Software Sector Report 1.16.2018

SOFTWARE
SECTOR REPORT
December 2017
DEAL DASHBOARD
Software
$48.4 Billion 637 $42.9 Billion 98
2017 Financing Volume (1)(2) 2017 Financing Transactions (1)(2) 2017 M&A Volume (3) 2017 M&A Transactions (3)
Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4)
Company Amount ($MM) $Bn $Bn (62%) Target Acquirer EV ($MM)
54% $50
$14 $12
$115 $12 $11 $41 $3,903
$10
$9
$6 $6
$100 $5 $16 $1,917
$15
$12 $12 $13
$6 $5
$40 $1,235
Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
$37 ( ) $1,125
Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)
$34 40% $713

156 160 159 162 2%
127 123
$30 103 111 94 29 29
29 30 $614
24 25 21 22
$28 14 $531
$25 $459
Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)
50.0% SPX IGV
46%
45.0% ` All Buyers Strategic Buyers PE Buyers
40.0% 6.0x 5.3x
35.0% 4.9x
5.0x 4.7x 4.6x
4.3x 4.5x
4.2x 4.1x
30.0% 3.9x 3.9x 4.0x
4.0x 3.6x 3.7x 3.7x
25.0% 3.1x 3.3x
23% 2.9x 2.9x 2.8x
3.0x 2.7x
20.0% 2.2x
15.0% 2.0x
10.0%
1.0x
5.0%
0.0x
0.0%
2011 2012 2013 2014 2015 2016 2017
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
Notes:
Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 1/12/2018.
1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM.
2) Financings include Software Venture and Private Equity Growth / Expansion activity.
3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM.
4) Software M&A transactions reflect select transactions in CY2017. M&A metrics are based on closed and announced transactions. 2
5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU.
6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.
GCA OVERVIEW
The GCA Software Team
US Team
Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher
Managing Director Managing Director Managing Director Managing Director Managing Director
davrutsky@gcaglobal.com jorozco@gcaglobal.com Software & Digital Media pdinardo@gcaglobal.com Head of Software
jwepman@gcaglobal.com sfletcher@gcaglobal.com
Gautam Garg Glen Kruger Mike Janovec

Vice President Director Vice President
ggarg@gcaglobal.com gkruger@gcaglobal.com mjanovec@gcaglobal.com
Alex Vitale Arthur Kirsch Chris Gough Derek Bell

Managing Director Managing Director Managing Director Managing Director
Auto Tech Healthcare IT Real Estate Tech Business Services
avitale@gcaglobal.com akirsch@gcaglobal.com cgough@gcaglobal.com dbell@gcaglobal.com
John Lambros JT Herman Sean Minnihan

Managing Director Managing Director Managing Director
Head of Digital Media Industrial Technology FinTech
jlambros@gcaglobal.com jherman@gcaglobal.com Financial Software
sminnihan@gcaglobal.com
Executive Leadership Select Europe Team Select Asia Team

Todd Carter *Adrian Reed *Phil Adams **Raiko Stelten ***Akikazu Ida ***Ryuichi Kanemaki
Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director
tcarter@gcaglobal.com adrian.reed@gcaaltium.com phil.adams@gcaaltium.com raiko.stelten@gcaaltium.com Technology & Media rkanemaki@gcakk.com
aida@gcakk.com
Clark Callander **Sascha Pfeiffer *Stephen Georgiadis **Tobias Schultheiss Sameer Jindal ***Tomohiko Kubota
Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director
Head of Investment Banking Technology & Media stephen.georgiadis@gcaaltium.com tobias.schulteiss@gcaaltium.com Head of Indian Operations CEO of AMPLIA
ccallander@gcaglobal.com sascha.pfeiffer@gcaaltium.com sjindal@gcaglobal.com tkubota@gcakk.com
*Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.
**Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors/Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. 3
***Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation.
RECENT STOCK PERFORMANCE
Index Performance
Last 12 Months Last 3 Years

50% 90%
80%
45%
70%
40%
60%
35%
50%
30% 40%
25% 30%
20%
20%
10%
15%
0%
10% Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17
(10%)
5% (20%)
0% (30%)
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
(5%) (40%)
Sector 3 Months 1 Year 3 Years
Platform 11.3% 32.8% 61.0%

Security 2.2% 23.7% 25.2%
Infrastructure 11.4% 38.7% 56.7%
SaaS / On Demand 10.6% 47.6% 80.6%
BI & Analytics 16.5% 36.3% 12.2%
Vertical 2.1% 41.9% 42.8%
Notes:
Sources: Capital IQ. Market Data as of 1/12/2018.
Platform: ADBE, IBM, MSFT, ORCL, SAP.
Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.
Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.
SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN,
MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.
BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.
4
Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV.
TRADING COMPARABLES
Valuation and Operational Metrics
EV / 2018E Revenue EV / 2018E EBITDA
7.0x 45.0x
6.0x 38.9x
40.0x
6.0x 5.6x 5.6x Median: 5.3x
5.1x
35.0x
5.0x 30.0x 27.6x Median: 25.4x
4.2x 4.1x 26.9x 23.9x
4.0x 25.0x
20.6x
3.0x 20.0x
14.2x
15.0x
2.0x
10.0x
1.0x 5.0x
0.0x 0.0x
SaaS Infrastructure Platform Vertical Security BI & Analytics SaaS BI & Analytics Infrastructure Security Vertical Platform
2018E / 2017E Revenue Growth 2018E EBITDA Margin
40.0% 40.0% 37.9%

35.0% 35.0%
30.0% 30.0% 26.0% Median: 23.5%
Median: 16.5% 23.6% 23.5%
25.0% 21.2% 25.0%
20.0% 18.9% 17.4% 20.0%
15.6% 13.6% 17.6%
15.7%
15.0% 15.0%
10.0% 8.2% 10.0%
5.0% 5.0%
0.0% 0.0%
SaaS BI & Analytics Infrastructure Vertical Security Platform Platform Vertical Infrastructure Security SaaS BI & Analytics
Notes:
Sources: Capital IQ. Market Data as of 1/12/2018.
Figures represent mean values of respective comp groups.
Platform: ADBE, IBM, MSFT, ORCL, SAP.
Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.
Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SAIL, SOW, SPLK, TEAM, VMW.
SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN,
MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SEND, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.
BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.
5
Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, VEEV.
PUBLIC COMPANY VALUATIONS
Software Trading Statistics
($MM, Except Per Share Data)
Stock Trading Statistics Operating Metrics

Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin
1/12/2018 Value Debt Value CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E CY 17E CY 18E CY 19E 17E/16A 18E/17E 19E/18E CY 17E CY 18E CY 19E
Platform
Microsoft Corporation $89.60 $691,227 ($44,660) $646,567 6.4x 5.9x 5.4x 16.2x 14.6x 12.8x 26.2x 25.3x 22.4x 16.1% 9.2% 7.9% 39.4% 40.1% 42.4%
Oracle Corporation $49.51 204,952 (10,904) 194,048 5.0 4.8 4.6 12.8 10.3 9.7 21.3 16.2 15.1 4.5% 4.2% 4.2% 38.9% 46.6% 47.4%
International Business Machines Corporation $163.14 151,034 34,127 185,161 2.4 2.4 2.3 9.7 9.4 9.4 11.8 11.8 11.4 (1.6%) 0.1% 0.1% 24.3% 25.2% 25.0%
SAP SE $110.26 132,188 683 132,871 4.7 4.4 4.1 13.6 13.1 12.1 21.9 20.2 18.1 21.4% 7.7% 6.7% 34.7% 33.2% 33.7%
Adobe Systems Incorporated $195.05 96,149 (3,938) 92,210 12.6 10.5 9.0 37.0 23.6 19.9 57.7 35.1 28.8 24.7% 19.9% 17.0% 34.2% 44.7% 45.3%
Mean 6.2x 5.6x 5.1x 17.8x 14.2x 12.8x 27.8x 21.7x 19.2x 13.0% 8.2% 7.2% 34.3% 37.9% 38.7%
Median 5.0 4.8 4.6 13.6 13.1 12.1 21.9 20.2 18.1 16.1% 7.7% 6.7% 34.7% 40.1% 42.4%
Infrastructure
VMware, Inc. $132.53 $53,428 ($6,485) $46,943 6.0x 5.4x 5.0x 16.2x 15.0x 13.0x 25.8x 23.7x 21.5x 11.1% 9.8% 7.9% 36.8% 36.3% 38.8%
ServiceNow, Inc. $138.19 23,866 (515) 23,351 12.2 9.3 7.2 55.5 37.0 25.6 NM 76.9 51.1 38.2% 31.0% 28.0% 21.9% 25.1% 28.3%
Red Hat, Inc. $125.95 22,294 (954) 21,340 7.7 6.6 5.9 40.2 23.9 19.8 68.0 38.9 35.0 19.4% 16.8% 12.0% 19.1% 27.5% 29.6%
CA, Inc. $34.09 14,268 100 14,368 3.5 3.3 3.3 9.4 8.8 8.5 14.4 13.4 13.1 2.7% 3.6% 0.7% 37.1% 38.2% 38.9%
Micro Focus International plc $31.18 13,577 4,152 17,729 7.1 4.2 4.3 17.6 11.0 10.0 15.9 13.1 11.3 84.8% 67.2% (2.5%) 40.3% 38.6% 43.4%
Citrix Systems, Inc. $90.04 13,567 (87) 13,480 4.8 4.7 4.5 13.8 14.6 14.3 18.8 18.6 16.3 (17.4%) 2.0% 3.1% 34.7% 32.1% 31.6%
Splunk Inc. $89.64 12,680 (981) 11,700 9.4 7.5 5.9 80.1 55.7 37.4 NM NM 70.1 30.7% 25.4% 27.5% 11.8% 13.5% 15.8%
Atlassian Corporation Plc $52.57 11,872 (614) 11,258 15.4 11.7 9.2 57.5 41.8 NA NM 99.4 71.8 37.9% 31.1% 27.0% 26.7% 28.1% NA
F5 Networks, Inc. $141.81 8,876 (1,017) 7,859 3.8 3.6 3.5 9.6 9.1 NA 16.8 16.1 14.9 3.6% 3.1% 3.7% 39.3% 40.0% NA
LogMeIn, Inc. $121.00 6,369 (276) 6,093 6.0 5.3 5.0 16.5 13.9 12.6 28.8 24.7 21.7 5.6% 12.4% 6.4% 36.3% 38.4% 39.7%
Nutanix, Inc. $37.84 6,070 (366) 5,705 5.8 4.9 3.9 NM NM 34.9 NM NM NM 56.2% 19.7% 25.2% NM 1.3% 11.2%
Software Aktiengesellschaft $58.46 4,466 (53) 4,413 4.1 4.0 3.8 12.9 12.5 11.7 19.7 18.4 17.3 15.8% 4.2% 3.9% 32.1% 31.8% 32.8%
Pure Storage, Inc. $16.47 3,570 (551) 3,019 3.0 2.3 1.8 NM 34.4 18.5 NM NM 49.5 39.6% 31.3% 26.9% 2.1% 6.6% 9.6%
New Relic, Inc. $60.39 3,325 (227) 3,098 9.5 7.4 6.0 NM 97.1 52.1 NM NM NM 34.9% 27.2% 24.3% 1.2% 7.7% 11.5%
MuleSoft, Inc. $24.40 3,171 (182) 2,990 10.3 7.6 5.8 NM NM NM NM NM NM 55.0% 35.9% 30.2% NM NM NM
Commvault Systems, Inc. $53.90 2,489 (495) 1,995 2.9 2.6 2.4 22.9 17.9 13.5 52.9 43.0 35.7 8.2% 10.3% 9.9% 12.6% 14.6% 17.7%
Progress Software Corporation $50.69 2,423 (62) 2,362 5.9 5.8 5.8 17.0 12.3 12.2 65.8 21.7 20.8 (1.9%) 1.6% 1.3% 35.0% 47.6% 47.2%
NetScout Systems, Inc. $27.55 2,401 (7) 2,394 2.2 2.3 2.3 9.1 12.4 9.5 16.3 19.6 15.9 (3.7%) (6.2%) 2.7% 24.3% 19.0% 23.9%
Appian Corporation $36.76 2,223 (72) 2,151 12.8 11.0 9.2 NM NM NM NM NM NM 26.3% 16.4% 19.8% NM NM NM
Altair Engineering Inc. $25.88 1,628 75 1,703 5.1 4.7 4.2 76.4 39.4 27.0 NM 75.4 49.2 5.7% 8.4% 14.0% 6.7% 12.1% 15.4%
SailPoint Technologies Holdings, Inc. $16.45 1,404 137 1,541 8.9 7.1 5.7 70.8 NM 71.6 NM NM NM 31.3% 24.4% 25.1% 12.5% 6.8% 8.0%
A10 Networks, Inc. $7.58 536 (124) 412 1.7 1.6 1.5 34.2 27.1 17.4 NM 94.8 44.6 4.5% 7.6% 7.4% 5.0% 5.9% 8.5%
Mean 6.7x 5.6x 4.8x 32.9x 26.9x 22.8x 31.2x 39.9x 32.9x 22.2% 17.4% 13.8% 22.9% 23.6% 25.1%
Median 5.9 5.1 4.8 17.6 16.4 15.9 19.7 23.7 21.7 17.6% 14.4% 11.0% 24.3% 26.3% 26.1%
Notes:
Sources: Capital IQ and Wall Street Estimates. Market Data as of 1/12/2018. 6
Negative margins considered NM. Multiples <0 and >100 considered NM.

Security
Symantec Corporation $28.82 $17,868 $4,183 $22,051 4.5x 4.3x 4.1x 9.6x 8.5x 7.1x 19.9x 15.3x 14.0x 30.9% 3.5% 6.0% 46.3% 50.9% 56.9%
Check Point Software Technologies Ltd. $103.00 16,835 (1,510) 15,325 8.3 7.8 7.3 14.7 13.9 12.9 19.6 18.0 16.5 6.7% 6.3% 6.4% 56.0% 55.9% 56.5%
Palo Alto Networks, Inc. $153.52 14,107 (972) 13,135 6.7 5.5 4.8 27.9 21.4 17.4 50.1 40.9 34.1 25.8% 20.3% 16.5% 23.9% 25.8% 27.3%
Splunk Inc. $89.64 12,680 (981) 11,700 9.4 7.5 5.9 80.1 55.7 37.4 NM NM 70.1 30.7% 25.4% 27.5% 11.8% 13.5% 15.8%
Fortinet, Inc. $44.94 7,815 (1,276) 6,539 4.4 3.9 3.4 21.2 17.6 14.7 44.2 37.8 31.5 16.6% 14.0% 12.8% 20.7% 21.9% 23.3%
Trend Micro Incorporated $56.83 7,813 (1,257) 6,556 5.0 4.6 4.3 15.0 13.3 12.2 34.0 29.9 27.4 15.9% 8.9% 5.7% 33.5% 34.7% 35.7%
Proofpoint, Inc. $99.11 4,444 (78) 4,365 8.6 6.5 5.2 66.7 48.1 34.1 NM 96.2 63.4 35.7% 31.5% 25.9% 12.8% 13.5% 15.2%
FireEye, Inc. $15.59 2,878 (109) 2,769 3.7 3.5 3.2 31.7 27.3 20.3 NM NM 95.5 4.0% 7.7% 8.5% 11.8% 12.7% 15.7%
Qualys, Inc. $63.90 2,423 (303) 2,120 9.2 7.9 6.8 25.1 21.8 19.3 60.7 54.6 47.1 16.1% 16.4% 16.3% 36.8% 36.3% 35.3%
Mimecast Limited $32.29 1,851 (89) 1,762 7.4 6.0 5.0 81.9 57.6 46.4 NM NM NM 39.4% 23.9% 18.7% 9.0% 10.4% 10.8%
CyberArk Software Ltd. $43.42 1,508 (270) 1,238 4.8 4.0 3.4 22.1 17.6 14.3 39.4 33.0 26.7 18.6% 19.2% 17.6% 21.8% 23.0% 24.0%
Imperva, Inc. $44.25 1,505 (343) 1,162 3.6 3.1 2.7 26.8 20.9 15.3 47.6 43.2 33.7 21.6% 17.3% 15.4% 13.5% 14.7% 17.4%
Barracuda Networks, Inc. $27.50 1,476 (178) 1,298 3.5 3.3 2.8 40.3 16.3 12.8 98.2 31.3 24.8 7.3% 6.9% 18.3% 8.6% 20.0% 21.6%
Rapid7, Inc. $22.30 979 (84) 895 4.5 3.8 3.2 NM NM NM NM NM NM 25.7% 20.5% 17.0% NM NM 1.8%
F-Secure Oyj $4.91 769 (96) 674 3.3 2.9 2.7 30.4 19.6 13.8 51.1 37.1 23.9 23.0% 11.2% 10.1% 10.8% 15.0% 19.4%
SecureWorks Corp. $9.34 757 (100) 658 1.4 1.3 1.2 NM NM 28.1 NM NM NM 8.4% 8.3% 10.5% NM NM 4.2%
VASCO Data Security International, Inc. $14.35 572 (159) 414 2.2 2.0 1.9 21.7 19.3 14.9 37.3 36.5 31.9 (1.7%) 9.0% 5.7% 10.1% 10.4% 12.7%
MobileIron, Inc. $4.20 403 (82) 321 1.8 1.7 1.6 NM NM NM NM NM NM 6.3% 7.0% 8.9% NM NM NM
Zix Corporation $4.59 253 (33) 220 3.4 3.1 NA 12.0 10.1 NA 16.4 13.8 NA 9.1% 8.3% NA 27.9% 30.7% NA
Absolute Software Corporation $5.54 219 (33) 186 2.0 1.9 1.7 24.1 17.7 12.2 NM 57.3 24.3 4.5% 6.8% 8.0% 8.3% 10.7% 14.3%
Mean 4.9x 4.2x 3.7x 32.4x 23.9x 19.6x 43.2x 38.9x 37.7x 17.2% 13.6% 13.5% 21.4% 23.5% 22.7%
Median 4.4 3.8 3.4 25.1 19.3 14.9 41.8 36.8 31.5 16.4% 10.1% 12.8% 13.5% 20.0% 18.4%
Notes:

