transaction activity summary 2 trading analysis 4 ... · cloud security 5% security operations 4%...

INVESTMENT BANKING

CYBER SECURITY INSIGHTMERGERS AND ACQUISITIONS, PUBLIC AND PRIVATE FINANCINGS & FINANCIAL ADVISORY SERVICES

IN THIS ISSUE

Transaction Activity Summary 2

Trading Analysis 4

Representative Transactions 10

Recent Transaction Activity 11

About Us 21

Q1 2020

CYBER SECURITY INSIGHT

RAYMOND JAMES INVESTMENT BANKING 2

Q1 2020

Cyber Security Technology M&A & Capital Raising Activity

Number of Deals by Quarter Dollar Volume of Deals by Quarter

Despite volatility Q1’20 deal volume increased by 30% over Q1’19

~$8 billion in Q1’20 in announced transaction value

Source: 451 Research, MergerMarket, and PitchBook.Transaction value largely attributable to Broadcom’s acquisition of Symantec Enterprise Security ($10.7B), and VMware’s acquisition of Carbon Black ($2.1B).Transaction value largely attributable to Francisco Partners’ and Evergreen Coast Capital’s acquisition of LogMeIn ($4.3B) and BC Partner’s Acquisition of Presidio ($2.1B)

($ in USD billions)

53

71

41

92 94

50

34

34

73

40103 105

75

165

134

0

30

60

90

120

150

180

Q1'19 Q2 '19 Q3 '19 Q4 '19 Q1 '20

Private Equity / Venture Capital Strategic

$1

$5

$1

$8

$5 $3

$3

$13

$3

$3

$4

$8

$14

$11

$8

$0

$2

$4

$6

$8

$10

$12

$14

$16

Q1'19 Q2 '19 Q3 '19 Q4 '19 Q1 '20

Th

ou

san

ds

Private Equity / Venture Capital Strategic

(1)



Q1 2020

Cyber Security Technology M&A & Capital Raising Activity

Q1 2020 Deals by Sector Q1 2020 Deals by Sub-Sector

Companies focused on the Software and IT Services sector comprising ~97% of transactions

announced in Q1 2020

The industry saw a healthy mix of activity across sectors in Q1 2020, with Incident / Threat Analysis,

Network Security and Data Security comprising 55% of all transactions

Source: 451 Research, MergerMarket, and PitchBook.

Incident / Threat Analysis32%

Network Security18%

Identity & Access Management

18%

Web Security8%

Endpoint Security8%

Data Security & Encryption

5%

Cloud Security5%

Security Operations4%

Application Security2%

Software68%

IT Services29%

IT Infrastructure3%



Q1 2020

8.7x

6.4x

7.9x

6.6x 6.7x6.1x 6.0x

5.4x 5.4x4.5x 4.6x

4.1x 4.2x3.3x 3.1x

2.6x 2.4x1.8x 1.7x

7.6x

6.2x 6.2x5.9x 5.7x 5.3x 5.0x 4.6x 4.6x 4.5x

4.0x3.6x 3.5x 3.1x 2.9x

2.4x 2.2x1.7x 1.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

Qualys Check PointSoftware

Splunk SolarWinds VaronisSystems

Fortinet Ping Identity Proofpoint CyberArk NortonLifeLock Mimecast SailPoint Palo AltoNetworks

Trend Micro Radware FireEye Zix Corporation BlackBerry F-Secure

2020E 2021E

Market Valuation Metrics

High Growth Cyber Security TEV / Revenue

Medium / Low Growth Cyber Security TEV / Revenue

1. Zix Corporation’s financials are not pro forma for acquisitions.2. NortonLifeLock’s financials are pro forma for its divestiture. 3. Source: Capital IQ as of 3/31/2020. 4. Note: Medium / low growth comps include companies with 2021E revenue growth of less

than 20%. High growth comps include companies with 2021E revenue growth greater than 20%.

