Software - Vista Point Advisors

Transcription

Mergers & Acquisitions | Capital Raising | Strategic Advisory
Software Industry Update
Q3 2015
Vista Point Advisors Overview
Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and
middle markets are unique and require specialized attention and advice when considering investment and exit
opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that
assures our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with
founder-owned and operated businesses to deliver the most favorable transactions at premium valuations.
Unconflicted Advice
Deep Technology
Domain Expertise
Differentiated Negotiation
Framework
Vista Point exclusively provides sell-side
M&A and Capital Raising advisory
services to technology businesses
removing the conflict of interest
associated with working both sides of the
table.
table.
table.
2 | Software Industry Update Q3 2015
Representative Vista Point Advisors Transactions
has been acquired by
received investment from
September 2015
March 2015
February 2015
December 2014
November 2014
November 2014
August 2014
April 2014
March 2014
November 2013
has been acquired by*
has been acquired by*
March 2013
January 2013
March 2012
December 2010
October 2010
*Completed by VPA professionals while at another investment bank
Q3 2015 Software Industry Overview
• There were 263 reported software M&A transactions in Q3 2015 totaling $16 billion in
transaction value
− Aggregate Software M&A value in 2015 is up 8% relative to 2014 and has totaled nearly $93
billion year to date
− Notable strategic deals include:
• Amadeus IT’s $830 million acquisition of Navitaire
• IBM’s $975 million acquisition of Merge Healthcare
• Envestnet’s $504 million acquisition of Yodlee
• Infor’s $675 million acquisition of GT Nexus
• Vista Equity Partners’ $6.3 billion acquisition of Solera
• The software IPO market had one major IPO pricing in Q3 2015
− Rapid7 (NasdaqGM:RPD), a security data and analytic software solution, raised $118.7 million
and has traded up 42.2%
Active Acquirers and Notable Transactions
Most Active Acquirers (Since 2010)
Reported Value ($bn)
$20.0
$15.1
$10.0
$4.7
$3.9
$4.4
$4.0
$1.2
$0.5
$3.7
$0.3
$0.4
1
40
20
$4.2
$1.3
$0.7
$0.0
60
Number of
Transactions
$16.4
$14.1
2
5
35
34
49
23
23
1
1
2
2
21
20
20
20
1
20
16
16
2
3
15
14
13
0
Gray bar denotes
deals over $1 billion
Notable Recent Transactions
Acquirer
Target
Date
07/01/15
08/06/15
08/10/15
08/11/15
09/13/15
$830m
$975m
$504m
$675m
$6,271m
EV / LTM Rev
N/A
4.3x
5.1x
5.1x
5.5x
EV / LTM EBITDA
N/A
24.7x
N/M
67.5x
15.2x
EV
Source: Capital IQ as of 9/30/2015
Software M&A Market Overview
Quarterly Software M&A Value and Deal Count (Since 2010)
$70
$61
$60
Transaction Value ($bn)
$48
$50
$40
$31
$30
$24
$22
$20
$10
$15
$14
$8
$13
$18
$19
$22
$17
$18
$17
$6
$16
$15
$23
$22
$15
$9
$5
$0
400
366
344
334
327
336
337
363
368
340
349
363
322
Number of Transactions
299
300
304
286
324
345
308
288
250
265
263
207
200
100
0
Q3 '15
Q2 '15
Q1 '15
Q4 '14
Q3 '14
Q2 '14
Q1 '14
Q4 '13
Q3 '13
Q2 '13
Q1 '13
Q4 '12
Q3 '12
Q2 '12
Q1 '12
Q4 '11
Q3 '11
Q2 '11
Q1 '11
Q4 '10
Q3 '10
Q2 '10
Q1 '10
Software M&A Market Overview
Transactions by Reported Value
Q2 '15
Q3 '15
9%
13%
$500M - $1B
6%
4%
1%
>$1B
Total: $61B
59%
$250M - $500M
66%
1%
$100M - $250M
$50M - $100M
12%
Total: $16B
13%
<$50M
3%
12%
Transactions by Target Funding
50M+
$30 - $50M
$10 - $30M
$0.1 - $10M
Undisclosed
72%
Q1 '10
65%
66%
65%
66%
68%
72%
73%
Q2 '10
Q3 '10
Q4 '10
Q1 '11
Q2 '11
Q3 '11
Q4 '11
71%
70%
65%
Q1 '12
Q2 '12
Q3 '12
71%
67%
67%
64%
64%
64%
66%
62%
66%
65%
68%
Q4 '12
Q1 '13
Q2 '13
Q3 '13
Q4 '13
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
Q2 '15
61%
Q3 '15
No Funding
Despite High Valuations, Investments Lead Exits 3:1
Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years
240
Investments Made
120
180
227
115
60
0
45
157
35
50
92
29
49
84
19
36
8
1
18
16
3
60
27
19
14
1 2
17
13
4
13
16
32
30
30
46
42
12
1 3
11
13
5
8
15
19
38
17
29
32
11 10
10 12 7
15
26
8
9
10 6 10
4
34
19
6 9
1 2
10 6 8
4
12
8
12
3
7
15
7
9
3
1 3
5 11
12
6
4
4
20
15
7
3
18
Within 12-24 months
12
1
21
14
10
7
34
24
9
4
14
22
8
7
2
22
5
4
25
56
22
14
15
10
7
22
14
4
2
3
9
4
3
16
24
6
5
10
19
Within last 6 months
Within 6-12 months
60
51
18
3
6
45
29
10
7
1
59
59
Within 6-12 months
5
16
17
13
4
24
25
62
Within last 6 months
3
23
43
75
9
45
Portfolio Exits
30
15
67
77
102
0
Within 12-24 months
IPO Summary
Software still comprises the bulk of total tech IPOs, but year over year quantity of tech IPOs is
down; IPO proceeds go to company balance sheets and provide little liquidity for shareholders
IPOs
Year
%
Primary
# of IPOs
Software
Internet
First Follow-On (“FO”) Offering
File to Price Change
Increase No Change
13%
Hardware
13%
2015
YTD
74 44 4 1615
8
0
0
97%
20
10
20
30
Decrease
Software
%
Primary
IPO to FOs Price Change
Increase
Hardware
13%
7 4 4
N/A
56%
40
Internet
Avg. Days Post
Lockup Expiration
27% 31%
60%
40
% of
FOs
# of FOs
0
15
0%
20
N/A
N/A
No Change
Decrease
27%
N/A
60%
40
50
13%
36%
26
2014
14
5
45
36%
10
91%
2 2
14
31%
201
44%
64%
0%
51%
0
10
20
30
40
50
0
5
10
15
20
25
17%
29%
37%
20
2013
12
9
41
11
84%
5
5
21
51%
219
29%
0%
71%
46%
0
10
20
30
40
50
0
5
10
15
20
25
Software Public Market Performance
3 Year Public Market Performance
300%
Index Performance Over Last 3 Years
High Growth Software (>30% LTM Revenue Growth)
All Software
NASDAQ Composite Index
S&P 500 Index
High Margin Software (>30% LTM EBITDA Margins)
250%
+103%
+54%
+48%
+33%
+32%
200%
150%
100%
50%
0%
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
% of 52 Week High
EV / Revenue
100%
12.0x
82%
Apr-14
Jun-14
Aug-14
Oct-14
Jun-15
45.0x
9.8x
8.0x
4.3x
4.0x
50%
5.4x
4.0x
High Growth
Aug-15
Oct-15
35.3x 33.5x
30.0x
5.2x
17.8x
15.0x
0.0x
14.7x
14.6x 13.8x
All Software
High Margin
0.0x
All Software
High Margin
High Growth
High Growth Software: APIC, BOX, CSLT, CSOD, CYBR, DATA, ELLI, ENXTPA:CGM, FEYE, HDP, HUBS, IMPV, N, NEWR, NOW, PANW, PAYC, PCTY, PFPT, QIHU, QTWO, RUBI, SPLK, TRAK, TUBE, TXTR, VDSI, VEEV, WDAY, XTLY, ZEN
All Software: See all bucketed companies
High Margin Software: AKAM, AVG, AZPN, CA, CHKP, EBIX, FDS, FISV, JKHY, MSCI, MSFT, NSR, ORCL, PAYX, SAP, SWI, TSX:DSG, VRSN
Apr-15
8.3x
75%
High Margin
Feb-15
EV / EBITDA
88%
75%
All Software
Dec-14
High Growth
Public Company Summary
Software
CRM
52-Wk High
Accounting / ERP
74%
82%
Supply Chain
Management
Knowledge /
Content
Management
Human Capital
Management
84%
88%
Business Intelligence
68%
86%
Systems / Network
Management
81%
Security / Storage
70%
Application
Infrastructure
Financial Technology
85%
85%
Healthcare IT / Life
Sciences Software
81%
Median
82%
Mean
80%
Aggregate Mkt Cap ($ in m)
$54,455
$418,577
$113,910
$42,151
$68,418
$187,360
$92,471
$131,979
$721,005
$59,015
$40,402
$92,471
$175,431
Aggregate EV ($ in m)
$55,722
$481,632
$119,609
$41,853
$72,212
$218,672
$94,583
$130,512
$814,243
$64,318
$43,017
$94,583
$194,216
LTM EV / Revenue
4.4x
4.0x
6.4x
9.2x
2.2x
3.2x
5.6x
4.1x
4.1x
4.5x
3.7x
4.1x
4.7x
2015E EV / Revenue
4.0x
3.8x
5.9x
8.3x
1.8x
3.0x
4.6x
3.7x
4.3x
4.2x
3.5x
4.0x
4.3x
2016E EV / Revenue
3.5x
3.6x
5.1x
6.7x
1.5x
2.7x
4.0x
3.1x
3.6x
3.8x
3.1x
3.6x
3.7x
LTM EV / EBITDA
39.6x
15.7x
24.4x
14.1x
15.2x
16.7x
17.9x
15.1x
11.5x
15.8x
20.8x
15.8x
18.8x
2015E EV / EBITDA
29.3x
12.2x
16.5x
40.3x
14.4x
10.1x
12.7x
10.4x
10.5x
14.2x
15.0x
14.2x
16.9x
2016E EV / EBITDA
22.0x
11.3x
15.2x
29.6x
12.4x
9.8x
10.9x
9.9x
10.1x
12.8x
13.3x
12.4x
14.3x
LTM P / E
NM
27.9x
49.4x
115.3x
30.1x
30.3x
30.1x
23.3x
23.8x
28.6x
43.6x
30.1x
40.2x
2015E P / E
56.0x
19.7x
32.9x
79.9x
23.2x
17.6x
19.0x
21.1x
17.3x
25.8x
30.2x
23.2x
31.1x
2016E P / E
33.7x
18.4x
27.7x
56.4x
20.7x
16.4x
16.9x
17.2x
15.8x
22.6x
23.8x
20.7x
24.5x
LTM Revenue Growth
25%
(1%)
7%
36%
11%
10%
18%
26%
8%
9%
22%
11%
15%
2015E Revenue Growth
23%
4%
9%
30%
7%
9%
19%
21%
14%
8%
19%
14%
15%
2016E Revenue Growth
17%
5%
10%
27%
13%
9%
18%
19%
6%
9%
11%
11%
13%
LTM EBITDA Margin
3%
26%
25%
(3%)
8%
15%
17%
10%
21%
21%
15%
15%
14%
2015E EBITDA Margin
4%
27%
31%
12%
9%
23%
26%
20%
27%
25%
20%
23%
20%
2016E EBITDA Margin
4%
28%
32%
14%
11%
24%
26%
23%
27%
27%
21%
24%
22%
LTM Net Margin
(11%)
9%
12%
(9%)
3%
3%
7%
5%
12%
10%
5%
5%
4%
2015E Net Margin
(1%)
18%
19%
6%
6%
15%
15%
11%
17%
16%
9%
15%
12%
2016E Net Margin
(0%)
19%
20%
9%
7%
16%
16%
14%
17%
17%
9%
16%
13%
Select Q3 2015 Announced M&A Transactions
Date
09/30/15
09/30/15
09/30/15
09/30/15
09/30/15
09/29/15
09/29/15
09/29/15
09/29/15
09/29/15
