april 2010 monthly technology newsletter

Transcription

INVESTMENT BANKING
April 2010
APRIL 2010 MONTHLY TECHNOLOGY NEWSLETTER
Market Performance
CONTENTS
Section
Page
Market Highlights .............................. 1
Industry and Sector Valuation
60%
50%
40%
Metrics ................................................ 2
30%
Observations: Internet ...................... 3
20%
Observations: Software .................... 5
Observations: Cloud Services ......... 8
Observations: Communications ...... 10
Observations: Clean Technology .... 12
10%
0%
-10%
4/30/2009
6/4/2009
7/9/2009
8/12/2009 9/16/2009 10/20/2009 11/23/2009 12/29/2009 2/3/2010
3/10/2010 4/14/2010
Private Company Profiles ................. 13
S&P 500
Executive and Investor Corner ........ 17
Technology IPO Spotlight................. 20
Source: Capital IQ
Industry Performance and Metrics:
Market Highlights
Internet ..................................... 23
Software ................................... 24
Communications ..................... 25
Mergers & Acquisitions .................... 26
Private Placements............................ 32
Detailed Sector Data, Valuation
Multiples, Metrics .............................. 39
Morgan Joseph & Co. Overview....... 50
For more information please contact
Morgan Joseph’s Senior Technology
Investment Banking Team:
Mary Lou Malanoski
EVP and Head of Investment Banking
(212) 218-3748
mlmalanoski@morganjoseph.com
Rick Juarez
Managing Director
(650) 270-2702
rjuarez@morganjoseph.com
Gene Ramirez
Managing Director
(650) 270-2703
gramirez@morganjoseph.com
Sandeep Beotra
Director
(212) 218-3722
sbeotra@morganjoseph.com
NASDAQ
Dow Jones Industrial Average
• Equity markets battled back from January losses to post a solid first quarter. The S&P
500 gained nearly 4.8% for the first quarter, while the Dow Jones and NASDAQ
posted returns of 4.1% and 5.6%, respectively. In general, the global economic
recovery appears to be following a typical cyclical pattern despite the lingering effects
of the financial crisis and the severity of the recession.
• With 100 deals and $45 billion in proceeds raised, the first quarter of 2010 was the
second best quarter for global IPO issuance since the end of 2007. The largest US
deal in the quarter was the $570 million offering of sensor and controls maker Sensata
Technologies (ST: $19.42), and the average deal size was $162 million driven by a
March surge in deals from smaller cap growth IPOs. March also saw an uptick in
venture capital-backed IPOs (5), driving the highest quarterly total (9) since 4Q07.
• Growth-oriented technology and healthcare companies currently represent a quarter of
prospective IPOs in the pipeline, and venture-backed companies accounted for 38% of
new IPO filings in the 1Q10.
Observations and Updates
• While 1Q10 saw more technology M&A deals announced than any other quarter since
the start of the credit crisis, the aggregate spending on those transactions was below
recent averages. In 1Q10, there were 841 acquisitions for a total of $31 billion with
many of the big buyers as active as ever. CA (CA: $23.06), Google (GOOG:
$595.30), IBM (IBM: $130.89) and Oracle (ORCL: $26.20) (among others) all
announced at least three transactions during the period.
• Venture capitalists invested $4.7 billion in 681 deals in the first quarter of 2010. While
the investment activity during the quarter was down slightly in terms of dollars and
deal volume compared to the 4Q09, the quarter was a more robust start to the year as
compared to the 1Q09. Despite the drop in overall investing from 4Q09, investments
in the Clean Technology sector soared, jumping 87% in terms of dollars from 4Q09.
• With the uptick in venture-backed activity and solid IPO performance, it is no surprise
to see continued momentum in new filings from growth sectors. Improving liquidity in
the venture channel suggests that IPO investors are looking beyond the deleveraging
phase of the global recovery and toward the next sources of economic growth.
Please see page 17 for insights from leading entrepreneurs and investors. Disclosures can be found on page 51 of this newsletter.
Note: All stock prices as of 4/15/2010 unless otherwise stated.
Morgan Joseph & Co. Inc.
Page 1 of 52
Monthly Technology Newsletter
April 2010
Industry and Sector Valuation Metrics
LTM
Revenue
EBITDA
Revenue
NTM
EBITDA
Software
Applications
Infrastructure
On Demand Software and Services
Open Source
Business Intelligence and Analytics
Communications
Security
Search
2.1x
3.1x
3.9x
4.5x
4.6x
2.4x
3.4x
5.3x
18.4x
12.7x
40.0x
46.2x
29.3x
14.2x
18.1x
17.7x
1.9x
2.9x
3.6x
5.4x
4.1x
2.1x
2.9x
5.9x
10.7x
9.5x
20.7x
22.9x
16.5x
7.7x
11.1x
13.1x
Internet Commerce
Internet Media
Internet Gaming and Mobile Content
Internet Infrastructure Services
3.4x
2.2x
1.2x
2.9x
18.3x
22.8x
10.2x
14.1x
3.4x
2.2x
0.6x
2.7x
12.9x
11.2x
9.8x
9.6x
Communications Equipment
Optical Components
Wireline Telecom
Storage/Enterprise
1.9x
2.1x
2.3x
42.6x
20.1x
14.8x
1.6x
1.8x
1.9x
12.2x
15.2x
10.5x
Semiconductor Equipment
2.5x
37.7x
1.4x
8.3x
Semiconductors
Memory/Programmable
Analog
Digital Media
Wireless Semiconductor
Telecom and Data Networks
Semiconductor Design IP
2.9x
2.4x
1.6x
3.1x
3.3x
8.1x
19.3x
12.7x
28.9x
17.6x
13.7x
38.4x
2.2x
2.0x
1.1x
3.0x
2.3x
6.1x
12.1x
7.5x
13.3x
11.1x
16.8x
19.7x
Wireless
Wireless Carriers
Wireless Infrastructure
Integrated Wireline & Wireless Carriers
1.3x
2.5x
1.6x
5.6x
9.1x
4.7x
1.1x
2.0x
1.6x
5.0x
6.9x
4.7x
2.1x
2.1x
2.6x
8.2x
15.0x
10.8x
2.0x
2.3x
2.8x
7.3x
11.4x
7.5x
3.8x
0.7x
5.7x
4.9x
4.0x
0.6x
16.8x
1.8x
12.3x
10.7x
24.0x
10.5x
12.7x
41.5x
NM
11.0x
1.7x
NA
1.4x
4.0x
2.5x
7.4x
1.8x
1.9x
13.9x
NA
14.5x
7.8x
13.5x
8.1x
NA
11.6x
Financial Technology
Mobile Payment
Payment Software & Services
Broad Based Financial Services
Clean Technology
Alternative Fuels
Wind
Solar
Hydrogen/Methanol Fuel Cell
Water/Geothermal
Recycling Technologies/Services
Clean Energy Management
Waste Emissions/Purification
Source: Capital IQ
1) Please see pages 39 to 49 for detailed sector composition, valuation multiples and other metrics. Figures above are as of 4/15/2010.
2) The metrics above should only be used as preliminary valuation guides. Individuals should conduct their own independent analyses before making any
investment related decisions.
Page 2 of 52
April 2010
Internet: Observations & Select Transactions
IntraLinks Filed for a $150 Million IPO: IntraLinks, the New York-based virtual data room provider, filed an S-1 for an IPO that
could raise up to $150 million. The company intends to use the net proceeds of this offering for the repayment of certain
outstanding indebtedness and for working capital and other general corporate purposes, including capital expenditures and
possible investments in, or acquisitions of, complementary businesses, services or technologies. The company has $293 million
in debt. This news service generated about $150 million in revenue last year, with $50 million in EBITDA.
IronPlanet Filed for a $92 Million IPO: IronPlanet filed to raise $92 million in a proposed IPO, a move that could bulldoze the
way to an exit for marquee venture firms. Pleasanton, California-based IronPlanet operates an online marketplace for such used
industrial equipment as Caterpillar tractors. The market for used industrial equipment was $10 billion a year between 2006 and
2008, according to research commissioned by IronPlanet. The startup generated net income of $10 million on revenue of $15
million for the quarter ended December 31, 2009. IronPlanet has raised $47 million in venture funding from the likes of Accel
Partners, Kleiner Perkins Caufield & Byers, Caterpillar Venture Capital, Dyncorp, Marubeni, Ignite Group, and Windspeed
Ventures.
Internet M&A Transactions:
•
Richemont Acquired Net-a-Porter for a $477 Million Valuation: Swiss luxury goods maker Compagnie Financière
Richemont agreed to buy U.K.-based online luxury retailer Net-a-Porter, a transaction that signals the increasing
importance high-end consumer goods companies are assigning to online sales. Richemont, the owner of brands such
as Cartier, Montblanc and Chloe, previously held a 33% stake in closely held Net-a-Porter, but agreed to acquire a
majority of the company from a group of private shareholders for up to £225 million ($341 million). The transaction values
the overall company at £350 million. Net-a-Porter, founded in 2000 by former fashion journalist Natalie Massenet, has
been a forerunner in selling expensive designer women's clothes and accessories online.
•
Thoma Bravo to Acquire PLATO Learning for $143 Million: Private Equity firm Thoma Bravo has agreed to acquire
PLATO Learning (TUTR: $5.72), a provider of online learning solutions for all age groups. The deal is valued at
approximately $143 million. Under the terms of the agreement, PLATO Learning shareholders will receive $5.60 in cash
for each share of PLATO Learning common stock they hold, representing a premium of approximately 30% over the
company’s average closing price during the 30 trading days ending March 25, 2010 and a 34% premium over the
company’s average closing price during the 90 trading days ending March 25, 2010.
•
Playdom Acquired Social Games Develop Three Melons: Playdom, a Mountain View, California-based social gaming
company, acquired Argentina-based social games developer Three Melons. No financial terms were disclosed. Playdom
last year raised a $43 million Series A round at around a $300 million post-money valuation, from New Enterprise
Associates, Lightspeed Venture Partners and Norwest Venture Partners. Three Melons CEO and co-founder Mariano
Suarez Battan will now become a Playdom Executive Producer. Three Melons is known for its Daiquiri technology, a
game engine that makes 2D with flash appear three-dimensional. It was also an early adopter of Unity 3D technology.
Internet Private Placements:
•
LivingSocial Raised $25 Million for Group Buying: LivingSocial, which has more than a million daily email
subscribers, raised a $25 million Series B round led by U.S. Venture Partners and including Grotech Ventures and
Revolution Capital, bringing the company to a total of about $35 million raised. This funding follows Groupon’s $30
million B round from Accel Partners and New Enterprise Associates announced in December. Along with the funding
round, LivingSocial has announced expansion to four new U.S. cities Denver, Raleigh-Durham, San Diego and Chicago.
•
LendingClub.com Raised $24.5 Million in Series C Funding: Lending Club, provider of a global peer lending network,
raised $24.5 million of capital. Foundation Capital led the round and was joined by existing investors including,
Morgenthaler Ventures, Norwest Venture Partners and Canaan Partners. Lending Club brings together investors and
creditworthy borrowers. Lending Club captured 79% of the U.S. peer lending market in March 2010 with $8,664,750 in
monthly loan originations.
•
Magento Raised $22.5 Million from an Equity Round: Los Angeles-based Magento Commerce, which develops an
open source e-commerce software suite, recently received a $22.5 million capital injection in an equity funding round.
Launched on March 2008, Magento was created by Varien, building on components of the open source Zend
Framework. Varienis a 9-year old company that also delivers e-commerce business consulting and other services, but
has now effectively been incorporated as a stand-alone venture.
The information presented is drawn from publicly available sources, including public filings with the Securities and Exchange Commissions and market
information made publicly available by third party providers.
Page 3 of 52
April 2010
•
Box.net Raised $15 Million in Series C Funding: Box.net, a California-based provider of an online filing system, has
raised $15 million in Series C funding. Scale Venture Partners led the round, and was joined by return backers Draper
Fisher Jurvetson and U.S. Venture Partners. Box.net previously raised around $14.5 million. Since its launch in 2005,
Box.net has steadily been growing its cloud-based content management system, and has now accumulated more than 4
million users, with hundreds of thousands of businesses using the application.
•
Prosper.com Raised $14.7 Million in a Series D Round: Prosper.com, a San Francisco, California-based peer-to-peer
lending marketplace, closed its Series D round with $14.7 million. New investors TomorrowVentures and CompuCredit
were joined by existing shareholders Accel Partners, Benchmark Capital, Omidyar Network, DAG Ventures and Volition
Capital (fka Fidelity Ventures). Prosper previously raised over $40 million. Prosper is the world's largest peer-to-peer
lending marketplace with approximately one million members and over $194 million in loans. Prosper pioneered peer-topeer lending, which allows people to invest in each other in a way that is socially and financially rewarding. Prosper's
auction model provides an open and transparent way to get a personal loan or invest in loans on terms that are favorable
to everyone involved in the transaction.
•
BrightCove Raised $12 Million in Fourth Round of Funding: Online video platform company Brightcove raised $12
million in a fourth round of funding. The company grew 50% from 2008 and generated approximately $80 million in
revenue. Brightcove had raised a huge $59.5 million third round three years ago and subsequently received additional
funding to launch a Japanese subsidiary. With this new funding, Brightcove will have now raised more than $100 million.
The new cash comes from Accel Partners and General Catalyst Partners. Existing investors, including AOL (AOL:
$27.42), Hearst, AllianceBernstein, Maverick, and Brookside Capital, also participated.
•
Avvo Raised $10 Million in a Series C Funding: Avvo, a Seattle-based online provider of legal information for
consumers, raised $10 million in Series C funding. DAG Ventures led the round, and was joined by return backers
Benchmark Capital and Ignition Partners. Avvo previously raised $12.5 million. Avvo is a free website that empowers
consumers to handle their legal matters with confidence. Avvo offers ratings and profiles for every lawyer, as well as
client reviews, peer reviews and attorney disciplinary records. Avvo also offers Avvo Answers, the world's largest
question and answer forum where people can ask real attorneys any legal question and receive personalized answers.
•
Socialcast Raised $8 Million in Series B Funding Round: Socialcast raised an $8 million cash infusion from Menlo
Ventures and True Ventures in a Series B financing. Realtime streams are quickly moving from the consumer Web to the
enterprise. The constant flow of status updates, links, and shared items people are becoming accustomed to on
Facebook and Twitter is finding its way into enterprise apps like Socialcast, Yammer, and Salesforce Chatter. In
February, 2010, competitor Yammer raised a $10 million Series B round of capital. Socialcast previously received $1.4
million from True Ventures and angels a year ago. Blogger Om Malik of GigaOm, who is also a venture capital partner at
True, sits on Socialcast’s board. He will be joined by Menlo’s Sonja Hoel Perkins. The startup’s service combines a
corporate activity stream that ties into CRM and ERP systems with social bookmarking, Outlook and SharePoint
integrations, mobile (iPhone and Blackberry) and desktop (Air) apps, and analytics.
•
Plastic Jungle Raised $7.4 Million in a Series B Funding: Plastic Jungle, a Mountain View, California-based operator
of an online gift card marketplace, raised $7.4 million in Series B funding. Redpoint Ventures led the round, and was
joined by return backers Shasta Ventures, First Round Capital and Bay Partners. The company previously raised $4.8
million. It allows consumers to get cash for unwanted gift cards for up to 92% of the unused balance and buy gift cards at
up to a 30% discount. In the 2009-2010 holiday season, Plastic Jungle saw 450% year-over-year revenue growth. The
company gets 118,000 monthly visitors to its web site and is growing at about 60% per month.
•
TripIt Raised $7.0 Million: TripIt, which offers a series of online tools that travelers can use to organize their travel
plans, has raised $7 million in a funding round. With TripIt, users e-mail in their itineraries and then have TripIt organize
them into a single master travel itinerary that they can share and access. With a Pro version costs $69 a year alerts
travelers to any delays or changes, as well as to alternate flights they can take. The company launched a partnership
with discount travel site Hotwire last fall, so that travelers who used that service to book tickets could automatically add
their plans to their TripIt itinerary.
•
Leadspace Raised $3 million in Third Round of Funding: Leadspace, a developer of an Internet search engine based
on semantic technologies, raised $3 million in a third round of financing. Vertex Venture Capital and Jerusalem Venture
Partners, among others, invested in the financing. Leadspace was founded by Amnon Mishor and Yaron Karasik and
later brought on Yochi Slonim, one of the founders of Mercury and former CEO of Identify Software.
Page 4 of 52
April 2010
Software and Services: Observations & Select Transactions
Qlik Technologies Files for $100 Million IPO: Qlik Technologies, which makes business intelligence software, filed for a $100
million IPO. The company intends to list its common stock on NASDAQ under the symbol "QLIK." The company reported around
$157 million in 2009 revenue, compared to $118 million in 2008. Its 2009 net-income was $6.86 million. Shareholders include
Accel Partners (26.7% pre-IPO stake), Jerusalem Venture Partners (25.4%) and Stiftelsen Industrifonden (10.1%).
SPS Commerce Eyes $26 Million IPO: SPS Commerce is planning to raise $26 million in an IPO. The Minneapolis company,
which provides software services to corporate clients, expects to sell 3.3 million shares, of which 833,334 would come from
selling shareholders. Underwriters can buy an additional 500,000 shares if there’s greater-than-expected demand for the stock.
SPS expects to price the shares between $11 and $13. It should take in $26 million in the IPO, after expenses, assuming a $12
IPO price. The company expects to use nearly $600,000 of the proceeds for debt repayment. The rest would go toward working
capital and general corporate purposes.
SS&C Technologies Raises $160 Million in its IPO: SS&C Technologies (SSNC: $16.56), a Windsor, Connecticut-based
financial management software company owned by The Carlyle Group, raised around $160 million in its IPO. The company
priced nearly 10.73 million shares at $15 per share, compared to an offering range of between $13 and $15 per share. SS&C will
trade on the NASDAQ under ticker symbol “SSNC.” The Carlyle Group did not sell any shares in the offering, and now holds a
62.8% ownership stake. It reported 2009 revenue of $270.9 million, which was off 3% from 2008. Net income for 2009 was $19
million, up slightly from $18.8 million in 2008.
SciQuest Files for $75 Million IPO: SciQuest, a maker of Internet-based supply chain and procurement software filed to go
public in a bid to raise up to $75 million. It plans to trade on the NYSE under ticker symbol “SQI.” The company reports $39
million in 2009 revenue, compared to $29 million in 2008. SciQuest had been a venture backed startup formed in 1995 and went
public in a $120 million IPO in 1999. In 2004, it was taken private by Trinity Ventures and has seen funding from River Cities
Capital Funds and Intersouth Partners. SciQuest plans to use $35 million of the net proceeds from capital raised in the offering to
redeem all outstanding shares of its preferred stock. Also, it has targeted a portion of the proceeds to acquire "complementary
businesses, products, or technologies.”
Higher One Files for $100 Million IPO: Higher One Holdings is planning an IPO of up to $100 million. The New Haven
company processes financial aid payments and provides banking services for colleges and their students. The company said that
88% of its revenue in 2009 came from ATM fees and other banking service fees. Legislation aimed at protecting consumers in
Congress could impact Higher One’s revenue. The Senate is considering a financial overhaul bill that includes a consumer
watchdog. The company said it will use proceeds from the offering for the repayment of an outstanding senior secured revolving
credit facility payable in a single maturity on December 31, 2010. It also intends to use proceeds for certain post-closing costs
related to its acquisition of CASHNet, and to pursue strategic objectives and for general corporate purposes, according to its
filing with the SEC.
Software M&A Transactions:
•
CA to Acquire Nimsoft for $350 Million: CA signed a definitive agreement to acquire privately-held Nimsoft, a leading
provider of IT performance and availability monitoring solutions for emerging enterprises and Managed Service Providers
in an all-cash transaction valued at $350 million. The acquisition significantly extends CA’s ability to meet the unique IT
management needs of emerging enterprises and MSPs, both of which are playing leading roles in the growth of cloud
computing. Nimsoft’s technology and go-to-market approach also will leverage CA’s presence in growing international
markets, where the company expects cloud computing and hosted/managed services to play a central role in business
development. Nimsoft generated $32 million in revenue in 2009 (up 18% y/y), implying an EV/Sales multiple of 10.9x or
6.5x Nimsoft’s $54 million in 2009 bookings (up 32% y/y). The acquisition is expected to have minimal impact on fiscal
year 2010 results and to be dilutive to earnings per share in fiscal year 2011.
•
Pegasystems to Acquire Chordiant Software: Pegasystems (PEGA: $38.16), a developer of business process
management software solutions, and Chordiant Software (CHRD: $3.62), a provider of customer relationship
management software and services, entered into a definitive agreement for Pegasystems to acquire Chordiant. Under
the terms of the agreement, Pegasystems will make a cash tender offer of $5.00 per share for all outstanding shares of
Chordiant common stock for a total purchase price of up to approximately $161.5 million, assuming all outstanding
shares are tendered.
•
Juniper Networks Acquires Ankeena Networks: Juniper Networks (JNPR: $31.98) entered into a definitive
agreement to acquire Ankeena Networks, a privately-held provider of new media infrastructure technology. Ankeena's
Page 5 of 52
April 2010
solution delivers online media content at massive scale, while providing a television-like viewing experience for media
with dramatically reduced delivery costs. The financial impact of this transaction is expected to be immaterial with
consideration at closing of less than $100 million. Additional terms of the transaction were not disclosed. Ankeena,
located in Santa Clara, California, was founded in 2008 as Nokeena Networks by President and CEO Rajan Raghavan,
CTO and Strategy Officer Prabakar Sundarrajan, Chief Architect Jaspal Kohli, and Vice President of Engineering Kumar
Narayanan. Ankeena was incubated by Clearstone ventures and backed by investors including Trinity Ventures and
Mayfield Fund.
•
Blackboard Acquires Mobile Messaging Company Saf-T-Net for $33 Million: Educational software maker
Blackboard (BBBB: $45.43) completed its $33 million acquisition of privately held Saf-T-Net, which produces an alert
system for child safety. Saf-T-Net's system sends out emergency messages for parents and others caring for children via
phone calls, e-mail and text messages. The acquisition broadens Blackboard's ability to provide customers with mass
notification.
•
KIT Digital Acquires Multicast Media for $18 Million: KIT digital (KITD: $14.00), a leading global provider of ondemand software solutions for managing and monetizing IP-based video assets, executed a definitive agreement to
acquire privately-held Multicast Media Technologies of Atlanta, Georgia for net consideration of approximately $18
million, comprised of $4.9 million in cash and 1.3 million shares of KIT digital common stock, plus the assumption of
approximately $4.6 million in long-term liabilities. KIT expects this acquisition to be immediately accretive - on both a
revenue and cash-flow multiple basis and provide important synergies in terms of business development, geographical
footprint, platform technology and overall growth potential.
•
RedPrairie Withdraws its Registration for an IPO, Following its Acquisition by New Mountain Capital: The
company previously had been owned by Francisco Partners. RedPrairie is a Waukesha, Wisconsin-based provider of
inventory, warehouse, transportation and workforce management systems. It had approximately $194 million in revenue
for the first nine months of 2009, and net income of $12.45 million.
•
Arsenal Capital Partners Acquires FrontStream Payments: Arsenal Capital Partners acquired FrontStream
Payments, a Nashville, Tennessee-based provider of payments products to small and medium-sized businesses and
independent credit card sales organizations. No financial terms were disclosed. Some of the proceeds were used by
FrontStream to buy Fast Transact, a provider of processing solutions for e-commerce and physical points of sale.
•
Accelrys Signs Merger Agreement with Symyx Technologies: Accelrys (ACCL: $7.18), a provider of scientific
business intelligence software and services, and Symyx Technologies (SMMX: $5.70) signed a merger agreement that
will establish a new entity in scientific informatics software. The merger, which is structured as a tax-free, all-stock
merger of equals, was approved by both companies' boards of directors. Under the terms of the agreement, Symyx
shareholders will receive 0.7802 shares of Accelrys common stock for each share of Symyx. Following the completion of
the merger, Accelrys and Symyx shareholders will each own approximately 50% of the combined company. The merger
is expected to be completed by the end of June 2010, subject to customary closing conditions, shareholder and
regulatory approvals.
Software Private Placements:
•
1010data Raises $35 Million in Private Equity Funding: 1010data, providers of data warehouse and business
intelligence products and services, announced a $35 million minority equity investment from Norwest Venture Partners.
1010data's "transparent database" approach represents a paradigm shift for the industry that helps business users make
critical decisions by closing the gap between users and their data. The company plans to use the proceeds to expand the
sales and marketing group.
•
Videoconferencing Company Vidyo Raises $25 Million: Vidyo, which specializes in video conferencing technology
raised $25 million in a Series C round led by Four Rivers Group and joined by prior backers Menlo Ventures, Rho
Ventures, Sevin Rosen Funds and Star Ventures. This brings the total amount of capital invested in Vidyo to $63 million
since its founding in 2005 – its last round totaled $15 million. It will use the additional capital to expand its sales and
marketing efforts for its desktop and room-based HD multipoint video conferencing systems.
•
ReadyForce Raises $12.2 Million For On-Demand Labor Marketplace: ReadyForce, a Menlo Park, California-based
developer of applications that will create a virtual marketplace for on-demand labor, raised around $12.2 million in
Venture Capital funding from Menlo Ventures and U.S. Venture Partners.
Page 6 of 52
April 2010
•
Open Source Enterprise Company MuleSoft Raises $12 Million: MuleSoft, a start-up that develops open-source
technology integration services, raised $12 million in Series C funding from SAP Ventures with Bay Partners, Hummer
Winblad Venture Partners, Morgenthaler Ventures, and Lightspeed Venture Partners also participating. This funding
brings the company’s total funding to nearly $30 million.
•
InsideView Raises $11.5 Million For Enterprise-Friendly Web Crawler: InsideView, a service that mashes up social
data for enterprises to increase sales productivity raised $11.5 million in Series B financing led by current investors
Emergence Capital Partners, Rembrandt Venture Partners and Greenhouse Capital Partners. This brings the company’s
total funding to $25 million. The new financing will be used to for new customer acquisitions and for further product
development. Competitors include Hoovers and Genius.
•
EdgeCast Secures $10 Million in Series C Funding: EdgeCast secured $10 million in Series C funding from an
investor group led by Menlo Ventures. The content delivery network has raised a total of $20 million since 2007 from
Steamboat Ventures (Disney's venture arm), Mark Amin (Vice Chairman of CinemaNow) and Jon Feltheimer (CEO of
Lionsgate) as investors. The company plans to use the proceeds to scale up and accelerate the development of new
products, services and features.
