7x 22.1xVaronis Systems, Inc. VRNS-US 1,711 60.50 24.6% 24.6% 95.3% 26.0% (4.8%) 7.2x NM 5.6x NMImperva, Inc. IMPV-US 1,507 43.30 9.1% 9.1% 82.6% 22.0% 4.6% 3.5x NM 2.9x 15.3xRapid7, Inc. RPD-US 1,177 25.57 37.0% 37.0% 90.7% 26.4% (21.7%) 5.4x NM 4.1x NMCheetah Mobile, Inc. CMCM-US 556 13.37 10.7% 10.7% 73.5% 16.1% 10.7% 2.0x 17.0x 1.8x 11.8x
19.0% 11.8%21.4% 6.0%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Equinix, Inc. EQIX-US 33,128$ 418.14$ -7.7% -7.7% 84.4% 23.4% 42.9% 9.6x 22.9x 7.9x 16.6xDigital Realty Trust, Inc. DLR-US 21,701 105.38 -7.5% -7.5% 82.8% 33.8% 48.3% 13.2x 24.6x 9.3x 15.9xAkamai Technologies, Inc. AKAM-US 12,069 70.98 9.1% 9.1% 90.7% 9.6% 29.2% 4.8x 15.7x 4.4x 11.8xGoDaddy, Inc. GDDY-US 8,168 61.42 22.2% 22.2% 95.2% 20.0% 15.8% 4.5x 37.0x 4.8x 18.2xCoreSite Realty Corp. COR-US 3,456 100.26 -12.0% -12.0% 83.0% 16.2% 51.0% 9.4x 17.8x 8.1x 14.9xQTS Realty Trust, Inc. QTS-US 1,847 36.22 -33.1% -33.1% 58.8% 15.8% 43.4% 7.1x 16.3x 7.7x 14.6xExtreme Networks, Inc. EXTR-US 1,276 11.07 -11.6% -11.6% 71.2% 53.7% 7.6% 1.7x 20.2x 1.2x 8.4xSwitch, Inc. (Nevada) SWCH-US 574 15.91 NA -12.5% 63.9% 19.6% 49.5% 4.1x 14.3x 2.5x 4.8x
24.0% 36.0%19.8% 43.2%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Apple, Inc. AAPL-US 851,318$ 167.78$ -0.9% -0.9% 91.4% 20.5% 29.6% 3.8x 12.3x 3.4x 11.0xAmazon.com, Inc. AMZN-US 700,667 1,447.34 23.8% 23.8% 89.5% 41.1% 7.3% 4.0x 46.8x 3.0x 25.3xAlphabet, Inc. GOOGL-US 670,545 1,037.14 -1.5% -1.5% 86.6% 0.6% 34.8% 5.6x 17.3x 5.7x 11.8xFacebook, Inc. FB-US 382,844 159.79 -9.4% -9.4% 81.8% 46.5% 57.1% 10.4x 18.2x 7.3x 12.0xInternational Business Machines Corp. IBM-US 141,335 153.43 0.0% 0.0% 87.0% 0.4% 20.6% 2.2x 11.9x 2.2x 9.2x
21.8% 29.9%20.5% 29.6%
Market Stats Operating Stats LTM Multiples NTM Multiples
5.5x 5.8x 5.9x6.4x6.4x 6.6x 6.5x 6.7x
7.5x 7.8x7.3x
8.3x7.5x
9.0x 9.0x 9.2x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
2014 2015 2016 2017
$10-25mm $25-50mm $50-100mm $100-250mm