09/28/15
09/28/15
09/25/15
09/25/15
09/25/15
09/24/15
09/24/15
09/23/15
09/22/15
09/22/15
09/22/15
09/22/15
09/21/15
09/18/15
09/18/15
09/17/15
09/17/15
09/17/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/16/15
09/15/15
09/15/15
09/15/15
09/15/15
09/15/15
Target
ShareRoot
OpSec Security Group
Comptryx
Sixth Sense Media
PeopleDoc
InTELEgentsia
G5 Search Marketing
Calyx Bio-Ventures
Intronis
Intalio
Ascensus
Adxstudio
Electra-net
C.T.E. Systems
Safaba Translation Solutions
Wooboard
AppCarousel
DESlock
Tabernus
Portware
Learning Objects
PunchTab
Eye3Data
NexAge Technologies
Codeninja
Pointerra
Mformation Software Technologies
Mapsense
Infoplex
Coalfire Systems
Unruly Group
Ontario Systems
Strohl Risk Solutions
Calypto Design Systems
Proposal Software
Roler Data Transfer Services
Demibooks
Backstop
Unified Color Technologies
Computer And Software Enterprises
Proquote
Pulse Software Systems
One Source Networks
Mitratech
Koken
Acquirer
Monto Minerals
Investcorp Technology Partners
Mercer
Evolving Systems
Eurazeo
Mporium Group
Milestone Partners
ALT Trading
Barracuda Networks
Ever Team
Genstar Capital; Aquiline Capital Partners
Microsoft
Capita
Associated Time & Parking Controls
Amazon.com
REFFIND
AppDirect
ESET
Blancco
FactSet Research Systems
Cengage Learning
WalmartLabs
Point Blank Enterprises
8K Miles Software Services
Terago
Soil Sub Technologies
Alcatel-Lucent
Apple
Bulletproof Group
The Carlyle Group
News Corp UK & Ireland
Arlington Capital Partners
Ncontracts
Mentor Graphics
Camden Partners
Doxim
Educational Development
First Advantage Litigation Consulting
Pinnacle Imaging Systems
HPD Software
IRESS
IRESS
GTT Communications
TA Associates Management
NetObjects
Note: $ in Millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.
Delivery
SaaS
On Premise
On Premise
On Premise
SaaS
On Premise
SaaS
On Premise
SaaS
On Premise
SaaS
SaaS
SaaS
SaaS
SaaS
SaaS
SaaS
On Premise
On Premise
On Premise
SaaS
SaaS
On Premise
On Premise
SaaS
SaaS
On Premise
On Premise
SaaS
On Premise
SaaS
SaaS
On Premise
On Premise
On Premise
SaaS
On Premise
On Premise
On Premise
On Premise
SaaS
On Premise
SaaS
SaaS
SaaS
Sector
Advertising and Marketing
Security / Storage
Human Capital
Content / Document Management
Business Software
Security / Storage
Business Software
Fintech
CRM
IT Infrastructure & Management
Human Capital
Human Capital
Business Software
Security / Storage
Security / Storage
Fintech
Education
Video Management
Governance, Risk, & Compliance
Hosting / Data Center
Telecommunications
Mapping / Tracking
CAD / CAM
Education
CAD / CAM
Fintech
Fintech
Fintech
Telecommunications
Business Software
Enterprise
Value
$0.1
$91
N/A
$10
N/A
$1
N/A
N/A
$65
N/A
N/A
N/A
$56
N/A
N/A
$3
N/A
N/A
$12
$265
N/A
N/A
N/A
$3
N/A
$0.3
N/A
N/A
$3
N/A
$177
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$175
N/A
N/A
Target LTM
Revenue
EBITDA
N/A
N/A
$91
$9
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$23
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$4
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$75
$14
N/A
N/A
N/A
N/A
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
1.0x
10.0x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.4x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4.0x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.6x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.3x
12.6x
N/A
N/A
N/A
N/A
Select Q3 2015 Announced M&A Transactions (cont.)
Date
09/14/15
09/14/15
09/14/15
09/14/15
09/13/15
09/11/15
09/10/15
09/10/15
09/10/15
09/10/15
09/10/15
09/10/15
09/10/15
09/10/15
09/09/15
09/09/15
09/09/15
09/08/15
09/08/15
09/08/15
09/08/15
09/08/15
09/07/15
09/04/15
09/04/15
09/04/15
09/03/15
09/03/15
09/03/15
09/03/15
09/03/15
09/03/15
09/03/15
09/03/15
09/03/15
09/02/15
09/02/15
09/02/15
09/02/15
09/02/15
09/01/15
09/01/15
09/01/15
09/01/15
09/01/15
Target
Acquirer
Delivery
Sector
Primatics Financial
E-On Software
Quindell
Make My 3D File
Solera
Wanted Technologies
Envivio
ContactUs.com
EcoSys Management
ContactUs Reviews
StrongLoop
Layer42
Premiere Global Services
Newsroom Solutions
DC&D Technologies
Flexible Architecture & Simplified Technology
BeVo Media
Sagacity Solutions
Fidessa
Easynet
Adallom
Weidlinger Associates
Vedelem
Good Technology
Nexxphase
SharedVue
Analytical Systems
Alteva
IdeaPoint
HeyBubble
Volometrix
Elemental Technologies
Professional Inbound
Market Leader
P&L Software Systems
Varden Technologies
Delcross Technologies
Baker Hill
VizuAll
Fox RPM
Platform Black
Adept Software Consultancy
Wesupply
Quick Service Software
Group Basis
SS&C Technologies
Bentley Systems
Beach Point Capital Management
J-CAD
Vista Equity Partners
CEB Canada
Ericsson
WorkWave
Intergraph Process, Power & Marine
WorkWave
International Business Machines
WaveDivision
Siris Capital Group
ChyronHego
BNi Building News
Moelis Capital Partners
VizeCapital
MXC Capital
Finsbury Trust; Frostrow Capital
Interoute Communications
Microsoft
Thornton Tomasetti
RITEQ
BlackBerry
Contact Solutions
Zift Solutions
The Priceline Group
MBS
Anaqua
Interfacing Technologies
Microsoft
Amazon Web Services
Startel
Constellation Web Solutions
Advanced Manufacturing Control Systems
SS&C Technologies
Ansys
The Riverside Company
Net Insight
Business Products Group
GLI Finance
Synergy Technology
HighJump Software
Panasonic
TriCore Solutions
SaaS
On Premise
On Premise
On Premise
On Premise
SaaS
On Premise
SaaS
On Premise
SaaS
On Premise
SaaS
SaaS
On Premise
SaaS
On Premise
SaaS
On Premise
On Premise
SaaS
SaaS
On Premise
On Premise
On Premise
SaaS
On Premise
On Premise
SaaS
SaaS
SaaS
SaaS
On Premise
SaaS
SaaS
SaaS
SaaS
On Premise
On Premise
SaaS
On Premise
SaaS
On Premise
SaaS
SaaS
SaaS
Fintech
CAD / CAM
Mapping / Tracking
CAD / CAM
Human Capital
Video Management
Accounting / ERP
Development
Telecommunications
Diversified Media
Business Software
Business Software
Fintech
Telecommunications
Security / Storage
Development
Security / Storage
Telecommunications
CRM
Telecommunications
Business Software
CRM
Human Capital
Video Management
Telecommunications
Business Software
Accounting / ERP
Fintech
Testing
Fintech
Diversified Media
Transportation / Logistics
Fintech
Supply Chain
Supply Chain
Business Software
Enterprise
Value
$122
N/A
N/A
N/A
$6,271
$31
$90
N/A
N/A
N/A
N/A
N/A
$979
N/A
N/A
N/A
N/A
$39
N/A
$618
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$22
N/A
N/A
N/A
$500
N/A
$23
N/A
N/A
N/A
$100
$14
N/A
N/A
N/A
N/A
N/A
N/A
Target LTM
Revenue
EBITDA
$51
N/A
$101
N/A
$1,141
$8
$43
N/A
$29
N/A
N/A
N/A
$566
N/A
N/A
N/A
N/A
$7
$446
$340
N/A
N/A
N/A
$212
N/A
N/A
N/A
$31
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$31
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$12
N/A
($82)
N/A
$413
$1
($3)
N/A
N/A
N/A
N/A
N/A
$74
N/A
N/A
N/A
N/A
$2
$78
$58
N/A
N/A
N/A
($53)
N/A
N/A
N/A
($1)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Enterprise Value /
LTM Revenue
LTM EBITDA
2.4x
N/A
N/A
N/A
5.5x
4.0x
2.1x
N/A
N/A
N/A
N/A
N/A
1.7x
N/A
N/A
N/A
N/A
5.3x
N/A
1.8x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.7x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.2x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10.2x
N/A
N/A
N/A
15.2x
21.1x
N/M
N/A
N/A
N/A
N/A
N/A
13.2x
N/A
N/A
N/A
N/A
19.4x
N/A
10.7x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/M
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Date
09/01/15
09/01/15
09/01/15
08/31/15
08/31/15
08/31/15
08/31/15
08/28/15
08/28/15
08/28/15
08/28/15
08/28/15
08/27/15
08/27/15
08/27/15
08/27/15
08/27/15
08/27/15
08/26/15
08/26/15
08/26/15
08/25/15
08/25/15
08/25/15
08/24/15
08/24/15
08/24/15
08/24/15
08/20/15
08/20/15
08/20/15
08/19/15
08/19/15
08/18/15
08/18/15
08/18/15
08/18/15
08/18/15
08/18/15
08/18/15
08/18/15
08/18/15
08/18/15
08/17/15
08/17/15
Target
CaseNEX
Leading Edge Engineering
Async Recruiting
Xtraction Solutions
The Network
Dataworxs Systems
Hands-On Management
DigiCert
ERP Visions
WHMCS Services
Innovation Group
Draker
Rostima
ByteSentinel Partners
Novetta Solutions
SeeControl
Applied Card Technologies
Fliptop
Double Prime
Manhattan Beach Trading
Medici
Surf Smart Solutions
Mashery
Sirrustec
Syrus
BlackArrow
MagazineCloner.com
MembersFirst
Concepts NREC
Maxymiser
SearchSoft Solutions
MCEnergy
MODEST
Branchbird
Iron Data
Solutions Only Financial Solutions
The Retail Equation
ScaleBase
Dot Hill Systems
Boundary
TZ Holdings
This Technology
Assess Systems
Selligy
Crimson UK
Acquirer
Longleaf Solutions
Adaptive
RIVS
LANDESK Software
NAVEX Global, Inc.