•
Wix Raises $10 Million to Promote Flash Website Building Software: Wix, a developer of an online application for
creating Flash-based websites, raised $10 million in Series C funding. Benchmark Capital led the round, and was joined
by return backers Bessemer Venture Partners and Mangrove Venture Capital. The company previously raised $10
million. It has offices in New York and Israel.
•
Mercury Payment Systems Attracts Strategic Growth Investment From Silver Lake Partners: Mercury Payment
Systems, one of the fastest-growing payment processing companies in North America, and Silver Lake jointly announced
that Silver Lake will make a strategic growth investment in Mercury and acquire approximately 60% of the Coloradobased business. Mercury now ranks among the top five largest non-bank merchant acquirers in the U.S. by number of
transactions. Mercury founders Marc Katz and Jeffrey Katz, and existing investor Larry Stone, will collectively retain
approximately 40% ownership in the company. They also will continue to serve on its board of directors and help guide
Mercury's strategy.
Page 7 of 52
April 2010
Cloud Services: Observations & Select Transactions
Telx Filed for a $100 Million IPO: The Telx Group, a New York City-based data center operator, filed for an IPO to raise as
much as $100 million from the public markets. The last major data center operator to go public was RackSpace (RAX : $20.80),
and that was back in 2009. With the demand for data centers and Internet services on an upswing, Telx’s attempt to go public is
very timely. The company is a primary lease holder at 60 Hudson Street, an iconic wired carrier hotel in Manhattan where more
than 250 networks converge. Owned by private equity firm GI Partners, its other assets include The Planet and EV1 Servers.
Telx has 15 data centers with about half a million square feet of data center space. The company had revenues of $98.3 million
in 2009 and net losses of $9.9 million. Telx, which also provides global interconnection and co-location services, has about $130
million in debt.
Cloud Services M&A Transactions:
•
NaviSite Sells Lawson / Kronos Managed Application Services Business: NaviSite (NAVI: $2.80), a provider of
cloud-enabled, enterprise-class hosting, managed applications and services, sold its Lawson / Kronos Application
Services business to Velocity Technology Solutions for $56 million in cash. All current NaviSite Lawson / Kronos
customers will be transferred to Velocity as part of the transaction. Velocity will also assume NaviSite’s lease of the
Minneapolis data center where the services are hosted, managed, and supported.
•
Google Acquires DocVerse for $25 Million: Google, the Mountain View, California-based Internet company, has
acquired DocVerse. DocVerse is a San Francisco, California-based software company that enables real-time sharing
and editing of Microsoft Word, PowerPoint and Excel files. No deal value was disclosed, but the transaction value was
estimated to be $25 million. DocVerse was founded by Shan Sinha and Alex DeNeui.
•
Webroot Acquired Email Systems Scandinavia: Webroot, a leading Internet security provider for the consumer,
enterprise and SMB markets, acquired Email Systems Scandinavia (ESS), a leader in corporate Internet security in the
Nordic region. Based in Stockholm, Sweden, ESS provides security-as-a-service solutions to small- to medium-sized
businesses and enterprises. Founded in 2004, ESS delivers Webroot Email Security Service and Webroot Web Security
Service to more than 450 organizations across four Nordic countries. The acquisition firmly establishes Webroot in the
Nordic region.
Cloud Services Private Placements:
•
Hostway Raised $110 Million in Equity and Debt Funding: Hostway, a Chicago-based provider of web hosting and
cloud hosting services, has raised $110 million in private equity and debt funding. Veronis Suhler Stevenson led the deal,
and was joined by Fortress Capital, Regiment Capital and Phoenix Life. For several years after the April 2000 dot-com
crash, Hostway enjoyed triple-digit revenue growth. Currently, the company employs 700 people and is on pace to
generate revenue of $130 million in 2010.
•
MokaFive Raised $21 Million in a Series C Round: MokaFive raised a $21 million Series C round led by NGEN
Partners, with existing investors Khosla Ventures and Highland Capital Partners participating. This round totals more
than the two previous rounds combined. The total capital raised by the company is now $41 million. The company’s
flagship product, MokaFive Suite, allows IT departments to exercise management control over the deliverance of secure
virtual computing environments, to any hardware platform. Unlike server hosted virtual desktop solutions, such as VDI,
MokaFive executes locally on computing end points.
•
Media Temple Raised $15 Million in Growth Financing*: Media Temple, a global provider of virtualized, managed
hosting, announced its first outside investment of $15 million in expansion capital from Triangle Capital (lead investor)
and GMB Mezzanine Capital. The company hosts websites, email, business applications, and other rich Internet content
in more than 60 countries around the world. The team currently consists of over 150 employees, and serves over 87,000
customers and more than 600,000 domains. Proceeds of the investment will primarily be used for infrastructure capital
expenditures, new products, working capital, debt repayment and new marketing initiatives.
•
ScienceLogic Raised $15 Million in the First Institutional Round: ScienceLogic, a provider of cloud monitoring and
IT operations services, has raised $15 million in Series A funding from New Enterprise Associates. ScienceLogic’s EM7
IT Management System is designed to monitor datacenter resources, mobile and remote assets and public and hybrid
cloud resources all from a single console. ScienceLogic’s award winning EM7 solutions offer robust service provider
*Morgan Joseph advised Media Temple on the transaction and arranged the financing.
Page 8 of 52
April 2010
features – from multi-tenancy to chargeback based on actual resource utilization to integrated physical and virtual
systems monitoring. EM7 solutions are additionally designed to monitor datacenter resources, mobile and remote assets
and public and hybrid cloud resources all from a single console.
•
SoftLayer Raised Additional $10 Million in Debt Financing: SoftLayer negotiated $10 million increase in total funds
available under its senior notes facility of $30 million. Additional commitments from a group of private investors.
SoftLayer has raised over $100 million in financing to date. Headquartered in Plano, Texas, SoftLayer provides best in
class, on-demand IT services on a global basis from facilities in Dallas, Seattle, and Washington, D.C. SoftLayer
integrates and automates all IT elements to innovate industry-leading services including cloud, dedicated, and virtual
computing environments, all managed through a single interface. Enterprises of all sizes benefit from gaining complete
control, security, scalability, and ease-of-management for their IT solutions.
•
Altor Networks Raised $10 Million in Series B Funding: Altor Networks, a provider of security for virtual data centers
and cloud systems, secured $10 million in a round of Series B financing. The investors included are Foundation Capital,
Accel Partners, Duff Ackerman & Goodrich, and Juniper Networks. The company plans on using proceeds from this
round to expand global sales and marketing. Altor Networks is a provider of security for virtual data centers and clouds.
The company developed the firewall for virtual networks and has continued to embed multiple layers of protections
including on-board intrusion detection.
•
StorSimple Raised $8 Million in First Round of Funding: StorSimple, a Santa Clara, California-based developer of an
application-optimization hybrid storage controller, emerged from stealth mode and raised $8 million in Series A funding
last summer. Investors include Redpoint Ventures and Index Ventures. StorSimple was founded in May 2009 by serial
entrepreneurs and storage networking and WAN optimization leaders Guru Pangal, president and Ursheet Parikh, CEO.
•
Scale Computing Raised $9 Million in Series B Funding: Scale Computing, an Indianapolis-based provider of end-toend midmarket clustered storage solutions, has raised $9 million in Series B funding. Benchmark Capital led the round,
and was joined by return backers Blue Chip Venture, CID Equity and Spring Mill Venture Partners. Scale Computing is a
developer and manufacturer of complete, end-to-end midmarket clustered storage solutions. Based on Scale’s Intelligent
Clustered Storage technology, Scale’s storage portfolio aims to reduce costs while increasing control, as well as make
storage management more convenient for IT administrators.
•
Desktone Raised $5.4 Million in Series B Funding: Chelmsford, Massachusetts-based Desktone has secured $5.4
million of an over $12 million Series B funding round from undisclosed investors, according to a recent SEC filing. In July
2007, the virtual-desktop-as-a-service company closed a $17 million Series A led by Highland Capital Partners and
SoftBank Capital, and including Citrix Systems (CTXS: $48.63) and China-based Tangee International. The company
has IBM as a partner with its Smart Business Desktops subscription service, which was launched in North America and
Europe in September 2009. In early 2008, IBM and Desktone launched a virtual desktop service with rural Kentuckybased Pike County School District. The deployment supports 1,400 remote desktops at 25 schools, as well as students
working at home.
Page 9 of 52
April 2010
Communications: Observations & Select Transactions
Calix Networks Completes IPO: Petaluma, California-based Calix Networks (CALX: $14.16) raised $82.3 million in an IPO. The
provider of communications access systems and software saw its shares price at $13, which was the high end of the $11-$13
offering range. The company had been backed by $220 million in venture capital funding and priced with an initial market cap of
$472 million.
Cisco to Exit WiMAX Radio Access Networks Business (RAN): Following its $2.9 billion acquisition of Starent Networks,
Cisco (CSCO: $27.21) has confirmed that it will exit the WiMAX RAN market to focus instead on packet core systems and
applications. Cisco entered the RAN business in 2007 when it acquired Navini Networks for $330 million, but is exiting as more
operators begin to focus on the packet core network.
FCC Releases Report: The Federal Communications Commission (FCC) has released its 360 page report “Connecting
America: The National Broadband Plan”, which outlines its goals in expanding broadband availability. Some key objectives of the
plan are to create a nationwide public safety mobile broadband network, and for broadband providers to provider 100 megabits
per second download speed and 50 megabit upload speed in 100 million homes by 2020. The report also states that community
facilities such as schools, hospitals and government buildings should have 1 Gigabit access, and that the infrastructure should be
built in alignment with clean energy policies.
Qualcomm to Bid for Indian Spectrum: In an attempt to promote the TD-LTE standard in India, Qualcomm (QCOM: $42.70)
has confirmed that it will bid for spectrum in India’s broadband wireless auctions. The LTE standard-backer is bidding in an
attempt to prevent WiMAX from having the Indian market to itself. Qualcomm hopes that success in the auction could help spur
development of a TD-LTE device ecosystem. Currently, the TD-LTE technology has only been adopted by China Mobile.
Harbinger Capital to Deploy LTE Network: Private equity firm Harbinger Capital Partners plans to build out a nationwide 4G
wireless network after the FCC approved its takeover of Satellite company, SkyTerra. The satellite/terrestrial network would
cover at least 260 million U.S. inhabitants by 2015, and Harbinger expects to be a wholesale-only, data-only network operator.
Meru Networks Completes IPO: Meru Networks (MERU: $18.01), the Sunnyvale, California-based wireless LAN provider has
raised $65.8 million in its IPO. Meru priced 4.4 million shares at $15 each, which was the high end of the offering range. The
company plans to use the proceeds for general purposes and to expand sales and marketing. Previous venture capital investors
in the company include Clearstone Venture Partners, Vision Capital, NeoCarta Ventures and others.
Court Rules Against FCC: A federal appeals court has ruled that, in an attempt to prevent Comcast’s internet throttling, the
FCC overstepped its authority. The unanimous decision, which has thrown the FCC’s plans to codify net neutrality regulation into
disarray, ruled that the FCC did not have the authority to cite Comcast for preventing users from accessing P2P file sharing
serves.
Communications M&A Transactions:
•
ABRY Partners to Acquire RCN: RCN (RCNI: $14.78) and ABRY Partners announced a definitive agreement for ABRY
to acquire RCN for total consideration of approximately $1.2 billion, including the assumption of debt. Each share of RCN
common stock will be entitled to receive $15 in cash, representing a 22% premium over the closing share price on March
4, 2010. RCN offers competitive broadband services in the Washington, D.C., Philadelphia, Lehigh Valley (PA), New
York City, Boston and Chicago areas.
•
Harbinger Acquires SkyTerra: Harbinger Capital Partners has completed its acquisition of SkyTerra Communications
for $5 per share, or approximately $262.5 million in cash. Taking into account the assumption of debt and securities the
transaction represents an enterprise value of $1.8 billion. SkyTerra, which develops and supplies mobile satellite
communications services, is integral to Harbingers plan to build a terrestrial-satellite 4G network with SkyTerra’s
satellites.
•
Juniper Networks Acquires Ankeena Networks: Juniper Networks, the 2nd-largest maker of networking technology,
has acquired online video streaming software specialist Ankeena Networks. The deal will cost Juniper less than $100
million to acquire the Santa Clara, California-based company. Ankeena, which was founded in 2008, is backed by
Clearstone Venture Partners, Mayfield Fund and Trinity Ventures.
•
Enablence Technologies to Acquire Teledata Networks: Enablence Technologies has agreed to acquire Israeli
corporation Teledata Networks, a leading provider of products and solutions enabling telecommunications providers to
Page 10 of 52
April 2010
migrate to next generation networks. Consideration for the deal includes $10 million in cash, $10 million in promissory
notes payable on the 2nd anniversary of the closing of the transaction, and $30 million in Enablence common shares.
Communications Private Placements:
•
SiBeam Raises $36.5 Million: SiBeam, the Sunnyvale, California-based provider of millimeter wave (mmWave)
solutions and developer of high-speed wireless communications platforms closed $36.5 million in Series D funding. The
round was led by return backer Foundation Capital and all of SiBEAM’s original investors participated. Lux Capital and
Hatteras Funds were new investors who participated in the financing.
•
Horvath Towers Raises $20 Million: Peppertree Capital Fund, an existing backer in Horvarth Towers, has increased its
equity commitment by $20 million. The investment brings Pepperdines total investment in the owner and operator of
cellular towers for wireless carriers to $56 million.
•
Aerohive Networks Raises Series C Funding: Aerohive Networks, the Santa Clara, California-based developer of
cooperative control wireless LAN architecture, has secured $23.5 million in Series C funding. Investors include return
backers Kleiner Perkins Caufield & Byers, Northern Light Venture Capital, and Lightspeed Venture Partners. To date the
company has raised $47.5 million in venture capital funding.
•
Vidyo Raises Series C Funding: Hackensack, New Jersey-based Vidyo, raised $25 million in Series C funding. Four
Rivers Group led the round of investing in the provider of videoconferencing solutions and return backers Menlo
Ventures, Rho Ventures, Seven-Rosen Funds and Star Ventures also participated. To date, the company has raised $63
million in venture capital funding.
•
Telarix Raises Growth Equity Funding: Telarix, a provider of business information exchange and interconnect
OSS/BSS solutions, has secured $20 million in growth capital from Brown Brothers Harriman Capital Partners and
Edison Venture Fund. The funding will be used to support the continued growth of iXLink, a global business information
exchange service for the telecom community.
•
Silver Lake Partners Invests in China: The private equity firm Silver Lake Partners has acquired a minority stake in
Spreadtrum Communications, a developer of baseband and RF processor solutions for the wireless communications
market. The 13% interest in the NASDAQ traded company was acquired for $40 million and is Silver Lake’s first
investment in China.
Page 11 of 52
April 2010
Clean Technology: Observations & Select Transactions
Cleantech Venture Capital Reaches $1.9 Billion in 1Q 2010: Cleantech venture capital investment was up 29% in the first
quarter of 2010 compared to last quarter, and 83% higher than the same quarter a year ago, according to the Cleantech Group.
$1.9 billion were invested across 180 cleantech companies with a focus on North America, Europe, China and India. North
America accounted for 81% of total venture investment this quarter—a three-year high for the region. Europe and Israel raised
$257 million in 43 disclosed rounds, down 49% from 4Q09. These regions accounted for 14% of the total investment this quarter.
China and India investments remained similar to previous quarters, combined to still make up less than 5% of the total
investment in cleantech. The most active cleantech venture capital investors this quarter included Draper Fisher Jurvetson,
Braemar Energy Ventures, Carbon Trust Investments, Foundation Capital, and Good Energies.
Sensata Floats Largest Cleantech IPO in Two Years: The Sensata (ST: $19.42) IPO is the largest cleantech IPO since April
2008, when American Water Works (AWK: $21.43) raised $1.247 billion on the NYSE. Sensata raised $568.8 million in the
offering. Netherlands-based Sensata makes sensor and controls technology for applications including alternative fuel vehicles
and solar panels.
New Investments and Transactions:
•
Landis+Gyr Raises $165 Million to Support Smart Meter Deployment: Swiss smart meter developer Landis+Gyr
signed an agreement to raise an additional $165 million in capital to support smart metering roll-outs worldwide. The
transaction is expected to close by mid-April 2010. Joining Landis+Gyr’s global base of existing shareholders for this
round of investing is DLJ Merchant Banking, a division of Credit Suisse’s Asset Management division. Allen Yurko from
DLJ Merchant Banking joined the board of directors. Landis+Gyr has won contracts in Australia, across the Nordics
countries, in the U.S. and U.K. The company said it spends approximately $90 million per year on research and
development and its customers include PG&E and Oncor, and CHED and SP AusNet in Australia. The company recently
released its latest generation in-home display unit for home energy monitoring and management. Landis+Gyr recently
reported annual sales of more than $1.25 billion.
•
Applied Quantum Technology Raises $15 Million for a 15 MW CIGS plant: Santa Clara, California-based Applied
Quantum Technology (AQT) raised $15 million in a second round of funding, supported by a new strategic partnership
with equipment maker Intevac. The round, which included undisclosed investors, brings AQT backing for its low-cost
copper indium gallium selenide (CIGS) technology. The new round is funding the purchase of a 15-megawatt line from
Intevac, as well as the lease for a facility in Silicon Valley near the company's headquarters.
•
Glacier Bay Secures $15 Million: Union City, California-based Glacier Bay closed a $15 million Series C financing
round for its ClimaCab product. The second tranche of the Series C round was led by City Light Capital, with
participation from the Westly Group and New Enterprise Associates. ClimaCab uses batteries to power its high-efficiency
AC, instead of the current industry standard diesel-powered APUs. Glacier Bay’s intelligent power management
technology helps to optimize the system, leading to reduced fuel costs and maintenance, pollution, and costly jump
starts. The funds are expected to be used grow ClimaCab product sales and develop strategic new product initiatives.
The investment marks City Light Capital’s first energy and environmental company in its current fund, Impact Ventures II,
which closed $13.3 million in 2009.
•
Genomatica Raises $15 Million in Series C Round: Genomatica raised $15 million in a Series C round of funding, led
by TPG Biotech and including existing investors Mohr Davidow Ventures, Alloy Ventures, and Draper Fisher Jurvetson.
Including Series C round, Genomatica has now raised more than $35 million in the past 2.5 years. The funding is
expected to be used to accelerate and scale Genomatica’s already proven process to produce 1,4 butanediol, or BDOwhich can be used to make high-performance polymers, solvents and fine chemicals, in clothing, cars and electronics.
The financing is expected to allow Genomatica to expand its product portfolio and add partnerships with major chemical
companies.
•
Agile Energy Raises $13.2 Million: San Bruno, California-based Agile Energy closed Series A round of $13.2 million
from private investment firm Good Energies. Agile Energy, which develops utility-scale renewable power generating
projects, is expected to use the funds, in the form of cash and credit support, to aid its growth and development activities.
Profitable since its inception in 2004, the company is focused on photovoltaic and concentrating photovoltaic projects in
North America.
Page 12 of 52
April 2010
Private Company Profiles
Each month, we like to feature private companies that we believe have compelling and innovative solutions. This month’s
newsletter showcases the private technology companies outlined below.
Future newsletters will feature companies that demonstrate successful business models. If you have a company you would like
us to consider, please email Gene Ramirez at gramirez@morganjoseph.com.
Page 13 of 52
April 2010
www.digby.com
Description: Digby is the leading provider of mobile commerce solutions for retailers around the world. The Digby Mobile
Commerce Suite is a fully managed, Software as a service (SaaS) solution providing retailers everything they need for a
complete mobile channel strategy including remote mobile storefronts, integration with social networks and in-store mobile
capabilities. The company targets the leading smartphone platforms with on-device, rich applications, including the iPhone,
Blackberry and Android. The company’s mobile web offering creates a device optimized version of customer’s site for all web
enabled devices. Digby is a recognized leader in the areas of mobile commerce, mobile application development, and usercentered mobile design.
Products: The Digby Mobile Commerce Suite includes remote storefront, in-store merchandising and social media integration
capabilities. The platform enables retailers to address the mobile channel strategically with an offering that integrates with, and
complements, their existing channels while providing consumers with an engaging and compelling experience that leverages
uniquely mobile use cases and capabilities (location based services, access to local handset information, etc.). Using the Digby
Mobile Commerce Suite, retailers stay connected with their customers anytime/anywhere and turn their mobile initiative into a
24/7 revenue driver.
Management:
•
Dave Sikora, Founder and Chief Executive Officer
•
Lance Obermeyer, Ph.D., Chief Technology Officer
•
Paul Franz, Vice President Worldwide Sales
•
Eric Newman, Vice President of Client Services
•
Stanley Wang, Vice President of Engineering
•
Ron Jennings, Chief Financial Officer
Customers and Partners:
Retail Storefront Partners
Carriers, Affiliate Networks, Platform Providers, and others
Capital Raised: The last financing round was completed by BlackBerry Partners Fund and RBC Venture Partners, when the
Company raised $5.5 million in October 2008. To date, Digby has raised $7.8 million in three rounds of financing.
Page 14 of 52
April 2010
www.grandsteam.com
Description: Grandstream Networks, founded in 2002, is a leading designer and manufacturer of voice-over-IP and video-overIP equipments for the broadband telephony and surveillance market. It offers a wide range of products for both the residential
and enterprise IP telephony as well as security surveillance market, including IP phones, gateway, IPPBX, video phones, and
video surveillance cameras. It sells its products entirely through distribution channels and service providers worldwide and
operates through 5 main offices including Boston (headquarter), Dallas, Los Angeles, Shenzhen/China, Hangzhou/China.
Company Outlook: The Company has been growing rapidly (at high 2-digit CAGR) and profitably since 2003. It won the
prestigious Deloitte Technology Fast 500 award twice in a row (2008, 2009), and dozens of other major industry awards including
Inc.5000, Internet Telephony Product of The Year, TMC Labs Innovation, Best of Show, NGN Leadership, etc. The Company
invests heavily in R&D and has full ownership of its intellectual property. It competes primarily on its superior technology and
large price-to-performance advantage over other competitors. It has established channels worldwide, large deployed base
(millions of units shipped), and relatively diversified customer mix (no single client accounts for over 10% of revenue).
Management:
•
David Li, Founder, Chairman and CEO
•
Xiang Wei, Co-Founder, CTO/VP Engineering
•
Bruce Macaloney, VP Sales
•
William Zhang, VP Technology & Support
Capital Raised: The Company is self-funded with no external venture capital funding. It has been profitable during the past 7
years.
Page 15 of 52
April 2010
www.parallels.com
Description: Parallels is a worldwide leader in virtualization and automation software that optimizes computing for consumers,
businesses, and Cloud services providers across all major hardware, operating systems, and virtualization platforms. Founded in
1999, Parallels is a fast-growing company with more than 700 employees in North America, Europe, and Asia.
Company Outlook: With over 73 million small businesses worldwide, there is tremendous opportunity for Parallels and its
partners to provide an expanding array of Cloud enabled services and solutions. The company is focus on opportunities in
several key areas that enable hosting companies, teleco providers, independent software vendors (ISV’s), value-added resellers
(VAR’s) to create solutions for small businesses that want to acquire and consume services through the Cloud.
Parallels estimates that spend for Cloud services for small business will grow from $8.9B in 2010 to over $18.7B by 2013, with
the greatest opportunities being realized in shared web hosting services (8% growth), messaging and collaboration (28% growth),
virtualized infrastructure (32% growth), and software-as-a-service (SaaS) (26%).
In addition, Parallels has a growing and healthy desktop business focused on software that allows consumers and small
businesses run multiple operating systems on a single machine. The company’s most popular product is Parallels Desktop 5 for
Mac with over 2 million customers worldwide.
Products: Parallels offers software for:
•
•
•
Cloud Services
¾ Complete solutions for Cloud enabled services for small businesses
¾ 70% of revenue
Desktop
¾ Virtualization: Proven desktop virtualization technology
¾ 25% of revenue
Server Virtualization
¾ Best optimized and high performing solutions
¾ 5% of revenue
Management:
• Serguei Beloussov, Chairman, Chief Executive Officer
• Jack Zubarev, President, Marketing and Alliances
• Peter Bauert, Chief Operating Officer and Chief Financial Officer
• Jim Herman, Senior Vice President of Sales & Services
• Matt Domo, Chief Technology Officer
• Stas Protassov, Senior Vice President of Engineering
Partners:
Parallels has over 5000 Service Providers and more than 750 Certified Partners, including:
Capital Raised: The last financing round was completed by Russia Partners Management and Bessemer Venture Partner, when
the Company raised an undisclosed amount in February 2010. To date, Parallels has raised more than $12.0 million in three
rounds of financing.
Page 16 of 52
April 2010
Executive and Investor Corner
In addition to profiling leading companies in our monthly newsletter, Morgan Joseph & Co. also includes market insights and
observations provided by leading company executives and institutional investors regarding current market and technology
trends. The views, opinions, and insights expressed are those of the various contributors.
Company Executives
In this month’s newsletter, we posed four questions to Grandstream Networks and Parallels. The four questions we asked to
comment on included the following:
Question 1.
What catalysts do you see that could accelerate your company’s growth?
Question 2.
Given the recent improvements in the broader market, do you plan to implement any changes to your
business to capitalize on the improved sentiment, e.g. accelerate capital expenditures, hire additional
sales staff, etc.?
Question 3.
Are there particular market verticals that you believe will contribute more significantly to your company’s
growth? If so, please elaborate?
Question 4.
What is your outlook for your company and/or the economy for 2010/2011?
This month’s participants were gracious enough to quickly respond to our request, drawing up their answers in short order. If you
are interested in participating in next month’s newsletter, please email Rick Juarez at rjuarez@morganjoseph.com or Gene
Ramirez at gramirez@morganjoseph.com.
Page 17 of 52
April 2010
Note: These are the opinions solely of the companies and / or investors.
Executive and Investor Corner – Grandstream Networks
Grandstream Networks Commentary (David Li, Founder, Chairman and CEO):
1. What catalysts do you see that could accelerate your company’s growth?
"We see business growth coming primarily from 3 areas: voice-over-IP endpoints and customer premise
equipments in the SMB & enterprise market, video telephony equipments for residential & enterprise market, and
IP video surveillance cameras. The company will be focusing on these market opportunities that have high
growth potential in the foreseeable future.”
2. Given the recent improvements in the broader market, do you plan to implement any changes to your business to
capitalize on the improved sentiment, e.g. accelerate capital expenditures, hire additional sales staff, etc.?