SaaS
Salesforce.com, inc. $110.24 $79,626 ($1,040) $78,586 7.5x 6.3x 5.3x 35.1x 28.5x 22.7x 82.6x 63.8x 50.0x 24.4% 20.0% 19.3% 21.4% 22.0% 23.2%
ServiceNow, Inc. $138.19 23,866 (515) 23,351 12.2 9.3 7.2 55.5 37.0 25.6 NM 76.9 51.1 38.2% 31.0% 28.0% 21.9% 25.1% 28.3%
Workday, Inc. $112.90 23,709 (1,738) 21,971 10.3 8.2 6.7 63.5 48.5 36.1 NM 97.0 71.5 36.0% 24.8% 22.7% 16.2% 17.0% 18.6%
Shopify Inc. $112.80 11,266 (927) 10,340 15.7 10.8 8.1 NM NM 90.5 NM NM NM 69.6% 44.6% 34.2% 2.8% 5.1% 8.9%
Veeva Systems Inc. $58.37 8,250 (758) 7,492 11.0 9.3 7.9 32.9 28.7 24.0 63.9 57.9 48.6 25.1% 18.5% 18.1% 33.4% 32.4% 32.8%
The Ultimate Software Group, Inc. $226.28 6,760 (129) 6,632 7.1 6.0 5.0 30.9 24.2 19.9 62.6 49.9 41.4 19.6% 19.1% 18.5% 23.0% 24.6% 25.3%
LogMeIn, Inc. $121.00 6,369 (276) 6,093 6.0 5.3 5.0 16.5 13.9 12.6 28.8 24.7 21.7 5.6% 12.4% 6.4% 36.3% 38.4% 39.7%
Aspen Technology, Inc. $75.12 5,449 81 5,530 11.3 10.9 10.3 23.8 22.6 20.9 32.0 36.0 33.6 3.1% 3.6% 6.7% 47.7% 48.3% 49.0%
Paycom Software, Inc. $88.75 5,171 (32) 5,139 11.9 9.5 7.6 38.7 30.9 24.3 70.4 56.8 45.3 31.3% 25.6% 24.2% 30.7% 30.7% 31.4%
Blackbaud, Inc. $95.55 4,490 321 4,811 6.1 5.5 5.0 24.6 23.1 20.1 44.1 39.0 34.4 8.1% 10.8% 9.7% 24.7% 23.8% 24.9%
RingCentral, Inc. $52.35 4,049 (172) 3,877 7.8 6.3 5.1 NM 85.8 60.4 NM NM NM 31.2% 23.3% 22.9% 6.5% 7.4% 8.5%
RealPage, Inc. $48.45 4,016 288 4,304 6.4 5.2 4.7 26.6 19.9 16.8 52.6 40.3 33.0 18.3% 23.0% 11.1% 24.1% 26.1% 27.8%
Zendesk, Inc. $37.51 3,808 (227) 3,581 8.4 6.5 5.0 NM NM 77.7 NM NM NM 36.8% 29.7% 28.3% 3.2% 4.8% 6.5%
j2 Global, Inc. $77.03 3,729 597 4,326 3.9 3.7 3.4 9.3 8.5 7.6 13.5 12.8 11.2 28.4% 5.4% 9.0% 41.6% 43.0% 44.2%
2U, Inc. $69.32 3,620 (185) 3,435 12.0 8.7 6.5 NM NM NM NM NM NM 38.5% 38.5% 33.4% 3.7% 3.8% 5.1%
HubSpot, Inc. $92.65 3,462 (198) 3,264 8.8 6.9 5.6 NM 91.6 57.9 NM NM NM 36.9% 27.5% 23.8% 5.9% 7.5% 9.6%
New Relic, Inc. $60.39 3,325 (227) 3,098 9.5 7.4 6.0 NM 97.1 52.1 NM NM NM 34.9% 27.2% 24.3% 1.2% 7.7% 11.5%
MuleSoft, Inc. $24.40 3,171 (182) 2,990 10.3 7.6 5.8 NM NM NM NM NM NM 55.0% 35.9% 30.2% NM NM NM
Box, Inc. $22.25 3,029 (88) 2,941 5.8 4.7 3.8 NM NM 49.8 NM NM NM 27.0% 23.5% 22.2% NM 4.0% 7.7%
Okta, Inc. $27.00 2,752 (224) 2,528 10.0 7.5 5.7 NM NM NM NM NM NM 57.8% 32.5% 33.4% NM NM NM
Paylocity Holding Corporation $49.64 2,607 (98) 2,509 7.5 6.2 5.1 37.9 30.0 24.3 65.1 51.3 45.6 26.1% 22.2% 21.9% 19.9% 20.5% 20.8%
Cloudera, Inc. $18.14 2,562 (390) 2,172 6.0 4.7 3.8 NM NM NM NM NM NM 39.0% 26.9% 23.6% NM NM NM
Qualys, Inc. $63.90 2,423 (303) 2,120 9.2 7.9 6.8 25.1 21.8 19.3 60.7 54.6 47.1 16.1% 16.4% 16.3% 36.8% 36.3% 35.3%
Cornerstone OnDemand, Inc. $39.17 2,268 (63) 2,205 4.6 4.4 4.0 36.3 24.6 19.6 93.5 52.5 34.4 14.2% 4.4% 10.5% 12.6% 17.7% 20.2%
Appian Corporation $36.76 2,223 (72) 2,151 12.8 11.0 9.2 NM NM NM NM NM NM 26.3% 16.4% 19.8% NM NM NM
Callidus Software Inc. $30.25 2,060 (176) 1,884 7.6 6.3 5.2 59.7 40.6 29.4 88.0 58.8 41.8 20.5% 20.1% 20.6% 12.7% 15.5% 17.7%
Coupa Software Incorporated $34.00 1,872 (219) 1,652 9.1 7.3 5.9 NM NM NM NM NM NM 35.8% 24.4% 23.4% NM NM 1.6%
Mimecast Limited $32.29 1,851 (89) 1,762 7.4 6.0 5.0 81.9 57.6 46.4 NM NM NM 39.4% 23.9% 18.7% 9.0% 10.4% 10.8%
Alteryx, Inc. $26.97 1,596 (157) 1,439 11.2 8.2 6.2 NM NM NM NM NM NM 50.3% 36.2% 32.5% NM NM NM
MongoDB, Inc. $29.28 1,481 (289) 1,192 7.8 5.8 4.3 NM NM NM NM NM NM 50.1% 35.3% 34.2% NM NM NM
Five9, Inc. $24.00 1,336 (17) 1,318 6.7 5.7 4.8 81.5 61.3 41.4 NM NM 82.0 21.6% 17.5% 18.3% 8.2% 9.3% 11.6%
Yext, Inc. $12.06 1,100 (113) 987 5.8 4.4 3.3 NM NM NM NM NM NM 36.9% 32.4% 32.6% NM NM NM
SendGrid, Inc. $25.68 1,080 (21) 1,059 9.7 7.8 6.2 98.6 87.4 75.3 NM NM NM 37.3% 24.5% 25.3% 9.8% 8.9% 8.2%
Instructure, Inc. $34.25 1,036 (67) 969 6.2 4.8 3.8 NM NM NM NM NM NM 41.1% 28.3% 26.2% NM NM NM
Notes:

SaaS (Cont'd)
Apptio, Inc. $24.42 $986 ($135) $851 4.6x 4.0x 3.4x NM NM 49.3x NM NM NM 15.8% 15.2% 15.3% NM 3.2% 7.0%
Workiva Inc. $21.80 914 (58) 856 4.1 3.6 3.2 NM NM NM NM NM NM 15.7% 13.9% 13.7% NM NM NM
SPS Commerce, Inc. $50.31 867 (164) 703 3.2 2.9 2.6 22.0 18.3 15.4 54.7 47.4 39.2 13.7% 11.0% 10.8% 14.5% 15.8% 16.8%
Benefitfocus, Inc. $25.75 805 65 870 3.4 3.1 2.7 46.0 31.3 22.3 NM NM 69.9 9.9% 9.8% 14.6% 7.4% 9.9% 12.1%
LivePerson, Inc. $12.55 747 (54) 693 3.2 3.0 2.7 38.2 31.6 23.7 NM NM 76.1 (2.1%) 7.2% 8.7% 8.3% 9.4% 11.5%
Carbonite, Inc. $26.00 727 (9) 717 2.9 2.7 2.4 15.2 12.1 9.7 33.3 25.9 22.5 18.7% 9.0% 9.4% 19.2% 22.2% 25.1%
Castlight Health, Inc. $4.30 575 (82) 493 3.8 3.0 2.5 NM NM 39.2 NM NM 80.6 28.6% 24.7% 18.8% NM NM 6.5%
ChannelAdvisor Corporation $9.45 251 (53) 198 1.6 1.5 1.4 42.4 25.0 14.9 NM NM 72.7 8.5% 10.1% 8.3% 3.8% 5.8% 9.1%
Brightcove Inc. $7.10 246 (22) 224 1.4 1.4 NA NM 41.5 NA NM NM NA 3.4% 6.4% NA NM 3.3% NA
Amber Road, Inc. $7.43 202 14 217 2.7 2.5 2.2 NM 64.5 33.3 NM NM NM 7.8% 10.0% 11.5% NM 3.9% 6.7%
Park City Group, Inc. $9.75 190 (10) 180 8.3 6.4 4.9 NA 19.2 13.4 67.2 26.5 17.3 31.7% 29.6% 30.9% NA 33.6% 36.6%
Marin Software Incorporated $10.75 61 (27) 34 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Mean 7.4x 6.0x 5.0x 41.0x 38.9x 33.2x 57.1x 48.5x 46.6x 27.4% 21.2% 20.3% 17.5% 17.6% 18.9%
Median 7.5 6.0 5.0 36.3 30.0 24.3 61.7 50.6 45.3 27.0% 23.0% 20.2% 14.5% 15.6% 16.8%
Business Intelligence & Analytics