VIQ Solutions
KPMG Australia
Thoma Bravo
Crestwood Associates
Host The Best
The Carlyle Group
BlueNRGY Group
ComOps
AlumiFuel Power
The Carlyle Group
Autodesk
Fujitsu Services
LinkedIn
Software Paradigms International
TradeKing Group
Overstock.com
Verify Smart
TIBCO Software
Censornet
Vivonet
Cross MediaWorks
Jellyfish CoNNect
Jonas Software USA
Fujian Snowman
Oracle
PeopleAdmin
Yardi Systems
Braintree Payment Solutions
Edgewater Technology
MicroPact
CGI Group
Appriss
ScaleArc
Seagate Technology
BMC Software
Synacor
Comcast
Chequed.com
Veeva Systems
Restore
Delivery
SaaS
On Premise
SaaS
On Premise
SaaS
On Premise
On Premise
SaaS
SaaS
SaaS
SaaS
On Premise
On Premise
On Premise
On Premise
On Premise
On Premise
SaaS
On Premise
SaaS
On Premise
On Premise
On Premise
On Premise
SaaS
On Premise
SaaS
On Premise
On Premise
SaaS
On Premise
On Premise
On Premise
SaaS
SaaS
SaaS
SaaS
On Premise
On Premise
SaaS
SaaS
SaaS
SaaS
SaaS
On Premise
Sector
Education
Business Software
Human Capital
Speech Recognition
Security / Storage
Fintech
Business Software
Human Capital
Security / Storage
Platform / OS
CRM
Ecommerce
Fintech
Fintech
Security / Storage
Security / Storage
Business Software
Development
CAD / CAM
Testing
Education
Oil & Gas
Ecommerce
Business Software
Fintech
Retail Software
Security / Storage
Telecommunications
Human Capital
CRM
Enterprise
Value
N/A
N/A
N/A
N/A
N/A
$0.5
N/A
N/A
N/A
N/A
$677
N/A
$0.4
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$80
N/A
N/A
N/A
N/A
$5
N/A
N/A
N/A
N/A
$559
N/A
$24
N/A
N/A
N/A
$3
Target LTM
Revenue
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$328
$39
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$244
$19
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.1x
17.2x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.3x
29.7x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Date
08/17/15
08/17/15
08/17/15
08/17/15
08/17/15
08/14/15
08/14/15
08/14/15
08/14/15
08/14/15
08/14/15
08/13/15
08/13/15
08/13/15
08/12/15
08/12/15
08/12/15
08/12/15
08/12/15
08/11/15
08/11/15
08/11/15
08/11/15
08/10/15
08/10/15
08/07/15
08/06/15
08/06/15
08/05/15
08/05/15
08/05/15
08/05/15
08/05/15
08/05/15
08/04/15
08/04/15
08/03/15
08/03/15
08/03/15
08/03/15
08/03/15
08/03/15
08/01/15
07/31/15
07/30/15
Target
Telligent
Tonomi
QI Systems
HelpSystems
Appcore
Ellucian
Sportech
ServNet Technologies
iStreamPlanet
Trinity Consultants
SecuSolutions
Quadriserv
Ease Entertainment Services
Digconn Systems
SunGard Data Systems
CoreOne Technologies
NJOY Products and Local Level
Smart Card Marketing Systems
Zuercher Technologies
Credence
GT Nexus
CommandIQ
Merchantry
Smart Tuition
Yodlee
Metavera Solutions
Merge Healthcare
First Choice Software
Nexus Point Solutions
Halosys
CrossView
Internet Pipeline
Financial Tech
Monexa Solutions
Xceedium
TechValidate Software
Manage Mobility
AppFive
Hotel SystemsPro
Protean Software
IP Payments
Smarty Ants
RCC Consultants
Premier IT Networks
Webtech Wireless
Acquirer
Verint Systems
Grid Dynamics International
Denovo Ventures
H.I.G. Capital
Leonard Green & Partners; TPG Capital
Contagious Gaming
Webnetized Technologies
Turner Broadcasting System
Levine Leichtman Capital Partners
Bullzi
PDQ ATS
GEP Administrative Services
Agile Digital Systems
Fidelity National Information Services
Markit
Data Business Systems; i3 Verticals
CT-Payment
TriTech Software Systems
Ldiscovery
Infor
Liquid
Tradeshift
Blackbaud
Envestnet
Enterprise Rent-A-Car Canada
Access Technology Group
Aconex
Sonata Software North America
PFSweb
Thoma Bravo
Silicon Valley Bank
NetSuite
CA
SurveyMonkey
Peak-Ryzex
TESCAN-ORSAY
Amadeus IT
Foresight
SuperPay Australia
Achieve3000
Black & Veatch
Node4
BSM Technologies
Delivery
On Premise
SaaS
On Premise
SaaS
SaaS
SaaS
SaaS
On Premise
On Premise
SaaS
SaaS
SaaS
On Premise
On Premise
On Premise
On Premise
On Premise
On Premise
On Premise
SaaS
SaaS
SaaS
On Premise
SaaS
SaaS
On Premise
On Premise
On Premise
SaaS
On Premise
On Premise
SaaS
SaaS
On Premise
On Premise
SaaS
On Premise
On Premise
On Premise
On Premise
SaaS
SaaS
On Premise
SaaS
SaaS
Sector
Platform / OS
Platform / OS
Business Software
Platform / OS
Education
Sports
Video Management
Security / Storage
Fintech
Accounting / ERP
Accounting / ERP
Fintech
Fintech
Fintech
Retail Software
CAD / CAM
Security / Storage
Supply Chain
CRM
Retail Software
Education
Fintech
Healthcare / Biotechnology
Human Capital
Business Software
Platform / OS
Ecommerce
CRM
Fintech
Accounting / ERP
Security / Storage
Telecommunications
Development
Business Software
Business Software
Ecommerce
Education
Telecommunications
Enterprise
Value
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$200
N/A
N/A
N/A
N/A
$675
N/A
$30
$190
$504
N/A
$975
N/A
$5
$5
$55
N/A
N/A
$35
N/A
N/A
N/A
N/A
N/A
$6
N/A
N/A
$3
N/A
$21
Target LTM
Revenue
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$161
$31
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$2,841
$588
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$133
$10
N/A
N/A
N/A
N/A
N/A
N/A
$99
($6)
N/A
N/A
$228
$39
$9
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$23
$1
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5.1x
67.5x
N/A
N/A
N/A
N/A
N/A
N/A
5.1x
N/M
N/A
N/A
4.3x
24.7x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.9x
15.7x
Date
07/30/15
07/30/15
07/30/15
07/29/15
07/28/15
07/27/15
07/27/15
07/27/15
07/23/15
07/23/15
07/23/15
07/23/15
07/23/15
07/22/15
07/22/15
07/22/15
07/22/15
07/22/15
07/22/15
07/22/15
07/21/15
07/21/15
07/21/15
07/21/15
07/21/15
07/21/15
07/21/15
07/20/15
07/20/15
07/20/15
07/20/15
07/20/15
07/17/15
07/17/15
07/16/15
07/16/15
07/16/15
07/16/15
07/15/15
07/15/15
07/15/15
07/14/15
07/14/15
07/14/15
07/14/15
Target
PerspecSys
Jabez Technologies
ClassOwl
SoonR
mTAB
Datamine International
On Center Software
OUYA
iLEVEL Solutions
Compose
MyDrive Solutions
Aspex Research & Technology
SoftwareOnZ
Expion
AtHoc
ProofHQ
Teleformix
DotLoop
BearWare
Clementine Labs
Bunuru
Entone
Scenario Virtual Project Delivery
Global HR Research
Emergency Technologies
Pixate
Benbria
AVEVA
Syntricity
Courseload
Marriott Sinclair
irth Solutions
INTYGRAL
Archer USA
Jobstream Group
Relational Solutions
FieldOne Systems
Rockshore Group
Worksite
Gemmar Systems
Versatile Credit
PinBellCom
EmergingSoft
Transaction Wireless
FonAngle Communications
Acquirer
Blue Coat Systems
Hypertherm
Branch Metrics
Autotask
Poplar Capital Partners
Vela Software International
Roper Technologies
Razer
Ipreo
Assicurazioni Generali
Silhouette America
Datakinetics
Sysomos
BlackBerry
Workfront
Inte Q
Zillow
The Descartes Systems Group
Dropbox
InvitroCue
Amino Technologies
e-Builder
Patriot National
ESO Solutions
Google
Verizon Communications
Schneider Electric, Schneider Software
PDF Solutions
Unizin
Reynolds Porter Chamberlain
Bregal Sagemount
Zywave
mPulse Mobile
Microgen