5. Revenue multiples >25.0x. EBITDA multiples <0.0x or >35.0x are considered Not Meaningful (NM).

Medium / Low Growth Cyber Security TEV / EBITDA(5)

(1)

19.1x

15.8x 15.1x

5.5x 4.6x1.9x

14.7x12.2x 11.5x

4.6x 3.8x1.6x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Okta Zscaler CrowdStrike Rapid7 Tenable Tufin2020E 2021E

NM NM

24.3x 23.2x 23.4x20.2x 20.5x 19.3x 20.0x

13.3x 14.2x 12.4x 10.6x10.3x

NM

12.3x

NM

33.2x

28.1x

19.5x 18.8x 18.5x17.4x 16.4x 15.1x 15.1x

13.0x 12.5x 12.2x 10.2x 9.5x 9.5x9.0x

NM NM0.0x

10.0x

20.0x

30.0x

40.0x

Ping Identity Proofpoint Mimecast Fortinet CyberArk Qualys FireEye Radware Palo AltoNetworks

Check PointSoftware

SolarWinds BlackBerry Trend Micro Zix CorporationNortonLifeLock F-Secure Splunk VaronisSystems

SailPoint

2020E 2021E

(1) (2)

(2)



Q1 2020

Cyber Security Performance vs. Market

6 Month Price Performance Index

1. Source: Capital IQ as of 3/31/2020.2. Note: Medium / low growth comps include companies with 2021E revenue growth of less than 20%. High growth comps include companies

with 2021E revenue growth greater than 20%.

(14%)

(6%)

16%

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

S&P 500 High Growth Cybersecurity Medium / Low Growth Cybersecurity



Q1 2020

Cyber Security Performance vs. Market

6 Month TEV / NTM Revenue Multiples

1. Source: Capital IQ as of 3/31/2020.2. Note: Medium / low growth comps include companies with 2021E revenue growth of less than 20%. High growth comps include companies

with 2021E revenue growth greater than 20%.

10.3x

2.3x

4.6x

0.0x

10.0x

20.0x

30.0x

S&P 500 High Growth Cybersecurity Medium / Low Growth Cybersecurity



Q1 2020

RJ Cyber Security Index Has Developed In Line With Overall Market

3 Month Price Performance Index for Q1 2020

1. Source: Capital IQ as of 3/31/2020.

Observation & Trends

In January and February 2020, the S&P 500 Information Technology (IT) index demonstrated stronger returns compared to the S&P 500 as well as the RJ Cyber index

All indices declined approx. 30-35% since beginning of COVID-19 induced market downturn

Recent weeks have been characterized by high levels of volatility

The RJ Cyber index has performed in line with the overall market

Indices tend to show positive reactions to announcements of countermeasures by governments and central banks

(50%)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

S&P 500 S&P 500 IT Cyber Index

(22%)

(21%)(18%)



Q1 2020

6.10x

4.70x

26.2x

22.8x

EV/ Revenue

Covid Impact: Valuation Multiples Have Contracted

Cyber Security Metrics

1. Source: Capital IQ.2. Note: Multiples refer to median figures.3. Identity Access Management (IAM); Privileged Access Management (PAM).

EV/ EBITDA

(1.4x)

5.60x

3.70x

(1.9x)

7.70x

5.80x

(1.9x)

5.30x

3.70x

(1.6x)

7.30x

5.60x

(1.7x)

6.00x

5.10x

(0.9x)

(3.4x)

31.6x

24.0x

(7.6x)

17.9x

13.8x

(4.1x)

31.3x

25.3x

(6.0x)

Cyber Security

01.02.2020 03.31.2020

NM

NM

Data & Email, Web & Cloud Security

Network Security

Vulnerability Mgmt., Incident &

Threat Analysis

IAM / PAM(3)

Endpoint Security



Q1 2020

Public Comparables & Precedent Transactions

Source: Capital IQ.Note: Medium / low growth comps include companies with 2021E revenue growth of less than 20%. High growth comps include companies with 2021E revenue growth greater than 20%. (1) Sorted by Market Capitalization.(2) Revenue Multiples >25.0x are considered Not Meaningful (NM).(3) EBITDA multiples <0.0x or >35.0x are considered Not Meaningful (NM).