Splunk Inc. $89.64 $12,680 ($981) $11,700 9.4x 7.5x 5.9x 80.1x 55.7x 37.4x NM NM 70.1x 30.7% 25.4% 27.5% 11.8% 13.5% 15.8%
Tableau Software, Inc. $74.52 5,942 (943) 4,999 5.8 5.3 4.7 87.4 66.3 39.3 NM NM NM 5.1% 8.7% 13.6% 6.6% 8.0% 11.8%
Fair Isaac Corporation $159.56 4,785 499 5,284 5.6 5.2 4.9 23.1 19.8 18.1 32.2 28.1 23.8 5.2% 6.5% 6.7% 24.1% 26.4% 27.1%
Teradata Corporation $38.32 4,637 (299) 4,338 2.0 2.0 2.0 11.8 11.4 11.0 29.9 27.3 25.3 (7.8%) 0.8% 0.9% 17.2% 17.7% 18.2%
Verint Systems Inc. $43.05 2,746 451 3,197 2.8 2.6 2.5 12.6 10.3 9.5 15.6 14.1 12.9 7.5% 7.1% 5.8% 22.3% 25.4% 26.1%
Cloudera, Inc. $18.14 2,562 (390) 2,172 6.0 4.7 3.8 NM NM NM NM NM NM 39.0% 26.9% 23.6% NM NM NM
MicroStrategy Incorporated $139.75 1,600 (646) 954 1.9 1.9 1.9 9.6 13.9 14.0 27.9 53.9 51.3 (2.4%) 0.1% (1.0%) 19.9% 13.7% 13.7%
Alteryx, Inc. $26.97 1,596 (157) 1,439 11.2 8.2 6.2 NM NM NM NM NM NM 50.3% 36.2% 32.5% NM NM NM
Hortonworks, Inc. $21.34 1,505 (63) 1,442 5.6 4.4 3.6 NM 27.3 12.6 NM NM NM 39.1% 26.8% 23.4% NM 16.3% 28.6%
Gridsum Holding Inc. $11.78 362 (0) 362 3.7 2.3 1.7 NM 18.0 6.6 NM 35.1 11.5 70.6% 56.8% 41.4% NM 13.0% 25.2%
Datawatch Corporation $11.60 142 (30) 112 3.0 2.6 NA NM NA NA NM NM NA 17.9% 14.7% NA NM NA NA
Attunity Ltd. $6.71 135 (7) 128 2.1 1.8 1.5 33.0 25.5 NA NM 36.8 53.7 13.7% 17.0% 19.0% 6.2% 6.9% NA
Mean 4.9x 4.1x 3.5x 36.8x 27.6x 18.6x 26.4x 32.5x 35.5x 22.4% 18.9% 17.6% 15.4% 15.7% 20.8%
Median 4.6 3.5 3.6 23.1 19.8 13.3 28.9 31.6 25.3 15.8% 15.9% 19.0% 17.2% 13.7% 21.7%
Notes:

Vertical
Cerner Corporation $72.90 $24,233 ($317) $23,916 4.6x 4.3x 3.9x 14.3x 13.1x 11.9x 30.1x 27.6x 24.8x 9.5% 8.2% 8.9% 32.4% 32.9% 33.1%
Constellation Software Inc. $585.65 12,411 (101) 12,310 5.0 4.4 3.8 19.2 16.6 14.3 27.2 22.8 19.8 15.6% 14.2% 15.4% 26.0% 26.5% 26.5%
SS&C Technologies Holdings, Inc. $49.47 10,184 2,114 12,298 7.3 6.7 6.6 17.8 15.7 13.4 25.7 21.6 19.3 13.1% 9.0% 2.0% 41.3% 43.0% 49.4%
Veeva Systems Inc. $58.37 8,250 (758) 7,492 11.0 9.3 7.9 32.9 28.7 24.0 63.9 57.9 48.6 25.1% 18.5% 18.1% 33.4% 32.4% 32.8%
Guidewire Software, Inc. $77.35 5,941 (561) 5,380 9.5 8.0 6.9 45.3 40.4 28.7 87.5 81.0 54.9 26.1% 19.1% 15.7% 20.9% 19.7% 24.0%
athenahealth, Inc. $129.47 5,181 154 5,335 4.4 4.0 3.6 20.1 15.8 13.6 64.5 45.0 37.3 12.0% 10.7% 11.1% 21.9% 25.2% 26.3%
Blackbaud, Inc. $95.55 4,490 321 4,811 6.1 5.5 5.0 24.6 23.1 20.1 44.1 39.0 34.4 8.1% 10.8% 9.7% 24.7% 23.8% 24.9%
RealPage, Inc. $48.45 4,016 288 4,304 6.4 5.2 4.7 26.6 19.9 16.8 52.6 40.3 33.0 18.3% 23.0% 11.1% 24.1% 26.1% 27.8%
Medidata Solutions, Inc. $66.90 3,913 (123) 3,790 7.0 5.9 5.0 28.3 23.5 19.3 52.6 45.7 37.1 17.6% 17.6% 17.5% 24.5% 25.2% 26.1%
CoreLogic, Inc. $46.81 3,856 1,648 5,504 3.0 2.9 2.9 11.6 11.2 10.3 20.1 18.5 15.9 (5.4%) 1.4% 2.1% 25.6% 26.1% 28.0%
Ellie Mae, Inc. $96.38 3,329 (366) 2,962 7.2 6.0 5.1 24.8 22.1 16.8 62.8 59.4 42.9 14.5% 19.1% 19.2% 28.9% 27.3% 30.1%
Allscripts Healthcare Solutions, Inc. $16.03 2,896 1,312 4,208 2.3 2.0 1.8 11.6 9.9 9.3 25.8 21.0 17.7 17.2% 18.2% 6.0% 20.0% 19.9% 20.0%
Inovalon Holdings, Inc. $14.20 2,071 (282) 1,790 4.0 3.7 3.3 16.3 14.5 13.2 45.4 39.9 36.4 5.6% 7.9% 9.9% 24.3% 25.4% 25.3%
AppFolio, Inc. $42.55 1,444 (43) 1,401 9.9 7.7 6.0 52.0 38.7 20.6 NM 72.1 28.6 34.3% 27.6% 28.0% 19.0% 20.0% 29.3%
Instructure, Inc. $34.25 1,036 (67) 969 6.2 4.8 3.8 NM NM NM NM NM NM 41.1% 28.3% 26.2% NM NM NM
HealthStream, Inc. $24.27 774 (123) 651 2.6 2.4 2.3 17.4 15.3 14.0 98.4 82.6 72.4 9.4% 7.5% 6.7% 15.1% 16.0% 16.4%
Castlight Health, Inc. $4.30 575 (82) 493 3.8 3.0 2.5 NM NM 39.2 NM NM 80.6 28.6% 24.7% 18.8% NM NM 6.5%
Mean 5.9x 5.1x 4.4x 24.2x 20.6x 17.8x 50.1x 45.0x 37.7x 17.1% 15.6% 13.3% 25.5% 26.0% 26.7%
Median 6.1 4.8 3.9 20.1 16.6 15.6 49.0 40.3 35.4 15.6% 17.6% 11.1% 24.5% 25.4% 26.4%
Notes:
PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW
Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow
12.0x 12.0x
R = 0.50 R = 0.63
AZPN APPN APPN AZPN
SHOP SHOP
10.0x 10.0x
NOW PAYC
PAYC VEEV
Enterprise Value / CY 2018E Revenue
Enterprise Value / CY 2018E Revenue