“Yes, we are actively recruiting sales staff for our new video surveillance product line now and look to expand our
presence in Africa (will open a representative office in Q2) and Asia Pac. Additionally, we are adding more R&D
engineers in our China office. We think current low economic condition actually presents a great opportunity for
us to expand.”
3. Are there particular market verticals that you believe will contribute more significantly to your company’s growth? If so,
please elaborate?
“We see a lot of growth potential in the consumer video telephony equipments market and our video/multimedia
phone business is experiencing triple digit growth in a number of countries/regions. We are involved in a number
of important field trials with some tier-1 Telco operators and are pretty encouraged by the prospect of volume
potential with them. Additionally, we also see huge potential in market demand for personal video telephony
equipments in the exploding Skype community. We are working closely with Skype to target that market need.”
4. What is your outlook for your company and/or the economy for 2010/2011?
“In general, I think the economy in Asia will grow faster than that in US and Europe in 2010. I think the US and
European economy will recover at a slow-to-moderate pace this year but the road to full recovery will be bumpy. I
believe Grandstream will be able to grow much faster than average market and I think our pace of growth will
accelerate during the second half of this year when a number of our new products start to hit the market during
the next 3-6 months.”
Executive and Investor Corner – Parallels
Parallels Commentary (Peter Bauert, CFO and COO):
1. What catalysts do you see that could accelerate your company’s growth?
"The growth in small business alone will create opportunity for Service Providers to expand their existing
offerings, launch new services, and grow their business. We will in turn benefit by continuing to strengthen and
grow our partnerships with these providers.
“The continued success of Apple will help us grow our desktop business, as existing customers upgrade to new
versions of our products, and consumers and small businesses move from other operating systems to Mac.”
Page 18 of 52
April 2010
2. Given the recent improvements in the broader market, do you plan to implement any changes to your business to
capitalize on the improved sentiment, e.g. accelerate capital expenditures, hire additional sales staff, etc.?
“This year we have strategically changed our focus as a company to offer services vs. products. To that end, we
have invested in senior talent from engineering to marketing and sales and hired an entirely new management
team that comes from industry leaders like Microsoft, Symantec, Amazon, Dell, AmDocs, and others.”
3. Are there particular market verticals that you believe will contribute more significantly to your company’s growth? If so,
please elaborate?
“Two significant segments are growth opportunities. Telco providers are rapidly moving to offer Cloud services to
businesses and we have invested in a team and technology that will enable them to offer Cloud enabling services
to their markets. In addition, we are seeing growth in our partner ecosystem beyond traditional hosting
companies including ISV’s, VAR’s, and technology component companies.”
4. What is your outlook for your company and/or the economy for 2010/2011?
“We have grown at a rate of nearly 50% CAGR over the past 4 years. We are optimistic that we will continue to
see the same kind of momentum moving forward as we expand our services and grow the business globally,
especially in the Asia Pacific region as well as Russia, China, and Europe.”
Page 19 of 52
April 2010
Technology IPO Spotlight
Selected Technology IPOs: Recent Performance
($ in millions, except per share data)
Industry
Current
Price
Offer
Price
% Change
Current/Offer
Shares
Offered (mm)
Amount
Raised
LTM
Revenue
LTM
EBITDA
Pricing Date
Company
Ticker
03/30/2010
Meru Networks
MERU
Technology
$18.20
$15.00
21.3%
4.4
$66.0
$69.5
($0.4)
03/30/2010
SS&C Technologies
SSNC
Technology
16.48
15.00
9.9%
10.7
160.5
270.9
119.2
03/23/2010
Calix
CALX
Technology
14.61
13.00
12.4%
6.3
81.9
232.9
(8.2)
03/23/2010
MaxLinear
MXL
Technology
17.91
14.00
27.9%
6.4
89.6
51.4
5.4
03/10/2010
Sensata Technologies
ST
Technology
19.85
18.00
10.3%
31.6
568.8
1,134.9
295.9
02/10/2010
QuinStreet
QNST
Technology
16.02
15.00
6.8%
10.0
150.0
293.1
55.9
11/19/2009
Archipelago Learning
ARCL
Bus Services-Education
15.08
16.50
(8.6%)
6.3
104.0
42.8
15.4
11/19/2009
Global Defense Tech
GTEC
Technology
14.33
13.00
10.2%
4.6
59.8
212.8
13.8
11/17/2009
Fortinet
FTNT
Technology
16.66
12.50
33.3%
12.5
156.3
252.1
33.7
11/04/2009
Ancestry.com
ACOM
Technology
18.30
13.50
35.6%
7.4
99.9
224.9
68.4
09/24/2009
Shanda Games Limited
GAME
Technology
7.07
12.50
(43.4%)
83.5
1,043.8
703.9
277.0
09/23/2009
A123 Systems
AONE
Energy
13.40
13.50
(0.7%)
28.2
380.7
91.0
(72.2)
08/05/2009
Avago Technologies
AVGO
Technology
22.37
15.00
49.1%
43.2
648.0
1,572.0
336.0
08/05/2009
CDC Software
CDCS
Technology
10.55
12.00
(12.1%)
4.8
57.6
203.9
52.2
07/01/2009
LogMeIn
LOGM
Technology
20.89
16.00
30.6%
6.7
106.7
74.4
12.5
06/25/2009
Medidata Solutions, Inc.
MDSO
Technology
15.88
14.00
13.4%
6.3
88.2
140.4
19.4
05/20/2009
OpenTable
OPEN
Technology
38.96
20.00
94.8%
3.0
60.0
68.6
13.2
05/19/2009
SolarWinds
SWI
Technology
24.15
12.50
93.2%
12.1
151.3
116.4
46.0
04/15/2009
DigitalGlobe
DGI
Aerospace-Defense
28.08
19.00
47.8%
14.7
279.3
281.9
160.0
04/15/2009
Rosetta Stone
RST
26.47
18.00
47.1%
6.3
113.4
252.3
25.5
04/14/2009
Bridgepoint Education
BPI
27.22
10.50
159.2%
13.5
141.8
454.3
98.7
04/01/2009
Changyou.com
CYOU
Technology
32.71
16.00
104.4%
7.5
120.0
267.6
167.7
Source: Capital IQ.
Note: Price as of 4/20/2010.
Page 20 of 52
April 2010
Selected Technology IPOs: Filings
Select Technology IPO Filings (May 2009 - April 2010)
($ in millions)
Company
Ticker
Date S-1 Filed
Size
NXP Semiconductors
NXP
04/16/2010
$1,150.0
Global semiconductor company that designs products for auto, industrial and mobile industries.
Tangoe
TNGO
04/16/2010
75.0
Provides on-demand communications lifecycle management (CLM) software
NeoPhotonics
NPTN
04/15/2010
115.0
Designs photonic integrated circuit based modules for high-speed communications networks
Beceem Communications
BECM
04/02/2010
100.0
Fabless semiconductor company that designs 4G solutions for mobile broadband devices
Qlik Technologies
QLIK
04/01/2010
100.0
Provides business intelligence software to 13,000 large and mid-size enterprises
Alpha and Omega Semiconductor AOSL
03/31/2010
91.1
Develops power management chips for notebooks PCs and consumer electronics
SciQuest
SQI
03/26/2010
75.0
Offers software that allows organizations to engage in strategic procurement from suppliers
The Telx Group
TELX
03/18/2010
100.0
Provides network neutral, global interconnection and colocation solutions to over 763 customers
MagnaChip Semiconductor
MX
03/15/2010
250.0
A leading Korea-based manufacturer of analog and mixed-signal semiconductor products.
03/10/2010
115.0
Eyeblaster
IBLA
Provides high performance IP-based networking software and equipment for data centers.
Force10 Networks
FTEN
03/02/2010
143.8
Provides high performance IP-based networking software and equipment for data centers.
Reply!
RPLY
02/22/2010
60.0
Runs an online auction marketplace that facilitates lead generation and locally-targeted marketing.
NEXX Systems
NEXX
02/11/2010
42.0
Manufactures highly-engineered semiconductor process equipment automating device packaging.
GameFly
GFLY
02/10/2010
50.0
Largest online video game rental subscription service in the US.
GlassHouse Technologies
GLAS
01/28/2010
75.0
Provides IT consulting, technology integration and managed services to improve data infrastructure.
Convio
CNVO
01/22/2010
57.5
Provides integrated software solutions to 1,300 nonprofit organizations.
Motricity
MOTR
01/22/2010
250.0
Provides mobile data solutions to wireless carriers through its mCore platform.
DynaVox Technologies
DVOX
01/05/2010
125.0
Offers proprietary software to assist people with speech, language or learning disabilities.
Mitel Networks
MTNW
12/22/2009
230.0
A leading provider of communications equipment to the small-to-medium sized enterprise market.
ReachLocal
RELO
12/22/2009
100.0
Provides online marketing solutions for small and medium-sized businesses.
SPS Commerce
SPSC
12/03/2009
$46.0
Offers supply chain management solutions through a web-based platform.
Telegent Systems
TLG
11/23/2009
250.0
Offers single-chip solutions enabling worldwide live, free-to-air broadcast TV on portable devices.
TeleNav
TNAV
10/30/2009
75.0
Offers wireless location based services (LBS), included voice guided navigation, on mobile phones.
West Corporation
WEST
10/02/2009
500.0
Leading conferencing and call center provider LBO'd by Thomas H. Lee and Quadrangle Group.
Newegg.com
EGG
09/28/2009
175.0
Online-only retailer that sells computer hardware, software, peripherals and consumer electronics.
LTM Revenue
$3,843.0
56.0
155.0
44.0
157.0
225.0
36.0
98.0
560.0
65.1
218.6
34.3
38.2
92.9
87.7
63.1
113.7
96.2
655.4
203.1
$37.7
168.1
140.7
2,375.7
2,289.8
Source: IPO Home and IPO Market Watch.
Note: As of 4/20/2010. This list is not representative of Morgan Joseph’s transactions; deals completed by various underwriting firms.
Page 21 of 52
April 2010
Selected Technology IPOs: Withdrawals
Select Technology IPO Withdrawals (May 2009 - April 2010)
Company
Ticker
Date S-1 Filed
Size
RedPrairie
RP
11/27/2009
$173
Offers a platform of supply chain software solutions to manufacturers, distributors, and retailers
Linkage Technologies
BOSS
11/18/2009
175
Leading provider of software solutions and IT services for the telecommunications industry in China.
Gomez
GOMZ
05/07/2008
81
Provides trading/risk management software for energy, commodities and financial services markets.
Open Link Financial
LINK
05/12/2008
Provides trading/risk management software for energy, commodities and financial services markets.
NextG Networks
NXTG
06/05/2008
A leading provider of wireless infrastructure solutions to US-based wireless carriers.
ExactTarget
EXTG
12/14/2007
A provider of on-demand email marketing software solutions to businesses.
Date of Withdrawal
3/26/2010
12/7/2009
11/9/2009
8/31/2009
5/22/2009
5/6/2009
Source: IPO Home and IPO Market Watch.
Note: As of 4/20/2010.
Page 22 of 52
April 2010
Industry Performance and Metrics: Internet
Internet Comparable Group Relative Performance
180%
170%
160%
150%
140%
130%
120%
110%
100%
90%
80%
4/15/2009
5/19/2009
6/23/2009
7/28/2009
8/31/2009
10/5/2009
Internet & Mobile Content
11/6/2009
12/11/2009
1/19/2010
2/23/2010
3/29/2010
Internet Media
Note: Companies in indices can be found in the “Detailed Sector Data, Valuation Multiples, Metrics” section in the back
of this report.
Source: Capital IQ
VC Investments: Internet
($ in millions)
Sub-Sector
Business-to-Business (B2B)
Content Delivery
Internet Community
Internet Retail
Messaging Services
Multimedia Streaming and Online Presentation
Personal Applications
Web Hosting
Total:
10/16/09-11/15/09
11/16/09-12/15/09
12/16/09-1/15/10
1/16/10-2/15/10
2/16/10-3/15/10
3/16/10-4/15/10
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Deal Value Transactions Deal Value Transactions Deal Value Transactions Deal Value Transactions Deal Value Transactions Deal Value Transactions
$6.5
7
$768.7
12
$93.9
13
$39.1
11
$9.1
2
$153.8
16
0.0
0
21.2
3
21.9
2
41.0
2
0.6
2
6.0
1
17.3
11
230.4
12
64.6
12
136.8
8
48.3
11
41.8
16
264.8
7
32.0
6
22.9
4
71.2
4
111.6
4
1,073.6
8
1.5
1
4.1
3
0.0
0
0.0
0
11.3
3
1.5
1
1.4
2
3.0
1
40.0
2
5.5
1
1.0
2
2.0
1
33.9
4
6.7
4
37.3
2
106.8
11
19.8
7
745.3
4
0.0
0
2.3
3
0.0
1
0.0
0
0.0
0
2.5
1
$325.4
32
$1,068.3
44
$280.6
36
$400.5
37
$400.5
31
$400.5
48
Source: Capital IQ
M&A Metrics: Internet
($ in millions)
Sub-Sector
Business-to-Business (B2B)
Content Delivery
Internet Community
Internet Retail
Internet Service Providers (ISP)
Messaging Services
Multimedia Streaming and Online Presentation
Personal Applications
Web Hosting
Total:
10/16/09-11/15/09
11/16/09-12/15/09
12/16/09-1/15/10
1/16/10-2/15/10
2/16/10-3/15/10
3/16/10-4/15/10
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
$0.0
4.1
0.0
362.6
0.0
0.8
0.0
5.0
0.0
$372.5
9
2
1
7
3
1
0
2
2
27
$721.9
0.0
0.0
108.5
0.0
0.0
16.5
47.9
0.9
$895.6
13
0
6
8
1
0
2
5
6
41
$46.2
0.0
0.0
12.9
12.2
0.0
0.0
0.6
2.7
$74.6
18
0
4
14
5
0
2
3
3
49
$135.6
0.0
96.4
2.6
0.0
0.4
0.0
4.5
0.0
$239.6
16
3
10
5
7
1
2
7
3
54
$159.1
0.0
0.0
22.9
9.0
85.3
25.8
16.8
30.0
$239.6
13
1
3
17
3
3
1
6
1
48
$87.6
0.0
0.0
61.0
17.8
5.3
0.0
252.2
6.3
$239.6
14
1
5
8
5
4
0
3
3
43
Source: Capital IQ
Page 23 of 52
April 2010
Industry Performance and Metrics: Software
Software Comparable Group Relative Performance
250%
230%
210%
190%
170%
150%
130%
110%
90%
70%
50%
4/15/2009
5/19/2009
6/22/2009
7/24/2009
Application Software
8/27/2009
9/30/2009
Infrastructure Software
11/3/2009
12/7/2009
On-Demand Software
1/12/2010
2/15/2010
3/19/2010
Open Source Software
of this report.
Source: Capital IQ
VC Investments: Software
($ in millions)
Sub-Sector
Home Entertainment Software
Internet Software
Systems Software
Total:
10/16/09-11/15/09
11/16/09-12/15/09
12/16/09-1/15/10
1/16/10-2/15/10
2/16/10-3/15/10
3/16/10-4/15/10
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
$208.1
36
$579.2
40
$272.1
42
$109.2
25
$149.2
31
$292.4
52
70.7
7
14.5
5
21.3
5
0.3
1
19.0
1
23.5
2
34.7
13
36.4
15
87.2
11
23.2
9
27.2
8
49.6
22
33.6
14
93.5
20
73.2
17
64.9
18
27.0
8
40.0
18
$347.2
70
$723.5
80
$453.9
75
$197.7
53
$222.5
48
$405.4
94
Source: Capital IQ
M&A Metrics: Software
($ in millions)
Sub-Sector
Home Entertainment Software
Internet Software
Systems Software
Total:
10/16/09-11/15/09
11/16/09-12/15/09
12/16/09-1/15/10
1/16/10-2/15/10
2/16/10-3/15/10
3/16/10-4/15/10
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
$2,090.0
58
$1,145.6
52
$494.2
60
$557.8
44
$557.8
44
$620.9
50
392.6
2
94.9
5
15.0
4
0.1
3
0.1
3
0.1
1
0.0
8
3.5
9
6.3
7
56.4
5
56.4
5
7.9
10
1.3
12
255.1
14
105.3
14
53.7
9
53.7
9
29.5
12
$2,483.9
80
$1,499.1
80
$620.7
85
$668.0
61
$668.0
61
$658.3
73
Source: Capital IQ
Page 24 of 52
April 2010
Industry Performance and Metrics: Communications
Communications Comparable Group Relative Performance
180%
160%
140%
120%
100%
80%
4/16/2009
6/16/2009
8/16/2009
10/16/2009
Communications Equipment
12/16/2009
2/16/2010
Wireless
of this report.
Source: Capital IQ
VC Investments: Communications
($ in millions)
Sub-Sector
Communications Processing Equipment
Communications Towers
Diversified Telecommunication Services
Networking Equipment
Radio and Television Broadcasting Equipment
RFID Systems
Satellite and Microwave Equipment
Telephone and Telecommunications Equipment
Wireless Telecommunication Services
Total:
10/16/09-11/15/09
11/16/09-12/15/09
12/16/09-1/15/10
1/16/10-2/15/10
2/16/10-3/15/10
3/16/10-4/15/10
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
$0.0
0
$0.0
0
$0.0
0
$0.0
0
$0.0
0
$0.0
0
0.0
0
0.0
1
0.0
0
190.0
1
15.0
1
20.0
1
481.2
8
132.7
5
4,218.3
10
57.3
3
537.1
9
5,184.2
8
292.8
6
65.2
7
665.4
9
173.6
8
49.6
7
62.3
8
0.0
0
5.1
1
0.0
0
3.5
1
0.0
0
0.0
0
8.0
2
2.0
1
3.3
1
4.8
2
10.9
1
12.0
1
5.7
2
0.0
0
5.0
2
1.7
1
0.0
0
2.0
1
95.7
2
4.0
1
45.0
1
184.1
4
15.5
2
4.1
1
663.4
2
493.1
3
1,970.1
3
2.9
1
2.0
1
2,158.2
8
$1,546.9
22
$702.1
19
$6,907.0
26
$617.8
21
$630.1
21
$7,442.8
28
Source: Capital IQ
M&A Metrics: Communications
($ in millions)
Sub-Sector
Communications Processing Equipment
Communications Towers
Diversified Telecommunication Services
Networking Equipment
Radio and Television Broadcasting Equipment
RFID Systems
Satellite and Microwave Equipment
Telephone and Telecommunications Equipment
Wireless Telecommunication Services
Total:
10/16/09-11/15/09
11/16/09-12/15/09
12/16/09-1/15/10
1/16/10-2/15/10
2/16/10-3/15/10
3/16/10-4/15/10
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
Disclosed
# of
$0.0
0
$0.0
0
$0.0
0
$0.0
0
$0.0
0
$0.0
1
20.0
1
100.0
1
1,895.9
3
50.0
1
56.3
2
291.0
1
3,052.2
14
4,069.3
22
534.3
30
244.3
16
53.1
19
267.7
21
3,855.6
5
178.0
2
591.0
10
176.0
5
50.8
5
61.6
9
0.0
0
1.3
1
2.2
1
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
68.7
3
0.0
0
0.0
1
0.0
0
0.0
0
0.0
1
17.0
4
13.9
3
0.0
1
25.0
1
686.1
5
213.8
6
9.4
2
14.2
5
11.5
5
13.7
4
1,012.3
13
2,574.9
10
759.6
8
1,759.5
14
825.0
5
10,820.6
10
$8,626.2
38
$7,137.4
43
$3,878.1
61
$2,257.8
44
$996.6
38
$11,479.6
47
Source: Capital IQ
Page 25 of 52
April 2010
MERGERS & ACQUISITIONS
Select Internet
Date
Target
4/15/2010
Intershop Communications GSI Commerce
(10% Stake)
Buyer
4/15/2010
GlobalCollect
4/15/2010
Implied
Total
EV /
Enterprise
Revenue
Revenue
Value ($mm)
($mm)
Multiple Business Description
$56.7
$48.4
1.2x
Engages in the development and sale of software solutions for the management of ecommerce business worldwide.
Welsh, Carson, Anderson
& Stowe
NA
NA
NA
Provides online payment processing solutions for customer non-present businesses in the
Netherlands and internationally.
Higgins Group
Forklift Training Systems
NA
NA
NA
Operates an online store for industrial truck safety products.
4/13/2010
Marine DNA
Cactus Navigation and
Communications
NA
NA
NA
Marine DNA Ltd engages in online retail of marine equipment. The company was founded
in 2010 and is based in Bristol, United Kingdom.
4/8/2010
Healthplace Corp Prior to
Reverse Merger with
Shengda
Healthplace Corp
NA
NA
NA
Focuses on developing a Web-based service for health practitioners to access and
purchase products and services to improve their work and home lives.
4/8/2010
Wayport Holdings
Hospitality Services Plus
NA
NA
NA
Offers Internet guest services and business center solutions.
4/7/2010
Groupe Ares, Infrastructure Specialist Computer
Facility Management
Centres
NA
NA
NA
Provide infrastructure facility management and value-added hosting service.
4/7/2010
StartupPoint.ru
Management Buyout
NA
NA
NA
Operates as a community platform for informational technology professionals.
4/6/2010
Virtualo
EMPiK
NA
NA
NA
Virtualo prepares and distributes digital content to Internet bookstores. The company is
based in Poland.
4/6/2010
Selexium S
MP Croisnce; S Tologes
Développement
NA
NA
NA
Engages in online computer hardware consumer electronics retail.
4/6/2010
tagg.in
ValueFirst Mesging
NA
NA
NA
Operates an online messaging and social media website.
4/6/2010
Verical
Arrow Electronics
NA
NA
NA
Operates as a b2b marketplace for the high-tech manufacturing industry that helps
companies from the supply chain to manage their surpluses and shortages.
4/6/2010
OOO Vyborgtelecom
ZAO Peterstar
NA
NA
NA
Provides internet access services in Vyborg.
4/5/2010
Active Voice
Applied Voice & Speech
Technologies
NA
NA
NA
Provides unified messaging, computer telephony, and voice applications.
4/2/2010
Mobeze,
OnlineBootyCall.com
Management Buyout
NA
NA
NA
Operates as a casual online dating for singles with members in United States, United
Kingdom, Canada, and Australia.
4/1/2010
Net-A-Porter
Compagnie Financiere
Richemont
NA
$183.4
NA
Operates as an online luxury fashion retailer for the style-savvy customers. It offers
magazines, designers’ collection, clothing, bags, shoes, and accessories.
3/31/2010
Colibria AS, Certain Assets Synchronica
$5.3
NA
NA
Offers instant messaging and presence enabled solutions to operators and service
providers. The asset also includes intellectual property rights, software, patent, customer
contracts, and consultancy contracts.
3/31/2010
Reaction Web
LoopNet
NA
NA
NA
Operates as an online marketing firm. The company specializes in the commercial real
estate industry.
3/31/2010
NetNam Company
CMC Corporation
NA
NA
NA
Operates as an Internet service provider. It offers email, forum, internal communication,
electronic library, FTP, wireless system, IT consulting and training, and telnet services.
3/30/2010
FORTHnet
GO
$762.8
$498.4
1.5x
Provides telecommunications services and electronic information systems, as well as
develops telecommunications and network technique and infrastructure in Greece and
internationally.
3/30/2010
Semnox Solutions Private
Limited, The Sparkling
Minds
Edserv Softsystems
Limited
$0.3
NA
NA
Offers online pre school and junior school educational content. It offers an interactive
educational platform in subjects ranging from english, hindi, art, science, maths, and
social science.
3/30/2010
Nebula Oy
Rite Ventures
NA
$20.1
NA
Offers hosting services in Finland. The company offers WebHotel Pro that is required for
the basic functionalities for homepage.
3/29/2010
digame mobile GmbH
GrandCentrix
NA
NA
NA
digame mobile GmbH is a value added service provider and offers interactive applications
and tele-voting services. The company is based in Cologne, Germany.
Source: Capital IQ, 451 Group
Page 26 of 52
April 2010
Select Internet (Continued)
Implied
Total
EV /
Enterprise
Revenue
Revenue
Value ($mm)
($mm)
Date
Target
Buyer
3/26/2010
TravelPost.com
NewTravelco
NA
NA
NA
Develops and markets online applications that collect and organize user-generated travel
information. It provides personalized hotel reviews and ratings, travel advisory services,
and personal travel blogs.
3/26/2010
Yahoo Japan Corporation
(1.9% Stake)
SBBM Corporation
NA
$2,961.7
NA
Offers search, information listing, community, and e-commerce services to Internet users
in Japan.
3/26/2010
Rosbusinessconsulting and RBC TV
Ipk Media Production
NA
NA
NA
Ipk Media Production LLC engages in advertising activities. OOO "Business Press"
operates as a publishing house and editors’ office of the RBC Daily newspaper.
3/25/2010
Computer Warehouse
Square Group
NA
NA
NA
Offers online retail of Apple products, which include laptops, desktops, monitors, printers,
and other peripherals.
3/25/2010
NetMoms
Management Buyout
NA
NA
NA
NetMoms GmbH operates social network site for mothers. NetMoms GmbH is based in
Cologne, Germany.
3/24/2010
Epic Advertising
TrafficMarketplace.com.
NA
NA
NA
An online marketing company, provides Internet advertising services to advertisers and
publishers. It offers performance and direct response marketing, media planning, and
email marketing services.
3/23/2010
Vitacost.com
Great Hill Partners, LLC
$274.9
$191.8
1.4x
Operates as an online retailer and direct marketer of health and wellness products.
3/23/2010
FIRSTGATE Holding AG
T-Venture Holding GmbH
NA
NA
NA
Provides a commerce platform to telcos, ISPs, and financial institutions.
3/22/2010
VISI
TDS Telecommunications
Corporation
$17.8
$11.5
1.5x
Provides Internet solutions. It offers cloud services, such as cloud servers and storage,
private cloud, and virtual dedicated server services; server colocation services.
3/22/2010
Natiloo S
CM-CIC Capital Privé
NA
$4.9
NA
Provides distribution service of organic products for babies such as food, toilet, clothing,
furniture, and toys.
3/22/2010
Computer Warehouse
Syco Systems Limited
NA
NA
NA
Offers online retail of Apple products, which include laptops, desktops, monitors, printers,
and other peripherals.
3/19/2010
BikeBros.
Proto Corp.
(JASDAQ:4298)
$10.0
NA
NA
BikeBros.inc. is an operator of motorcycle retail Website. The company is based in Tokyo,
Japan.