MindTree
Microsoft
CACI
Aconex
ACCEO Solutions
Mass Capital Ventures
Egton Medical Information Systems
Dean Evans and Associates
First Data
Jive Communications
Delivery
SaaS
On Premise
SaaS
SaaS
SaaS
On Premise
SaaS
On Premise
SaaS
SaaS
On Premise
On Premise
On Premise
SaaS
On Premise
SaaS
On Premise
SaaS
SaaS
SaaS
On Premise
On Premise
On Premise
SaaS
On Premise
SaaS
SaaS
On Premise
SaaS
On Premise
On Premise
SaaS
On Premise
On Premise
On Premise
On Premise
On Premise
On Premise
SaaS
SaaS
On Premise
On Premise
On Premise
SaaS
On Premise
Sector
Security / Storage
CAD / CAM
Education
Oil & Gas
Business Software
Gaming
Fintech
Mapping / Tracking
CAD / CAM
Telecommunications
CRM
Ecommerce
Retail Software
Telecommunications
Ecommerce
Integration / Middleware
Business Software
Human Capital
Development
CRM
Development
Education
Fintech
Fintech
Accounting / ERP
Business Software
Retail Software
Retail Software
Business Software
Retail Software
Telecommunications
Enterprise
Value
N/A
N/A
N/A
N/A
N/A
$32
$157
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$108
$11
N/A
N/A
$73
N/A
$42
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$0.1
$5
$10
N/A
N/A
$5
N/A
N/A
$5
N/A
N/A
N/A
Target LTM
Revenue
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$310
$86
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.5x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Date
07/14/15
07/14/15
07/14/15
07/14/15
07/13/15
07/13/15
07/13/15
07/13/15
07/10/15
07/09/15
07/09/15
07/08/15
07/07/15
07/07/15
07/07/15
07/07/15
07/07/15
07/07/15
07/07/15
07/07/15
07/07/15
07/06/15
07/06/15
07/06/15
07/03/15
07/02/15
07/02/15
07/02/15
07/02/15
07/02/15
07/01/15
07/01/15
07/01/15
07/01/15
07/01/15
07/01/15
07/01/15
07/01/15
06/30/15
06/30/15
Target
ExaDigm
V-Oasis
FleXyber Solutions
InReach
Applaud It
V I Engineering
The Human Geo Group
Aerva
Quadriga Worldwide
Wealth Management Systems
CitySync
CSO Research
Cloud Amber
StoneRiver RegEd
Syncplicity
Narrative1 Holdings
MaintenanceNet
Drawloop Technologies
Mainland Information Systems
Bridgeway Software
Scanner Applications
InvoiceSmash
KWG
Quantapoint
Akshat
White Sky
Appriss
Educational Services
CrossPointe
X-Ray Analytics
Discovery Technology
The IRC Company
Bayside Business Solutions
Navitaire
Sherwood Systems
iVeridis
Lucid Research
Wmode
OpenDNS
Indaba Group
Acquirer
Shenzhen Xinguodu Technology
Solvere One
TBX Group
Jonas Software USA
BigAir Group
Stantec
The Radiant Group
Time-O-Matic
Exceptional Innovation
DST Retirement Solutions
TagMaster
MBA Focus
IDOX
Falfurrias Capital Partners
Skyview Capital
ExactBid
Cisco Systems
Nintex Group
Scalar Decisions
Mitratech
Inmar
Coupa Software
SiteCompli
Qualspec
Persistent Systems
Intersections
Insight Venture Partners
IMPAQ International
Harris School Solutions
Blackboard
Data#3
Level 3 Communications
ProfitStars
Amadeus IT
InterDyn Business Microvar
Synoptic Technologies
GL Assessment
AppDirect
Cisco Systems
Warp 9
Software Median
Software Mean
Delivery
On Premise
SaaS
On Premise
SaaS
On Premise
On Premise
On Premise
On Premise
SaaS
On Premise
On Premise
SaaS
SaaS
SaaS
SaaS
On Premise
On Premise
On Premise
On Premise
On Premise
On Premise
SaaS
SaaS
On Premise
On Premise
SaaS
SaaS
On Premise
On Premise
On Premise
On Premise
On Premise
SaaS
SaaS
On Premise
SaaS
On Premise
On Premise
SaaS
On Premise
Sector
Fintech
Education
Testing
Diversified Media
Travel / Hospitality
Fintech
Law Enforcement
Education
File Sharing
File Sharing
Retail Software
Accounting / ERP
Business Software
Oil & Gas
Ecommerce
Law Enforcement
Education
Education
Security / Storage
Fintech
Education
Telecommunications
Security / Storage
Ecommerce
Enterprise
Value
N/A
N/A
N/A
N/A
$1
N/A
N/A
N/A
N/A
$64
$4
N/A
$8
N/A
N/A
N/A
$139
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$1
N/A
N/A
N/A
N/A
$3
N/A
N/A
$830
$1
N/A
N/A
$32
N/A
$2
$30
$221
Target LTM
Revenue
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$5
N/A
N/A
N/A
$4
$1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$75
$245
SaaS Mean
On Premise Mean
$12
$58
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.8x
N/A
N/A
N/A
2.1x
8.3x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.3x
2.7x
15.4x
19.7x
2.4x
3.1x
19.6x
19.8x
Software IPOs
IPO Date
Days on
Company
File
EV IPO Amount Raised
Market Cap
LTM Multiples
EV /
EBITDA
EV / Rev
Metrics and Financings
Rev Grwth NTM Rev Net Cash
at IPO Growth
at IPO
Share Information
IPO Offer
File to Primary Current Chg Since
Price Price Chg
Shares
Price
IPO
Days Post
Lock-Up
Follow On Information
Amount Relative to Follow On
IPO to
Raised IPO Raise
Price Price Chg
Primary
Shares
Software
07/16/15
06/25/15
06/25/15
06/18/15
05/20/15
05/18/15
04/23/15
01/22/15
12/11/14
12/11/14
12/11/14
11/05/14
10/08/14
10/02/14
09/23/14
07/17/14
07/17/14
06/25/14
06/11/14
05/14/14
04/16/14
04/16/14
04/14/14
04/03/14
04/03/14
04/01/14
03/27/14
03/19/14
03/13/14
03/20/14
03/18/14
02/27/14
12/12/13
11/05/13
10/15/13
09/26/13
09/26/13
09/17/13
09/19/13
08/08/13
08/01/13
07/25/13
Median
Mean
35
37
38
38
36
7
34
304
31
31
55
62
44
94
91
113
324
84
65
34
35
85
35
31
31
56
34
35
31
38
47
128
55
35
35
31
135
34
48
31
31
105
38
64
Rapid7
Xactly
AppFolio
MINDBODY
Shopify
Code Rebel
Apigee
Box
Hortonworks
New Relic
Workiva
Upland Software
HubSpot
Yodlee
Cyber-Ark Software
TubeMogul
Globant
Materialise
MobileIron
Zendesk
Leju Holdings
Sabre
Paycom Software
Five9
OPOWER
The Rubicon Project
2U
Q2 Holdings
Castlight Health
Amber Road
Paylocity
Varonis Systems
Nimble Storage
Barracuda Networks
Veeva Systems
RingCentral
Covisint
Benefitfocus
FireEye
Cvent
Control4 Corporation
Liquid Holdings Group
$550
188
325
368
1,369
58
462
1,658
736
1,074
480
132
714
293
458
180
263
470
660
588
1,220
3,409
625
283
904
466
448
370
1,463
257
708
481
1,608
860
2,562
781
331
538
2,406
755
338
192
$509
$763
$119
65
86
100
151
5
87
201
115
132
101
46
144
84
99
50
67
110
115
115
115
810
115
81
133
117
133
116
204
111
138
121
193
86
300
112
74
150
349
135
74
29
$115
$135
$669
252
410
468
1,520
63
549
1,859
851
1,206
581
178
858
377
556
231
330
581
775
703
1,335
4,219
739
363
1,037
583
581
486
1,668
368
846
602
1,802
945
2,862
893
405
688
2,755
890
411
220
$635
$898
6.0x
2.9
6.0
4.8
11.1
NM
7.5
8.6
16.6
12.6
4.5
2.2
6.9
3.5
6.0
2.1
1.5
4.7
6.1
7.1
3.3
1.4
5.3
3.2
9.2
5.2
5.4
6.5
NM
4.9
7.8
6.4
15.4
3.9
15.3
5.7
3.5
5.9
20.9
7.8
2.9
NM
5.9x
6.7x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
14.3
NM
9.4
NM
NM
NM
13.9
4.6
16.4
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
29.2
NM
NM
NM
NM
NM
34.7
NA
14.3x
17.5x
53%
27%
35%
102%
57%
259%
15%
146%
1361%
47%
43%
(2%)
21%
173%
61%
83%
302%
187%
100%
NM
131%
165%
86%
102%
46%
60%
66%
1962%
151%
25%
27%
19%
164%
116%
NM
(5%)
91%
118%
224%
249%
118%
2%
89%
175%
Note: $ in Millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”).