VEEV
TWOU NOW
TWOU
AYX WDAY AYX
8.0x QLYS WDAY OKTA 8.0x NEWR MULE QLYS
OKTA COUP
NEWR MULE
HUBS HUBS
PCTY PCYG CALD ZEN
CRM ZEN
RNG MDB RNG PCTY CRM
6.0x ULTI 6.0x PCYG
BLKB MDB FIVN ULTI
LOGM FIVN CALD MIME MIME
RP INST INST BLKB LOGM
CLDR RP
CSOD BOX BOX
APTI CLDR YEXT CSOD YEXT
4.0x 4.0x APTI
WK JCOM
JCOM WK
BNFT BNFT
LPSN CSLT SPSC
SPSC LPSN CSLT
CARB CARB
AMBR
2.0x AMBR
2.0x
ECOM
BCOV BCOV ECOM
0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50% 60%
CY2018E Revenue Growth CY 2018E Revenue Growth % + CY 2018E FCF Margin %
Notes:
Source: Capital IQ as of 1/12/2018. Consensus Estimates used for CY2018E figures. 11
Estimates for MRIN and SEND are not available.
RECENT ACQUISITIONS
Select Software M&A Transactions
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description
12/18/17 Application Software $1,235 10.0x 8.6x NM 84.4x Provides cloud-based and semi-integrated payment processing software for businesses
Provides web conferencing, team collaboration and content management SaaS, enabling sales teams to present materials to
12/12/17 Information Management $60 1.7x NA NA NA
clients through online sales presentations and track customer engagement
12/5/17 Application Software $340 NA NA NA NA Provides time-tracking and scheduling SaaS for small and medium-sized businesses, and the self-employed
11/30/17 Application Software $200 NA NA NA NA Provides supply chain analytics and market intelligence SaaS for the energy sector
Provides employee anti-malware SaaS that separates personal and work-related Web browsing and email, and offers related
11/29/17 Security $60 NA NA NA NA
protection
Provides firewall, spam-filter and anti-virus, Web application protection, SSL VPN, data backup and recovery, and message
11/27/17 Security $1,405 3.8x 3.6x 43.1x 18.9x
archiving appliances and software for businesses globally
Provides online community and social network creation software SaaS, enabling businesses to advertise using customer
11/27/17 Information Management $456 2.2x 2.2x NM 19.6x
testimonials
Provides finance-focused proposal generation and request-for-proposal (RFP) management, pitchbook building, sales
11/17/17 Application Software $50 2.6x NA NA NA
presentation and compliance SaaS for enterprises globally
Provides software to retailers that allows them to capture images of home furnishings and decor items and display them in
11/16/17 Application Software $112 NA NA NA NA
3D for display to consumers on websites, digital advertising and social media
Provides software solutions (accounting and tax compliance) for small and medium businesses, larger businesses,
11/16/17 Application Software $137 5.6x NA NA NA
accountants, bookkeepers, and lawyers
Provides cloud-based email and file archiving SaaS for businesses. Software provides features for instant message and file
11/8/17 Storage NA NA NA NA NA
data archiving, search and info retrieval and related cloud storage services
11/7/17 Security $85 NA NA NA NA Provides vending management, scheduling, logistics and analytics SaaS for the retail sector
Provides electronic design automation (EDA) software used to design system on chip (SoC), analog and embedded
11/2/17 Infrastructure Management $548 NA NA NA NA
semiconductors for semiconductor designers and OEMs
Provides energy exchange trade execution, order routing, reporting, market data and risk management software, SaaS and
services for financial services brokers, exchanges and clearing houses
Notes:
Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 1/1/2018, where Enterprise Value is > $50MM. 12
Transactions highlighted in yellow denote Private Equity acquirers.
RECENT ACQUISITIONS
($MM)
7/25/17 Sage Group Intacct Corp. ApplicationManagement

Software $850 9.7x NA NA NA Provides
Provides international
accounting andpayment andmanagement
financial transaction processing,
software as and multi-currency
a service (SaaS) forprocessing
businessesservices and offers payment
10/26/17 Infrastructure $250 4.7x 4.1x 18.9x 13.0x
processing services that enable the authorization and settlement of payment transactions
Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)
7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA
10/24/17 ( ) Application Software $400 NA NA NA NA and systems
Develops integration
self-driving services
vehicle and for public sector
automated mobileagencies globally
robot vehicle software for businesses
Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA
The Virtuand
content BondPoint
providesasset of Virtu
grammar Financial,
editing, which provides
monitoring, trade execution
scoring, analytics software
reporting of fixed income
and development securities
to written for brokers
enterprise content
and advisors globally
Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the
hospitality,
Provides dining,
hosted healthcare,
unified entertainment,
communications, VoIP travel
and PBXand education
services, sectors
as well as telecom management software and SaaS, for
10/23/17 Hosted Services $1,917 5.3x 4.7x 80.7x 19.3x
businesses and telecom service providers
Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,
7/7/17 Application Software $133 3.3x NA 20.6x NA
contract management and spend analysis
Provides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and
10/17/17 Information Management $977 3.4x NA NA NA
( ) manufacturing industries to securely exchange documents and sync files
Provides open-source and Windows-based software for businesses. Software provides features for data management,
7/6/17 Information Management $1,260 NA NA NA NA
( ) integration
Provides and backup
healthcare benefit and claims management SaaS, including online claims authorization and eligibility lookup, online
10/10/17 Application Software $3,600 NA NA NA NA payments, records management, medical practice assessment and client information Web portal, for healthcare providers,
Provides enterprise
hospitals IT automation and workspace management software to businesses. Features include IT store
and patients
7/5/17 Infrastructure Management $55 1.0x NA NA NA
management, service desk optimization, on-boarding and off-boarding and workforce security
Provides risk analysis and analytics SaaS to the insurance industry. Software provides features for analyzing the financial
10/6/17 Security $275 NA NA NA NA
Providesofinfrastructure
impact as a service
cyber risk through (IaaS),
real-time data backup andand
collection recovery,
marketfirewall,
analyticscloud storage and remote monitoring and
6/14/17 Hosted Services $200 2.0x NA 20.0x NA
( ) management services for businesses
Provides a searchable online database of US federal, state and local government contracts and RFPs for the purposes of
10/5/17 Application Software $66 2.7x NA NM NA
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x identifying
Operates assales leads name
a domain for businesses.
registry and provides domain name services to consumers and businesses
Provides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and
9/28/17
6/5/17 Application Software
Security $386
$69 5.3x
1.0x 4.8x
NA 260.9x
NM 43.3x
NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
gas sectors globally
transaction
Provides software andand payment
hardware processing
products, software,
based SaaS and services
on IP technology, for businesses.
for monitoring Also provides
and managing related in-store
energy consumption to the
6/2/17
9/28/17 Infrastructure
ApplicationManagement
Software $260
$839 NA
1.9x NA
2.6x NA
NM NA
24.8x
paymentmarkets
utilities terminals
Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.
5/31/17 Infrastructure Management $1,125 NA NA NA NA
9/27/17 Application Software $180 4.0x NA NA NA Provides marketing
Also provides cross-channel
Windows PowerShellattribution
interactiveSaaS that enables
development media and(IDE)
environment videosoftware
ad performance analytics and optimization
( )
Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for
5/30/17 Application Software $531 5.5x 4.7x NM NM
9/26/17 Application Software $807 NA NA NA NA businesses
Provides online and mobile commerce logistics software for shipping companies globally
5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses
9/26/17 Asure Software Inc. ( LLC
iSystems ) Application Software $392 NA NA NA NA Provides marketing automation and behavior prediction analytics SaaS for the automotive dealership industry
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
The VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance
9/25/17 (VelocityEHS and BOLT Application Software $354 NA NA NA NA
and incident management software and SaaS for HR professionals
Solutions assets)
Notes:
RECENT ACQUISITIONS
($MM)
7/25/17
9/25/17 Sage Group Intacct Corp. Application Software
Application Software $850
$195 9.7x
NA NA
4.9x NA
NA NA
NA Provides Web-based
Provides accounting and financial
wealth management
management software
SaaS for as markets
financial a service (SaaS) for businesses
9/20/17 ( ) Security $225 6.4x NA NA NA and systems
Provides integration single
authentication, services for public
sign-on and sector agencies
user identity globally SaaS for enterprises
management
Provides e-commerce
content and and orderediting,
provides grammar management software
monitoring, and services
scoring, analyticsfor retailersand
reporting anddevelopment
businesses. to
Also provides
written web hosting,
enterprise content
design and integration services
hospitality, dining, healthcare, entertainment, travel and education sectors
9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the United States
9/5/17 Application Software $713 2.7x NA 13.3x NA Provides manufacturing plant project management and design software for businesses in the industrial industries
( ) integration and backup
8/31/17 Application Software $128 NA NA NA NA Provides sales acceleration and lead management SaaS for the mortgage, insurance, technology and education industries
Provides enterprise IT automation and workspace management software to businesses. Features include IT store
Provides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that
8/30/17 Application Software $175 5.1x 4.0x NA NA Providesconsumers
infrastructure as a service
6/14/17 Hosted Services $200 2.0x NA 20.0x NA enables to purchase gift (IaaS),
cards backup and recovery, firewall, cloud storage and remote monitoring and
Provides marketing automation SaaS and digital marketing services to businesses in the consumer products, retail,
8/28/17 Application Software $105 0.7x 1.0x NM 19.9x
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x automotive,
Operates as financial
a domainservices, healthcare,
name registry telecommunications,
and provides domain name marketing
services toand entertainment
consumers industries
and businesses
Provides business intelligence document and knowledge management, and GIS SaaS, hosting and software development
8/22/17
Security $118
$69 0.8x
1.0x NA
NA 15.5x
NM NA
NA Provides for
identity and access management
services businesses in Scandinavia and SaaS,
Balticas well as IoT application development SaaS, for businesses
nations
Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store
6/2/17
8/21/17 Infrastructure
ApplicationManagement
Software $260
$323 NA
9.6x NA NA
20.8x NA Provides insurance and reinsurance software solutions
( ) payment terminals
8/15/17 (( ) Application Software $107 8.5x NA NA NA Provides load tracking
Also provides Windowsand management
PowerShell SaaS for
interactive the shippingenvironment
development and freight (IDE)
sectorsoftware
in the US
)
Symantec Corporation Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for
5/30/17 DigiCert Inc. [Thoma Application Software $531 5.5x 4.7x NM NM The Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and
8/3/17 (Website Security Application Software $950 NA 2.4x NA NA businesses
Bravo]
( ) (Website Security Business Assets) consumers globally
business assets)
8/3/17 Asure Software
Global PaymentsInc.
(
Inc. iSystems( LLC
) Application Software $1,207 NA NA NA NA
The communities and sports divisions of Active Network, which provides administration, membership, donations and event
) management SaaS for non-profit organizations
(Communities & Sports Divisions)
5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
Provides property management software featuring document management, electronic signatures, website development,
8/2/17 Application Software $250 NA 5.0x NA NA
background screening, legal contract management, payment processing and cloud computing
Notes:
RECENT ACQUISITIONS
($MM)
7/25/17 Sage Group Intacct Corp. Application Provides