3/18/2010
eBANK Corporation
Rakuten (JASDAQ:4755)
$828.4
NA
NA
Offers banking services through Internet. It focuses on electronic financial settlement
services.
3/18/2010
Via NET.WORKS U
Peer 1 Network Enterprises
(TSX:PIX)
NA
$2.0
NA
Provides managed Web hosting, Internet infrastructure, and customer services to
resellers, coroporates, and medium and small sized businesses.
3/17/2010
Word Sell
Straight North, LLC
NA
NA
NA
Offers content creation, optimization, and social media marketing services.
3/15/2010
vLinx
Bearing Mineral Exploration
(OTCBB:BEAX)
$4.0
NA
NA
Designs and develops Web based supply chain management applications.
3/10/2010
Multicast Media
Technologies
KIT digital
(NasdaqGM:KITD)
$25.8
NA
NA
Provides live event broadcasting, Internet video management, and multimedia
communications.
3/4/2010
Verrus Mobile Technologies PayPoint (LSE:PAY)
and Verrus U.K.
$49.7
NA
NA
Provide mobile commerce payment systems. The services include payment of parking
tickets by phone and credit cards and meter out of order, which answers and tracks meter
out of order calls.
3/4/2010
PM Systems Corporation
S1 Corporation
(NasdaqGM:SONE)
$30.0
NA
NA
Provides Internet banking, bill payment, and network security services for the credit union
industry in the United States.
3/3/2010
PagosOnline.net
BuscaPé
NA
NA
NA
Pperates as online payment service provider.
3/2/2010
Spark Networks
Great Hill Partners
$57.6
$45.4
1.3x
Provides online personals services in the United States and internationally. Its Web sites
enable adults to meet online, participate in a community, and form relationships.
3/1/2010
SPC
Total System Services
$295.0
$93.0
3.2x
Provides credit, debit, check, and alternative payment processing services. Its products
include Bill Me Later, an alternative payment option; First Billing, which processes
recurring and installment billing.
3/1/2010
Danal
Danal Co.
$70.9
NA
NA
Provides online payment solutions. It offers BilltoMobile, an online payment service that
enables consumers to charge online purchases to their mobile phone bills.
Page 27 of 52
April 2010
Select Software
Implied
Total
EV /
Enterprise
Revenue
Revenue
Value ($mm)
($mm)
Date
Target
Buyer
4/13/2010
CAVU Corporation
Iron Data Solutions
NA
NA
NA
Provides regulatory and revenue management software solutions for state and local
governments in the United States.
4/13/2010
Massively Overrated
Double Encore
NA
NA
NA
Designs and develops iPhone applications such as Coathangr, which is designed to serve
fashion-centric microblogger and the iPhone version of Typewar, a multiplayer typography
game that is popular with graphic designers.
4/13/2010
Rabbit Technologies
SpringSource
NA
NA
NA
Develops and supports RabbitMQ, an enterprise messaging system.
4/13/2010
Kronodoc
BlueCielo ECM Solutions
BV
NA
NA
NA
Develops and markets Web based project document management solutions, focuses on
document driven processes in project operations.
4/13/2010
TinyPlanet Software
Outer Level Corp.
NA
NA
NA
TinyPlanet Software, LLC engages in the development of software solutions for travel
industry.
4/12/2010
SMR U
Management Buyout
NA
NA
NA
Engages in developing and marketing of strategic human resource software, providing
technical services, and information technology related consulting and training services.
4/12/2010
NTS Systemhaus Süd &
Co. KG
DdD retail
NA
NA
NA
Offers information technology solutions. It offers software solutions for clothing retailers.
4/12/2010
Plink Search
Google
NA
NA
NA
Develops and markets a visual search software solution for use in mobile phones.
4/12/2010
RK Infotech Private
Emtec
NA
NA
NA
Operates as a software consulting company.
4/12/2010
Coveris S
Institut de Participations de
l'Ouest
NA
$11.4
NA
Coveris SAS develops recovery management software. The company was founded in
2001 and is based in Gradignan, France.
4/12/2010
Double-Take Software
Management Buyout
NA
$83.2
NA
Develops, sells, and supports software that allows IT organizations to move, manage,
protect, and recover workloads across various physical and virtual server environments.
4/12/2010
Moore Stephens Business
Solutions
Cover-All Systems
$2.5
$6.0
0.4x
4/11/2010
HIGH-DEF Technology
Beckhoff Automation
NA
NA
NA
Provides integrated networked-home solutions for the digital home.
4/9/2010
MetaCarta
Nokia
NA
NA
NA
Provides geographic information retrieval and search solutions. It offers users map-driven
geographic search, geographic referencing, and data visualization solutions.
4/9/2010
Applied Resource
Technology
Architel
NA
NA
NA
Engages in software development. The company was founded in 1987 and is based in
Dallas, Texas.
4/9/2010
atebits
Twitter
NA
NA
NA
Designs and develops mobile and desktop applications.
4/9/2010
Vivisimo, Clusty.com and
Velocity Platform
Cinnabar Ventures
NA
NA
NA
Clusty.com offers non-exclusive and non-competitive search services and Velocity is a
metasearch engine which organizes numerous search results into several meaningful
categories.
4/9/2010
QNX Software Systems
International
Research In Motion
$200.0
NA
NA
Provides middleware, development tools, and operating system software and services for
embedded design applications.
4/8/2010
Igeoss sarl
Schlumberger Information
Solutions
NA
NA
NA
Provides geomechanical tools and consulting services to develop 3D geological structure
interpretations and to model natural fractures and faults for oil and gas, environment,
health, and academic and research organizations.
4/8/2010
Document Solutions
South African Bankers
Services Company
NA
NA
NA
Provides enterprise output management solutions for the financial, insurance,
telecommunication, and government sectors in Australia, New Zealand, Hong Kong,
Thailand, Singapore, South Africa, and Malaysia.
4/8/2010
Sector3
Trickstar Games
NA
NA
NA
Operates as a casual games developer.
4/8/2010
Ankeena Networks
Juniper Networks
(NYSE:JNPR)
$100.0
NA
NA
Develops media infrastructure solutions.
4/7/2010
Elis AS
Herkules Capital AS
NA
$9.1
NA
Elis AS provides customer information systems to the utility industry. The company was
founded in 1992 and is based in Dale i Sunnfjord, Norway.
Provider of business intelligence and advanced analytics solutions to the insurance
industry.
Page 28 of 52
April 2010
Select Software (Continued)
Date
Target
Buyer
4/7/2010
Phoenix Technologies ,
FailSafe and Freeze AntiTheft Assets
Absolute Software
4/5/2010
Symyx Technologies
(NasdaqGS:SMMX)
4/5/2010
Implied
Total
EV /
Enterprise
Revenue
Revenue
Value ($mm)
($mm)
$6.9
NA
NA
Comprises security solutions for personal computers. FailSafe service is a theft-loss
protection and prevention solution for mobile PCs.
Accelrys
$98.2
$150.5
0.7x
Provides software and services to life science, chemical, energy, and consumer and
industrial products industries to enhance and integrate research data management
worldwide.
Equifax Enabling
Technologies
CRIF Corporation
$72.4
NA
NA
Provides automated credit risk management and financial technologies for online and
traditional lending environments.
4/5/2010
Hangzhou Zhongbo
Software Technology
Asiainfo Technologies
(Chengdu)
$8.8
NA
NA
Provides software and IT solutions for the cable industry in China.
4/1/2010
Mettoni
Enghouse Systems
$22.8
$26.8
0.9x
3/31/2010
IRP
SouthPeak Interactive
$4.2
NA
NA
Designs and develops videogames.
3/31/2010
Groupe ALTA
Aero-Photo (1961)
$3.8
NA
NA
Provides aerial data acquisition and geospatial technologies and solutions. The company
offers Alta Photogrammetry Suite, a photogrammetric and digital imagery software for
mapping and GIS professionals.
3/29/2010
ADP Commercial Systems
NVM Private Equity
$21.7
NA
NA
Develops and provisions trading and financial software environments for distribution,
wholesale, merchant, and retail industry sectors.
3/26/2010
Laverock von Schoultz
La Francaise Des Jeux
$22.3
$5.4
4.2x
Engages in the design and development of software for gaming and betting organizations.
3/25/2010
Plato Learning
(NasdaqGM:TUTR)
Thoma Bravo
$114.6
$64.7
1.8x
Engages in the development and marketing of educational software and related services
primarily in the United States.
3/25/2010
Five Companies (Datasul)
TOTVS
$23.8
NA
NA
Offers financial software development services. Logistics Solutions Ltda offers software
development services.
3/25/2010
Gilon Business Insight
Ness Technologies
$19.9
$22.0
0.9x
Provides enterprise business intelligence (BI) consulting, products, and solutions in Israel.
3/22/2010
Personal & Informatik AG
(P&I) (XTRA:PUI)
Argon & Co.
$153.8
$84.4
1.8x
Supplies integrated software solutions for human resources management in Europe.
3/22/2010
Optiant
Logility
$3.3
NA
NA
Provides supply chain network design, inventory optimization, and supply chain business
intelligence solutions.
3/15/2010
Lanner Group
NVM Private Equity
$4.5
NA
NA
Provides process simulation software solutions. It offers WITNESS, a business simulation
system to model working environments, simulate the implications of different business
decisions, and understand various processes.
3/15/2010
vLinx
Bearing Mineral Exploration
$4.0
NA
NA
Designs and develops Web based supply chain management applications. The company
offers eCatalogue-Transaction Engine, an enterprise application that offers online trading,
transaction processing and negotiation.
3/15/2010
Brady Switzerland
Brady
$3.0
$8.2
0.4x
Software solutions provider for soft commodities, oil, gas, and metals. The company
provides contract management, payment, invoicing, logistics, inventory management and
treasury solutions.
3/14/2010
Chordiant Software
Pegasystems
$104.2
$76.3
1.4x
Offers solutions that include software applications, and tools and services.
3/12/2010
NetHawk Oyj
EXFO
$49.4
$39.2
1.3x
Engages in the manufacture and sale of analysers and simulators used in
telecommunications networks. It offers various types of analysers, including NetHawk M5
a product platform for simultaneous 3G, 2.5G, and 2G monitoring.
3/10/2010
Nimsoft
CA
$350.0
NA
NA
Provides performance and availability monitoring software solutions for physical and
virtualized information technology infrastructure.
3/10/2010
Goya AS
Advent Norway AS
$5.0
NA
NA
Offers software development services.
3/9/2010
X-Listing Co.
NTT Communications
Corporation
$16.7
NA
NA
Develops and operates web directory search engine.
3/8/2010
Netrics
Tibco Software
$10.5
NA
NA
Offers intelligent database record matching software in the field of automated spelling and
grammar correction.
Provides software and services to enable and improve person to person communications
in enterprises.
Page 29 of 52
April 2010
Select Communications
Date
Target
Buyer
4/15/2010
Teledata Networks Ltd.
Enablence Technologies
Inc.
3/1/2010
Media Meeting Limited
4/14/2010
Implied
Total
EV /
Enterprise
Revenue
Revenue
Value ($mm)
($mm)
$50.1
NA
NA
Develops access network solutions and products for telecom operators and services
providers.
GO-SIM Limited
NA
NA
NA
Operates as a communication provider and provides SIM cards to customers.
Aurora Networks, Inc.
TA Associates, Inc.
NA
145.0
NA
Designs, develops, manufactures, and markets optical transport systems for broadband
networks.
4/13/2010
SCADAgroup Pty Ltd
Schneider Electric S.A.
186.1
NA
NA
Operates in the telemetry and process control industry.
4/13/2010
R Cable Y
CVC Capital Partners Ltd.
Telecomunicaciones Galicia
SA
Investmentnation, Inc.
Coastal Capital Consulting,
Inc.
NA
278.2
NA
Offers telephony, broadband/Internet, and multi-channel thematic television solutions.
NA
NA
NA
Provides conference services to public and private companies.
4/13/2010
EKA Systems, Inc.
Cooper Power Systems,
Inc.
NA
NA
NA
Manufactures and supplies wireless smart network, smart grid networking, and advanced
metering infrastructure solutions.
4/9/2010
Willtek Communications
GmbH
2.8
NA
NA
Provides terminal and air-interface testing solutions, and handheld spectrum analyzers for
the mobile telecommunications industry.
4/7/2010
UCOM Corporation
136.2
NA
NA
Engages in the construction and management of optical fiber infrastructure.
4/6/2010
Network Visualization
Group
Aeroflex GmbH; Aeroflex
Wichita, Inc.; Aeroflex
France
Unison Capital, Inc.;
Unison Capital Partners II,
L.P.; Unison Capital
NDS Surgical Imaging, LLC
NA
NA
NA
Provides transportation and management of medical video content on and off the hospital
data networks.
4/6/2010
JAS Broadband (Aust) Pty
Ltd.
NA
NA
NA
Offers wireless networking services.
4/5/2010
Empresa de
Metrotel S.A E.S.P
Telecomunicaciones de
Bucaramanga S.A. E.S.P.
OJSC Multiregional Transit ZAO Peterstar
Telecom
0.1
NA
NA
Offers telecommunications services.
NA
NA
NA
Provides international and domestic long-distance telecommunications services in Russia
and internationally.
3/31/2010
Enforta
UFG Private Equity; UFG
Private Equity Fund II, L.P.
NA
NA
NA
Provides wireless broadband telecommunication services in Russia.
4/2/2010
Unos Sdn. Bhd.
Asialink Technology
Development Ltd.
NA
NA
NA
Offers communication and networking services.
4/1/2010
Vitec Group
Communications, LLC
HM Electronics, Inc.
13.3
34.1
0.4x
4/1/2010
4D Interactive Ltd.
-
28.9
NA
NA
Operates as an interactive communications agency.
4/1/2010
Wizz Pty Ltd.
BigAir Group Limited
NA
NA
NA
Owns, operates, and manages Ethernet network that provides wide area and local area
network extension, and Internet connectivity services.
4/1/2010
Arasor International, Ltd.,
Optical Wafer Fabrication
Facility and Assets in Japan
U Mobile Sdn Bhd
Multi-Purpose Holdings
Bhd
0.8
NA
NA
Engages in development and manufacture of integrated optoelectronics and wireless
solutions.
715.0
NA
NA
Operates as a mobile communications company.
4/13/2010
4/5/2010
4/1/2010
DyCom Wireless Solutions
Designs, manufactures, and markets voice communications systems.
4/1/2010
mBox Pty. Ltd.
j2 Global Communications,
Inc.
NA
NA
NA
Offers messaging and communications services.
3/31/2010
Spinbox AB
AllTele Allmänna Svenska
Telefonaktiebolaget
NA
11.0
NA
Operates as a virtual mobile operator.
4/1/2010
Octo Telematics SpA
Charme II; Montezemolo &
Partners SGR
NA
63.1
NA
Provides telematics systems and services.
Page 30 of 52
April 2010
Select Communications (Continued)
Implied
Total
EV /
Enterprise
Revenue
Revenue
Value ($mm)
($mm)
Date
Target
Buyer
3/31/2010
TV. Telecom Company
Limited
International Research
Corp. plc
1.4
NA
NA
Offers information technology and telecommunication services.
3/31/2010
Covad Communications
Group Inc.
MegaPath Inc.
NA
NA
NA
Provides digital subscriber line broadband data, voice, and wireless telecommunications
solutions.
3/31/2010
Mobile Technika Inc.
-
0.9
NA
NA
Manufactures and markets hardware products for Internet protocol (IP) communications
marketplace.
3/31/2010
Aperto Networks, Inc.
Tranzeo Wireless
Technologies Inc.
NA
NA
NA
Provides carrier-grade WiMAX base stations and subscriber units to service providers and
enterprises.
3/31/2010
NEC Philips Unified
Solutions B.V. (nka:NEC
Unified Solutions)
Netspace Online Systems
Pty Ltd.
NEC Corp.
NA
NA
NA
Engages in the development, production, marketing, and sale of enterprise-wide
communication solutions.
iiNet Ltd.
37.2
NA
NA
Provides Internet access and fixed telephony services.
Craig Wireless Systems
Ltd., Canadian Spectrum
Assets
Action Industries, Inc., Prior
to Reverse Merger with
Kalington Limited
Maskatiya Communications
(Pvt) Limited
Inukshuk Wireless Inc.
79.0
NA
NA
Comprises spectrum licences in Manitoba and British Columbia and offers
telecommunication services.
Kalington Limited
(nka:Action Industries, Inc.)
NA
0.0
NA
Provides prepaid long distance calling cards and other telecommunication products and
services in North America.
Pakistan
Telecommunication Co.
Ltd.
Zayo Group Inc.
NA
NA
NA
Provides digital subscriber line Internet access services for individuals, small and medium
enterprises, and small office/home office customers.
71.5
NA
NA
Designs, constructs, owns, operates, and maintains fiber optic networks in the United
States.
NA
NA
NA
Engages in the design, integration and maintenance of complex networks of video
surveillance and access control.
10,700.0
NA
NA
Provides telecommunication services in Africa.
NA
NA
NA
Provides mobile communications services for large and medium-sized corporations.
104.0
NA
NA
Provides wireless multimedia messaging, SMS, interactive voice response, locationbased, video short codes, and interactive television services.
NA
Telecommunication company which offers internet services.
3/29/2010
3/26/2010
3/26/2010
3/25/2010
3/24/2010
AGL Networks, LLC
3/24/2010
Trafic Transport Sureté
SAS
Canal Cable SAS
3/24/2010
Zain Africa B.V.
Bharti Airtel Ltd.
3/24/2010
Simmplus B.V.
Ezwim B.V.
3/23/2010
MX Telecom Ltd.
OpenMarket Inc.
3/22/2010
ZAO Elkatel
National Cable Network
NA
NA
3/19/2010
Bright Choice, Inc.
Omnicity, Corp.
0.2
NA
NA Provides dial-up, high speed DSL, wireless, and satellite Internet services in North Central
Ohio.
3/19/2010
Crewcall Network Limited
Crewcall Telecoms Limited
NA
NA
NA Develops offerings for the low-cost calling telephony market.
3/18/2010
Nessco Services Ltd and
Nessco, Ltd.
Spiritel plc
3.1
NA
3/17/2010
21st Century Infra Tele
Limited
Wireless-TT Info Services,
Ltd.
297.4
NA
NA Nessco Services Ltd. provides integrated network solutions to the business telecoms
market. Nessco, Ltd. provides telecommunications engineering solutions to the oil and
gas industry.
NA Owns and operates telecommunication towers.
3/17/2010
Broadband Inc.
E-Networks Inc.
NA
NA
NA Provides broadband wireless access solutions in the Caribbean and South America.
3/17/2010
Thinklogical Inc.
Riverside Partners LLC;
Riverside Fund IV, L.P.
NA
NA
NA Engages in the design and manufacture of console management devices.
3/17/2010
Raysat Antenna System
LLC
Gilat Satellite Networks Ltd.
25.0
NA
3/16/2010
Optibase Ltd., Entire Video Vitec Multimedia
Business And Optibase,
Inc.
Telefonica O2 Germany
Huawei Technologies Co.,
GmbH & Co.OHG., Field
Ltd.
Service
8.0
NA
NA Engages in the development, marketing, sales and support of advanced, in-motion,
SATCOM On-The-Move (SOTM) antenna systems for the commercial, government,
military and transportation markets.
NA Provides encoding, decoding, video server upload, and streaming solutions for telecom
operators, service providers, broadcasters, and content creators.
NA
NA
3/16/2010
NA Offers maintenance and servicing of the mobile communications infrastructure.
Page 31 of 52
April 2010
PRIVATE PLACEMENTS
Select Internet
Amount
Raised
($mm)
Date
Company
Investors
Business Description
4/15/2010
The Hut Group
$21.7
Artemis Fund Managers Limited, Balderton Capital,
The William Currie Group
Provides e-commerce solutions to retailers. It offers technology, logistics, design, content
management, marketing, and customer services.
4/14/2010
Knewton
$12.5
Accel Partners, Bessemer Venture Partners, FirstMark Operates as an online education company that offers online preparation courses for the tests
Capital, First Round Capital
like GMAT, GRE, SAT, and LSAT.
4/14/2010
Cramster
$6.0
Primera Capital
Online study community of students, educators, and subject enthusiasts.
4/14/2010
Pricing Dynamics
$2.0
Undisclosed Investors
Operates an online food community. Its online platform provides a suite of social networking
features that enable its users to interact and share their food experiences.
4/14/2010
Silicon Valley
International
University
$0.2
Informatics Education
Operates a portal that provides e-learning for higher education programmes and other
education services.
4/13/2010
ShoeDazzle.com
4/13/2010
Demandware
$7.0
North Bridge Venture Partners, General Catalyst
Partners
Designs and develops ecommerce merchandising and marketing platform.
4/13/2010
Cenoplex
$1.5
Provides profiled messaging solutions to assist operators in their lifecycle management.
4/11/2010
Alipay.com Co.
Alibaba.com
Provides online payment services in China. It offers its e-commerce payment technology and
risk management system for banks and financial institutions.
4/9/2010
Searchandise
Commerce
4/8/2010
Strategic
Pharmaceutical
Solutions
$20.0
4/8/2010
LaMiu China
$10.0
4/5/2010
Quirky
3/31/2010
$12.6
$732.7
$7.0
Polaris Venture Partners, Lightspeed Venture Partners Operates an online shoe store for women in the United States.
Provides e-commerce and search solutions for product manufacturers and retailers.
Draper Fisher Jurvetson, Madrona Venture Group,
Wheatley Partners, L.P., Draper Fisher Jurvetson
Gotham Ventures, Inflection Point Ventures, Milestone
V
P Investors
Cl
C i lP
LLC
Undisclosed
Operates as an online pharmacy company. It offers pharmaceutical services and home
delivery of pet care products.
Operates female underwear business-to-consumer site. The company offers lingerie,
loungewear, slimming wear, warmth underwear, and accessories through its portal.
$6.0
RRE Ventures, Village Ventures, Contour Venture
Partners, Lowercase Capital
Operates as a social network for product development. It enables users to submit their product
ideas; to vote, rate, and influence other people's product ideas; and to post ideas.
Instawares Holding
Company
$7.6
Instawares Holding Company, LLC operates as an e-commerce company that supplies
restaurant equipment. The company was founded in 2009 and is based in West Point,
Georgia.
3/31/2010
Quikr India Private
Limited
$6.0
Norwest Venture Partners, eBay, Omidyar Network,
Matrix Partners India
Operates as a community classifieds Website. It enables people in the same city to meet,
trade, share ideas, and help in various areas, such as household goods, cars and bikes,
services, real estate, jobs, and matrimonial.
3/31/2010
Citysquares Online
$0.5
Operates an online community Website for neighborhood information. It provides businesses
an opportunity to reach local consumer audience through a search engine.
3/30/2010
LearnVest
$4.4
Accel Partners, RoseTech Ventures, LLC, Richmond
Management
A personal finance company, provides interactive and educational articles, and personal
finance information on the Web.
3/30/2010
FameCast
$2.8
Operates an online talent competition and community for the entrepreneurial musicians. Its
platform enables music fans, corporations, and artists to participate and vote in online contests
for driving marketing campaigns.
3/30/2010
Myskreen
$2.0
Le Figaro, Habert Dassault Finance SARL
Operates as a video portal which indexes the French legal video download and television
streaming market.
3/29/2010
Hostway
Corporation
3/29/2010
Markafoni
$7.0
Operates as a shopping club that offers apparel, accessories, sporting goods, cosmetics, toys
and technology products.
3/29/2010
Scripped
$0.3
Provides screenwriting software. It offers Scripped Writer, a Web-based script writing software
that enables to start a new script, create new drafts of an existing script, and managing script
details.
3/26/2010
TV Goods
$1.5
TV Goods, Inc. provides online retailing services. TV Goods, Inc. was founded in 2005 and is
based in Clearwater, Florida.
$110.0
Veronis Suhler Stevenson, Phoenix Life Insurance Co., Provides domain name registration, Web hosting and e-commerce, co-location, managed and
Investment Arm
software as a service applications hosting, Web designing, and online marketing services.
Source: Capital IQ, VentureSource
Page 32 of 52
April 2010
PRIVATE PLACEMENTS
Select Internet (Continued)
Amount
Raised
($mm)
Date
Company
Investors
3/26/2010
Brazen Careerist
$0.4
Operates a career focused social networking site for next-generation professionals.
3/24/2010
Stitcher
$6.0
Benchmark Capital, New Atlantic Ventures
Operates as a mobile audio company. It offers a media service that allows audio content to be
aggregated, organized, and shared on mobile devices.
3/24/2010
Tuenti Technologies
S. L.
$1.2
Qualitas Equity Partners
Operates a social networking Web site in Spain. Its Web site enables users to find their friends
and contacts, as well as share personal information, post pictures, and join debate forums or
cause-oriented support groups.
3/22/2010
BabyAge.com
Brook Venture Partners, Alumni Capital Network
Operates as an online retailer of pregnancy, infant, and juvenile products. It offers apparels,
baby bedding products, baby gears, bath and potty products, car seats, travel systems,
diapers and feeding products, health and safety.
3/22/2010
Bluelock
$2.5
Provides virtual cloud computing and managed information technology (IT) solutions through
an infrastructure-as-a-service model. The company offers physical IT infrastructure, such as
servers, routers, firewalls, switches, and storage devices.
3/19/2010
Hangout Industries
$2.0
Develops 3D social media platform. It offers Hangout.net, a casual 3D social networking that
leverages cross-platform, browser-based, and Web 2.0 technologies.
3/17/2010
Avvo
$10.0
Benchmark Capital, Ignition Partners, DAG Ventures
Operates as an online legal directory that rates and profiles lawyers in the United States.
3/17/2010
CityDeal GmbH
$6.9
Holtzbrinck Ventures Gmbh, Investment AB Kinnevi,
eVenture Capital Partners GmbH, European Internet
Holding
CityDeal GmbH engages in internet retail. The company was formerly known as MyCityDeal. It
is based in Berlin, Germany.
3/17/2010
Second Porch Inc.
$1.0
Oregon Angel Fund
Operates as a vacation-rental advertising site in the United States. It offers property listing,
and list renting and trading services, as well as enables vacant home property owners to limit
the visibility.
3/12/2010
Akademos
$0.8
Operates online academic bookstores and marketplaces for educational institutions in the
United States.
3/12/2010
Fungo Media
$0.6
Provides mobile scorekeeping and live updates solutions for coaches, team managers, and
parents of athletes.