27%
22%
64%
29%
38%
NM
21%
34%
52%
40%
21%
22%
32%
20%
21%
30%
20%
11%
13%
45%
35%
23%
29%
24%
24%
35%
27%
29%
184%
16%
24%
28%
66%
10%
31%
37%
21%
24%
59%
24%
17%
NM
27%
33%
$10
(11)
2
5
46
(1)
24
125
43
92
(16)
(24)
(6)
(5)
75
11
(1)
(7)
61
23
99
(3,432)
(74)
(19)
23
20
7
11
25
(5)
2
10
35
24
39
(1)
1
5
34
21
14
4
$10
($65)
$16
8
12
14
17
5
17
14
16
23
14
12
25
12
16
7
10
12
9
9
10
16
15
7
19
15
13
13
16
13
17
22
21
18
20
13
10
27
20
21
16
9
7%
(20%)
--21%
--8%
14%
15%
--19%
-7%
(36%)
(9%)
----(11%)
(17%)
(22%)
----45%
4%
6%
16%
17%
-43%
--8%
43%
11%
--8%
8%
100%
97%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
74%
100%
100%
100%
100%
100%
69%
100%
100%
80%
87%
81%
100%
65%
71%
100%
100%
100%
75%
99%
100%
61%
100%
100%
100%
100%
100%
94%
$23
8
17
16
35
7
11
13
22
38
15
8
46
16
50
11
31
8
3
20
6
27
36
4
9
15
36
25
4
4
30
16
24
16
23
18
2
31
32
34
8
0
42%
(3%)
40%
12%
107%
42%
(38%)
(10%)
37%
66%
9%
(34%)
85%
34%
213%
50%
206%
(36%)
(66%)
119%
(44%)
70%
139%
(47%)
(53%)
(3%)
176%
90%
(74%)
(68%)
76%
(29%)
15%
(13%)
17%
40%
(79%)
18%
59%
60%
(49%)
(99%)
17%
26%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
(20)
NA
80
148
176
NA
NA
129
NA
296
339
NA
NA
NA
367
374
NA
NA
375
NA
NA
NA
(19)
(20)
NA
508
(12)
(19)
NA
114
139
176
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
152
NA
299
83
99
NA
NA
194
NA
510
171
NA
NA
NA
119
97
NA
NA
111
NA
NA
NA
316
155
NA
74
1,148
187
NA
40
$154
$235
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6%
NA
203%
65%
47%
NA
NA
69%
NA
(37%)
49%
NA
NA
NA
(11%)
(17%)
NA
NA
(19%)
NA
NA
NA
5%
38%
NA
(51%)
229%
39%
NA
40%
38%
41%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
37
NA
61
16
28
NA
NA
23
NA
27
38
NA
NA
NA
34
26
NA
NA
30
NA
NA
NA
26
22
NA
37
82
36
NA
1
$29
$33
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6%
NA
203%
65%
47%
NA
NA
69%
NA
(37%)
49%
NA
NA
NA
(11%)
(17%)
NA
NA
(19%)
NA
NA
NA
5%
38%
NA
(51%)
229%
39%
NA
40%
38%
41%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0%
NA
18%
66%
0%
NA
NA
88%
NA
0%
100%
NA
NA
NA
89%
22%
NA
NA
0%
NA
NA
NA
7%
28%
NA
0%
40%
12%
NA
100%
20%
36%
Internet IPOs
IPO Date
Days on
Company
File
Market Cap
LTM Multiples
EV /
EBITDA
EV / Rev
at IPO Growth
at IPO
Share Information
IPO Offer
Price Price Chg
Shares
Price
IPO
Days Post
Lock-Up
IPO to
Raised IPO Raise
Price Price Chg
Primary
Shares
Internet and Digital Media
05/21/15
04/08/15
03/31/15
03/05/15
12/10/14
12/10/14
10/09/14
09/18/14
08/06/14
06/23/14
05/15/14
05/07/14
04/17/14
04/03/14
03/27/14
03/25/14
03/06/14
01/23/14
11/14/13
11/12/13
11/06/13
11/05/13
10/24/13
09/19/13
08/06/13
07/18/13
Median
Mean
34
89
295
30
33
105
87
135
34
31
42
35
34
34
31
35
34
42
37
90
34
35
45
34
35
31
35
58
Baozun
Wowo
GoDaddy
MaxPoint Interactive
Momo
LendingClub
MOL Global
Alibaba
iDreamSky Technology
Xunlei
TrueCar
Cheetah Mobile
Weibo
GrubHub
Everyday Health
King Digital Entertainment
Coupons.com
Care.com
Zulily
Chegg
Twitter
Wix.com
Endurance International
Rocket Fuel
YuMe
RetailMeNot
$1,348
3,027
1,712
233
5,035
5,135
575
144,094
2,440
3,724
661
2,031
3,173
2,051
388
6,586
1,136
461
2,534
910
13,377
444
1,262
1,005
262
832
$1,530
$7,863
$110
12
470
75
464
1,001
169
25,032
133
439
80
193
328
104
105
500
193
105
291
188
2,093
137
253
133
46
220
$190
$1,264
$1,458
3,039
2,182
308
5,499
6,135
744
169,126
2,573
4,163
742
2,224
3,502
2,155
492
7,086
1,329
566
2,825
1,098
15,470
581
1,515
1,139
308
1,052
$1,835
$9,127
4.7x
NM
1.2
2.2
NM
NM
9.9
15.6
NM
22.4
4.3
13.6
13.8
12.1
2.5
3.5
6.8
5.7
4.5
3.7
NM
6.5
2.5
6.3
2.0
4.9
4.9x
7.1x
NM
NM
19.3
NM
NM
NA
NM
33.8
NM
NM
NM
NM
NM
23.7
20.7
9.0
NM
NM
NM
NM
NM
NM
6.9
NM
NM
15.0
19.3x
18.3x
15%
(2%)
21%
61%
NM
131%
86%
66%
1962%
19%
91%
224%
249%
107%
13%
1046%
50%
68%
298%
43%
403%
180%
163%
257%
93%
110%
93%
230%
52%
NM
15%
NM
313%
87%
69%
44%
220%
30%
33%
104%
55%
44%
14%
34%
24%
35%
71%
17%
83%
60%
14%
84%
31%
28%
44%
65%
$28
(68)
(1,221)
(31)
162
(2,518)
(4)
(1,639)
25
302
38
71
(57)
113
(55)
409
16
30
103
(5)
(29)
8
(1,165)
0
23
74
$12
($207)
$10
10
20
12
14
15
13
68
15
12
9
14
17
26
14
23
16
17
22
13
26
17
12
29
9
21
(17%)
-5%
--25%
-3%
7%
9%
(25%)
--18%
--14%
6%
22%
9%
30%
-(14%)
7%
(25%)
-7%
5%
100%
100%
100%
100%
100%
87%
55%
38%
100%
100%
100%
100%
100%
54%
75%
70%
100%
100%
55%
96%
100%
74%
100%
100%
100%
50%
100%
87%
$5
6
25
4
13
13
1
59
10
7
5
14
12
24
9
14
9
5
17
7
27
17
13
5
3
8
(52%)
(36%)
26%
(65%)
(7%)
(12%)
(93%)
(13%)
(33%)
(39%)
(42%)
3%
(31%)
(6%)
(35%)
(40%)
(44%)
(70%)
(21%)
(42%)
4%
6%
11%
(84%)
(71%)
(61%)
(35%)
(33%)
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
NA
NA
(27)
NA
NA
NA
NA
NA
NA
NA
NA
318
(47)
NA
(34)
(27)
42
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
109
NA
NA
421
NA
NA
NA
NA
NA
NA
NA
NA
228
305
NA
163
$228
$245
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
35%
NA
NA
305%
NA
NA
NA
NA
NA
NA
NA
NA
(10%)
129%
NA
(26%)
35%
87%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
17
NA
NA
40
NA
NA
NA
NA
NA
NA
NA
NA
19
61
NA
26
$26
$33
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
35%
NA
NA
305%
NA
NA
NA
NA
NA
NA
NA
NA
(10%)
129%
NA
(26%)
35%
87%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
16%
NA
NA
12%
NA
NA
NA
NA
NA
NA
NA
NA
0%
40%
NA
32%
16%
20%
Hardware & Tech-Enabled Services IPOs
IPO Date
Days on
Company
File
Market Cap
LTM Multiples
EV /
EBITDA
EV / Rev
at IPO Growth
at IPO
Share Information
IPO Offer
Price Price Chg
Shares
Price
IPO
Days Post
Lock-Up
IPO to
Raised IPO Raise
Price Price Chg
Primary
Shares
Hardware & Tech-Enabled Services
06/25/15
06/17/15
05/19/15
03/26/15
05/28/14
05/21/14
04/10/14
03/20/14
03/27/14
10/24/13
09/26/13
06/26/13
06/25/13
06/20/13
05/02/13
04/18/13
04/11/13
Median
Mean
34
41
147
36
124
254
183
30
42
83
31
96
34
546
36
31
64
42
107
Alarm.Com
Fitbit
Black Knight InfoServ
SolarEdge Technologies
Resonant
SunEdison Semiconductor
Sysorex Global Holdings
A10 Networks
Aerohive Networks
CommScope
Violin Memory
CDW
Luxoft
Gogo
Qiwi plc
Blackhawk Network
EVERTEC
$571
3,983
1,130
651
23
213
85
754
401
2,193
619
2,668
451
1,273
672
721
598
$651
$1,000
$113
841
507
145
19
108
20
193
86
625
162
395
80
187
229
230
576
$187
$266
$683
4,824
1,637
796
42
320
105
946
487
2,818
781
3,063
531
1,460
901
951
1,174
$901
$1,266
3.2x
4.1
1.3
3.0
NM
0.2
1.4
5.3
3.7
0.6
6.5
0.3
1.4
5.1
2.2
0.7
1.7
2.0x
2.6x
23.7x
13.7
3.7
21.3
NM
2.4
NM
NM
NM
2.9
NM
2.9
4.4
NM
7.2
4.8
3.8
4.4x
8.3x
27%
259%
1361%
173%
NM
(5%)
624%
18%
50%
6%
27%
4%
16%
39%
21%
32%
6%
27%
166%
18%
53%
7%
86%
NM
6%
37%
41%
39%
0%
70%
9%
23%
30%
NM
25%
6%
25%
30%
$32
78
(1,711)
19
(6)
(98)
(4)
1
15
(2,703)
13
(3,725)
(12)
(57)
325
182
(738)
($4)
($493)
$14
20