Provides customer
accountingservice automation, billing, citation management,
as a serviceasset
(SaaS)recovery, and transportation database systems
Software $850
$80 9.7x
1.5x NA
NA NA
NA NA
NA and financial management software for businesses
and outsourced services for municipalities and toll authorities
7/27/17 ( ) Security $112 NA NA NA NA Provides merchant
and systems risk intelligence
integration services forsoftware for the
public sector investment
agencies and financial industries
globally
7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA Provides e-discovery
7/26/17 Information Management $245 2.3x 2.1x NM 20.6x content and provides and forensic
grammar investigation
editing, software
monitoring, that
scoring, analyzesreporting
analytics the contents of an individual
and development or networked
to written computer
enterprise content
for businesses and law enforcement agencies globally
hospitality, dining, healthcare, entertainment, travel and education sectors
7/25/17 Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
( ) and systems integration services for public sector agencies globally
content
Providesand providesITgrammar
enterprise editing,
automation monitoring,management
and workspace scoring, analytics reporting
software and development
to businesses. Features to written
include IT enterprise
store content
hospitality, dining, healthcare,
Provides infrastructure entertainment,
as a service travel
(IaaS), backup andand education
recovery, sectors
firewall, cloud storage and remote monitoring and
6/14/17 Hosted Services $200 2.0x NA 20.0x NA
6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x contract
Operatesmanagement
as a domain and
namespend analysis
registry and provides domain name services to consumers and businesses
7/6/17
6/5/17 Information Management
Security $1,260
$69 NA
1.0x NA
NA NA
NM NA
NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses
Provides enterprise
transactionITand
automation
payment and workspace
processing management
software, SaaS andsoftware
servicestofor
businesses. Features
businesses. includerelated
Also provides IT storein-store
6/2/17
7/5/17 Infrastructure Management $260
$55 NA
1.0x NA NA NA
payment terminals
( ) Also provides Windows PowerShell interactive development environment (IDE) software
All Software Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for
5/30/17 Application Software $531 5.5x 4.7x NM NM
Median 3.4x 4.0x 20.7x 19.9x businesses
Mean 4.2x 3.8x 59.2x 29.3x
Asure Software Inc. ( LLC
iSystems ) PE Acquirers
Median 3.6x 2.4x 43.1x 19.3x
5/11/17 Mobility Mean$125 NA
4.0x NA
2.7x NA
43.1x NA
19.3x Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers
Notes:
RECENT PRIVATE FINANCINGS
($MM)
Amount
Deal Date Company Brief Description Investors
Raised
Provider of a digital advice platform designed to deliver personal, objective, affordable and
12/28/17 NextCapital $30 Oak HC/FT, Manulife, Route 66 Ventures, Transamerica Ventures, VCET Capital
portfolio services to investors everywhere
Developer of a healthcare analytics platform designed to optimize benefit programs and

12/22/17 Artemis Health $23 F-Prime Capital Partners, Kickstart Seed Fund, Maverick Ventures (San Francisco)
minimize spending
Provider of an advanced payroll service intended to deliver cost-effective and configurable

12/20/17 Ascender Group $100 HarbourVest Partners
human capital management services
Provider of a parking, transportation and transit management platform designed to

12/20/17 Passport $43 Bain Capital Ventures, Grotech Ventures, MK Capital, Relevance Capital
centralize and control parking and transit systems
12/19/17 ACL Services $50 Developer of SaaS based governance, risk management and compliance (GRC) software Norwest Venture Partners
Developer of SaaS real time analytics & automated anomaly detection system designed to
12/19/17 Anodot $23 Aleph, Redline Capital Management, Disruptive
detect & turn outliers in time series data into valuable business insights
Provider of SaaS based corporate compliance management tools that facilitate the design
12/19/17 Convercent $25 Rho Ventures, Sapphire Ventures, Tola Capital
and implementation of compliance programs
Provider of a cloud-based business-management platform designed to connect data, Castor Ventures, SharesPost, The Yard Ventures, BlackRock, GGV Capital, Glynn Capital
12/19/17 Domo $115
people, and expertise that are needed to improve business results Management, The Capital Group Companies
Provider of a peer-to-peer insurance platform designed to offer home insurance and SoftBank Group, Aleph, Allianz X, General Catalyst Partners, GV, Sequoia Capital Israel, Thrive
12/19/17 Lemonade $120
coverage products Capital, Tusk Ventures, XL Innovate
Accenture Ventures, China International Capital Corporation, Eight Square Capital, Sino
Provider of a knowledge platform graph search engine designed to encode the world's
12/19/17 Maana $28 Capital Group, Chevron Technology Ventures, GE Ventures, Intel Capital, Saudi Aramco Energy
industrial expertise and data into new digital knowledge
Ventures, Shell Technology Ventures
Developer of an earthquake intelligence platform designed to help public agencies make David Petraeus, Deep Fork Capital, Geodesic Capital, New Enterprise Associates, New
12/19/17 One Concern $20
more informed decisions rapidly during any incident Ventures, Ronald Conway, CrunchFund, Pear Ventures, Urban.Us
Developer of retail intelligence platforms designed to empower retailers to leverage iNovia Capital, Intel Capital, OpenText Enterprise Apps Fund, Access Industries, Horizons
12/19/17 Rubikloud Technologies $37
machine learning and big data systems Ventures
12/15/17 YapStone $71 Provider of a web and mobile based payments platform NA
12/14/17 Fyusion $22 Operator of a computer vision company designed to make images intelligent 2020, COLOPL, Gionee, NTT Docomo Ventures, Presence Capital, New Enterprise Associates
Provider of a Big Data and micro-services architecture monitoring platform intended to

12/14/17 Instana $20 Accel, Target Partners
automate all aspects of application performance management (APM)
Notes:
Source: Pitchbook. Reflects deal activity through 12/31/2017. 16
Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.
($MM)
Amount
Raised
Developer of a SaaS audience management platform designed to help marketing & sales
12/14/17 Leadspace $21 Arrowroot Capital, Jerusalem Venture Partners
raise pipeline & conversions by knowing and engaging their total available market
12/14/17 Splice $35 Provider of a technology platform designed to enhance the music-creation process DFJ Growth, Flybridge Capital Partners, True Ventures, Union Square Ventures
Developer of virtual reality technology designed to create an entirely new form of AMC Theatres, Image Nation, UTA Ventures, Viacom, VRSense Solutions, 21st Century Fox,
12/13/17 Dreamscape Immersive $30
mainstream location based entertainment Bold Capital Partners, Warner Bros. Entertainment
Provider of a digital freight forward and shipment management platform designed to Mittal Investments, Northzone Ventures, Cavalry Ventures, Cherry Ventures Management,
12/13/17 FreightHub $20
manage logistics Global Founders Capital, La Famiglia
Provider of an online lending as a service (LaaS) loan origination and investing platform Grupo Coppel, LEAP Global Partners, Colchis Capital Management, FirstMark Capital,
12/13/17 Insikt $50
intended to power tomorrow's lenders Revolution
Provider of cloud computing services intended to provide cloud services for domestic game China Minsheng Investment, Forebright Capital Management, Liyue Investment, Shunwei
12/13/17 Kingsoft Cloud $300
developers Capital, Kingsoft Corporation
12/13/17 OTA Insight $20 Provider of a revenue management platform designed to increase revenue and profit Eight Roads Ventures, F-Prime Capital Partners
Developer of a mobile gaming platform designed to connect mobile gamers through Andy Miller, Bridge Bank, Liberty Global Ventures, Telstra, Accomplice VC, Wildcat Capital
12/13/17 Skillz $25
competition and making esports for everyone Management
Provider of a data-driven sales readiness platform designed for businesses to prepare and
12/12/17 Mindtickle $27 Canaan Partners, Accel, New Enterprise Associates, Qualcomm Ventures
train their sales teams
Caffeinated Capital, GIC Private, Ribbit Capital, Founders Fund, Khosla Ventures, Lightspeed
12/11/17 Affirm $200 Provider of an online alternative lending platform
Venture Partners, Spark Capital
Developer of a multi-signature secure digital wallet created to make digital currencies