3/11/2010
Netzoptiker GmbH
$1.8
Crédit Agricole Private Equity
Netzoptiker GmbH engages in online distribution of eyewear. The company is based in
Limburg a.d. Lahn, Germany.
3/10/2010
Hungry Machine
Grotech Ventures, U.S. Venture Partners, Revolution
Hungry Machine, Inc., doing business as LivingSocial.com, is a social discovery and
cataloging network.
3/10/2010
Beijing Zhijin Leye
Education and
Technology Co.
$4.4
Sequoia Capital
Beijing Zhijin Leye Education and Technology Co. Ltd. provides online medical education and
training services.
3/10/2010
Begade Corp.
$1.0
Begade Corp. offers online music libraries. The company offers a web hosting solution that
integrates track-based mixing and a music fan portal.
3/9/2010
VANCL
IDG Capital Partners, Qiming Weichuang Venture
Capital Management (Shanghai) Company Limited
VANCL distributes men’s apparel online in China. It offers cotton spinning iron-free, satin, and
short-sleeved shirts; and short-sleeved T-shirts, as well as casual and formal trousers.
3/9/2010
Yamisee
$0.3
Yamisee, LLC provides a live online learning platform that offers a marketplace for teachers
and subject matter experts to share their knowledge.
3/8/2010
AutoQuake
$9.0
Accel Partners, Highland Capital Partners
Operates as an online car supermarket. It sells used cars, as well as provides various options,
including delivery service, test drive, finance, and warranty.
3/5/2010
Burbn
$0.5
Baseline Ventures, Andreessen Horowitz
Burbn, Inc. offers internet based social networking services. The company was founded in
2009 and is based in the United States.
3/4/2010
Global Debt Network
$0.5
Operates a marketplace for consumer loan portfolios across various asset classes.
3/2/2010
Smartdate SAS
$2.7
360° Capital Partners
Operates an online dating site. The company enables users to search friends through
Facebook and other social networks connectivity.
3/1/2010
Brave New Talent
Limited
$0.5
Operates a social networking platform to connect people with employers of their choice in the
United Kingdom and internationally.
3/1/2010
Buuteeq
$0.3
Offers digital marketing solution. It provides services that include traffic aggregation, SEO/SEM
tools, booking and promotion engines, and content management services.
$15.0
$25.0
$100.0
Page 33 of 52
April 2010
PRIVATE PLACEMENTS
Select Software
Amount
Raised
($mm)
Date
Company
Investors
4/15/2010
RayV
$8.0
Provides solutions for television over Internet protocol (TV over IP). Its services include TV
over IP delivery network for supporting the needs and value chain of the TV industry.
4/14/2010
Clarabridge
$4.3
A text analytics software company, provides customer experience management solutions. The
company specializes in analyzing contact center messages, comments, reviews, and other
customer feedback in the context of transactions.
4/14/2010
Shenzhen CyberHarbour Network
Co.
$2.8
China Merchants Holdings (International) Company
Limited (SEHK:144)
Provides E-declaration software solutions and an EDI platform to maritime enterprises and port
administration authorities.
4/12/2010
AutoESL Design
Technologies
$4.5
Provides platform-based communication-centric Electronic System Level (ESL) synthesis
tools.
4/11/2010
PostalGuard
$4.0
Genesis Partners
PostalGuard Ltd. develops software solutions for secure email communications. The company
was founded in 2007 and is based in Tel Aviv, Israel.
4/9/2010
Gvitech
Technologies Co.
$8.8
Shenzhen Fortune Venture Capital Management Co.,
Beijing Zhicheng Shengjin Venture Capital Co.
Gvitech Technologies offers visualization application software, hardware, byproducts and
related integrated solutions.
4/8/2010
Code Green
Networks
$4.0
Provides data loss prevention and content security solutions for enterprises.
4/8/2010
Collarity
$2.7
Provides search and discovery solutions for Web publishers. It provides content discovery
services, such as recommendation, navigation widgets, and content syndication; and search
services, including site search.
4/6/2010
Druva Software Pvt.
$5.0
Sequoia Capital India, IAN Consultancy Services Pvt.
Provides continuous data protection, data deduplication, and disaster recovery solutions.
4/5/2010
FreeWheel Media
Battery Ventures, Foundation Capital, Turner
Broadcasting System, Steamboat Ventures
Offers online video advertising solutions. It offers the Monetization Rights Management (MRM)
suite to syndicate video.
4/5/2010
SpaceClaim
Corporation
North Bridge Venture Partners, Kodiak Venture
Partners, Needham Capital Partners, Borealis
Ventures
Develops and markets 3D direct modeling software solutions that help engineers, CAE
analysts, product designers, and manufacturers in the product development process.
4/1/2010
Telarix
$20.0
Brown Brothers Harriman & Co., Investment Arm,
Edison Venture Fund
Provides interconnect business optimization solutions to wireline, wireless, broadband, and
VoIP communication service providers.
4/1/2010
Xobni Corporation
$16.2
4/1/2010
Airborne Biometrics
Group
$10.0
Develops a plugin for Microsoft Outlook that helps users to organize their inbox.
JLA Ventures, RRE Ventures LLC, RBC Venture
Partners, First Round Capital, Khosla Ventures,
Atomico Investment Holdings Limited, Cisco Systems,
I
AInvestors
B
li V
Undisclosed
Provides software as a service facial recognition software. The company offers FaceFirst,
which allows users to identify individuals with prior arrest records, suspected shoplifters, and
persons of interest on the client internal watch/ban lists.
3/31/2010
moka5
$20.8
Highland Capital Partners, NGEN Partners, Khosla
Ventures
Develops and markets virtual computer technology in the United States.
3/31/2010
Composite Software
$12.9
Provides data virtualization software for information technology and business professionals. Its
solutions provide link between enterprise data and the desktop.
3/31/2010
Knowledge Holdings
$10.7
Engages in developing, publishing and distributing multimedia educational software.
3/31/2010
4Home
$6.8
Provides software and services for OEM networking hardware partners and broadband service
providers.
3/31/2010
Networked Insights
$5.0
Kegonsa Technologies , Investment Arm
Provides customer intelligence solutions for advertisers, marketers, and public relations
professionals.
3/31/2010
White Sky
$3.3
Provides software solutions for online transactions. The company offers ID Vault Secure View
that protects online financial accounts, including banks, credit unions, and brokerages, as well
as online shopping.
3/30/2010
Event Robot
$8.0
Menlo Ventures, True Ventures
Develops on-demand collaboration software solutions for enterprises. Its products unite
traditional Intranet features with social networking technology to empower employees to
expand, create, and share knowledge across the enterprise.
3/29/2010
ScienceLogic LLC
New Enterprise Associates
Provides information technology operations management solutions for public and private
sectors in the United States.
3/29/2010
VPIsystems
TVM Capital GmbH, Core Capital Partners, New
Venture Partners LLC, Innovation Capital, Cipio
Partners
Develops and markets network planning software and services for the telecommunications
industry in the United States and internationally.
$16.8
$5.0
$15.0
$4.0
Source: Capital IQ
Page 34 of 52
April 2010
PRIVATE PLACEMENTS
Select Software (Continued)
Amount
Raised
Date
Company
3/29/2010
Ambature LLC
Investors
Ambature, LLC designs and develops technologies to improve the efficiency of power
distribution while reducing electricity consumption.
3/26/2010
Vidyo
Menlo Ventures, Rho Capital Partners, Sevin Rosen
Funds, Star Ventures Management GmbH, The Four
Rivers Group
Provides Internet based video conference solutions. The company offers VidyoRoom, a
system that configures and displays video in multiple layouts; VidyoDesktop, a software-based
solution that enables video conferencing available on desktop.
3/26/2010
Derivix Corp.
$6.0
JPMP Capital, S.A.C. Capital Advisors LLC
Provides financial services software for the electronic marketplace. It develops institutionalstrength options pricing, risk management, and analytics solutions for hedge funds, investment
banks, and other financial institutions.
3/26/2010
Awareness
Technologies
$5.5
Designs and develops security software. The company offers InterGuard, an integrated suite
of DATALOCK, an application that identify, tracks, and controls data access.
3/26/2010
JackBe Corporation
$3.5
Provides enterprise mashup software for government, financial services, and healthcare
sectors.
3/25/2010
FireScope
$5.0
Provides information technology services management solutions. It offers Business Service
Management, a solution that provides a real-time view of the health of information technology
operations by collecting and processing security.
3/24/2010
C$ cMoney
$15.0
Kodiak Capital Group
Operates as a mobile technology company. It offers a platform which enables consumers to
send money or pay for goods and services anywhere that cash, checks or credit cards are
accepted.
3/24/2010
Karmasphere
$5.0
Hummer Winblad Venture Partners, U.S. Venture
Partners
Karmasphere Inc. provides business analytics software solutions.
3/23/2010
MuleSoft
$12.0
Bay Partners, Hummer Winblad Venture Partners,
Morgenthaler, SAP Ventures, Lightspeed Venture
Partners
Company, provides enterprise-class software, support, and services.
3/23/2010
Kidzui
Maveron LLC, Mission Ventures, Scholastic
Corporation (NasdaqGS:SCHL), Emergence Capital
Partners, First Round Capital
Provides a Web browser designed for kids. Its Web browser offers games, Websites, videos,
and photos, as well as offers search engine and community services for kids.
3/22/2010
Red 5 Studios
The9 Limited (NasdaqGS:NCTY)
Red 5 Studios, Inc. develops multiplayer online games and entertainment.
3/19/2010
Brightleaf
Corporation
Foundry Group
Develops and markets legal document automation software to law firms and legal
departments. The company through its software offers contract assembly and legal workflow
assembly solutions.
3/18/2010
Altierre Corporation
$15.0
Provides wireless pricing solutions and digital applications for retail chains in the United
States. It offers single-platform hardware, software, and other IT solutions that help in the retail
chain-wide pricing and communication with consumers.
3/18/2010
RingCube
Technologies
$10.0
MDV-Mohr Davidow Ventures, New Enterprise
Associates
Provides managed virtual workspaces in the United States and internationally. It offers vDesk,
a virtualization software platform that enables employees, contractors, and customers to
access and run personalized desktop environment.
3/18/2010
CereSoft
$8.8
Peregrine Ventures, Accelmed Fund
Develops and delivers data capture technology for hospitals and healthcare insurance
companies.
3/16/2010
Pentaho Corporation
$7.0
Provides open source business intelligence solutions. The company focuses on
comprehensive reporting, OLAP analysis, dashboards, data integration, data mining, and a BI
platform.
3/12/2010
Message Systems
$6.0
NewSpring Capital
Provides email software solutions and services for email service providers, Internet service
providers, and corporate enterprises to manage the delivery of business emails.
3/12/2010
Novitaz
$2.9
A software solutions company, provides an end-to-end presence-identification based loyalty
solutions for retail, banking, healthcare, technology, and hospitality environments.
3/11/2010
GeoSolutions, B.V.
$11.0
Schroders plc (LSE:SDR)
Operates as a pre-revenue software developer. The company’s solutions allow mobile users to
access user generated content and local information, which is aggregated from third party
information sources.
3/8/2010
Akorri
$10.1
Montagu Newhall Associates
Provides cross-domain performance management software for the virtualized data center.
3/8/2010
SeaWell Networks
$7.0
BDC Venture Capital, Northwater Capital Management Provides technology for the distribution and delivery of Internet video. It offers video hosting
, Ontario Centres of Excellence, Investment Arm
and distribution solutions for content delivery networks and other video hosting companies.
3/8/2010
EvoStor
$3.0
Hummer Winblad Venture Partners, Starfish Ventures
Pty Limited, Southern Cross Venture Partners
($mm)
$3.0
$25.0
$4.0
$20.0
$3.0
EvoStor Inc. develops storage software solutions and is based in Los Gatos, California.
Source: Capital IQ
Page 35 of 52
April 2010
PRIVATE PLACEMENTS
Select Communications
Amount
Raised
Date
Company
04/14/2010
CCO Holdings LLC
04/14/2010
PacketFront
Sweden AB
04/13/2010
Neli Technologies
04/08/2010
SBA
Communications
Corp.
(NasdaqGS:SBAC)
Overture Networks,
Inc.
04/07/2010
Investors
Provides broadband communication services in the United States.
Amadeus Capital Partners Limited; European Equity Partners; TLcom
Capital LLP
Engages in developing, designing, and operating open access fiber
networks.
Paca Entreprendre, Investment Arm
Develops broadcasting digital terrestrial television solutions.
1,230.0
Engages in the ownership and operation of wireless
communications towers.
17.2
Provides converged packet access solutions for carrier Ethernet.
25.5
Machine-to-machine (M2M) mobile operator.
($mm)
$1,600.0
13.0
0.8
04/01/2010
Jasper Wireless,
Inc.
04/01/2010
Goodman Networks,
Inc.
7.0
Provides telecommunications equipment installation and
maintenance services to carriers and original equipment
manufacturers (OEM) in wireless and wireline industries.
03/31/2010
MobileAccess
Networks, Inc.
8.5
Provides enterprise wireless solutions.
03/30/2010
Donghwa Telecom
Co., Ltd.
45.0
Chunghwa Telecom Co. Ltd. (TSEC:2412)
Engages mainly in international telecommunications, IP fictitious
internet and internet transfer services.
03/30/2010
SinglePipe
Communications,
Inc.
1.2
Provides residential and business class voice over Internet protocol
phone services for small and medium businesses, and residential
customers.
03/28/2010
Intucell Ltd.
2.5
Genesis Partners Ltd.
Offers radio management solution to enable mobile operators to
better utilize radio access networks, and handle more traffic with
the introduction of smartphones.
03/24/2010
New
Communications
Holdings Inc.
3,200.0
Provides domestic wireless communication services to residential
and small business customers.
03/26/2010
Menara Networks,
Inc.
4.1
Designs and manufactures telecommunication and electrical
equipment.
03/25/2010
ITC^DeltaCom Inc.
(OTCBB:ITCD)
325.0
Provides integrated communications services in the southeastern
United States.
03/25/2010
MÁS Móvil Telecom
3.0, S.A.
Northzone Ventures; Inveready Seed Capital, SCR, S.A.
Mobile operator in Spain. It provides prepaid, MÁSInternet, and
roaming services.
03/23/2010
Wireless-TT Info
Services, Ltd.
Infrastructure Development Finance Co. Ltd. (BSE:532659)
Builds, operates, and provides telecom infrastructure, systems, and
networks and services for transmission of voice and data
communications.
03/23/2010
Agile RF, Inc.
1.0
Engages in the design and fabrication of tunable integrated
components for wireless communications applications.
03/22/2010
Nistica, Inc.
6.5
Novitas Capital; Fujikura Ltd. (TSE:5803); NTT Electronics Corporation;
Battelle Ventures; Technology Venture Partners, LLC
Designs, develops, manufactures, and supplies optical modules
and networking systems for optical system OEM vendors, systems
providers, and service providers.
03/22/2010
Wedge Networks
Inc.
0.8
AVAC Ltd.
Provides network based Web security solutions to enterprises and
service providers.
03/18/2010
Positioning Animals
Worldwide Inc.
2.0
Engages in the development and sale of pet tracking devices to
locate and recover lost pets.
2.7
55.0
Source: Capital IQ
Page 36 of 52
April 2010
PRIVATE PLACEMENTS
Select Communications (Continued)
Amount
Raised
Date
Company
03/18/2010
Conlinet
Netzgesellschaft
mbH
03/15/2010
Digicel Group
03/17/2010
M:tel d.o.o.
03/17/2010
Nextwave Wireless
Inc.
(NasdaqGM:WAVE)
03/17/2010
ItsOn Inc.
03/16/2010
Horvath
Communications,
Inc.
03/16/2010
TAGSYS RFID
Group, Inc.
03/16/2010
Hantele Telecom
Science &
Technology Co.,
Ltd
Investors
VENTIZZ Capital Partners AG
Provides cable and fiber infrastructure.
Provides mobile telecommunications services in the Caribbean and
the Central American markets.
55.0
Telekom Srbija a.d.
Provides mobile telecommunication services.
25.0
Develops, produces, and markets mobile multimedia and
consumer electronic connectivity product solutions.
NA
Offers telecommunications services via telephone, satellite, and
wireless devices.
20.0
Peppertree Capital Management, Inc.
Develops, owns, and operates wireless communication towers for
wireless carriers in the United States.
12.0
DFJ Esprit; ADD Partners; Saffron Hill Ventures, Ltd.; Elliott Management Designs, manufactures, and integrates radio frequency
Corporation; Endeavour Vision SA
identification systems.
($mm)
NA
$775.0
8.1
Sequoia Capital China; Shenzhen Fortune Venture Capital Management Provides mobile telecommunications network design, planning,
Co., Ltd.
evaluation, as well as optimization and consulting services to
telecom carriers in China.
Source: Capital IQ
Page 37 of 52
April 2010
PRIVATE PLACEMENTS
Select Clean Technology
Amount
Date
Company
Raised ($mm) Investors
03/02/2010
Prudent Energy
02/25/2010
Cleantech Group
3.2
02/25/2010
CalStar Products
15.0
Clearpoint Ventures, EnerTech Capital, Foundation Capital,
Nth Power, The Westly Group
02/24/2010
CFX Battery
14.2
CMEA Capital, Harris & Harris Group,Schlumberger Limited, Engages in the development and commercialization of disruptive battery products. It offers primary,
U.S. Venture Partners
rechargeable, and lithium ion rechargeable batteries in coin cells, cylindrical, prismatic, and thin film
forms.
02/23/2010
General
Compression
17.0
Duke Energy Corporation, US Renewables Group
Generates electricity from wind energy. It offers Dispatchable Wind Power System, which collects and
stores wind energy in the form of compressed air, and generates electric power.
01/15/2010
Fisker Automotive
A123 Systems, Ace Investments, Kleiner, Perkins, Caufield
& Byers
A sports car company, engages in the design, manufacture, and marketing of electric vehicles.
01/08/2010
Achates Power
19.2
InterWest Partners, Madrone Capital Partners, RockPort
Capital Partners, Sequoia Capital, Triangle Peak Partners
Developing diesel engines technology that is expected to provide 50% improvement in fuel economy.
01/06/2010
Coda Automotive
25.0
An electric car and battery company, designs, develops, manufactures, markets, and distributes
electric cars and transportation battery systems in the United States.
12/18/2009
Tioga Energy
20.0
Draper Fisher Jurvetson, MEMC Electronic Materials, NGEN Provides solar electricity to commercial, government, and non-profit organizations. It offers a power
Partners, Nth Power
purchase agreement that encompasses various aspects of solar implementation, including design,
construction, ownership and maintenance, incentive and tax credit.
12/18/2009
DLG Battery
5.9
12/15/2009
EnOcean
12/15/2009
Asetek
12/14/2009
Danotek Motion
Technologies
12/09/2009
$22.0
115.3
11.6
8.0
Draper Fisher Jurvetson, DT Capital Partners, Northern
Light Venture Capital, Sequoia Capital China
Engages in the development, manufacture, and installation of vanadium redox battery energy storage
and power generation systems.
Consensus Business Group, CSFB Private Equity, Georgieff Provides market research and financial services for the clean technology investment category.
Capital Investors, Sail Venture Partners
ChinaValue Capital Partners
Engages in developing, manufacturing, and selling green building products for commercial exteriors
and hardscapes. The company offers fly ash bricks.
Manufactures cylindrical and polymer Lithium-ion (Li-Ion) rechargeable batteries.
Atmos, BayTech Venture, Emerald Technology, KATHREIN- Manufactures and markets wireless sensor solutions for use in buildings and industrial installations. It
offers energy harvesting technology, sensors, and radio frequency communication in a single solution
Werke, Siemens, Sustainable Energy Technology,
for building and home automation.
Wellington Partners
Undisclosed Venture Investor(s)
Provider of thermal and acoustic management solutions. The company provides liquid cooling, vapor
phase, and vapor chamber technologies for OEM design solutions.
13.2
CMEA Capital, Energy Capital Management, GE Energy
Financial Services, Khosla Ventures
Develops and manufactures permanent magnet generators and electric power conditioning systems
for clean energy applications. It offers brushless motors, power control electronics, electronic power
converters, pumps, motors and drives, and electro-hydraulic steering drives.
Harvest Power
10.0
Undisclosed Venture Investor(s)
Developer of renewable energy from yard and food waste. The company assists communities with
source separation programs, builds renewable energy facilities, and utilizes technology to produce
compost.
12/03/2009
TPI Composites
26.0
Angeleno Group, Element Partners, GE Energy Financial
Services, GE Equity, Landmark Partners, NGP Energy
Capital Management
Engages in designing, engineering, and manufacturing composite structures for the wind energy,
transportation, and military vehicle markets. Its products include custom wind blades, composite
decks, people movers, composite buses, floor systems, and components.
12/01/2009
Ener1(HEV:
$6.67)
20.0
Itochu
Engages in developing and manufacturing rechargeable lithium-ion batteries and battery systems.
11/06/2009
Landis+Gyr
100.0
Allianz Capital Partners, Bayard Group, IK Investment
Partners, MB Funds
Provides energy management products and services for the electricity metering industry. It offers
integrated AMM/advanced metering infrastructure solutions, communication systems and software,
meters, meter data management, and financing services.
10/01/2009
RLtec
Carbon Trust Investments;, Low Carbon Accelerator, Low
Carbon Investors, NAXOS Capital Partners
Offers energy solutions for the reduction of carbon emissions from electricity generation. It offers
dynamic demand technology that provides energy balancing services by taking the form of software,
which can be incorporated into the control unit of electrical appliances.
10/01/2009
Innovalight
15.0
Develops ultra thin-film power modules for residential and commercial applications. It focuses on
developing silicon-based solar cells for grid-connected solar power generation.
09/22/2009
Serious Materials
60.0
Cheyenne Partners, EnerTech Capital, Foundation Capital,
Mesirow Financial, Navitas Capital, NEA, Rustic Canyon,
Saints Capital, Staenberg Venture Partners
Develops and manufactures green building materials. Its products include thermal insulation drywalls
and soundproof drywalls for noise reduction in commercial and residential construction.
09/10/2009
Achates Power
12.1
InterWest Partners, Madrone Capital Partners, RockPort
Capital Partners, Sequoia Capital
Developer of a fuel-efficient, light, clean diesel engine. The company optimizes fuel economy through
increased thermal efficiency and reduced friction. The company's engine design minimizes part count
and mass to provide a light-weight, low-cost, durable solution.
07/08/2009
Control4
Corporation
17.3
Manufactures wired and wireless home automation products in the United States.
Best Buy Capital, Foundation Capital, Frazier Technology
Ventures, Mercato Partners, University of Utah Endowment,
vSpring Capital
06/10/2009
AlertMe
13.0
Good Energies, Technology Venture Partners, VantagePoint Provides an intelligent service that enables people to protect, monitor, and control their homes from
Venture Partners
their mobile phones and the web.
06/02/2009
Yeong Guan
Energy
Technology
G
30.0
STIC Investments, MC Capital
9.3
Supplies casting components to the wind power generation market.
Page 38 of 52
April 2010
Detailed Sector Data, Valuation Multiples, Metrics
Application Software:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Amdocs Ltd.
DOX
$31.14
205.7
$6,404.9
$1,292.2
$0.0
$5,112.8
Ariba Inc.
ARBA
14.31
89.3
1,278.4
144.1
0.0
Art Technology Group Inc.
ARTG
4.71
152.5
718.1
79.0
Autodesk, Inc.
ADSK
31.88
229.7
7,323.5
1,000.6
BroadVision Inc.
BVSN
13.58
4.4
60.0
61.8
0.0
Callidus Software Inc.
CALD
3.44
30.4
104.7
33.6
Chordiant Software, Inc.
CHRD
5.03
30.4
152.7
ClickSoftware Technologies Ltd.
CKSW
6.94
29.0
201.2
CVG
13.31
123.1
CSG Systems International Inc.
CSGS
21.95
Descartes Systems Group Inc.
TSX:DSG
6.35
Glu Mobile, Inc.
GLUU
IncrediMail, Ltd.
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
13.3x
LTM EPS
18.8x
NTM EPS
1.7x
1,134.2
3.4
3.2
31.7
14.1
51.4
NM
19.3
0.0
639.0
3.6
3.2
24.6
14.8
38.1
37.3
21.9
0.0
6,322.9
3.7
3.5
25.7
15.3
46.9
NM
28.0
(1.8)
NM
NA
NM
NA
NM
16.0
NA
0.0
71.1
0.9
1.0
NM
NM
NM
NM
NM
52.3
0.0
100.4
1.3
1.2
NM
17.8
NM
NM
40.2
34.4
0.0
166.8
2.7
2.3
13.3
10.1
15.0
17.3
17.1
1,638.8
331.7
469.6
1,776.7
0.6
0.7
10.0
5.7
37.2
NM
12.1
35.6
782.5
198.4
157.4
741.6
1.5
1.4
7.0
6.2
9.8
18.1
11.6
61.4
390.0
94.6
0.0
295.3
4.0
3.3
18.4
12.3
40.6
25.0
16.9
1.11
30.3
33.6
10.5
16.4
39.5
0.5
0.7
NM
NM
NM
NM
NM
MAIL
6.95
9.5
65.9
29.6
0.0
36.3
1.3
NA
NA
3.2
8.3
NA
JDA Software Group Inc.
JDAS
28.42
34.5
980.9
76.0
272.3
1,177.2
3.1
1.9
13.3
7.1
22.9
56.5
14.6
Manhattan Associates, Inc.
MANH
27.42
22.6
620.0
120.2
0.0
499.8
2.0
1.9
13.7
11.1
20.0
37.3
26.9
Parametric Technology Corporation PMTC
19.38
117.2
2,270.7
231.1
56.6
2,096.1
2.2
2.1
16.9
10.7
34.3
51.3
19.4
NA
7.5x
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
1.8x
Convergys Corporation
8.7x
NTM EBITDA
14.1x
PROS Holdings, Inc.
PRO
9.45
25.7
243.3
62.4
0.0
180.9
2.6
2.6
20.9
13.1
24.5
45.3
51.4
Saba Software Inc.
SABA
5.20
27.9
145.1
24.8
0.4
120.7
1.1
1.1
14.5
9.3
53.7
NM
15.3
Synopsys Inc.
SNPS
23.16
146.5
3,394.0
1,092.3
0.0
2,301.6
1.7
1.7
7.7
6.4
11.4
13.8
14.6
Unica Corp.