25
18
6
13
6
15
10
15
9
17
17
17
17
23
20
-25%
-------(17%)
-(15%)
---5%
-(5%)
(1%)
100%
61%
100%
100%
100%
100%
95%
72%
100%
80%
100%
100%
50%
100%
100%
0%
100%
100%
86%
$12
38
33
23
5
11
1
6
6
30
1
41
63
15
16
42
18
(17%)
88%
33%
27%
(22%)
(19%)
(83%)
(60%)
(40%)
100%
(85%)
140%
272%
(10%)
(5%)
84%
(10%)
(10%)
23%
NA
NA
NA
NA
NA
219
353
NA
NA
414
NA
777
149
NA
410
NA
242
353
366
NA
NA
NA
NA
NA
291
5
NA
NA
615
NA
430
95
NA
319
NA
314
$314
$296
NA
NA
NA
NA
NA
170%
(74%)
NA
NA
(2%)
NA
9%
19%
NA
39%
NA
(46%)
9%
17%
NA
NA
NA
NA
NA
18
1
NA
NA
31
NA
38
34
NA
40
NA
21
$31
$26
NA
NA
NA
NA
NA
170%
(74%)
NA
NA
(2%)
NA
9%
19%
NA
39%
NA
(46%)
9%
17%
NA
NA
NA
NA
NA
100%
100%
NA
NA
0%
NA
0%
0%
NA
25%
NA
0%
0%
32%
Public Company Valuation
Company
Price
09/30/15
52-Wk
High
Mkt Cap
$69.43
63.16
19.71
46.37
29.71
7.56
3.70
92%
100%
74%
87%
55%
52%
57%
74%
74%
$36.12
144.97
64.55
88.75
7.56
83.90
25.60
9.42
7.90
$64.55
73.66
62.30
31.74
37.91
49.09
17.65
25.84
43.62
10.00
2016E
LTM
EV / EBITDA
2015E
7.1x
4.0
7.9
9.6
1.5
1.6
1.4
4.0x
4.7x
5.9x
3.5
5.7
7.4
1.3
1.4
1.2
3.5x
3.8x
NM
36.6
NM
NM
NM
42.5
NM
39.6x
39.6x
4.8x
2.0
4.0
5.8
4.4
10.4
1.2
2.1
1.8
4.0x
4.1x
4.8x
2.1
3.8
5.6
4.2
9.0
1.2
2.0
1.7
3.8x
3.8x
4.7x
2.1
3.6
5.2
4.0
6.9
1.2
1.9
1.6
3.6x
3.5x
4.0x
6.1
8.5
3.0
6.9
6.8
7.3
8.4
3.7
2.1
6.4x
5.7x
3.8x
5.5
8.0
3.2
6.6
6.2
6.9
7.0
3.4
2.1
5.9x
5.3x
3.6x
5.1
7.3
3.2
6.3
5.1
6.2
5.1
2.9
1.9
5.1x
4.7x
EV
LTM
$46,023
3,598
1,838
1,734
644
432
186
$1,734
$7,779
$46,955
4,383
1,582
1,660
579
395
168
$1,582
$7,960
7.9x
4.4
9.7
11.4
1.6
1.7
1.5
4.4x
5.4x
78%
76%
84%
82%
84%
74%
91%
91%
65%
82%
81%
$157,128
142,086
78,855
24,782
8,161
6,692
480
270
123
$8,161
$46,509
$182,439
172,361
86,059
24,474
8,918
6,672
365
223
121
$8,918
$53,515
84%
92%
91%
75%
81%
94%
96%
84%
83%
57%
84%
84%
$78,855
18,810
4,577
3,624
3,198
1,912
1,344
695
617
278
$2,555
$11,391
$86,059
17,592
4,476
3,973
3,042
1,757
1,296
627
565
221
$2,400
$11,961
EV / Revenue
2015E
52 Week
2016E
LTM
P/E
2015E
2016E
38.4x
19.5
NM
NM
41.1
20.1
NM
29.3x
29.8x
27.8x
16.2
NM
NM
35.1
15.2
NM
22.0x
23.5x
NM
NM
NM
NM
NM
NM
NM
NM
NM
95.5x
43.5
NM
NM
NM
56.0
NM
56.0x
65.0x
72.9x
33.7
NM
NM
NM
32.2
NM
33.7x
46.2x
11.6x
7.7
12.3
22.5
15.7
NM
16.3
16.7
NM
15.7x
14.7x
10.5x
7.6
10.9
17.6
13.9
NM
13.3
11.0
31.1
12.2x
14.5x
10.1x
7.4
10.3
14.0
13.2
NM
12.3
10.1
19.3
11.3x
12.1x
16.9x
9.6
22.6
61.2
27.9
NM
32.7
29.4
NM
27.9x
28.6x
14.2x
9.2
16.0
31.6
19.7
NM
30.5
24.2
NM
19.7x
20.8x
13.0x
9.0
14.4
24.7
18.4
NM
27.1
23.0
NM
18.4x
18.5x
12.3x
24.9
29.9
15.2
16.5
25.8
23.9
NM
NM
41.7
24.4x
23.8x
10.9x
16.5
25.8
11.6
14.3
19.6
21.5
NM
40.4
12.0
16.5x
19.2x
10.3x
14.7
22.9
10.1
13.4
15.8
18.5
27.2
19.0
10.0
15.2x
16.2x
22.6x
49.4
50.7
40.1
28.5
50.7
76.5
NM
NM
NM
49.4x
45.5x
16.0x
30.0
44.3
14.3
24.3
35.7
23.7
136.0
125.3
38.7
32.9x
48.8x
14.4x
26.5
38.7
13.9
22.8
28.9
20.4
46.0
37.2
30.8
27.7x
28.0x
CRM
salesforce.com, inc.
Dealertrack Technologies, Inc.
Zendesk, Inc.
HubSpot, Inc.
Interactive Intelligence Group Inc.
LivePerson Inc.
Five9, Inc.
Median
Mean
Accounting / ERP
Oracle Corporation
International Business Machines Corporation
SAP SE
Intuit Inc.
Sage Group plc
NetSuite Inc.
QAD Inc.
American Software, Inc.
Upland Software, Inc.
Median
Mean
Supply Chain Management
SAP SE
Dassault Systemes SA
Manhattan Associates, Inc.
PTC Inc.
Aspen Technology, Inc.
Fleetmatics Group PLC
The Descartes Systems Group Inc
Textura Corporation
BasWare Oyj
SciQuest, Inc.
Median
Mean
Public Company Valuation (cont.)
Company
Price
09/30/15
52-Wk
High
$47.63
68.86
179.01
35.91
33.00
29.99
16.99
92%
72%
92%
88%
85%
80%
91%
88%
86%
$82.22
69.06
70.56
44.75
4.92
10.52
3.10
1.91
4.92
$144.97
417.55
79.78
16.37
28.96
105.14
36.45
54.60
43.15
196.47
24.61
27.21
25.83
15.19
10.55
7.80
Mkt Cap
2016E
LTM
EV / EBITDA
2015E
5.9x
11.7
8.3
9.9
5.7
8.7
5.3
8.3x
7.9x
5.5x
8.5
6.8
7.7
4.5
6.7
4.5
6.7x
6.3x
14.1x
NM
NM
NM
NM
NM
NM
14.1x
14.1x
13.9x
NM
34.7
45.8
NM
NM
45.8
40.3x
35.1x
9.2x
6.1
9.4
3.4
0.9
2.2
1.4
0.9
1.1
2.2x
3.9x
8.8x
5.8
9.2
3.4
0.9
1.8
1.4
0.9
1.1
1.8x
3.7x
7.1x
5.0
8.8
3.3
0.9
1.5
1.1
0.8
1.0
1.5x
3.3x
38.4x
18.4
15.2
12.2
11.7
NM
NM
NM
NM
15.2x
19.2x
2.0x
5.3
9.5
3.5
1.4
1.5
5.5
3.0
2.7
3.6
2.9
1.8
3.7
4.4
3.3
3.0
3.2x
3.6x
2.1x
5.0
8.0
3.5
1.5
1.9
5.2
3.4
2.6
3.8
2.7
1.8
3.0
3.9
2.9
2.7
3.0x
3.4x
2.1x
4.2
5.8
3.4
1.4
1.8
4.4
3.2
2.4
3.4
2.4
1.9
2.9
3.1
2.2
2.2
2.7x
2.9x
7.7x
30.5
NM
28.6
7.8
9.7
NM
15.4
19.3
17.6
24.3
4.7
16.7
NM
NM
NM
16.7x
16.6x
EV
LTM
$17,231
13,221
5,212
2,123
1,810
1,596
960
$2,123
$6,022
$16,775
13,493
5,116
2,106
1,959
1,515
888
$2,106
$5,979
6.0x
13.8
9.2
11.4
6.5
9.9
5.7
9.2x
8.9x
95%
88%
99%
73%
68%
45%
28%
44%
58%
68%
66%
$41,102
12,442
8,008
5,486
399
386
244
192
160
$399
$7,602
$42,179
12,799
9,680
6,374
386
305
199
151
141
$386
$8,024
76%
90%
62%
88%
62%
78%
87%
80%
65%
89%
91%
87%
85%
95%
63%
90%
86%
81%
$142,086
8,849
5,731
5,080
4,101
3,798
3,496
3,400
2,681
2,233
1,955
1,480
1,297
617
310
245
$3,041
$11,710
$172,361
9,084
5,001
6,802
3,780
4,194
3,190
3,164
3,117
2,032
1,834
1,856
1,277
555
224
202
$3,140
$13,667
EV / Revenue
2015E
52 Week
LTM
P/E
2015E
2016E
13.1x
NM
27.4
36.6
NM
NM
31.8
29.6x
27.2x
24.3x
NM
135.0
115.3
NM
NM
NM
115.3x
91.5x
24.6x
NM
71.8
100.5
NM
NM
87.9
79.9x
71.2x
22.5x
NM
58.1
78.5
NM
NM
54.7
56.4x
53.5x
25.0x
14.4
13.7
10.5
9.8
NM
NM
29.8
25.2
14.4x
18.3x
17.7x
12.4
12.8
9.5
8.1
NM
NM
9.9
15.5
12.4x
12.3x
83.9x
37.5
27.9
23.4
30.1
NM
NM
NM
NM
30.1x
40.6x
39.8x
28.7
23.2
14.0
16.3
NM
NM
NM
NM
23.2x
24.4x
25.6x
24.3
20.7
12.4
13.4
NM
NM
NM
NM
20.7x
19.3x
7.6x
20.7
NM
10.8
6.8
9.6
NM
13.2
10.1
12.9
16.3
3.9
9.8
NM
NM
NM
10.1x
11.1x
7.4x
17.3
43.1
9.8
6.1
9.1
36.0
11.9
8.8
11.6
13.8
4.1
9.3
NM
NM
NM
9.8x
14.5x
9.6x
64.7
NM
NM
NM
7.0
NM
26.0
NM
34.7
63.1
8.3
43.8
NM
NM
NM
30.3x
32.2x
9.2x
26.0
NM
12.7
13.0
17.9
121.5
18.0
12.5
22.2
31.4
6.1
17.3
NM
NM
NM
17.6x
25.6x
9.0x
21.6
112.2
11.5
11.9
16.0
71.9
16.4
11.0
19.3
27.3
6.8
16.4
NM
NM
NM
16.4x
27.0x
2016E
Human Capital Management
Paychex, Inc.
Workday, Inc.
The Ultimate Software Group, Inc.
Paycom Software, Inc.
Cornerstone OnDemand, Inc.
Paylocity Holding Corporation
Callidus Software Inc.
Median
Mean
Knowledge / Content Management
Adobe Systems Incorporated
Akamai Technologies, Inc.
VeriSign, Inc.
Open Text Corporation
SDL plc
TubeMogul, Inc.
MobileIron, Inc.
Limelight Networks, Inc.
Brightcove Inc.
Median
Mean
Constellation Software Inc.
Tableau Software, Inc.
Nuance Communications, Inc.
Teradata Corporation
DST Systems Inc.
Qlik Technologies, Inc.
NICE Systems Ltd.
Verint Systems Inc.
MicroStrategy Inc.
Pegasystems Inc.
NeuStar, Inc.
Progress Software Corporation
Workiva Inc.