12/11/17 BitGo $43 David Sacks, DRW Venture Capital, Valor Equity Partners, Bill Lee
usable for businesses in a regulated economy
Provider of a digital secured lending platform designed for lending, investment and Vostok Emerging Finance, International Finance Corporation, Kaszek Ventures, Naspers
12/11/17 Creditas $50
financing at lower interest rates Ventures, QED Investors, Quona Capital
Provider of a cyber security platform designed to eliminate the threat of malware from the American Express Ventures, Ericsson Ventures, HSBC Bank UK, JPMorgan Chase & Company,
12/11/17 Menlo Security $40
web and email Engineering Capital, General Catalyst Partners, Osage University Partners, Sutter Hill Ventures
Provider of a SaaS patient intake management platform designed to offer consistent

12/11/17 Phreesia $34 NA
patient experience
Ashar Aziz, Dimension Data, Symantec Ventures, Aspect Venture Partners, Bain Capital
12/11/17 ShieldX $25 Developer of microservices platform designed for agentless, multi-cloud security
Ventures, FireEye
Notes:
($MM)
Amount
Raised
12/11/17 Tier1crm $34 Provider of cloud-based customer relationship management (CRM) software MassMutual Ventures, Salesforce Ventures, Wavecrest Growth Partners
Developer of a weather intelligence software designed to serve business challenges by

12/9/17 Weather Analytics $21 W.R. Berkley, Houston Casualty Company
forecasting weather conditions and climatic risks
AutoTech Ventures, Corazon Capital, Daniel Hoffer, Global Founders Capital, Levy Family
Developer of an on-demand mobile parking application designed to offer easy parking
12/8/17 SpotHero $31 Partners, Math Venture Partners, Sam Yagan, Bullpen Capital, Chicago Ventures, Draper
facilities
Associates, Insight Venture Partners, OCA Ventures, Pritzker Group Venture Capital
12/8/17 Vroom $100 Provider of an online used-car marketplace designed to offer an online direct car retailer General Catalyst Partners, L Catterton, Pico Partners, T. Rowe Price
AXA Strategic Ventures, Battery Ventures, Microsoft Ventures, Acero Capital, General Catalyst
12/7/17 Contrast Security $30 Developer of application security software designed to protect against cyber-attacks
Partners
B Capital Group, Falcon Edge Capital, Fosun Capital Group, Ratan Tata, RNT Associates,
12/7/17 Mswipe Technologies $41 Provider of mobile point of sale (POS) payment services
University of California, Axis Private Equity, DSG Consumer Partners, Matrix Partners India
Provider of blockchain payments technology platform designed for secure bitcoin payment
12/6/17 BitPay $30 Aquiline Capital Partners
acceptance, savings and spending
Developer of a social networking platform designed to help doctors connect and develop a
12/6/17 Medlinker $60 China Electronics Corporation Data, Sequoia Capital China, Tencent
deep cooperation up and down the supply chain
Provider of an on-demand ride hailing platform designed to connect passengers with local CapitalG, Fidelity Management & Research, Ontario Teachers' Pension Plan, UTA Ventures,
12/5/17 Lyft $1,500
drivers AllianceBernstein, Baillie Gifford, Janus Henderson Group, Kohlberg Kravis Roberts, Rakuten
Provider of an online payment platform designed to empower global commerce with an

12/5/17 Payoneer $20 China Broadband Capital Partners
innovative cross-border payments platform
Provider of an online digital money transfer platform created to send money to friends and
12/5/17 WorldRemit $40 Leapfrog Investments, Accel, Technology Crossover Ventures
family living abroad, using a computer and smartphone
Provider of a content management platform designed to help digital teams ship and iterate
12/4/17 Contentful $28 content faster, across all of their web applications, mobile applications and connected General Catalyst Partners, Point Nine Capital, Balderton Capital, Benchmark Capital
devices
Developer of a cloud-based social customer relationship management platform designed

12/4/17 EasyRetailPro $20 DCM Ventures, JD.com, Tencent, Vertex Ventures China
to provide CRM services to retail customers
Developer of a feature management platform designed to eliminate risk for developers and
12/4/17 LaunchDarkly $21 Redpoint Ventures, Vertex Ventures US
operations teams from the software development cycle
Developer of an open banking platform designed to connect banks and depositors across
11/30/17 Deposit Solutions $20 e.ventures, Greycroft Partners
Europe
Notes:
($MM)
Amount
Raised
Developer of a farmer-to-farmer agronomic insights platform designed to create a better T. Rowe Price, Temasek Holdings, Acre Venture Partners, DBL Partners, GV, Kleiner Perkins
11/30/17 Farmer's Business Network $110
farm economy Caufield & Byers
Provider of an open-source machine learning automation platform designed to help in big Aegon, Crane Ventures Partners, New York Life Investment Management, Nvidia, Wells Fargo,
11/30/17 H2O.ai $40
data analysis Nexus Venture Partners, Transamerica Ventures
Provider of a cloud-based connected car platform intended to offer secure connected car Innogy Venture Capital, Amazon Alexa Fund, BDC Capital IT Venture Fund, Deutsche Telekom
11/30/17 Mojio $24
services Strategic Investments, Kensington Capital Partners, Relay Ventures, Trend Forward Capital
Provider of a cloud-based log management and server monitoring platform designed to

11/30/17 Scalyr $26 Heroic Ventures, Shasta Ventures, Bloomberg Beta, Susa Ventures
search terabytes of logs in seconds
Developer of a predictive analytics platform designed to transform data into measurable

11/30/17 Uptake $117 Baillie Gifford, GreatPoint Ventures, Revolution
business value
Developer of a threat detection and analysis technologies designed to detect and analyze
11/29/17 ReversingLabs $25 JPMorgan Chase & Company, Trident Capital Cybersecurity
cyber threat
Developer of a social engagement platform intended to provide an on-site community for

11/29/17 Spot.IM $25 Insight Venture Partners, Altair Capital, Norma Investments
real-time conversations
Canvas Ventures, IVP, Marc Benioff, Michael Huffington, Phillip Fernandez, Advancit Capital,
Provider of a consumer wellness platform intended to end the stress and burnout epidemic
11/29/17 Thrive Global $30 Blue Pool Capital, Female Founders Fund, Greycroft Partners, Heather Reisman, Lerer Hippeau
by offering companies and individuals sustainable, science-based services
Ventures, Sean Parker
Developer of quantum computing software designed to harness the quantum hardware Accenture, Allianz Global Investors, Fujitsu, Tiny Capital, CME Ventures, Royal Bank of
11/28/17 1QBit $36
technologies in order to solve intractable industry problems Scotland
Provider of an online tutoring platform created to connect young Chinese students to learn Legend Capital, Shanghai Guohe Capital, UG Investment, New Oriental Education &
11/28/17 Alo7 $38
English language Technology Group, Qualcomm Ventures, Vickers Venture Partners
Developer of a cloud based platform designed to simplify remote acquisition, cloud

11/28/17 Dejero $25 Intelsat, Kayne Anderson Capital Advisors
management and multi-screen distribution of professional live videos
Global Founders Capital, Rise Capital, Big Sur Ventures (Spain), FJ Labs, FundersClub,
11/28/17 InstaCarro $23 Provider of an online platform intended to buy and sell used cars
Hummingbird Ventures, Lumia Capital, Tekton Ventures
Operator of a cross-border e-commerce mobile platform intended to offer Japanese

11/24/17 Inagora $68 KDDI, SBI Holdings, ITOCHU
products to global consumers
Founders Fund, Javelin Ventures, Meritech Capital Partners, NetEase, Spark Capital, You & Mr
11/24/17 Niantic $200 Developer of an augmented reality platform designed to enrich mobile gaming experiences
Jones Brandtech Ventures
Developer of a Saas based development automation platform designed to transform the

11/22/17 Atomist $22 Accel, Matrix Partners
way software is developed and delivered
Notes:
($MM)
Amount
Raised
Provider of an autonomous truck driving platform intended to provide driverless truck

11/21/17 TuSimple $55 Composite Capital Partners, Fuhe Capital, Trinity Investments, Sina, Zhiping Capital
services
Provider of an electronic commerce logistics services intended to deliver customized e-

11/20/17 aCommerce $65 Emerald Media, Blue Sky Alternative Investments, DKSH Holding, MDI Ventures
commerce platform for global brands
Developer of a Directory-as-a-Service (DaaS) platform intended to connect employee

11/20/17 JumpCloud $20 OpenView Venture Partners, Foundry Group
identities to their systems, apps and networks
11/20/17 Shouqi Limousine & Chauffeur $106 Provider of a ride-booking application Flagship Pioneering
Fidelity Management & Research, T. Rowe Price, Accel, DST Global, General Catalyst Partners,
11/17/17 Deliveroo $482 Provider of an online food delivery platform designed to order restaurant meals
Index Ventures (UK)
11/17/17 FiTeq $47 Developer of a payment authentication platform created to automate cashless payments NA
Provider of a SaaS-based field execution management platform designed for enterprises

11/17/17 GoSpotCheck $22 who need real-time data and intelligence from the field in order to make quicker and Insight Venture Partners, Point Nine Capital
better business decisions
Developer of a freight transportation application intended to offer efficient vehicle