UNCA
9.28
21.1
195.7
49.8
0.0
145.9
1.5
1.3
49.0
9.6
NM
NM
26.4
$1,350.2
$251.0
$48.6
$1,147.9
2.1x
1.9x
18.4x
10.7x
28.2x
28.7x
21.9x
$505.0
$77.5
$0.0
$397.6
1.8x
1.8x
14.5x
10.4x
24.5x
21.9x
18.2x
High
$7,323.5
$1,292.2
$469.6
$6,322.9
4.0x
3.5x
49.0x
17.8x
53.7x
56.5x
51.4x
Low
$33.6
$10.5
$0.0
0.5x
0.7x
7.0x
5.7x
3.2x
8.3x
11.6x
Mean
Median
($1.8)
Infrastructure Software:
COMPANY NAME
TICKER
BMC Software Inc.
BMC
Citrix Systems, Inc.
CTXS
Double-Take Software, Inc.
Microsoft Corporation
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
$40.08
LTM SALES
NTM SALES
LTM EBITDA
LTM EPS
NTM EPS
12.4x
20.2x
14.5x
15.6
40.5
47.1
25.7
10.3
8.7
14.4
19.0
35.8
10.0
9.9
11.0
17.0
15.1
20.0
182.6
$7,319.4
$1,207.5
$374.2
$6,486.1
3.4x
NA
10.2x
48.63
183.0
8,898.3
599.6
0.0
8,298.7
5.1
4.7
24.1
DBTK
10.98
22.1
242.4
96.2
0.0
146.2
1.8
NA
MSFT
30.87
8,770.5
270,744.1
33,445.0
6,001.0
243,300.1
4.1
3.8
NTM EBITDA
7.5x
LTM EBIT
Novell Inc.
NOVL
5.79
347.1
2,009.8
991.3
0.0
1,018.6
1.2
1.2
7.5
6.7
10.4
NM
OPNET Technologies Inc.
OPNT
16.81
20.8
348.9
100.8
0.0
248.1
2.1
1.8
25.1
12.8
54.8
NM
34.1
Oracle Corp.
ORCL
26.20
5,011.2
131,294.0
17,489.0
15,727.0
129,532.0
5.4
3.8
11.5
9.4
14.0
23.4
14.4
Progress Software Corp.
PRGS
32.24
41.3
1,330.5
210.6
1.0
1,120.9
2.2
2.0
10.2
6.9
16.4
47.3
13.8
Quest Software Inc.
QSFT
18.26
90.4
1,650.1
383.0
66.3
1,333.3
1.9
1.9
8.9
7.5
13.0
24.4
13.9
SAP
36.53
1,189.0
43,434.7
1,884.0
703.0
42,253.7
4.0
3.8
12.9
11.4
15.2
24.8
18.0
SY
45.96
81.5
3,747.2
1,186.4
760.3
3,321.2
2.8
NA
9.4
7.6
11.2
24.8
17.4
$42,820.0
$5,235.8
$2,148.4
$39,732.6
3.1x
2.9x
12.7x
9.5x
19.4x
27.6x
20.3x
$3,747.2
$991.3
$66.3
$3,321.2
2.8x
2.9x
10.2x
8.7x
14.0x
24.4x
17.4x
High
$270,744.1
$33,445.0
$15,727.0
$243,300.1
5.4x
4.7x
25.1x
15.6x
54.8x
47.3x
35.8x
Low
$242.4
$96.2
$0.0
$146.2
1.2x
1.2x
7.5x
6.7x
10.4x
17.0x
13.8x
SAP AG
Sybase, Inc.
Mean
Median
Source: Capital IQ, NTM estimates from Capital IQ
Page 39 of 52
April 2010
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
On Demand Software and Services:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Concur Technologies, Inc.
CNQR
$44.14
49.4
$2,178.6
$258.8
$1.1
$1,920.8
Constant Contact, Inc.
CTCT
25.12
28.4
712.5
113.1
0.0
599.4
DealerTrack Holdings, Inc.
TRAK
18.59
40.4
751.4
199.0
0.7
553.1
DemandTec, Inc.
DMAN
6.35
29.1
185.0
57.4
0.4
128.0
j2 Global Communications, Inc.
JCOM
24.91
45.2
1,125.1
228.8
0.0
896.3
Kenexa Corp.
KNXA
15.05
22.6
339.4
58.8
0.5
LivePerson Inc.
LPSN
8.91
48.5
432.2
45.6
0.0
NetSuite, Inc.
LTM SALES
NTM SALES
LTM EBITDA
NTM EBTIDA
LTM EBIT
LTM EPS
NTM EPS
7.5x
6.4x
29.8x
21.3x
46.6x
86.8x
4.6
3.5
99.5
27.6
NM
NM
72.0
53.8x
2.5
2.3
22.4
11.8
1.6
1.6
NM
NM
NM
NM
34.2
NM
NM
3.7
3.5
7.4
6.8
8.4
NM
16.8
13.5
281.1
1.8
1.7
18.8
10.3
65.5
NM
25.9
386.7
4.4
3.6
21.4
14.0
30.2
56.3
27.2
N
14.98
62.4
934.3
96.4
1.2
839.1
5.0
4.6
NM
54.9
NM
NM
NM
Rightnow Technologies Inc.
RNOW
19.66
31.8
625.0
96.5
0.0
528.5
3.5
3.0
44.6
21.8
NM
NM
46.8
Salary.com, Inc.
SLRY
3.14
16.5
51.8
11.2
2.5
43.1
0.9
0.9
NM
NA
NM
NM
NM
Salesforce.com
CRM
83.73
124.9
10,457.9
1,242.0
470.9
9,686.8
7.4
6.3
61.1
34.7
84.0
NM
66.5
SuccessFactors, Inc.
SFSF
20.94
71.5
1,497.7
323.2
0.0
1,174.5
7.7
6.4
NM
NM
NM
NM
NM
Synchronoss Technologies, Inc.
SNCR
20.61
31.0
639.6
92.5
9.2
556.3
4.3
3.7
20.2
13.7
29.2
52.2
47.2
Taleo Corp.
TLEO
27.28
38.4
1,046.6
244.2
0.5
802.9
4.0
3.5
30.8
13.5
NM
NM
36.9
Ultimate Software Group Inc.
ULTI
34.75
24.7
857.1
31.8
3.6
828.9
4.2
3.6
83.6
22.8
NM
NM
68.9
Vocus Inc.
VOCS
17.60
19.4
340.9
103.7
0.2
237.5
2.8
2.6
60.0
16.2
NM
NM
29.7
Workstream Inc.
WSTM
0.00
57.0
0.0
1.2
22.0
20.8
1.0
NA
20.3
NA
NM
0.0
NA
$1,304.4
$188.5
$30.2
$1,146.1
3.9x
3.6x
40.0x
20.7x
44.0x
42.4x
43.5x
$712.5
$96.5
$0.5
$556.3
4.0x
3.5x
29.8x
16.2x
38.4x
52.2x
41.9x
High
$10,457.9
$1,242.0
$470.9
$9,686.8
7.7x
6.4x
99.5x
54.9x
84.0x
86.8x
72.0x
Low
$0.0
$1.2
$0.0
$20.8
0.9x
0.9x
7.4x
6.8x
8.4x
0.0x
13.5x
Mean
Median
Open Source Software:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Red Hat Inc.
RHT
$31.67
188.7
$5,976.4
$760.8
$0.0
$5,215.7
Sourcefire, Inc.
FIRE
25.95
26.9
697.9
102.1
0.0
Geeknet, Inc.
LNUX
1.59
60.5
96.2
38.4
Renewable Energy Generatio WIND
0.55
103.3
56.3
28.5
$1,706.7
$397.0
High
Low
Mean
Median
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
7.0x
6.2x
33.7x
21.5x
47.8x
70.3x
42.7x
595.8
5.8
4.6
50.9
24.2x
69.0
81.8
50.9
0.0
57.8
0.9
NA
NM
NM
NM
NM
NA
0.0
27.8
4.4
NA
54.1
NA
NM
NM
NA
$232.4
$0.0
$1,474.3
4.5x
5.4x
46.2x
22.9x
58.4x
76.0x
46.8x
$70.2
$0.0
$326.8
5.1x
5.4x
50.9x
22.9x
58.4x
76.0x
46.8x
$5,976.4
$760.8
$0.0
$5,215.7
7.0x
6.2x
54.1x
24.2x
69.0x
81.8x
50.9x
$56.3
$28.5
$0.0
$27.8
0.9x
4.6x
33.7x
21.5x
47.8x
70.3x
42.7x
Business Intelligence and Analytic Software:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
Actuate Corporation
ACTU
$5.98
45.4
$271.5
$75.5
$30.0
$225.9
Keynote Systems Inc.
KEYN
11.66
14.5
169.5
55.9
0.0
113.5
MICROS Systems, Inc.
MCRS
34.74
79.7
2,768.0
466.1
1.4
2,303.2
2.7
2.4
NICE Systems Ltd.
NICE
121.00
61.8
7,477.5
323.7
0.0
7,153.9
12.3
10.8
Mean
$2,671.6
$230.3
$7.8
$2,449.1
4.6x
4.1x
Median
$1,519.7
$199.6
$0.7
$1,264.6
2.3x
2.0x
High
$7,477.5
$466.1
$30.0
$7,153.9
12.3x
Low
$169.5
$55.9
$0.0
$113.5
1.4x
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
1.9x
1.6x
10.9x
6.7x
12.9x
24.3x
12.7x
1.4
1.4
11.6
8.2x
27.9
50.5
59.8
13.7
11.2x
15.3
28.5
22.1
80.8
39.7x
NM
NM
71.0
29.3x
16.5x
18.7x
34.4x
41.4x
12.7x
9.7x
15.3x
28.5x
40.9x
10.8x
80.8x
39.7x
27.9x
50.5x
71.0x
1.4x
10.9x
6.7x
12.9x
24.3x
12.7x
Communications Software:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Nuance Communications, Inc.
NUAN
$17.76
279.8
$4,968.7
$426.9
$860.6
$5,402.4
Openwave Systems Inc.
OPWV
2.43
83.5
203.0
105.1
0.0
PGI
8.95
60.1
537.8
41.4
$1,903.1
$537.8
High
Low
Premiere Global Services, Inc.
Mean
Median
LTM SALES
NTM SALES
LTM EBITDA
5.4x
4.4x
24.3x
97.8
0.5
0.5
269.3
765.7
1.3
$191.2
$376.6
$2,088.6
$105.1
$269.3
$765.7
$4,968.7
$426.9
$860.6
$203.0
$41.4
$0.0
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
11.2x
67.7x
NM
15.1x
11.4
5.4x
NM
NM
24.1
1.3
7.0
6.6x
10.8
24.9
12.5
2.4x
2.1x
14.2x
7.7x
39.2x
24.9x
17.2x
1.3x
1.3x
11.4x
6.6x
39.2x
24.9x
15.1x
$5,402.4
5.4x
4.4x
24.3x
11.2x
67.7x
24.9x
24.1x
$97.8
0.5x
0.5x
7.0x
5.4x
10.8x
24.9x
12.5x
Page 40 of 52
April 2010
Security Software:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
Blue Coat Systems Inc.
BCSI
33.90
40.6
1,375.6
187.3
77.0
1,265.3
2.7
2.3
21.1
13.8
37.0
NM
20.6
Check Point Software Technologies Ltd.
CHKP
35.65
208.7
7,441.2
884.0
0.0
6,557.2
7.1
6.4
13.6
11.1
15.5
21.2
15.7
EMC Corporation
EMC
19.35
2,039.8
39,470.6
6,695.3
3,100.3
35,875.5
2.6
2.2
15.1
9.4
22.7
36.6
16.9
ID
8.96
91.3
817.8
6.6
446.4
1,257.5
1.9
1.7
17.0
11.4
34.0
NM
NM
MFE
40.76
157.7
6,429.0
893.0
0.0
5,536.0
2.9
2.6
13.6
7.9
23.7
37.4
15.0
SNWL
9.70
54.2
526.2
200.2
0.0
326.0
1.6
1.5
12.7
7.9
19.7
41.0
22.6
FIRE
25.95
26.9
697.9
102.1
0.0
595.8
5.8
4.6
50.9
24.2
69.0
81.8
50.9
SYMC
16.98
810.6
13,763.3
2,611.0
1,844.0
12,996.3
2.2
2.1
7.3
5.8
13.0
44.1
11.1
VeriSign Inc.
VRSN
26.85
192.3
5,164.5
1,477.2
574.4
4,261.7
4.1
NA
10.2
8.5
12.9
26.2
18.0
Websense, Inc.
WBSN
24.35
43.7
1,065.2
82.9
87.6
1,070.0
3.4
3.1
19.7
10.8
NM
NM
20.3
Mean
$7,675.1
$1,314.0
$613.0
$6,974.1
3.4x
2.9x
18.1x
11.1x
27.5x
41.2x
21.2x
Median
$3,270.0
$542.1
$82.3
$2,763.5
2.8x
2.3x
14.4x
10.1x
22.7x
37.4x
18.0x
High
$39,470.6
$6,695.3
$3,100.3
$35,875.5
7.1x
6.4x
50.9x
24.2x
69.0x
81.8x
50.9x
Low
$526.2
$6.6
$0.0
$326.0
1.6x
1.5x
7.3x
5.8x
12.9x
21.2x
11.1x
L-1 Identity Solutions Inc.
McAfee, Inc.
SonicWALL, Inc.
Sourcefire, Inc.
Symantec Corporation
Search:
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
317.3
$188,871.0
$24,484.8
$0.0
$164,386.3
1,401.1
26,578.0
3,291.1
43.0
Mean
$107,724.5
$13,887.9
Median
$107,724.5
$13,887.9
High
$188,871.0
Low
$26,578.0
COMPANY NAME
TICKER
Google Inc.
GOOG
$595.30
Yahoo! Inc.
YHOO
18.97
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
7.0x
5.9x
16.7x
12.7x
19.8x
29.2x
21.7x
23,329.9
3.6
NA
18.6
13.5x
45.4
44.9
38.8
$21.5
$93,858.1
5.3x
5.9x
17.7x
13.1x
32.6x
37.1x
30.3x
$21.5
$93,858.1
5.3x
5.9x
17.7x
13.1x
32.6x
37.1x
30.3x
$24,484.8
$43.0
$164,386.3
7.0x
5.9x
18.6x
13.5x
45.4x
44.9x
38.8x
$3,291.1
$0.0
$23,329.9
3.6x
5.9x
16.7x
12.7x
19.8x
29.2x
21.7x
LTM SALES
NTM SALES
Internet Commerce:
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
COMPANY NAME
TICKER
Amazon.com Inc.
AMZN
$145.82
eBay Inc.
EBAY
444.5
$64,823.7
$6,366.0
$393.0
$58,850.7
26.98
1,299.0
35,047.2
4,943.8
0.0
LTM EBITDA
2.4x
NA
42.5x
30,103.4
3.4
3.3
11.4
NTM EBITDA
23.5x
9.0x
LTM EBIT
LTM EPS
NTM EPS
49.9x
71.5x
50.1x
16.4
14.7
16.2
Ediets.com Inc.
DIET
1.20
29.0
34.8
1.5
16.9
50.2
2.8
2.5
NM
NM
NM
NM
NM
eHealth, Inc.
EHTH
15.50
23.3
361.8
153.5
0.1
208.4
1.5
1.4
7.4
6.3x
8.1
25.5
25.0
Expedia Inc.
EXPE
25.38
290.0
7,360.2
688.4
895.1
7,566.9
2.6
2.3
10.1
8.1x
11.2
24.8
NA
GSI Commerce Inc.
GSIC
29.40
60.2
1,770.1
228.4
205.8
1,747.4
1.7
1.3
23.4
12.7x
NM
NM
NM
Liquidity Services, Inc.
LQDT
11.82
27.1
320.7
61.3
0.1
259.5
1.1
NA
11.2
8.0x
13.7
37.9
NA
Rovi Corporation
ROVI
38.21
104.2
3,981.0
272.8
430.0
4,138.3
8.6
7.8
21.8
16.1x
46.1
NM
20.2
MELI
51.81
44.1
2,285.9
64.4
3.2
2,224.7
12.9
9.6
37.1
26.3x
39.7
68.9
NA
TSX: PTS
0.46
149.8
68.9
26.4
0.0
42.5
0.5
0.6
NM
16.8x
NM
NM
NA
Mercadolibre, Inc.
Points International Ltd.
priceline.com Incorporated
PCLN
264.98
45.6
12,078.1
800.2
195.9
11,473.8
4.9
4.0
22.5
15.6x
24.4
26.8
23.5
Tree.Com, Inc.
TREE
9.40
10.9
102.5
90.0
78.7
91.2
0.4
NA
9.9
8.4x
NM
NM
NM
United Online, Inc.
UNTD
8.35
85.0
709.5
115.5
328.9
922.9
0.9
1.0
4.5
4.2x
6.2
10.8
7.9
Mean
$9,918.8
$1,062.5
$196.0
$9,052.3
3.4x
3.4x
18.3x
12.9x
24.0x
35.1x
23.8x
Median
$1,770.1
$153.5
$78.7
$1,747.4
2.4x
2.4x
11.4x
10.8x
16.4x
26.1x
21.9x
High
$64,823.7
$6,366.0
$895.1
$58,850.7
12.9x
9.6x
42.5x
26.3x
49.9x
71.5x
50.1x
Low
$34.8
$1.5
$0.0
$42.5
0.4x
0.6x
4.5x
4.2x
6.2x
10.8x
7.9x
Page 41 of 52
April 2010
Internet Media:
COMPANY NAME
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
TICKER
LTM SALES
NTM SALES
LTM EBITDA
7.4x
NTM EBITDA
6.1x
LTM EBIT
9.1x
LTM EPS
NM
NTM EPS
Answers Corporation
ANSW
$8.61
7.9
$68.3
$23.0
$0.1
$45.4
2.2x
1.9x
CoStar Group Inc.
CSGP
45.02
20.6
926.2
226.0
0.0
700.2
3.3
3.2
15.1
17.2
22.0
48.0
70.7
20.0x
Dice Holdings, Inc.
DHX
8.50
62.5
531.1
49.1
50.9
532.8
4.8
4.8
12.0
12.7
20.1
41.6
39.5
Digital River Inc.
DRIV
31.47
38.6
1,216.1
407.9
8.8
817.0
2.0
2.3
9.0
12.6
12.9
23.8
38.1
DivX, Inc.
DIVX
7.70
32.7
251.9
139.9
0.0
112.0
1.6
1.4
NM
NM
NM
NM
NM
IAC/InterActiveCorp.
IACI
24.00
132.0
3,167.3
1,733.6
95.8
1,529.5
1.1
1.0
18.7
7.2
NM
NM
31.2
Internet Brands, Inc.
INET
10.69
45.1
482.1
60.1
0.2
422.2
4.2
3.7
11.5
9.4
20.9
39.8
32.6
LoopNet, Inc.
LOOP
11.96
34.5
413.1
129.0
0.0
284.1
3.7
3.8
13.9
11.4
16.0
44.5
58.3
Monster Worldwide, Inc.
MWW
15.95
125.7
2,005.0
284.7
50.0
1,770.3
2.0
2.0
24.4
21.0
NM
NM
NM
Move, Inc.
MOVE
2.19
155.8
341.2
106.8
64.6
298.9
1.4
1.6
94.4
15.8
NM
NM
NM
Netflix, Inc.
NFLX
86.83
53.4
4,640.2
320.2
238.0
4,557.9
2.7
2.2
20.0
15.1
24.0
43.8
34.6
PRIMEDIA Inc.
PRM
3.51
44.1
155.0
9.5
227.2
372.7
1.4
NA
6.4
6.3
8.8
34.2
NA
Shutterfly, Inc.
SFLY
24.95
25.7
640.6
180.7
0.0
459.8
1.9
1.7
14.1
8.5
52.8
NM
69.1
Geeknet, Inc.
LNUX
1.59
60.5
96.2
38.4
0.0
57.8
0.9
0.7
NM
NM
NM
NM
NM
LOV
3.83
20.6
78.8
6.2
0.0
72.6
1.6
NA
7.6
NA
9.1
NM
NA
TTGT
4.86
42.0
204.3
71.4
0.0
132.9
1.5
1.4
69.0
7.4
NM
NM
20.3
The Knot, Inc.
KNOT
8.51
33.7
287.0
131.5
0.0
155.5
1.5
1.4
11.2
11.7
38.1
NM
NM
TheStreet.com, Inc.
TSCM
3.68
30.5
112.3
63.4
0.0
48.9
0.8
0.8
28.0
5.4
NM
NM
61.3
ValueClick Inc.
VCLK
10.48
85.7
897.8
158.5
0.0
739.3
1.7
1.8
6.4
6.4
9.0
14.8
17.0
WebMD Health Corp.
WBMD
48.38
52.2
2,525.4
469.7
492.2
2,548.0
5.8
4.9
41.7
16.3
58.2
39.9
66.5
ZIPR
4.74
20.4
96.9
44.1
0.0
52.8
0.4
0.4
NM
NM
NM
NM
NM
Mean
$911.3
$221.6
$58.5
$748.1
2.2x
2.2x
22.8x
11.2x
23.1x
36.7x
43.0x
Median
$413.1
$129.0
$0.0
$372.7
1.7x
1.8x
14.0x
11.4x
20.1x
39.9x
38.1x
High
$4,640.2
$1,733.6
$492.2
$4,557.9
5.8x
4.9x
94.4x
21.0x
58.2x
48.0x
70.7x
Low
$68.3
$6.2
$0.0
$45.4
0.4x
0.4x
6.4x
5.4x
8.8x
14.8x
17.0x
Spark Networks, Inc.
TechTarget, Inc.
zipRealty Inc.
Internet Gaming and Mobile Content:
COMPANY NAME
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
TICKER
Activision Blizzard, Inc.
ATVI
$11.67
1,268.3
$14,801.3
$3,245.0
$0.0
$11,556.3
Electronic Arts Inc.
ERTS
19.45
326.4
6,348.4
1,784.0
0.0
4,564.4
GameLoft SA
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
2.7x
NA
15.3x
NA
28.5x
NM
NA
1.3
NA
NM
10.6
NM
NM
34.8
ENXTPA:GFT
4.08
74.8
305.2
19.8
0.0
285.4
2.3
NA
14.2
NA
37.7
NA
NA
Glu Mobile, Inc.
GLUU
1.11
30.3
33.6
10.5
16.4
39.5
0.5
0.7
NM
NM
NM
NM
NM
RealNetworks Inc.
RNWK
4.58
134.8
617.5
384.9
0.0
232.6
0.4
0.5
NM
9.0
NM
NM
NM
Take-Two Interactive Software Inc.
TTWO
10.79
83.2
897.6
106.0
98.7
890.3
0.9
NA
NM
NA
NM
NM
NA
THQI
7.68
67.5
518.5
233.6
113.9
398.8
0.5
NA
1.1
NA
14.9
NM
NA
$3,360.3
$826.3
$32.7
$2,566.8
1.2x
0.6x
10.2x
9.8x
NM
NM
$617.5
$233.6
$0.0
$398.8
0.9x
0.6x
10.2x
9.8x
NM
NM
34.8x
High
$14,801.3
$3,245.0
$113.9
$11,556.3
2.7x
0.7x
15.3x
10.6x
NM
NM
34.8x
Low
$33.6
$10.5
$0.0
$39.5
0.4x
0.5x
1.1x
9.0x
NM
NM
34.8x
THQ Inc.
Mean
Median
34.8x
Internet Infrastructure:
COMPANY NAME
Akamai Technologies Inc.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
$199.8
$5,477.7
AKAM
$34.12
171.3
$5,844.0
Cogent Communications Group Inc.
CCOI
EarthLink Inc.
ELNK
Equinix, Inc.
EQIX
Internap Network Services Corp.
INAP
iPass Inc.
10.18
44.6
453.8
55.9
175.9
573.8
8.74
107.0
935.3
702.7
232.2
464.9
100.46
39.4
3,955.6
594.6
1,493.5
4,854.5
6.12
50.8
310.7
80.9
23.2
253.0
IPAS
1.35
62.2
84.0
41.8
0.0
42.2
Level 3 Communications Inc.
LVLT
1.72
1,641.9
2,824.1
836.0
6,552.0
Limelight Networks, Inc.
LLNW
4.03
85.0
342.6
154.4
NaviSite Inc.
NAVI
2.80
37.3
104.5
0.9
SAVVIS Inc.
SVVS
17.25
54.4
938.0
160.8
Terremark Worldwide, Inc.
TMRK
7.57
65.0
492.1
United Online, Inc.
UNTD
8.35
85.0
VMware, Inc.
VMW
56.43
402.8
Mean
$566.1
LTM SALES
6.4x
NTM SALES
LTM EBITDA
5.7x
15.7x
2.4
2.2
0.6
0.8
5.5
1.0
0.2
8,540.1
0.0
103.4
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
12.4x
22.3x
43.6x
10.2
7.9
NM
NM
NM
2.0
2.5
2.2
3.3
11.2
25.4x
4.6
13.7
10.4
26.9
57.4
50.0
1.0
9.5
7.2
NM
NM
NM
NA
NM
NA
NM
NM
NA
2.3
2.3
9.9
10.1
NM
NM
NM
188.2
1.4
1.3
NM
13.1
NM
10.2
NM
206.9
1.4
1.5
6.6
6.1
26.9
NM
NM
617.5
1,394.7
1.6
1.6
7.3
6.5
34.8
NM
NM
59.6
454.6
887.1
3.2
2.7
13.6
9.2
29.9
NM
NM
709.5
115.5
328.9
922.9
0.9
1.0
4.5
4.2
6.2
10.8
7.9
22,729.2
2,486.5
450.0
20,692.7
10.2
8.2
61.5
25.4
93.7
NM
48.2
28.5x
$3,055.6
$450.4
$817.8
$3,423.0
2.9x
2.7x
14.1x
9.6x
30.4x
25.0x
$709.5
$154.4
$232.2
$887.1
1.6x
1.9x
9.9x
8.6x
26.9x
10.8x
25.4x
High
$22,729.2
$2,486.5
$6,552.0
$20,692.7
10.2x
8.2x
61.5x
25.4x
93.7x
57.4x
50.0x
Low
$84.0
$0.9
$0.0
$42.2
0.2x
0.8x
2.0x
2.5x
2.2x
3.3x
7.9x
Median
Page 42 of 52
April 2010
Optical Components:
COMPANY NAME
EMCORE Corporation
Enablence Technologies Inc.
IPG Photonics Corporation
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
EMKR
1.61
81.7
131.6
16.5
11.5
126.6
0.8
0.7
NM
9.4
NM
NM
NM
TSXV: ENA
0.72
254.7
183.4
5.9
5.7
183.2
3.4
NA
NM
NA
NM
NM
NM
75.3
IPGP
17.90
45.7
817.8
82.9
24.0
758.9
4.1
3.4
25.9
16.2
NM
44.4
JDS Uniphase Corp.