Apigee Corporation
Xactly Corporation
Median
Mean
Company
Price
09/30/15
52-Wk
High
$78.79
27.30
69.45
69.28
104.52
55.35
35.37
39.24
68.16
15.58
84%
82%
84%
89%
79%
74%
77%
74%
93%
42%
81%
78%
$24.16
172.00
79.33
19.47
29.60
42.48
47.83
31.82
60.32
65.48
50.14
33.96
12.58
21.75
28.46
15.58
17.04
11.13
3.31
4.21
78%
87%
90%
73%
68%
87%
64%
59%
87%
89%
68%
63%
54%
76%
52%
34%
49%
73%
35%
77%
70%
68%
Mkt Cap
EV
LTM
$33,255
12,049
11,506
11,139
8,463
7,334
3,563
3,020
1,734
408
$7,898
$9,247
$32,964
10,630
11,640
12,086
12,058
7,007
3,469
2,794
1,598
338
$8,818
$9,458
5.2x
2.5
13.9
3.8
1.0
13.0
7.8
6.0
6.6
3.0
5.6x
6.3x
$46,961
15,139
14,756
13,224
8,729
7,479
6,167
5,354
2,628
2,113
1,804
1,545
1,514
1,146
1,070
829
674
306
296
245
$1,959
$6,599
$48,578
15,250
14,540
12,332
7,893
6,997
6,622
5,316
2,561
1,955
1,534
1,194
1,419
1,253
986
660
592
245
367
217
$1,745
$6,526
2.0x
16.4
9.3
2.0
1.3
8.0
4.1
10.0
11.2
10.2
11.5
2.0
5.5
3.1
6.6
2.2
2.4
1.9
1.0
4.2
4.1x
5.7x
EV / Revenue
2015E
2016E
LTM
EV / EBITDA
2015E
5.0x
2.6
11.7
3.7
1.0
11.1
4.1
5.5
6.0
2.7
4.6x
5.4x
4.5x
2.6
8.6
3.6
1.0
8.4
2.6
4.6
5.1
2.2
4.0x
4.3x
20.3x
7.9
NM
16.5
10.1
NM
29.4
19.4
NM
NM
17.9x
17.3x
1.9x
13.7
8.9
2.0
1.4
6.9
3.4
8.3
9.9
9.0
10.3
2.1
4.8
2.9
6.0
2.1
2.5
1.8
0.8
4.0
3.7x
5.1x
1.8x
10.2
8.3
1.9
1.3
5.7
2.5
6.0
7.9
7.3
7.9
1.9
3.7
2.5
4.8
1.8
2.6
1.6
0.6
3.5
3.1x
4.2x
9.0x
NM
17.4
6.8
11.0
NM
15.1
NM
NM
NM
47.9
42.8
NM
10.3
32.2
NM
10.3
NM
NM
24.1
15.1x
20.6x
52 Week
2016E
LTM
P/E
2015E
2016E
13.8x
6.9
NM
12.7
10.2
NM
15.4
11.9
24.7
NM
12.7x
13.7x
12.7x
6.6
NM
11.8
9.0
NM
9.2
10.9
20.9
NM
10.9x
11.6x
38.2x
15.1
NM
41.0
15.2
NM
25.4
34.8
NM
NM
30.1x
28.3x
19.7x
11.3
NM
18.6
15.3
NM
19.0
19.1
44.3
NM
19.0x
21.0x
17.3x
10.9
149.0
17.1
12.8
NM
15.5
16.6
39.5
NM
16.9x
34.8x
7.4x
NM
15.7
6.1
7.5
42.1
11.4
NM
NM
NM
48.6
17.8
NM
7.9
20.8
9.0
10.4
9.5
10.4
15.9
10.4x
16.0x
6.8x
40.9
14.5
5.6
6.1
32.4
8.4
NM
NM
NM
37.1
12.3
NM
6.8
16.7
7.0
11.5
7.9
4.5
11.8
9.9x
14.4x
19.7x
NM
22.3
17.9
21.1
NM
23.3
NM
NM
NM
101.3
141.0
NM
27.6
30.7
NM
13.5
NM
NM
54.9
23.3x
43.0x
12.9x
142.9
19.7
11.1
13.4
82.0
14.2
NM
NM
NM
78.9
46.8
NM
11.5
51.7
46.6
13.7
111.3
9.5
22.5
21.1x
43.0x
11.6x
79.6
17.7
9.8
10.8
60.3
10.3
NM
NM
NM
61.3
33.2
NM
9.8
40.8
36.0
15.3
57.4
4.5
16.7
17.2x
29.7x
Systems / Network Management
VMware, Inc.
CA, Inc.
ServiceNow, Inc.
Citrix Systems, Inc.
L-3 Communications Holdings Inc.
Splunk, Inc.
NetScout Systems, Inc.
SolarWinds, Inc.
LogMeIn, Inc.
Varonis Systems, Inc.
Median
Mean
Security / Storage
EMC Corporation
Palo Alto Networks, Inc.
Check Point Software Technologies Ltd.
Symantec Corporation
NetApp, Inc.
Fortinet Inc.
Qihoo 360 Technology Co. Ltd.
FireEye, Inc.
Proofpoint, Inc.
Imperva Inc.
CyberArk Software, Ltd.
CommVault Systems, Inc.
Box, Inc.
AVG Technologies N.V.
Qualys, Inc.
Barracuda Networks, Inc.
VASCO Data Security International Inc.
Carbonite, Inc.
NQ Mobile Inc.
Zix Corporation
Median
Mean
Company
Price
09/30/15
52-Wk
High
$44.26
36.12
144.97
25.61
71.88
29.12
38.11
25.83
21.89
30.59
14.53
89%
78%
76%
63%
89%
95%
97%
85%
75%
89%
74%
85%
83%
$86.61
159.81
59.46
69.61
52.58
105.14
84.50
21.12
66.57
29.97
24.72
25.01
24.96
16.13
$59.96
133.35
23.41
42.11
12.40
32.90
20.06
12.48
7.10
21.81
40.18
4.20
Mkt Cap
2016E
LTM
EV / EBITDA
2015E
4.3x
4.8
2.1
0.5
6.6
2.4
12.7
3.0
9.3
4.3
2.3
4.3x
4.8x
4.1x
4.7
2.1
0.5
5.7
2.3
9.4
2.9
6.2
3.6
1.7
3.6x
3.9x
11.4x
11.6
7.7
4.3
35.8
9.1
NM
16.7
NM
38.0
NM
11.5x
16.8x
4.8x
6.4
6.6
4.4
9.4
1.5
4.0
3.2
9.8
2.8
10.2
3.1
4.1
4.7
4.5x
5.4x
4.7x
6.3
6.3
4.2
9.2
1.9
3.9
3.2
8.6
2.6
8.8
3.0
3.8
4.2
4.2x
5.1x
4.4x
5.6
5.9
4.0
8.4
1.8
3.7
3.0
7.0
2.1
6.7
2.7
3.6
3.5
3.8x
4.5x
5.7x
6.6
8.3
7.0
2.1
3.3
2.7
1.3
4.0
3.4
1.3
6.0
3.7x
4.3x
4.8x
6.0
7.4
6.4
2.1
3.3
2.7
1.3
3.6
3.2
1.3
4.8
3.5x
3.9x
4.2x
4.9
5.8
5.3
2.0
3.1
2.6
1.2
3.3
2.8
1.3
3.2
3.1x
3.3x
EV
LTM
$353,991
157,128
142,086
46,053
13,207
2,298
2,062
1,297
1,124
1,083
677
$2,298
$65,546
$383,792
182,439
172,361
54,384
12,940
2,326
1,992
1,277
1,093
1,061
578
$2,326
$74,022
4.1x
4.8
2.0
0.5
6.8
2.4
15.8
3.7
13.9
4.8
3.5
4.1x
5.7x
96%
92%
87%
97%
88%
78%
87%
83%
81%
52%
82%
81%
66%
96%
85%
83%
$20,849
6,600
6,504
5,589
3,804
3,798
2,732
2,528
2,093
1,129
1,019
978
862
531
$2,630
$4,215
$24,555
6,476
6,849
5,493
3,592
4,194
3,296
3,313
2,060
1,078
950
1,016
986
461
$3,305
$4,594
80%
88%
71%
70%
82%
84%
87%
70%
100%
68%
86%
32%
81%
77%
$21,341
5,279
3,100
2,370
2,343
1,636
1,211
753
714
699
561
396
$1,424
$3,367
$21,670
5,474
2,980
2,573
2,929
2,029
2,042
648
913
645
751
365
$2,035
$3,585
EV / Revenue
2015E
52 Week
2016E
LTM
P/E
2015E
2016E
15.9x
10.5
7.6
4.3
24.7
8.6
NM
9.8
NM
27.8
15.5
10.5x
13.9x
10.8x
10.1
7.4
4.3
21.2
8.2
NM
9.3
NM
21.7
11.1
10.1x
11.6x
29.9x
16.9
9.6
10.5
69.1
17.8
NM
43.8
NM
34.0
NM
23.8x
29.0x
17.7x
14.2
9.2
7.1
39.7
13.0
NM
17.3
NM
32.5
31.5
17.3x
20.2x
15.8x
13.0
9.0
6.9
34.4
12.4
NM
16.4
NM
27.7
28.7
15.8x
18.2x
15.6x
17.8
15.8
12.6
NM
9.7
17.9
15.8
44.9
23.8
NM
23.4
11.6
NM
15.8x
19.0x
13.9x
17.1
14.9
12.2
NM
9.6
15.6
12.0
33.5
14.4
NM
14.0
10.5
49.4
14.2x
18.1x
12.8x
15.3
13.4
11.3
46.2
9.1
13.1
10.9
26.1
10.2
NM
12.1
10.1
28.0
12.8x
16.8x
29.2x
28.0
34.0
26.9
NM
7.0
30.9
27.8
98.0
91.0
NM
NM
12.7
NM
28.6x
38.6x
22.7x
25.8
27.1
25.9
93.4
17.9
19.6
25.9
51.5
30.1
NM
18.2
12.2
NM
25.8x
30.9x
20.1x
22.6
22.7
23.7
79.7
16.0
16.4
25.4
41.3
22.3
NM
14.9
11.8
76.0
22.6x
30.2x
20.3x
NM
33.9
NM
36.5
22.4
9.3
12.4
23.1
20.8
8.7
NM
20.8x
20.8x
14.9x
32.6
26.5
27.4
12.0
15.0
8.6
8.9
16.8
20.4
6.9
NM
15.0x
17.3x
12.4x
26.7
20.0
21.4
10.3
13.3
8.3
7.8
14.4
16.3
6.4
NM
13.3x
14.3x
41.9x
NM
67.0
NM
NM
36.9
NM
26.6
45.4
59.5
NM
NM
43.6x
46.2x
28.3x
109.6
52.2
47.3
27.1
20.5
16.1
18.9
30.2
63.3
42.1
NM
30.2x
41.4x
23.8x
89.9
40.9
37.6
21.6
17.6
15.2
19.5
25.6
58.9
14.4
NM
23.8x
33.2x
Application Infrastructure
Microsoft Corporation
Oracle Corporation
Hewlett-Packard Company
Red Hat, Inc.