(4) NortonLifeLock’s financials are pro forma for its divestiture. (5) Zix Corporation’s financials are not pro forma for acquisitions.

($ in millions, except for stock price) TEV YoY

High Growth Cyber Security Revenue(2) EBITDA(3) Revenue Growth EBITDA Margin

Company(1)

Stock Price3/31/2020

MarketCapitalization

Enterprise Value 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E

Okta $122.26 $15,010 $14,712 19.1x 14.7x NM NM 31.6% 30.0% (5.8%) 2.6%

CrowdStrike 55.68 11,872 10,960 15.1x 11.5x NM NM 50.6% 31.0% 0.8% 10.2%

Zscaler 60.86 7,872 7,522 15.8x 12.2x NM NM 32.2% 29.5% 7.2% 10.4%

Rapid7 43.33 2,176 2,201 5.5x 4.6x NM NM 21.4% 21.0% 5.0% 8.1%

Tenable 21.86 2,173 2,007 4.6x 3.8x NM NM 23.0% 22.2% (6.1%) (1.5%)

Tufin 8.78 312 218 1.9x 1.6x NM NM 9.8% 20.1% (24.4%) (13.6%)

High Growth Median 10.3x 8.1x NM NM 27.3% 25.9% (2.5%) 5.3%

TEV YoY

Medium / Low Growth Cyber Security Revenue(2) EBITDA(3) Revenue Growth EBITDA Margin

Company(1)

Stock Price3/31/2020

MarketCapitalization

Enterprise Value 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E

Splunk $126.23 $20,023 $20,262 7.9x 6.2x NM NM 9.4% 27.0% 4.2% 14.2%

Fortinet 101.17 17,453 15,434 6.1x 5.3x 23.2x 18.8x 16.8% 15.7% 26.4% 28.2%

Palo Alto Networks 163.96 16,348 15,083 4.2x 3.5x 20.0x 15.1x 16.4% 18.6% 20.7% 23.3%

Check Point Software 100.54 14,629 13,049 6.4x 6.2x 13.3x 13.0x 1.9% 3.3% 48.1% 47.9%

NortonLifeLock(4) 18.71 11,233 11,057 4.5x 4.5x NM 9.5x 1.0% (0.8%) 28.4% 47.5%

Trend Micro 49.63 6,907 5,304 3.3x 3.1x 10.6x 10.2x 6.2% 4.8% 31.0% 30.9%

Proofpoint 102.59 5,848 5,763 5.4x 4.6x NM 28.1x 19.1% 18.5% 13.3% 16.4%

SolarWinds 15.67 4,879 6,726 6.6x 5.9x 14.2x 12.5x 10.0% 11.1% 46.3% 47.4%

Qualys 86.99 3,401 3,154 8.7x 7.6x 20.2x 17.4x 13.0% 14.5% 43.0% 43.4%

CyberArk 85.56 3,262 2,707 5.4x 4.6x 23.4x 18.5x 15.7% 17.7% 23.0% 24.7%

FireEye 10.58 2,320 2,380 2.6x 2.4x 20.5x 16.4x 4.7% 7.3% 12.5% 14.5%

BlackBerry 4.07 2,256 2,083 1.8x 1.7x 12.4x 12.2x 12.1% 10.0% 14.8% 13.7%

Mimecast 35.30 2,207 2,258 4.6x 4.0x 24.3x 19.5x 20.1% 17.3% 19.1% 20.3%

Varonis Systems 63.67 1,949 1,893 6.7x 5.7x NM NM 11.0% 17.0% (7.0%) (0.5%)