JDSU
13.74
218.1
2,996.2
673.5
294.3
2,617.0
2.2
1.8
88.7
14.7
NM
NM
30.1
MRV Communications Inc.
MRVC
1.31
157.6
206.5
73.8
66.1
198.8
0.4
NA
NM
NA
NM
87.9
NA
Oplink Communications Inc.
OPLK
19.60
20.8
406.8
178.8
0.0
228.0
1.8
1.6
13.2
8.3
33.0
80.8
21.7
Opnext, Inc.
OPXT
2.35
88.3
207.5
143.5
47.5
111.4
0.3
0.3
NM
NM
NM
NM
NM
Mean
$707.1
$167.8
$64.2
$603.4
1.9x
1.6x
42.6x
12.2x
54.2x
84.3x
32.1x
Median
$207.5
$82.9
$24.0
$198.8
1.8x
1.6x
25.9x
12.1x
54.2x
84.3x
30.1x
High
$2,996.2
$673.5
$294.3
$2,617.0
4.1x
3.4x
88.7x
16.2x
75.3x
87.9x
44.4x
Low
$131.6
$5.9
$0.0
$111.4
0.3x
0.3x
13.2x
8.3x
33.0x
80.8x
21.7x
Wireline Telecom:
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
COMPANY NAME
TICKER
Acme Packet, Inc.
APKT
$20.87
58.2
$1,215.6
$130.5
$0.0
$1,085.2
ADC Telecommunications Inc.
ADCT
8.49
96.6
820.4
609.5
662.5
873.4
ADTRAN Inc.
LTM SALES
NTM SALES
7.7x
5.8x
0.8
LTM EBITDA
NTM EBITDA
42.7x
22.5x
0.8
9.7
7.0
LTM EBIT
54.2x
42.8
LTM EPS
75.1x
NTM EPS
45.7x
NM
16.7
22.1
ADTN
29.60
62.8
1,860.2
196.6
47.8
1,711.3
3.5
NA
15.0
12.3
16.4
25.3
LSE:ALU
1.00
35.9
35.7
5.7
14.9
44.9
0.5
NA
6.5
NA
11.5
81.1
NA
AudioCodes Ltd.
AUDC
4.20
40.3
169.1
52.9
22.2
138.4
1.1
1.0
28.6
NA
NM
NM
20.3
CIENA Corp.
NM
Alumasc Group plc
CIEN
18.07
92.0
1,663.1
1,001.6
798.0
1,459.6
2.2
1.2
30.1
NM
NM
NM
CommScope, Inc.
CTV
31.49
93.8
2,953.4
702.9
1,587.4
3,837.9
1.3
1.2
7.8
7.4
13.3
36.7
15.4
Infinera Corp.
INFN
9.91
96.9
960.0
253.2
0.0
706.8
2.3
1.8
NM
NM
NM
NM
NM
Juniper Networks, Inc.
JNPR
31.98
525.4
16,803.5
2,175.2
0.0
14,628.3
4.4
3.8
22.1
14.6
28.5
NM
27.4
Occam Networks Inc.
OCNW
6.97
20.5
142.9
39.3
0.0
103.7
1.2
1.0
NM
NA
NM
NM
NM
Sonus Networks, Inc.
SONS
2.82
274.3
773.6
364.5
0.3
409.3
1.8
1.7
65.5
25.9
NM
NM
NM
Tekelec
TKLC
19.31
67.3
1,300.2
359.0
0.0
941.2
2.0
2.0
8.6
7.4
11.1
27.6
17.7
Tellabs Inc.
TLAB
8.45
386.2
3,263.2
1,357.6
252.8
2,158.4
1.4
1.4
10.7
9.2
17.1
29.3
25.8
Veraz Networks, Inc.
VRAZ
1.04
43.6
45.3
33.0
0.0
12.3
0.2
0.2
NM
NM
NM
NM
NA
$2,133.8
$620.5
$515.5
$2,028.8
2.1x
1.8x
20.1x
15.2x
22.4x
39.3x
21.2x
$960.0
$359.0
$14.9
$941.2
1.4x
1.3x
10.7x
12.3x
16.4x
29.3x
20.3x
High
$16,803.5
$2,175.2
$4,347.0
$14,628.3
7.7x
5.8x
65.5x
30.1x
54.2x
81.1x
45.7x
Low
$0.0
$5.7
$0.0
$12.3
0.2x
0.2x
4.4x
7.0x
6.9x
0.0x
0.0x
LTM SALES
NTM SALES
Mean
Median
Storage/Enterprise:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM EBITDA
Brocade Communications Systems, I BRCD
$6.50
440.6
$2,863.7
$501.1
$1,175.9
$3,538.5
1.7x
1.6x
EMC Corporation
19.35
2,039.8
39,470.6
6,695.3
3,100.3
35,875.5
2.6
2.2
15.1
Emulex Corp.
EMC
9.3x
NTM EBITDA
LTM EPS
20.4x
9.4x
22.7
36.6
16.9
17.1
ELX
13.11
81.0
1,061.7
268.8
0.0
792.9
2.3
1.8
17.3
TSE:6702
621.00
2,066.0
1,282,958.3
446,172.0
763,334.0
1,600,120.3
0.4
NA
4.6
NA
Hitachi Ltd.
TSE:6501
373.00
4,414.2
1,646,479.9
739,993.0
2,714,004.0
3,620,490.9
0.4
0.4
5.9
7.6x
5.4x
NM
NTM EPS
7.5x
Fujitsu Ltd.
LSI Corporation
LTM EBIT
12.7x
NM
NM
22.6
NM
NA
NM
NM
95.9
15.0
LSI
6.61
653.2
4,317.4
962.1
350.0
3,705.3
1.7
1.4
20.5
9.9x
NM
NM
Mellanox Technologies, Ltd.
MLNX
25.76
32.3
831.7
210.0
1.0
622.7
5.4
NA
26.6
22.0x
32.2
66.8
NA
NetApp, Inc.
NTAP
35.67
338.9
12,088.8
3,233.3
1,089.5
9,945.0
2.7
2.3
19.7
12.0x
29.4
36.0
21.8
QLogic Corp.
QLGC
21.31
114.6
2,442.2
349.2
0.0
2,093.0
3.9
3.5
14.5
10.3x
20.4
32.1
18.5
28.3x
Mean
$332,501.6
$133,153.9
$387,006.1
$586,353.8
2.3x
1.9x
14.8x
10.5x
24.6x
42.9x
$4,317.4
$962.1
$1,089.5
$3,705.3
2.3x
1.8x
15.1x
9.7x
22.7x
36.3x
17.1x
High
$1,646,479.9
$739,993.0
$2,714,004.0
$3,620,490.9
5.4x
3.5x
26.6x
22.0x
32.2x
66.8x
95.9x
Low
$831.7
$210.0
$0.0
$622.7
0.4x
0.4x
4.6x
5.4x
20.4x
32.1x
12.7x
Median
Page 43 of 52
April 2010
Semiconductor Equipment:
COMPANY NAME
TICKER
Advanced Energy Industries, Inc AEIS
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
$16.93
42.0
$711.6
$177.5
$0.1
$534.1
LTM SALES
NTM SALES
2.9x
1.5x
LTM EBITDA
NTM EBITDA
NM
LTM EBIT
LTM EPS
NTM EPS
11.3x
NM
NM
23.6x
NA
Applied Materials Inc.
AMAT
14.34
1,343.1
19,260.4
1.0
212.9
19,472.3
3.5
NA
56.9
10.4
NM
NM
ATMI Inc.
ATMI
20.75
31.4
651.1
97.4
0.6
554.3
2.2
NA
23.7
8.6
NM
NM
NA
Brooks Automation Inc.
BRKS
9.60
64.6
619.7
85.2
0.0
534.5
2.1
1.0
NM
10.7
NM
NM
16.6
Cabot Microelectronics Corp.
CCMP
40.31
23.6
949.9
224.8
2.2
727.4
2.2
1.8
11.2
6.9
18.3
38.6
18.9
Entegris, Inc.
ENTG
5.88
130.0
764.2
68.7
71.8
767.3
1.9
NA
34.3
6.0
NM
NM
13.0
Lam Research Corporation
LRCX
39.63
127.3
5,042.9
645.7
46.5
4,443.7
3.7
1.9
62.6
7.4
NM
NM
12.8
MKS Instruments Inc.
MKSI
21.18
49.5
1,048.6
271.8
12.9
789.7
1.9
NA
NM
4.7
NM
NM
NA
Novellus Systems, Inc.
NVLS
26.86
97.0
2,605.4
501.4
114.2
2,218.2
3.5
2.0
NM
8.4
NM
NM
14.9
Ultra Clean Holdings Inc.
UCTT
9.83
21.5
211.0
26.7
15.1
199.4
1.2
0.6
NM
NA
NM
NM
14.9
$3,186.5
$210.0
$47.6
$3,024.1
2.5x
1.4x
37.7x
8.3x
18.3x
NM
$857.1
$137.4
$14.0
$747.3
2.2x
1.6x
34.3x
8.4x
18.3x
NM
14.9x
High
$19,260.4
$645.7
$212.9
$19,472.3
3.7x
2.0x
62.6x
11.3x
18.3x
38.6x
23.6x
Low
$211.0
$1.0
$0.0
$199.4
1.2x
0.6x
11.2x
4.7x
18.3x
38.6x
12.8x
Mean
Median
16.4x
Memory/Programmable:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
AMD
$10.16
670.4
$6,810.9
$2,676.0
$4,731.0
$8,865.9
Intel Corporation
INTC
24.22
5,522.0
133,748.4
13,920.0
2,358.0
122,186.4
Altera Corp.
ALTR
26.52
295.4
7,833.3
1,546.7
502.9
6,789.5
5.7
NA
Atmel Corporation
ATML
5.95
453.7
2,699.5
476.1
94.9
2,318.3
1.9
NA
116.0
1.9
NA
0.0
3.5
2.9
LTM EBIT
LTM EPS
22.4x
NTM EPS
14.4x
9.2x
NM
8.9
6.5x
14.1
31.3
NM
19.8
11.3x
21.6
31.4
NA
47.6
13.7x
NM
NM
NA
14.5
20.5
13.2
5.80
27.0
156.8
40.8
NA
11.8
Lattice Semiconductor Corporation
LSCC
4.36
115.3
502.9
164.5
0.0
338.3
1.7
NA
35.1
8.3x
NM
NM
NA
Microsemi Corp.
MSCC
17.67
82.9
1,465.6
271.4
36.6
1,230.7
2.8
NA
25.9
8.5x
90.7
NM
NA
MU
11.18
850.7
9,510.4
1,870.0
2,719.0
10,359.4
1.7
1.2
4.3
2.9x
23.2
39.1
6.9
Micron Technology Inc.
GSIT
1.4x
NTM EBITDA
Advanced Micro Devices Inc.
GSI Technology Inc.
1.6x
LTM EBITDA
NA
NetLogic Microsystems Inc.
NETL
33.41
28.6
954.8
44.3
5.4
915.9
5.2
2.6
NM
44.8x
NM
NM
27.2
SanDisk Corp.
SNDK
38.63
228.2
8,815.9
1,919.4
1,009.7
7,906.3
2.2
NA
10.5
6.5x
15.2
21.6
NM
Techwell, Inc.
TWLL
18.55
0.0
59.5
0.0
NM
NA
NM
NM
NM
NA
Xilinx Inc.
XLNX
27.73
7,677.3
1,490.0
354.5
6,541.8
3.8
3.1
14.5
17.1
25.5
15.7
$15,014.6
$2,039.9
$984.3
$13,959.1
2.9x
2.2x
19.3x
12.1x
28.1x
27.4x
15.7x
$4,755.2
$983.1
$224.7
$4,430.0
2.2x
2.6x
14.5x
8.9x
17.1x
25.5x
14.4x
High
$133,748.4
$13,920.0
$4,731.0
$122,186.4
5.7x
3.1x
47.6x
44.8x
90.7x
39.1x
27.2x
Low
$0.0
$40.8
$0.0
1.6x
1.2x
4.3x
2.9x
14.1x
20.5x
6.9x
276.9
Mean
Median
(59.5)
($59.5)
NM
9.2x
Analog:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Analog Devices Inc.
ADI
$31.35
291.9
$9,149.9
$2,179.0
$381.4
$7,352.3
Diodes Incorporated
DIOD
24.68
43.6
1,076.7
538.6
426.5
964.7
Exar Corp.
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
3.4x
2.8x
12.8x
8.0x
16.6x
2.2
1.7
13.9
7.7
43.1
LTM EPS
27.1x
NTM EPS
15.3x
NM
17.6
57.8
EXAR
7.52
43.8
329.3
218.3
18.0
129.1
1.1
0.9
NM
NA
NM
NM
Infineon Technologies AG
IFX
5.26
1,086.7
5,716.3
1,701.0
804.0
4,819.3
1.5
NA
11.7
NA
NM
NM
NA
Intersil Corporation
ISIL
16.81
122.7
2,062.3
361.2
0.0
1,701.2
2.8
2.2
18.8
10.7
30.1
53.3
18.6
Maxim Integrated Products Inc.
MXIM
21.27
305.2
6,492.3
838.6
0.0
7.9
21.4
79.5
National Semiconductor Corporation
NSM
15.78
237.7
3,750.5
868.6
1,245.2
4,127.1
3.2
2.6
11.1
7.4
15.2
56.8
13.2
STMicroelectronics NV
STM
7.74
878.3
6,794.8
2,656.0
2,492.0
6,630.8
0.8
0.7
10.9
4.1
NM
NM
18.2
Texas Instruments Inc.
TXN
26.99
1,252.9
33,815.0
2,925.0
0.0
30,890.0
3.0
2.4
9.9
6.7
14.0
23.5
12.8
$7,687.5
$1,365.1
21.4x
Mean
3.4
2.6
12.6
17.6
$6,918.7
2.4x
2.0x
12.7x
7.5x
23.4x
48.1x
$5,716.3
$868.6
$381.4
$4,819.3
2.8x
2.3x
12.2x
7.7x
19.0x
53.3x
High
$33,815.0
$2,925.0
$2,492.0
$30,890.0
3.4x
2.8x
18.8x
10.7x
43.1x
79.5x
57.8x
Low
$329.3
$218.3
$0.0
$129.1
0.8x
0.7x
9.9x
4.1x
14.0x
23.5x
12.8x
Median
$596.4
5,653.7
17.6x
Page 44 of 52
April 2010
Digital Media:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
NM
NM
NM
LTM EPS
NM
NTM EPS
NM
14.6
AuthenTec, Inc.
AUTH
$2.43
28.7
$69.7
$52.4
$0.0
$17.3
0.5x
0.4x
Cirrus Logic Inc.
CRUS
10.52
65.5
688.8
102.5
0.0
586.3
3.1
2.2
33.5
14.3
62.5
66.9
DB:DLG
16.75
0.0
0.0
120.1
1.4
(118.8)
NM
NA
NM
NA
NM
27.9
NA
DSPG
8.96
22.9
205.2
60.6
0.0
144.6
0.7
0.6
NM
NA
NM
NM
21.0
NVIDIA Corporation
NVDA
18.01
554.9
9,993.7
1,728.2
24.5
8,290.0
2.5
2.0
NM
10.3
NM
NM
18.2
Pixelworks Inc.
PXLW
5.55
13.4
74.4
27.6
15.8
62.5
1.0
NA
NM
NA
NM
11.8
NA
Sigma Designs, Inc.
SIGM
11.91
30.7
366.0
133.1
0.0
232.9
1.1
0.9
14.2
19.7
72.8
NM
12.6
Silicon Image Inc.
SIMG
3.64
75.2
273.9
150.6
0.0
123.3
0.8
0.8
NM
18.7
NM
NM
NM
SRS Labs Inc.
SRSL
9.40
14.5
136.1
41.0
0.0
95.1
3.8
NA
38.9
11.7
50.4
65.2
28.2
Trident Microsystems Inc.
TRID
1.91
70.6
134.8
148.0
0.0
(13.2)
NM
NA
NM
NM
NM
NM
NA
LSE:WLF
2.58
115.2
296.8
97.8
0.0
199.0
1.6
NA
NM
NA
NM
NM
NA
ZRAN
11.41
52.2
595.3
398.7
0.0
196.6
0.5
0.4
NM
5.2
NM
NM
NA
Dialog Semiconductor Plc
DSP Group Inc.
Wolfson Microelectronics plc
Zoran Corporation
Mean
$1,069.5
$255.1
$3.5
$818.0
1.6x
1.1x
28.9x
13.3x
61.9x
42.9x
18.9x
$239.5
$111.3
$0.0
$133.9
1.1x
0.8x
33.5x
13.0x
62.5x
46.5x
18.2x
High
$9,993.7
$1,728.2
$24.5
$8,290.0
Low
$0.0
$27.6
$0.0
Median
($118.8)
3.8x
2.2x
38.9x
19.7x
72.8x
66.9x
28.2x
0.5x
0.4x
14.2x
5.2x
50.4x
11.8x
12.6x
Wireless Semiconductor:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
Atheros Communications Inc.
ATHR
$40.68
62.8
$2,554.7
$402.2
$0.0
$2,152.5
4.0x
2.5x
42.1x
14.8x
Broadcom Corp.
BRCM
35.73
495.1
17,689.9
1,929.4
0.0
15,760.5
3.6
2.7
NM
CSR plc
LTM EBIT
LTM EPS
65.8x
56.0x
14.0
NM
NM
NTM EPS
20.0x
18.6
LSE:CSR
4.38
182.3
798.4
412.4
0.3
386.3
0.6
NA
9.0
NA
30.5
NM
NA
IFX
5.26
1,086.7
5,716.3
1,701.0
804.0
4,819.3
1.5
NA
11.7
NA
NM
NM
NA
Marvell Technology Group Ltd.
MRVL
22.58
624.8
14,108.9
1,796.7
2.5
12,314.6
4.4
3.5
19.4
11.1
28.7
41.7
15.5
QUALCOMM Inc.
QCOM
42.70
1,680.6
71,761.7
12,164.0
199.0
59,796.7
5.7
5.4
14.9
12.6
17.7
34.3
NM
Silicon Laboratories, Inc.
SLAB
52.69
45.7
2,406.4
410.2
4.5
2,000.6
4.5
3.8
22.6
14.0
29.1
33.6
21.1
STM
7.74
878.3
6,794.8
2,656.0
2,492.0
6,630.8
0.8
0.7
10.9
4.1
NM
NM
18.2
Texas Instruments Inc.
TXN
26.99
1,252.9
33,815.0
2,925.0
0.0
30,890.0
3.0
2.4
9.9
6.7
14.0
23.5
NA
$389.1
Infineon Technologies AG
Mean
$14,972.4
3.1x
3.0x
17.6x
11.1x
31.0x
37.8x
18.7x
$6,794.8
$1,796.7
$2.5
$6,630.8
3.6x
2.7x
13.3x
12.6x
28.9x
34.3x
18.6x
High
$17,294.0
$71,761.7
$12,164.0
$2,492.0
$59,796.7
5.7x
5.4x
42.1x
14.8x
65.8x
56.0x
21.1x
Low
$798.4
$402.2
$0.0
$386.3
0.6x
0.7x
9.0x
4.1x
14.0x
23.5x
15.5x
Median
$2,710.8
Telecom and Data Networks:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Applied Micro Circuits Corp.
AMCC
$10.36
66.6
$690.4
$202.5
$0.0
$487.9
Broadcom Corp.
BRCM
35.73
495.1
17,689.9
1,929.4
0.0
Cavium Networks, Inc.
CAVM
25.98
43.3
1,124.9
58.9
9.0
Conexant Systems Inc.
CNXT
3.95
65.0
256.9
59.1
Himax Technologies, Inc.
HIMX
3.21
182.9
587.1
121.7
Mindspeed Technologies Inc.
MSPD
9.30
29.1
270.3
NetLogic Microsystems Inc.
NETL
33.41
28.6
954.8
PMC-Sierra Inc.
PMCS
9.56
228.6
2,185.7
STM
7.74
878.3
6,794.8
TXCC
2.79
22.0
61.3
TranSwitch Corp.
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
2.6x
2.1x
NM
NA
NM
NM
31.0x
15,760.5
3.6
2.7
NM
14.0
NM
NM
18.6
1,075.0
10.6
6.1
NM
38.5
NM
NM
46.6
215.9
413.7
1.9
1.6
18.5
5.0
26.4
NM
8.8
0.0
465.4
0.7
0.6
7.8
7.4
10.2
15.0
11.1
11.5
13.5
272.4
2.1
1.6
NM
11.3
NM
NM
17.4
44.3
5.4
915.9
5.2
2.6
NM
44.8
NM
NM
27.2
260.8
58.4
1,983.3
4.0
3.3
17.4
9.5
34.5
46.8
14.9
2,656.0
2,492.0
6,630.8
0.8
0.7
10.9
4.1
NM
NM
18.2
2.3
8.8
67.7
1.2
1.2
NM
NA
NM
NM
NM
$3,061.6
$534.6
$280.3
$2,807.3
3.3x
2.3x
13.7x
16.8x
23.7x
30.9x
21.5x
$822.6
$90.4
$8.9
$701.9
2.3x
1.9x
14.2x
10.4x
26.4x
30.9x
18.2x
High
$17,689.9
$2,656.0
$2,492.0
$15,760.5
10.6x
6.1x
18.5x
44.8x
34.5x
46.8x
46.6x
Low
$61.3
$2.3
$0.0
$67.7
0.7x
0.6x
7.8x
4.1x
10.2x
15.0x
8.8x
Mean
Median
Semiconductor Design IP:
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
COMPANY NAME
TICKER
LTM SALES
NTM SALES
LTM EBITDA
Imagination Technologies Group Plc
LSE:IMG
$2.61
240.1
$625.6
$22.5
$0.5
$603.6
8.0x
NA
77.7x
ARM Holdings plc
LSE:ARM
2.40
1,283.7
3,081.0
141.8
0.0
2,939.2
9.6
8.3
37.0
MIPS Technologies Inc.
MIPS
4.85
45.4
220.3
48.0
9.7
182.0
3.0
2.4
MoSys, Inc.
MOSY
4.35
31.2
135.8
31.3
0.0
104.5
9.1
6.5
Rambus Inc.
NTM EBITDA
NA
LTM EBIT
LTM EPS
NTM EPS
93.7x
45.1x
23.9
53.9
77.2
NA
NA
13.6
7.3
15.9
22.6
13.1
NM
NM
NM
NM
NM
RMBS
23.33
105.4
2,459.4
460.2
248.0
2,247.3
19.9
11.0
NM
37.2
NM
NM
NA
Virage Logic Corporation
VIRL
9.35
25.7
240.4
27.9
0.0
212.5
3.7
2.0
NM
10.5
NM
NM
19.5
CEVA Inc.
CEVA
11.94
19.9
238.1
100.6
0.0
137.5
3.6
NA
25.2
NA
27.7
29.2
23.7
$1,000.1
$118.9
Mean
6.1x
38.4x
19.7x
47.8x
43.5x
18.8x
$240.4
$48.0
$0.0
$212.5
8.0x
6.5x
31.1x
17.2x
40.8x
37.2x
19.5x
High
$3,081.0
$460.2
$248.0
$2,939.2
19.9x
11.0x
77.7x
37.2x
93.7x
77.2x
23.7x
Low
$135.8
$22.5
$0.0
$104.5
3.0x
2.0x
13.6x
7.3x
15.9x
22.6x
13.1x
Median
$36.9
$918.1
8.1x
Page 45 of 52
April 2010
Wireless Carriers:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
Clearwire Corporation
CLWR
$7.62
196.6
$1,498.0
$3,804.7
$2,714.7
$408.1
1.5x
0.7x
NM
NM
NM
NM
Leap Wireless International Inc.
LEAP
18.51
77.4
1,432.7
564.2
2,755.6
3,624.2
1.5
1.3
8.1
5.9
NM
NM
NM
MetroPCS Communications Inc.
PCS
7.72
352.4
2,720.5
1,154.3
3,754.6
5,320.8
1.5
1.4
5.8
5.3
10.0
15.6
19.2
S
4.20
2,877.1
12,083.7
3,924.0
21,061.0
29,220.7
0.9
0.9
4.6
5.1
NM
NM
NM
TDS
35.01
106.5
3,728.2
784.3
1,495.4
4,439.4
0.9
NA
3.7
3.8
10.0
19.8
19.9
Sprint Nextel Corp.
Telephone & Data Systems Inc.
NM
Mean
$4,292.6
$2,046.3
$6,356.3
$8,602.6
1.3x
1.1x
5.6x
5.0x
10.0x
17.7x
19.6x
Median
$2,720.5
$1,154.3
$2,755.6
$4,439.4
1.5x
1.1x
5.2x
5.2x
10.0x
17.7x
19.6x
High
$12,083.7
$3,924.0
$21,061.0
$29,220.7
1.5x
1.4x
8.1x
5.9x
10.0x
19.8x
19.9x
Low
$1,432.7
$564.2
$1,495.4
$408.1
0.9x
0.7x
3.7x
3.8x
10.0x
15.6x
19.2x
Wireless Infrastructure:
COMPANY NAME
Amdocs Ltd.
TICKER
DOX
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
$31.14
205.6
$6,402.8
$1,292.2
$0.0
$5,110.6
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
1.8x
NA
8.7x
7.5x
0.0
0.0
0.1
0.0
LTM EBIT
13.3x
LTM EPS
NTM EPS
18.8x
NA
0.1
16.4
NA
Comverse Technology Inc.
CMVT
9.00
202.0
1,818.0
2,325.0
515.9
8.9
QUALCOMM Inc.
QCOM
42.70
1,680.6
71,761.7
12,164.0
199.0
59,796.7
5.7
5.4
14.9
12.6
17.7
34.3
18.4
Openwave Systems Inc.
OPWV
2.43
83.5
203.0
105.1
0.0
97.8
0.5
0.5
11.4
5.4
NM
NM
28.9
Sybase, Inc.
SY
45.96
81.5
3,747.2
1,186.4
760.3
3,321.2
2.8
NA
9.4
7.6
11.2
24.8
17.4
VeriSign Inc.