11/17/17 Yunmanman $120 Tiger Global Management
transportation and cargo management
AME Cloud Ventures, Coatue Management, Franklin Templeton Investments, GGV Capital,
11/16/17 LimeBike $50 Operator of a bike sharing platform
Section 32, StartX, The Durant Company, Andreessen Horowitz, DCM Ventures
Provider of an on-demand lawn maintenance service platform designed for property River Cities Capital Funds, Access Venture Partners, Camber Creek, Delta Electronics, Grotech
11/16/17 TaskEasy $21
owners and contractors to easily book and manage yard care online Ventures, Moderne Ventures
Developer of a construction management software designed to make managing

11/15/17 Built Technologies $21 Index Ventures (UK), Nyca Partners, Scott Sohr
construction loans easy
11/15/17 Health IQ $35 Developer of a health knowledge measurement application Andreessen Horowitz, Charles River Ventures, First Round Capital, Foundation Capital
Provider of an open-source log analytics platform designed to help companies of all sizes to
11/15/17 Logz.io $23 Vintage Investment Partners, 83North, Giza Venture Capital, OpenView Venture Partners
derive more value from machine data
11/15/17 Maimai $75 Provider of a career-oriented social networking platform designed to chat at workplace DCM Ventures, Zhaopin, IDG Capital, Morningside Group
Provider of a satellite-powered data services intended to deliver deep insights into the
11/15/17 Spire $70 Luxembourg Future Fund
parts of the world where collecting data is very difficult
Notes:
SOFTWARE CAPITAL MARKETS UPDATE
Recent Software IPO Pricings
($MM)
% Change % Change
Market Cap @ % Change Current /
Offer Date (1) Name Amount Raised Pre IPO Filing Range Offer Price Offer / 1st Trading Day / Offer
IPO Date Offer Price
Midpoint Price Price
17-Nov-17 $1,110 $240 9.00 - 11.00 $12.00 20.0% 8.3% 25.3%
15-Nov-17 $734 $131 13.50 - 15.50 $16.00 10.3% 12.5% 31.8%
1-Nov-17 $1,106 $156 11.00 - 13.00 $13.00 8.3% 40.8% 80.5%
19-Oct-17 $1,570 $192 20.00 - 22.00 $24.00 14.3% 33.6% 15.8%
25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 72.7%
28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 6.1%
13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 22.6%
7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 68.9%
24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 77.8%
17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 35.5%
Notes:
Sources: Capital IQ and Company filings as of 1/12/2018. IPO pricings include public registrations only. 21
(1) First Trading Day listed as Offer Date.
A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES
Strategic and Private Equity Exits Outweigh New Issues
210
PE Acquisitions Strategic Acquisitions IPO
200
195 6 (7)
11 (11)
(5)
190 (11) (6)
7 (8)
(4) 17 (9)
11 (10)
Fortinet 17
CDC Software 16 (7)
LogMeIn (6)
180 Medidata (9)
SolarWinds (6)
Rosetta Stone SciQuest (8) 9
RealPage (12)
IntraLinks
Jive
Envestnet
Imperva
Qlik Workday
Carbonite
BroadSoft Fleetmatics
170 Tangoe
Qualys
Workiva Atlassian
Higher One Mavenir Hortonworks
Responsys Mimecast
Convio Eloqua Barracuda
Cornerstone New Relic Instructure
SPS Commerce E2open Wix.com 10
Epocrates HubSpot Rapid7 (9)
SS&C ServiceNow
Exa
Covisint CyberArk Sophos Twilio (13)
QuinStreet RingCentral MobileIron SecureWorks
Incadea AppFolio
FireEye Kinaxis Talend
Infloblox Alarm.Com
160 Cvent Zendesk Everbridge
Proofpoint Xactly
Gigamon Paycom Apptio
Splunk Shopify
Textura OPOWER Gridsum Holding
ExactTarget Apigee
ChannelAdvisor Five9 Nutanix
Demandware Box Mulesoft
Marketo 2U Coupa (7)
Bazaarvoice Tableau Borderfree BlackLine, Inc.
Alteryx 151
Greenway Okta
Halogen Amber Road
AVG Yext
Rally
150 Guidewire Marin
A10 Networks Cloudera
Paylocity Appian
Model N Varonis Systems MongoDB
Altair Engineering
SendGrid
SailPoint
140
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2009 2010 2011 2012 2013 2014 2015 2016 2017

IPO +6 + 11 +7 + 17 + 16 + 17 + 11 +9 + 10
Strategic Exits -7 - 11 -8 - 11 -9 -6 - 10 - 12 - 13
PE Exits -5 -4 -6 -9 -6 -7 -8 -9 -7
Notes:
Sources: Capital IQ, company filings. Market data as of 1/12/2018. 22
VENTURE CAPITAL INDUSTRY
TMT Transactions Since Q3 2002
$14 1,000
$12
800
$10
Number of Investments
600
$8
$Bn
$6
400
$4
200
$2
$0 0
Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017
Quarter - Year
Number of Deals Investment Amount

(1)
Notes:
(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and
Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk &
23
Security Systems, and Software.
GCA OVERVIEW
Deep Software Sector Expertise
Minority Acquired by
Acquired by Acquisition of Acquisition of Acquired by Acquired by Acquired by Preferred Acquired by
Investment from
Stock
Pending
We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller
Acquired by Preferred Acquired by Acquired by Acquisition of Acquired by Acquired by

Acquired by Acquired by Acquired by
Stock
We Advised the Seller We Advised the Seller Financial Advisor We

WeAdvised
Advisedthe
theSeller
Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller
Convertible Note Strategic Advisory Acquisition of Investment by Acquisition of Acquisition of Acquired by Acquired by Acquired by Acquired by
Offering Services
Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
Preferred Acquired by Acquired by Acquired by Acquired by Acquired by Acquisition of Acquired by Acquired by Acquired by
Stock
We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Fairness Opinion to
Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller
Buddy Media
Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by
We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
Notes:
The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based 24
transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

Software Sector Report 1.16.2018

Загружено:

Сведения о документе

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Software Sector Report 1.16.2018

Загружено:

Авторское право:

Доступные форматы

SOFTWARE

$34 40% $713

Gautam Garg Glen Kruger Mike Janovec

Alex Vitale Arthur Kirsch Chris Gough Derek Bell

John Lambros JT Herman Sean Minnihan

Executive Leadership Select Europe Team Select Asia Team

Last 12 Months Last 3 Years

Sector 3 Months 1 Year 3 Years

Platform 11.3% 32.8% 61.0%

2018E / 2017E Revenue Growth 2018E EBITDA Margin

40.0% 40.0% 37.9%

Stock Trading Statistics Operating Metrics

Stock Trading Statistics Operating Metrics

Stock Trading Statistics Operating Metrics

Stock Trading Statistics Operating Metrics

Business Intelligence & Analytics

Stock Trading Statistics Operating Metrics

Enterprise Value / CY 2018E Revenue

7/25/17 Sage Group Intacct Corp. ApplicationManagement

7/25/17 Sage Group Intacct Corp. Application Provides

Developer of a healthcare analytics platform designed to optimize benefit programs and

Provider of an advanced payroll service intended to deliver cost-effective and configurable

Provider of a parking, transportation and transit management platform designed to

Provider of a Big Data and micro-services architecture monitoring platform intended to

Developer of a multi-signature secure digital wallet created to make digital currencies

Provider of a SaaS patient intake management platform designed to offer consistent

Developer of a weather intelligence software designed to serve business challenges by

Provider of an online payment platform designed to empower global commerce with an

Developer of a cloud-based social customer relationship management platform designed

Provider of a cloud-based log management and server monitoring platform designed to

Developer of a predictive analytics platform designed to transform data into measurable

Developer of a social engagement platform intended to provide an on-site community for

Developer of a cloud based platform designed to simplify remote acquisition, cloud

Operator of a cross-border e-commerce mobile platform intended to offer Japanese

Developer of a Saas based development automation platform designed to transform the

Provider of an autonomous truck driving platform intended to provide driverless truck

Provider of an electronic commerce logistics services intended to deliver customized e-

Developer of a Directory-as-a-Service (DaaS) platform intended to connect employee

Provider of a SaaS-based field execution management platform designed for enterprises

Developer of a freight transportation application intended to offer efficient vehicle

Developer of a construction management software designed to make managing

17-Nov-17 $1,110 $240 9.00 - 11.00 $12.00 20.0% 8.3% 25.3%

15-Nov-17 $734 $131 13.50 - 15.50 $16.00 10.3% 12.5% 31.8%

1-Nov-17 $1,106 $156 11.00 - 13.00 $13.00 8.3% 40.8% 80.5%

19-Oct-17 $1,570 $192 20.00 - 22.00 $24.00 14.3% 33.6% 15.8%

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 72.7%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 6.1%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 22.6%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 68.9%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 77.8%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 35.5%

2009 2010 2011 2012 2013 2014 2015 2016 2017

Number of Deals Investment Amount

Acquired by Preferred Acquired by Acquired by Acquisition of Acquired by Acquired by

We Advised the Seller We Advised the Seller Financial Advisor We

Вам также может понравиться