Ping Identity 20.02 1,596 1,580 6.0x 5.0x NM 33.2x 9.3% 18.1% 10.8% 15.2%

SailPoint 15.22 1,370 1,278 4.1x 3.6x NM NM 8.7% 13.8% 2.0% 6.5%

Radware 21.07 988 829 3.1x 2.9x 19.3x 15.1x 6.1% 8.6% 16.1% 18.9%

F-Secure 2.61 412 430 1.7x 1.6x 12.3x 9.0x 4.1% 6.8% 13.8% 17.7%

Zix Corporation(5) 4.31 232 518 2.4x 2.2x 10.3x 9.5x 24.0% 11.6% 23.3% 22.6%

Medium / Low Growth Median 4.6x 4.5x 19.3x 15.1x 10.0% 13.8% 19.1% 20.3%

Overall Median 5.4x 4.6x 19.3x 15.1x 12.1% 17.0% 13.8% 16.4%

CYBER SECURITY INSIGHT Q1 2020

April 2019

Representative Raymond James Infrastructure & Security Transactions

View our full transaction history here >

January 2019

July 2019 June 2019

Capital Raises

Sale / Recapitalizations

(1) Total deal value includes overallotment

February 2019

September 2019

$188 MillionInitial Public Offering

Identity Access Management

September 2019


Monitoring and Analytics Platform

April 2018


Next Gen CDN and Security Provider

February 2020

$681 MillionFollow-On Offering

Software Intelligence Platform

August 2017

Product Information Management Security Operations and Analytics Platform Critical Communication and Data Platform Automated Business Management Platform

Master Data Management Software Identity Authentication Software End-to-End Cyber Security Solutions and Service Provider

Device-Based Fraud Prevention Network

Regulatory Compliance Provider Facility Security Hardware and Components Cyber Security Consulting IoT PaaS Provider

November 2018 July 2018

January 2018 July 2017October 2017

February 2019

https://www.raymondjames.com/corporations-and-institutions/investment-banking/industries-of-focus/technology-and-services/financial-technology



Q1 2020

Cyber Security: Selected Recent M&A Activity

ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION

SIZE ($M)TARGET DESCRIPTION

Mar-20 Software Web Security M&A -Developer of cybersecurity software designed to thwart

sophisticated web-based malware attacks

Mar-20 IT ServicesNetwork

SecurityM&A -

Developer of products focused on enabling other vendors'

security/systems/network management software to work

in and around secure areas

Mar-20 SoftwareSecurity

OperationsM&A -

Provider of data transformation services across

government and corporate enterprises

Mar-20 Software

Identity &

Access

Management

M&A $529.2

Developer of a SaaS fraud prevention and identity

verification technology designed to make transactions

easier and secure

Mar-20 IT ServicesApplication

SecurityM&A -

Provider of comprehensive solutions for application

security testing and application layer attack prevention

Mar-20 SoftwareEndpoint

SecurityM&A -

Provider of advanced cybersecurity solutions; offers user-

centric security products and services for protecting

people, devices and networks

Mar-20 IT ServicesNetwork

SecurityM&A 136.3

Provides technical and cyber defense consultancy

services for cyber security market

http://en.wikipedia.org/wiki/File:Flag_of_the_United_States.svg






Q1 2020

Cyber Security: Selected Recent M&A Activity (Cont’d)

ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION



SecurityM&A - Provider of cloud-based cybersecurity solutions

Mar-20 SoftwareIncident/

Threat AnalysisM&A -

Developer of adversary simulations software intended to

offer security assessments that replicate the techniques

of an advanced adversary in a network



Developer of hardware accelerated technology designed

to offer security analytics acceleration

Feb-20 IT ServicesIncident/


Provider of advanced threat detection solution built for

Small and Medium Businesses (SMBs) and the service

providers that support them

Feb-20 IT ServicesNetwork

SecurityM&A $2,115.2

Provider of intelligence-driven cyber threat detection and

response, identity and access management and risk and

compliance solutions


Threat AnalysisM&A 78.4

Provider of information technology security services;

enables organizations to protect critical online portals,

applications and networks

Feb-20IT

Infrastructure

Incident/


Provider of automatic detection and safe mitigation of

drone intrusions in enterprise and urban environment






Q1 2020


ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION


Feb-20 Software

Identity &

Access

Management

M&A -Developer of a mobile biometric authentication platform

designed to accurately authenticate customers

Feb-20 SoftwareData Security

& EncryptionM&A $8.0

Developer of cybersecurity technologies for consumers,

corporations, and public-sector

Feb-20 IT ServicesEndpoint

SecurityM&A 1,492.4

Provider of automated security control solutions; it’s

products deploy quickly with agentless, real-time

discovery and classification of every IP-connected device



Provider of cybersecurity incident response and digital

forensics consultancy service

Feb-20 Software Cloud Security M&A -

Provider of standardized and accelerated service

authentication across cloud, container and on-premise

infrastructures

Feb-20 SoftwareIncident/


Provider of a security-as-a-service platform intended to

offer cyber security and GDPR compliance services

Jan-20IT

Infrastructure

Security

OperationsM&A 1,819.3

Provider of a satellite imaging platform; supports remote

sensing and communications payloads







Q1 2020


ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION


Jan-20 Software

Identity &

Access

Management

M&A $413.5Provider of identity risk and fraud management services

intended to offer credit and fraud risk services

Jan-20 IT Services Cloud Security M&A 85.0Provider of cloud technology, cyber security, agile, and

DevOps services and solutions

Jan-20 SoftwareIncident/


Developer of cyber security platforms designed to

improve situational awareness and maximize resources

with advanced technologies

Jan-20 SoftwareSecurity

OperationsM&A -

Provider of risk and vendor management software and

services to financial institutions and other organizations



Provider of managed detection and response services;

focuses on the detection of, and response to, threats

within the network


Threat AnalysisM&A - Provider of internet scanning and cybersecurity services

Jan-20 Software Cloud Security M&A -Developer of a cloud security platform designed to offer

email security







Q1 2020


ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION




Developer of security software designed to secure the

most important U.S. defense assets



Developer of website and application programming

interface (API) security software

Jan-20 IT ServicesSecurity

OperationsM&A -

Developer of browser isolation technology intended to

improve the web browsing experience

Jan-20 IT ServicesNetwork

SecurityM&A -

Developer and marketer of online vendor security

assessment solutions

Jan-20 SoftwareNetwork

SecurityM&A -

Provider of encryption, antivirus and malware protection

and identity protection and authentication

Jan-20 IT Services Web Security M&A $38.7Developer of patented browser isolation technology to

make everyday web browsing safer and faster



Provider of digital threat protection and anti-phishing

services

(Business Unit)








Q1 2020

Cyber Security: Selected Recent Financing Activity

ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION


Mar-20 SoftwareData Security

& EncryptionFinancing $15.7

Provider of mobile and enterprise data security solutions

to meet the security needs of large organizations in

various industries

Mar-20 SoftwareApplication

SecurityFinancing 11.0

Developer of a continuous Security-as-a-Service platform

intended to orchestrated risk management

Mar-20 Software Cloud Security Financing 7.9

Developer of internet and cloud security software;

protects from phishing, malicious crawlers and

transaction fraud



Developer of ID-based connectivity and access control

software designed to offer cybersecurity services

Mar-20 SoftwareNetwork


Developer of a platform designed to simplify local

networks, cloud infrastructures and business applications

Mar-20 SoftwareSecurity

OperationsFinancing 44.1

Developer of a cyber risk analytics platform designed for

the insurance industry

Mar-20 Software

Identity &

Access

Management

Financing 89.3

Developer of an artificial intelligence-driven authentication

platform designed to provide secure and adaptive

authentication services

Qiushi Capital





Q1 2020

Cyber Security: Selected Recent Financing Activity (Cont’d)

ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION


Mar-20 IT Services Cloud Security Financing $5.5Provider of cloud-based B2B email security, compliance

and encryption products


& EncryptionFinancing 15.8

Developer of information security technology designed for

IoT security and big data security

Mar-20 SoftwareNetwork


Developer of a network information security system

designed to protect the security of user applications, data

access and use in the cloud


Threat AnalysisFinancing 55.1

Developer of cloud-based security software designed to

detect mobile threats and improve mobile security



Developer of a consumer privacy management software

platform designed to manage sensitive data

Feb-20 SoftwareNetwork


Developer of a network security platform designed to

automatically defines, enforces and adapts user- and

machine-level network access policies

Feb-20 SoftwareEndpoint


US-based provider of autonomous endpoint protection

that prevents, detects, responds, and hunts attacks

across all major vectors







Q1 2020


ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION




Provider of a data security platform designed to offer

nation-state level privacy-preserving protection to the

global marketplace, allowing users to securely operate on

data in the cloud



Provider of managed detection and response services

intended for managed service providers and value-added

resellers



Developer of a blockchain-based security software

designed to assess and eliminate threats using

blockchain



Developer and provider of cybersecurity technology that

provides threat visibility and intelligence products and

services

Feb-20 SoftwareNetwork


Provider of cyber security services intended to solve

complex cyber security challenges and secure innovation



Developer of a data leak detection system designed to

offer data security to companies

Feb-20 Software Cloud Security Financing 9.9Developer of a cloud-based platform designed for backup

and recovery needs of large enterprises







Q1 2020


ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION




Developer of data security software built for preventing

cybercrime



Operator of a cloud-based patch management platform

designed to automate the patching, configuration and

maintenance of Windows, OS X and Linux systems

Jan-20 SoftwareData Security


Developer of artificial intelligence-powered data sensitivity

and risk discovery platform designed to resolve the data

security challenges

Jan-20 Software

Identity &

Access

Management

Financing 19.3Developer of identity verification systems designed to

protect and secure identity from theft and fraud

Jan-20IT

Infrastructure

Identity &

Access

Management

Financing 10.8

Developer of facial recognition and identification

technology created to solve security loopholes in

companies

Jan-20 Software

Identity &

Access

Management

Financing 13.2

Developer of a SaaS-based cloud security platform for

identity authorization administration across hybrid cloud

environments



Developer of an artificial intelligence powered

cybersecurity and data protection platform intended to

protect privacy









Q1 2020


ANNOUNCED DATE

BUYER / LEAD

INVESTORTARGET

TARGET COUNTRY

BUSINESS MODEL

SECTORTRANSACTION

TYPETRANSACTION


Jan-20 SoftwareApplication

SecurityFinancing $7.7

Developer of a cybersecurity software intended for

server-side application security



Developer of digital asset management platform designed

to provide information security protection and data

encryption



Developer of security software that integrates prediction,

prevention, detection and response capabilities

Jan-20 IT ServicesIncident/


Developer of information security technology designed to

provide industry-wide threat protection solutions

Jan-20 IT ServicesIncident/


Provider of managed security services intended to help

businesses consolidate all of their regulatory compliance

& cybersecurity needs



Developer of security technology designed to provide

data security and privacy protection

Jan-20 IT ServicesApplication


Provider of cybersecurity awareness training and phishing

simulation platform intended to train enterprise

employees






Technology & Services Investment Banking

As the leading Technology & Services Investment Banking practice in the market,

our team is committed to delivering innovative solutions and premier results

for our clients across several sub-sectors.