VRSN
26.85
192.3
5,164.5
1,477.2
574.4
4,261.7
4.1
NA
10.2
8.5
12.9
26.2
18.0
Mean
$14,849.5
$3,091.6
$341.6
$12,099.5
2.5x
2.0x
9.1x
6.9x
11.0x
24.1x
20.7x
$4,455.8
$1,384.7
$357.5
$3,791.4
2.3x
0.5x
9.8x
7.5x
12.9x
24.8x
18.2x
High
$71,761.7
$12,164.0
$760.3
$59,796.7
5.7x
5.4x
14.9x
12.6x
17.7x
34.3x
28.9x
Low
$203.0
$105.1
$0.0
$8.9
0.0x
0.0x
0.1x
0.0x
0.1x
16.4x
17.4x
Median
Integrated Wireline & Wireless Carriers:
COMPANY NAME
AT&T, Inc.
Verizon Communications Inc.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
T
$26.24
5,902.0
$154,868.5
$3,802.0
$72,081.0
$223,147.5
VZ
29.54
2,836.0
83,775.4
2,499.0
62,256.0
143,532.4
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
1.8x
1.8x
5.4x
5.3x
1.3
1.3
4.0
4.2
LTM EBIT
10.4x
7.4
LTM EPS
NTM EPS
12.4x
11.0x
23.0
12.7
Mean
$119,322.0
$3,150.5
$67,168.5
$183,340.0
1.6x
1.6x
4.7x
4.7x
8.9x
17.7x
11.8x
Median
$119,322.0
$3,150.5
$67,168.5
$183,340.0
1.6x
1.6x
4.7x
4.7x
8.9x
17.7x
11.8x
High
$154,868.5
$3,802.0
$72,081.0
$223,147.5
1.8x
1.8x
5.4x
5.3x
10.4x
23.0x
12.7x
Low
$83,775.4
$2,499.0
$62,256.0
$143,532.4
1.3x
1.3x
4.0x
4.2x
7.4x
12.4x
11.0x
Mobile Payment:
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
COMPANY NAME
TICKER
ACI Worldwide, Inc.
ACIW
$19.88
34.0
Euronet Worldwide Inc.
EEFT
19.58
Global Payments Inc.
GPN
45.63
Moneygram International Inc.
$81.3
$631.5
LTM SALES
1.6x
NTM SALES
1.5x
LTM EBITDA
9.2x
NTM EBITDA
7.7x
LTM EBIT
14.1x
LTM EPS
35.0x
NTM EPS
$676.2
$125.9
50.8
994.1
183.5
328.1
1,138.7
1.1
1.0
8.2
7.4
13.9
33.8
13.3
81.5
3,719.1
589.6
457.8
3,587.3
2.1
2.1
8.9
8.5
10.6
58.9
16.9
17.8x
MGI
3.42
82.5
282.2
27.0
796.8
1,052.0
0.9
0.9
4.2
4.0
6.6
NM
NM
SONE
6.29
52.2
328.4
62.1
6.2
272.5
1.1
1.1
6.1
6.0
8.1
11.4
13.9
Sybase, Inc.
SY
45.96
81.5
3,747.2
1,186.4
760.3
3,321.2
2.8
2.7
9.4
7.6
11.2
24.8
17.4
Western Union Co.
WU
17.53
692.1
12,132.7
1,685.2
3,048.5
13,496.0
2.7
2.6
9.4
8.9
10.5
14.5
13.3
VRSN
26.85
10.2
18.0
S1 Corp.
VeriSign Inc.
5,164.5
1,477.2
574.4
4,261.7
4.1
3.9
8.5
12.9
26.2
Mean
192.3
$3,380.5
$667.1
$756.7
$3,470.1
2.1x
2.0x
8.2x
7.3x
11.0x
29.2x
15.8x
Median
$2,356.6
$386.6
$516.1
$2,229.9
1.8x
1.8x
9.0x
7.6x
10.9x
26.2x
16.9x
High
$12,132.7
$1,685.2
$3,048.5
$13,496.0
4.1x
3.9x
10.2x
8.9x
14.1x
58.9x
18.0x
Low
$282.2
$27.0
$6.2
$272.5
0.9x
0.9x
4.2x
4.0x
6.6x
11.4x
13.3x
Payment Software & Solutions:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Bottomline Technologies Inc.
EPAY
$17.61
25.9
$456.2
$55.0
$0.2
$401.4
Fundtech Ltd.
FNDT
13.86
16.4
227.7
42.2
0.0
Global Payments Inc.
GPN
45.63
81.5
3,719.1
589.6
457.8
Mean
$228.9
$152.7
NTM SALES
LTM EBITDA
2.8x
2.5x
21.3x
185.5
1.6
NA
3,587.3
2.1
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
15.7x
NM
NM
14.9
9.8
45.9
46.3
16.3x
NA
2.1
8.9
8.5
10.6
58.9
16.9
NM
16.6x
$1,391.4
2.1x
2.3x
15.0x
11.4x
28.2x
$456.2
$55.0
$0.2
$401.4
2.1x
2.3x
14.9x
9.8x
28.2x
NM
High
$3,719.1
$589.6
$457.8
$3,587.3
2.8x
2.5x
21.3x
15.7x
45.9x
58.9x
16.9x
Low
$227.7
$42.2
$0.0
$185.5
1.6x
2.1x
8.9x
8.5x
10.6x
46.3x
16.3x
Median
$1,467.7
LTM SALES
16.6x
Page 46 of 52
April 2010
Broad Based Financial Services:
COMPANY NAME
Fidelity National Information Services Inc.
Intuit Inc.
Marshall & Ilsley Corporation
S1 Corp.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
FIS
$25.35
372.5
$9,442.3
$430.9
$3,315.1
$12,326.5
INTU
35.35
316.8
11,197.5
946.0
998.0
MI
8.87
525.4
4,660.3
2,064.8
SONE
6.29
52.2
328.4
62.1
Mean
$6,407.1
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
3.3x
2.4x
14.8x
7.6x
27.5x
59.9x
11.4x
11,249.5
3.5
3.2
11.5
9.0
16.3
27.4
15.6
7,726.2
10,321.7
NM
4.4
NA
NM
NA
NM
66.2
6.2
272.5
1.1
1.1
6.1
6.0
8.1
11.4
14.4
$876.0
$3,011.4
$8,542.5
2.6x
2.8x
10.8x
7.5x
17.3x
32.9x
26.9x
$7,051.3
$688.5
$2,156.6
$10,785.6
3.3x
2.8x
11.5x
7.6x
16.3x
27.4x
15.0x
High
$11,197.5
$2,064.8
$7,726.2
$12,326.5
3.5x
4.4x
14.8x
9.0x
27.5x
59.9x
66.2x
Low
$328.4
$62.1
$6.2
$272.5
1.1x
1.1x
6.1x
6.0x
8.1x
11.4x
11.4x
Median
Alternative Fuels:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
The Andersons, Inc.
ANDE
$34.66
18.3
$634.3
$145.9
$320.8
$809.2
Clean Energy Fuels Corp.
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
$0.3
$0.3
$10.2
$6.6
$14.1
LTM EPS
NTM EPS
16.7
13.1
NM
CLNE
20.16
59.7
1,204.4
67.1
12.2
1,149.5
8.7
5.2
NM
36.2
NM
NM
Diligent Board Member Services Inc
DIL
0.54
90.4
48.8
1.2
0.3
47.9
9.6
NA
NA
NA
NM
NM
NA
Environmental Power Corporation
EPG
0.26
15.7
4.1
0.7
46.5
49.9
10.6
NA
NM
NA
NM
NM
NA
Golden Hope Mines Limited
Green Plains Renewable Energy, Inc.
Headwaters Inc.
MGP Ingredients Inc.
GNH
0.20
82.9
16.6
0.1
0.1
16.6
NA
NA
NA
NA
NM
NM
NA
GPRE
15.12
25.0
377.5
104.5
457.0
729.9
0.6
0.4
10.2
6.0
17.3
NA
NA
HW
5.18
60.3
312.5
90.3
491.0
713.2
1.1
1.1
11.5
6.7
NM
NM
NM
MGPI
8.24
16.6
136.9
1.4
11.0
146.5
0.7
NA
9.8
NA
27.0
NM
NA
Pacific Ethanol, Inc.
PEIX
1.22
57.6
70.3
17.6
320.6
373.3
1.2
NA
NM
NA
NM
NM
NA
Panda Ethanol Inc.
PDAE
0.00
40.7
0.0
0.3
164.6
164.3
NA
NA
NM
NA
NM
0.0
NA
RTK
1.16
213.4
247.5
47.1
78.3
278.7
1.7
1.7
19.8
NM
83.9
NM
NM
Rentech, Inc.
Mean
$277.5
$43.3
$172.9
$407.2
3.8x
1.7x
12.3x
13.9x
35.6x
8.3x
13.1x
Median
$136.9
$17.6
$78.3
$278.7
1.2x
1.1x
10.2x
6.7x
22.2x
8.3x
13.1x
High
$1,204.4
$145.9
$491.0
$1,149.5
10.6x
5.2x
19.8x
36.2x
83.9x
16.7x
13.1x
Low
$0.0
$0.1
$0.1
$16.6
0.3x
0.3x
9.8x
6.0x
14.1x
0.0x
13.1x
Wind:
COMPANY NAME
Broadwind Energy, Inc.
Clipper Windpower Plc
TICKER
BWEN
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
$4.34
106.7
$463.1
$4.8
$40.2
$498.4
LTM SALES
NTM SALES
2.5x
2.3x
LTM EBITDA
NTM EBITDA
NM
NA
LTM EBIT
NM
LTM EPS
NTM EPS
NM
NA
NA
CWP
0.93
214.6
199.6
49.9
20.9
170.5
0.2
NA
NM
NA
NM
NM
CATS:GAM
10.98
240.5
2,640.6
812.8
1,084.5
2,912.4
0.9
NA
10.5
NA
16.5
22.9
NA
Mass Megawatts Wind Power Inc.
MMGW
0.63
7.5
4.7
0.1
0.1
4.7
NM
NA
NM
NA
NM
NM
NA
McKenzie Bay International Ltd.
MKBY
0.04
34.0
1.3
0.3
1.9
2.9
NA
NA
NM
NA
SBX
11.22
21.7
243.2
12.9
12.0
242.3
0.9
0.8
10.8
Gamesa Corporación Tecnológica S.A.
SeaBright Insurance Holdings Inc.
Mean
$617.9
$223.9
NM
NM
NA
14.1
17.8
NA
$666.5
0.7x
NA
10.7x
NA
15.3x
20.4x
NA
$199.6
$12.9
$12.0
$170.5
0.9x
NA
10.7x
NA
15.3x
20.4x
NA
High
$2,640.6
$812.8
$1,084.5
$2,912.4
0.9x
NA
10.8x
NA
16.5x
22.9x
NA
Low
$1.3
$0.1
$0.1
$2.9
0.2x
NA
10.5x
NA
14.1x
17.8x
NA
Median
$175.2
4.3x
Solar:
COMPANY NAME
Ascent Solar Technologies, Inc.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ASTI
$4.21
Canadian Solar Inc.
CSIQ
Evergreen Solar Inc.
ESLR
First Solar, Inc.
FSLR
JA Solar Holdings Co., Ltd.
JASO
MEMC Electronic Materials Inc.
Solarfun Power Holdings Co. Ltd.
Spire Corp.
SPIR
Suntech Power Holdings Co. Ltd.
Trina Solar Ltd.
LTM SALES
40.0x
NTM SALES
0.9x
LTM EBITDA
NTM EBITDA
LTM EBIT
NM
NM
NM
LTM EPS
NM
NTM EPS
NM
26.6
$111.8
$60.5
$7.3
$58.6
23.54
42.7
1,005.5
160.1
387.1
1,232.5
1.9
1.0
23.7
9.7
28.9
16.7
11.8
1.19
207.8
247.3
112.4
357.4
492.4
1.8
1.4
49.1
38.5
NM
NM
NM
137.90
85.1
11,736.4
784.7
176.0
11,127.7
5.4
NA
13.4
14.2
15.8
18.3
NA
6.31
161.4
1,018.6
1,867.2
1,861.4
1,012.8
0.3
1.0
5.6
6.8
11.1
NM
11.6
WFR
16.56
223.6
3,702.2
720.6
417.8
3,399.4
2.9
1.9
55.6
9.1
NM
NM
22.6
SOLF
9.23
53.9
497.6
653.1
1,720.3
1,564.9
0.4
2.0
5.8
19.8
13.3
NM
13.1
3.75
8.3
31.3
9.0
2.1
24.3
0.3
NA
NM
NA
NM
NM
STP
15.35
178.9
2,745.8
1,034.0
1,455.3
3,167.2
1.9
1.4
14.7
9.8
18.2
28.9
20.1
TSL
27.29
69.7
1,901.5
410.1
585.1
2,076.5
2.5
1.7
NA
8.4
15.3
17.5
13.6
NA
Mean
$2,299.8
$581.2
$697.0
$2,415.6
5.7x
1.4x
24.0x
14.5x
17.1x
20.4x
15.5x
Median
$1,012.1
$531.6
$402.4
$1,398.7
1.9x
1.4x
14.7x
9.8x
15.6x
17.9x
13.3x
High
$11,736.4
$1,867.2
$1,861.4
$11,127.7
40.0x
2.0x
55.6x
38.5x
28.9x
28.9x
22.6x
Low
$31.3
$9.0
$2.1
$24.3
0.3x
0.9x
5.6x
6.8x
11.1x
16.7x
11.6x
Page 47 of 52
April 2010
Hydrogen/Methanol Fuel Cell:
COMPANY NAME
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
TICKER
LTM EPS
NTM EPS
2.2x
9.7x
8.4x
16.4x
20.6x
15.1x
2,344.8
1.6
1.5
7.7
7.1
11.5
13.5
12.7x
0.0
1,804.1
1.5
1.2
10.4
6.2
15.8
26.9
NA
12.4
9.2
0.3
NA
NM
NM
NM
NM
NA
NM
APD
$76.75
212.2
$16,282.7
$323.0
$4,423.1
$20,382.8
Avista Corp.
AVA
21.29
54.8
1,166.2
37.0
1,215.6
AVX Corp.
AVX
14.95
170.2
2,545.1
741.0
DESC.Q
0.01
40.1
0.3
3.6
FuelCell Energy Inc.
Modine Manufacturing Company
Plug Power Inc.
Quantum Fuel Systems Technologies Worldwide
VIASPACE Inc.
2.6
LTM EBITDA
NTM EBITDA
LTM EBIT
FCEL
3.06
84.4
258.2
50.6
4.8
212.5
2.2
NM
NM
NM
NM
GTI
14.96
120.4
1,801.3
50.2
17.1
1,768.2
2.7
1.8
13.6
8.5
17.9
NM
NA
HYGS
4.85
105.1
509.5
9.2
0.0
500.3
26.6
13.5
NM
NM
NM
NM
NM
MOD
13.70
46.2
633.6
45.3
131.7
720.0
0.7
0.6
11.3
8.5
NM
NM
NA
PLUG
0.64
129.6
82.9
115.9
60.9
27.9
2.3
0.9
NM
NM
NM
NM
NM
GrafTech International Ltd.
Hydrogenics Corp.
NTM SALES
2.5x
Air Products & Chemicals Inc.
Distributed Energy Systems Corp.
LTM SALES
QTWW
0.73
146.0
105.9
4.1
20.7
122.4
9.1
11.7
NM
NA
NM
NM
0.8
OTCBB:VSPC
0.01
885.3
12.8
1.1
4.8
16.6
3.8
NA
NM
NA
NM
0.3
NA
Mean
4.0x
10.5x
7.8x
15.4x
15.3x
9.5x
$509.5
$45.3
$17.1
$500.3
2.5x
1.8x
10.4x
8.4x
16.1x
17.0x
12.7x
High
$16,282.7
$2,127.1
$741.0
$4,423.1
$20,382.8
26.6x
13.5x
13.6x
8.5x
17.9x
26.9x
15.1x
Low
$0.3
$1.1
$0.0
$9.2
0.3x
0.6x
7.7x
6.2x
11.5x
0.3x
0.8x
Median
$125.5
$535.6
$2,537.2
4.9x
Weather/Geothermal:
COMPANY NAME
Danaher Corp.
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
$1,721.9
$2,933.2
$27,378.6
TICKER
DHR
$81.08
322.7
$26,167.4
LTM SALES
2.4x
NTM SALES
2.2x
LTM EBITDA
13.4x
NTM EBITDA
11.6x
LTM EBIT
16.1x
LTM EPS
NTM EPS
23.4x
19.5x
NM
Flow International Corp.
FLOW
3.57
46.9
167.4
6.6
10.0
170.7
1.0
1.0
NM
20.8
NM
NM
Ocean Power Technologies, Inc
OPTT
6.99
10.2
71.4
31.2
0.3
40.5
12.0
NA
NM
NM
NM
NM
NA
Ormat Technologies Inc.
ORA
31.46
45.4
1,429.0
46.3
634.0
2,016.7
4.9
5.5
15.0
14.9
29.3
20.8
36.3
13.3
Geo Group Inc.
US Geothermal Inc.
WaterFurnace Renewable Energy, Inc.
GEO
18.92
51.4
971.8
33.9
584.7
1,522.7
1.3
1.4
8.7
8.1
11.3
14.8
AMEX:HTM
1.00
62.1
62.1
6.8
0.3
55.6
NA
NA
NM
NA
NM
NM
NA
WFI
29.66
12.1
358.6
18.2
0.2
340.7
2.6
2.4
13.7
12.2
14.1
23.2
20.7
$4,175.4
$266.4
$594.7
$4,503.7
4.0x
2.5x
12.7x
13.5x
17.7x
20.6x
22.5x
$358.6
$31.2
$10.0
$340.7
2.5x
2.2x
13.6x
12.2x
15.1x
22.0x
20.1x
High
$26,167.4
$1,721.9
$2,933.2
$27,378.6
12.0x
5.5x
15.0x
20.8x
29.3x
23.4x
36.3x
Low
$62.1
$6.6
$0.2
$40.5
1.0x
1.0x
8.7x
8.1x
11.3x
14.8x
13.3x
Mean
Median
Recycling Technologies/Services:
COMPANY NAME
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
TICKER
LTM SALES
NTM EBITDA
NTM SALES
LTM EBITDA
LTM EBIT
0.3x
NA
NM
NA
NM
LTM EPS
NM
NTM EPS
Appliance Recycling Centers of America Inc.
ARCI
$3.24
4.6
$14.8
$2.8
$15.3
$27.4
Bion Environmental Technologies Inc.
BNET
2.29
11.7
26.9
1.2
0.0
25.7
NA
NA
NM
NA
NM
NM
NA
César Group
CSAR
0.58
7.8
4.5
1.9
11.6
14.2
0.4
NA
NM
NA
NM
NM
NA
Clean Harbors, Inc.
CLH
55.90
26.2
1,465.8
235.6
301.3
1,531.4
1.1
10.1
6.7
17.6
39.5
24.4
Commercial Metals Company
CMC
15.95
112.9
1,800.6
297.2
1,333.9
2,837.4
0.5
0.4
73.0
9.5
NM
NM
33.6
Metabolix, Inc.
MBLX
13.02
26.0
339.1
92.2
0.0
246.9
NM
20.8
NM
NM
NM
NM
NM
Startech Environmental Corp.
STHK
0.00
23.8
0.0
1.2
0.0
NM
NA
NM
NA
NM
0.0
NA
$521.7
$90.3
$237.4
$668.8
0.6x
7.4x
41.5x
8.1x
17.6x
19.8x
29.0x
$26.9
$2.8
$11.6
$27.4
0.4x
1.1x
41.5x
8.1x
17.6x
19.8x
29.0x
High
$1,800.6
$297.2
$1,333.9
$2,837.4
1.4x
20.8x
73.0x
9.5x
17.6x
39.5x
33.6x
Low
$0.0
$1.2
$0.0
0.3x
0.4x
10.1x
6.7x
17.6x
0.0x
24.4x
Mean
Median
(1.2)
($1.2)
1.4
NA
Clean Energy Management:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
LTM EPS
NTM EPS
Ambient Corporation
ABTG
$0.09
897.8
$82.6
$1.0
$9.8
$91.4
41.7x
NA
NM
NA
NM
NM
NA
Comverge, Inc.
COMV
11.36
24.7
280.8
50.5
12.8
243.1
2.5
1.8
NM
51.2x
NM
NM
NM
ENA
1.49
31.4
46.7
13.3
1.4
34.8
6.2
NA
NM
NA
NM
NM
NA
Enova Systems Inc.
Mean
Median
$136.7
$21.6
16.8x
1.8x
NM
NA
NM
NM
NA
$82.6
$13.3
$9.8
$91.4
6.2x
1.8x
NM
NA
NM
NM
NA
$280.8
$50.5
$12.8
$243.1
41.7x
1.8x
NM
NA
NM
NM
NA
$1.0
$1.4
$34.8
2.5x
1.8x
NM
NA
NM
NM
NA
High
Low
$46.7
$8.0
$123.1
Page 48 of 52
April 2010
Waste Emissions/Purification:
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
April 15, 2010
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
LTM EBIT
NM
NM
NM
LTM EPS
NM
NTM EPS
ADA-ES, Inc.
ADES
$7.91
7.0
$55.8
$1.9
$0.0
$53.9
2.7x
1.8x
Calgon Carbon Corporation
CCC
17.64
56.0
987.3
38.0
0.0
949.3
2.3
NA
13.1
10.1
17.4
25.5
NA
CLARCOR Inc.
CLC
35.58
50.4
1,793.8
81.7
32.1
1,744.2
1.9
1.8
11.8
10.4
15.0
23.3
20.2
21.5
Donaldson Company, Inc.
MFRI Inc.
MOCON Inc.
Pall Corp.
PMFG, Inc.
NM
DCI
46.17
77.1
3,560.9
180.6
282.9
3,663.2
2.2
1.9
15.2
12.3
20.3
31.6
MFRI
7.14
6.8
48.8
8.3
36.2
76.7
0.3
NA
3.7
NA
5.3
5.1
MOCO
11.05
5.2
57.1
13.8
0.0
43.4
1.6
NA
9.8
NA
11.2
20.7
NA
PLL
39.53
117.4
4,639.3
442.0
720.1
4,917.5
2.1
2.0
11.6
10.2
14.8
20.5
18.5
PMFG
13.58
13.2
179.7
18.1
31.2
192.8
1.5
NA
11.7
15.2
14.2
NM
NA
$1,415.3
$98.0
$137.8
$1,455.1
1.8x
1.9x
11.0x
11.6x
14.0x
21.1x
20.0x
$583.5
$28.1
$31.6
$571.0
2.0x
1.8x
11.7x
10.4x
14.8x
22.0x
20.2x
High
$4,639.3
$442.0
$720.1
$4,917.5
2.7x
2.0x
15.2x
15.2x
20.3x
31.6x
21.5x
Low
$48.8
$1.9
$0.0
$43.4
0.3x
1.8x
3.7x
10.1x
5.3x
5.1x
18.5x
Mean
Median
NA
Page 49 of 52
April 2010
Morgan Joseph & Co. Overview
About Morgan Joseph:
Morgan Joseph & Co. Inc. is a full service investment banking firm with over 130 employees and 10 offices in 10 cities dedicated
to serving middle market companies. The firm's primary focus is on providing financial advisory and capital raising services in the
U.S., Asia and Europe. Our services include mergers and acquisitions advice, restructuring advice, private placements and
public offerings of debt and equity. For its institutional investor clients, Morgan Joseph provides a full range of sales and
execution services, including equity research and specialized reports.
Organizational Highlights:
•
Headquartered in New York City with offices in Atlanta, Boston, Dallas, Miami, Nashville, TN, Pittsford, NY, San Francisco,
Stamford, CT, and Delafield, WI
•
Member of IMAP, the International Network of M&A Partners
Investment Banking Highlights:
•
Team of over 67 professionals organized into specialty industry and product groups, each including at least one Managing
Director with over 20 years of experience
•
Over $29 billion of completed transactions since June 2001
•
Over 140 completed M&A transactions and restructuring assignments
•
Over 90 completed financings, including private equity and debt placements, high yield debt and public equity offerings
Morgan Joseph Investment Banking Division Offering:
•
Public Equity offerings
•
M&A Advisory
•
Equity/Debt Private Placements
•
PIPEs
Page 50 of 52
April 2010
General Newsletter Disclaimer:
This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced
merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or
buy any security. The information presented is drawn from publicly available sources, including public filings with the Securities
and Exchange Commissions and market information made publicly available by third party providers. Any reference to or
omission of any reference to any company in this newsletter should not be construed as a recommendation to buy, sell or take
any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or
company based on this newsletter. This newsletter is not intended to be, and should not be construed as, investment advice or
an analysis, ranking, rating or recommendation with respect to the securities, companies or industries described. No investment
decision should be based on this newsletter. This newsletter is published solely for general informational purposes only. It does
not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain
transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors.
This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it
should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks, and other
factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this
newsletter. Morgan Joseph & Co. Inc., its affiliates, shareholders, officers, staff, and/or members of their families, including
persons involved in the preparation or issuance of this newsletter, may from time to time have long and short positions in the
securities mentioned herein, and, before or after your receipt of this report, may make or recommend purchases and/or sales of
securities or derivatives for their own accounts or for the accounts of other customers of the Firm from time to time in the open
market or otherwise. Additional information is available upon request. The companies mentioned in this newsletter may be clients
of Morgan Joseph & Co. Inc. The decision to include any company in this newsletter is unrelated in all respects to any service
Morgan Joseph & Co. Inc. may provide to such company. This newsletter may not be copied or reproduced in any form, or
redistributed without the prior written consent of Morgan Joseph & Co. Inc.
Page 51 of 52
April 2010
Morgan Joseph & Co. Technology Investment Banking Team
Rick Juarez
Managing Director
650-270-2702
rjuarez@morganjoseph.com
Gene Ramirez
Managing Director
650-270-2703
gramirez@morganjoseph.com
Sandeep Beotra
Director
212-218-3722
sbeotra@morganjoseph.com
Zachary Fisher
Director
212-218-3749
zfisher@morganjoseph.com
Ravindra Bansal
Associate
650-270-2704
rbansal@morganjoseph.com
Matt McLeod
Associate
650-270-2705
mmcleod@morganjoseph.com
Piyush Pandey
Sr. Associate
650-270-2706
ppandey@morganjoseph.com
Eamon Brady
Analyst
212-218-3858
ebrady@morganjoseph.com
Yash Patel
Analyst
650-270-2707
ypatel@morganjoseph.com
Cody Werner
Analyst
650-270-2708
cwerner@morganjoseph.com
Page 52 of 52

april 2010 monthly technology newsletter

Transcription

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