If you have any questions about thedata in this newsletter, please contact

UNITED STATES

BOB FLANAGANManaging [email protected]

BOBBY [email protected]

LONDON

DOMINIC EMERYManaging [email protected]

JOEL GREENWOODManaging [email protected]

MUNICH

PHILIP STEINManaging [email protected]

EMANUEL BISCHOFBERGERDirector+49.89.232377.47emanuel.bischofberger@raymondjames.com

Infrastructure Tech-Enabled

Services

Software Financial

Technology

Services

75+ Investment Banking Professionals (U.S.)

8Global Offices (North America, Europe, Asia)

25+ Senior Bankers (U.S.)

20+ Year Track Record

~330 M&A Advisory and Private Placement Transactions Since 2012

190+Public Equity and Debt Offerings Since 2012

By the Numbers

ADVISORY

Investment Banking Capabilities

• Sales / Recaps

• Acquisitions

• Divestitures

• Strategic Advisory

• Fairness Opinions

• Private Placements

• Initial Public Offerings

• Follow-On Offerings

• Debt Capital

• Restructuring

CAPITAL RAISING



Q1 2020

Raymond James Overview

Raymond James

Equity Capital Markets(1)

• Full-service financial services firm with investment banking, equity research, institutional sales and trading, and asset management operations

– Founded in 1962; public since 1983 (NYSE: RJF)

– $7.7 billion in FY 2019 net revenue; equity market capitalization of $11.4 billion

– Stable and well-capitalized platform

• Industry-focused, knowledge-driven approach, backed by highly-ranked equity research team

• 28 domestic and international investment banking and institutional sales offices

• International operations in Brussels, Buenos Aires, Düsseldorf, Geneva, London, Munich, Paris, Sao Paulo, Toronto and Vancouver

• Acquisition of Morgan Keegan consolidated and strengthened Raymond James’ leadership in the middle market

• Acquisition of Mummert & Co. strengthened Raymond James’ European presence, furthering international expansion and growing cross-border transaction expertise

• Over 600 Equity Capital Markets professionals; over 330 investment bankers in the U.S.

• Global sales force with over 90 professionals

• Bulge-bracket distribution capability

• Approximately 33% of all institutional equity commissions are generated outside of the U.S.

• Over 8,000 financial advisors; offices in all 50 statesGreenwich Associates ranked

#2 in overall quality of analyst service(2)

1. As of March 2020.2. Criteria for the awards can be found at https://www.raymondjames.com/about-us/accolades.

CYBER SECURITY INSIGHT Q1 2020

Notes & Disclosures

Sources of data include Capital IQ, FactSet and other news organizations.

Information obtained from third-party sources is considered reliable, but

we do not guarantee that the information herein is accurate or complete.

This report was prepared within Raymond James & Associates’ Investment

Banking Department and is for information purposes only. This report is

not a product of Raymond James & Associates’ Research Department;

recipients of this report should not interpret the information herein as

sufficient grounds for an investment decision or any other decision. The

report shall not constitute an offer to sell or the solicitation of an offer to

buy any of the securities mentioned herein; past performance does not

guarantee future results. Any performance mentioned does not include

transaction fees and costs which would reduce an investor’s return. An

investment cannot be made directly in a market index.

This presentation includes logos or other words or devices that may be

registered trademarks of their respective owners. Such use is solely for

purposes of convenience in referring to the trademark owners and their

products/services. This presentation and its contents are not endorsed,

sponsored or affiliated with any trademark owner. Raymond James &

Associates, Inc. and its affiliates are not affiliated with any trademark

owner but may provide certain financial services to one or more

trademark owners or their affiliates.

Additional information is available upon request.

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EBITDA: Earnings Before Interest, Taxes, Depreciation and AmortizationEPS: Earnings per ShareLTM: Last Twelve MonthsNA: Not ApplicableNM: Not MeaningfulPE: Price Earnings RatioTEV: Total Enterprise Value

transaction activity summary 2 trading analysis 4 ... · cloud security 5% security operations 4%...

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