Software AG
New Relic, Inc.
Hortonworks, Inc.
Globant S.A.
The Rubicon Project, Inc.
Median
Mean
Fiserv, Inc.
FactSet Research Systems Inc.
MSCI Inc.
Jack Henry & Associates Inc.
Guidewire Software, Inc.
DST Systems Inc.
Fair Isaac Corporation
ACI Worldwide, Inc.
Ellie Mae, Inc.
Envestnet, Inc.
Q2 Holdings, Inc.
Bottomline Technologies (de), Inc.
Ebix Inc.
Yodlee, Inc.
Median
Mean
Healthcare IT / Life Sciences Software
Cerner Corporation
athenahealth, Inc.
Veeva Systems Inc.
Medidata Solutions, Inc.
Allscripts Healthcare Solutions, Inc.
CompuGroup Medical AG
MedAssets, Inc.
Quality Systems Inc.
Merge Healthcare Incorporated
Healthstream Inc.
Cegedim SA
Castlight Health, Inc.
Median
Mean
Public Company Operating Metrics
Company
Price
09/30/15
52-Wk
High
Mkt Cap
$69.43
63.16
19.71
46.37
29.71
7.56
3.70
92%
100%
74%
87%
55%
52%
57%
74%
74%
$46,023
3,598
1,838
1,734
644
432
186
$1,734
$7,779
$46,955
4,383
1,582
1,660
579
395
168
$1,582
$7,960
25%
57%
69%
55%
12%
20%
22%
25%
37%
23%
28%
57%
49%
14%
17%
20%
23%
30%
21%
15%
38%
29%
13%
12%
17%
17%
21%
5%
12%
(40%)
(35%)
3%
4%
(22%)
3%
(11%)
$36.12
144.97
64.55
88.75
7.56
83.90
25.60
9.42
7.90
78%
76%
84%
82%
84%
74%
91%
91%
65%
82%
81%
$157,128
142,086
78,855
24,782
8,161
6,692
480
270
123
$8,161
$46,509
$182,439
172,361
86,059
24,474
8,918
6,672
365
223
121
$8,918
$53,515
(1%)
(10%)
(8%)
(1%)
(9%)
35%
5%
5%
25%
(1%)
4%
(3%)
(11%)
8%
(4%)
4%
34%
(0%)
11%
10%
4%
5%
2%
(1%)
5%
8%
5%
30%
4%
6%
6%
5%
7%
$64.55
73.66
62.30
31.74
37.91
49.09
17.65
25.84
43.62
10.00
84%
92%
91%
75%
81%
94%
96%
84%
83%
57%
84%
84%
$78,855
18,810
4,577
3,624
3,198
1,912
1,344
695
617
278
$2,555
$11,391
$86,059
17,592
4,476
3,973
3,042
1,757
1,296
627
565
221
$2,400
$11,961
(8%)
(0%)
17%
(2%)
13%
27%
9%
45%
(12%)
5%
7%
9%
8%
15%
13%
(10%)
9%
22%
9%
42%
7%
3%
9%
12%
5%
9%
10%
2%
6%
21%
12%
39%
17%
8%
10%
13%
EV
Revenue Growth
LTM
2015E
2016E
EBITDA Margin
LTM
2015E
52 Week
2016E
LTM
Net Margin
2015E
2016E
18%
20%
(4%)
(13%)
4%
8%
(9%)
4%
3%
21%
21%
1%
(7%)
4%
9%
(4%)
4%
7%
(2%)
(4%)
(47%)
(36%)
(11%)
(6%)
(32%)
(11%)
(20%)
7%
8%
(15%)
(17%)
(1%)
3%
(18%)
(1%)
(5%)
8%
9%
(9%)
(13%)
(0%)
5%
(13%)
(0%)
(2%)
41%
26%
33%
26%
28%
(10%)
8%
13%
(17%)
26%
16%
46%
27%
35%
32%
30%
7%
9%
18%
5%
27%
23%
47%
28%
35%
37%
30%
8%
10%
19%
8%
28%
25%
25%
13%
16%
9%
15%
(17%)
5%
9%
(18%)
9%
6%
31%
19%
21%
18%
19%
2%
6%
10%
(6%)
18%
13%
31%
19%
22%
21%
19%
3%
6%
10%
0%
19%
15%
33%
24%
28%
20%
42%
26%
31%
(13%)
6%
5%
25%
20%
35%
34%
31%
28%
46%
32%
32%
11%
8%
18%
31%
27%
35%
35%
32%
31%
47%
32%
34%
19%
15%
19%
32%
30%
16%
13%
17%
7%
27%
15%
10%
(23%)
1%
0%
12%
8%
21%
20%
19%
21%
29%
19%
11%
6%
3%
7%
19%
16%
22%
20%
19%
22%
29%
20%
13%
15%
9%
8%
20%
18%
CRM
Zendesk, Inc.
HubSpot, Inc.
LivePerson Inc.
Five9, Inc.
Median
Mean
Accounting / ERP
Oracle Corporation
SAP SE
Intuit Inc.
Sage Group plc
NetSuite Inc.
QAD Inc.
Median
Mean
SAP SE
PTC Inc.
Textura Corporation
BasWare Oyj
SciQuest, Inc.
Median
Mean
Public Company Operating Metrics (cont.)
Company
Price
09/30/15
52-Wk
High
$47.63
68.86
179.01
35.91
33.00
29.99
16.99
92%
72%
92%
88%
85%
80%
91%
88%
86%
$17,231
13,221
5,212
2,123
1,810
1,596
960
$2,123
$6,022
$16,775
13,493
5,116
2,106
1,959
1,515
888
$2,106
$5,979
9%
58%
21%
46%
36%
40%
24%
36%
34%
8%
47%
22%
41%
30%
36%
23%
30%
30%
7%
37%
22%
29%
27%
29%
16%
27%
24%
43%
(16%)
12%
21%
(18%)
(5%)
(3%)
(3%)
5%
$82.22
69.06
70.56
44.75
4.92
10.52
3.10
1.91
4.92
95%
88%
99%
73%
68%
45%
28%
44%
58%
68%
66%
$41,102
12,442
8,008
5,486
399
386
244
192
160
$399
$7,602
$42,179
12,799
9,680
6,374
386
305
199
151
141
$386
$8,024
11%
19%
4%
14%
(8%)
62%
23%
(1%)
7%
11%
15%
16%
13%
4%
0%
2%
45%
10%
7%
6%
7%
12%
24%
15%
5%
3%
5%
25%
19%
13%
9%
13%
13%
$144.97
417.55
79.78
16.37
28.96
105.14
36.45
54.60
43.15
196.47
24.61
27.21
25.83
15.19
10.55
7.80
76%
90%
62%
88%
62%
78%
87%
80%
65%
89%
91%
87%
85%
95%
63%
90%
86%
81%
$142,086
8,849
5,731
5,080
4,101
3,798
3,496
3,400
2,681
2,233
1,955
1,480
1,297
617
310
245
$3,041
$11,710
$172,361
9,084
5,001
6,802
3,780
4,194
3,190
3,164
3,117
2,032
1,834
1,856
1,277
555
224
202
$3,140
$13,667
(10%)
18%
71%
2%
(4%)
4%
14%
7%
14%
(5%)
11%
8%
7%
28%
30%
55%
10%
16%
(11%)
10%
52%
1%
(5%)
(19%)
11%
(9%)
7%
(7%)
13%
8%
27%
27%
25%
23%
9%
10%
(1%)
18%
37%
3%
2%
3%
17%
7%
9%
9%
12%
(7%)
6%
24%
31%
23%
9%
12%
Mkt Cap
EV
Revenue Growth
LTM
2015E
2016E
EBITDA Margin
LTM
2015E
52 Week
2016E
LTM
Net Margin
2015E
2016E
42%
6%
24%
22%
1%
4%
12%
12%
16%
42%
8%
25%
21%
0%
7%
14%
14%
17%
25%
(26%)
7%
9%
(26%)
(9%)
(12%)
(9%)
(4%)
25%
(1%)
12%
10%
(5%)
(2%)
6%
6%
6%
25%
1%
13%
10%
(1%)
1%
9%
9%
8%
24%
33%
62%
28%
8%
(6%)
(51%)
(5%)
(2%)
8%
10%
35%
40%
67%
33%
9%
(4%)
(39%)
3%
4%
9%
17%
40%
41%
68%
35%
11%
1%
(19%)
8%
6%
11%
21%
11%
16%
33%
13%
3%
(10%)
(55%)
(13%)
(11%)
3%
(1%)
22%
20%
38%
21%
6%
(5%)
(43%)
(7%)
(2%)
6%
6%
27%
20%
39%
23%
7%
0%
(21%)
(3%)
0%
7%
10%
26%
17%
(0%)
12%
18%
15%
0%
20%
14%
21%
12%
39%
22%
(29%)
(69%)
(20%)
15%
6%
27%
24%
12%
32%
21%
20%
10%
26%
26%
29%
17%
45%
31%
(23%)
(52%)
(17%)
23%
14%
28%
24%
14%
35%
23%
20%
12%
27%
27%
30%
18%
47%
31%
(18%)
(34%)
(12%)
24%
17%
13%
8%
(2%)
(5%)
(1%)
20%
(5%)
13%
0%
12%
5%
19%
9%
(35%)
(73%)
(27%)
3%
(3%)
19%
18%
5%
21%
12%
10%
5%
20%
18%
19%
9%
24%
18%
(26%)
(56%)
(28%)
15%
6%
19%
19%
6%
22%
13%
10%
7%
21%
19%
20%
10%
23%
19%
(22%)
(32%)
(21%)
16%
8%
Paychex, Inc.
Workday, Inc.
Median
Mean
VeriSign, Inc.
SDL plc
TubeMogul, Inc.
MobileIron, Inc.
Brightcove Inc.
Median
Mean
DST Systems Inc.
NICE Systems Ltd.
Verint Systems Inc.
MicroStrategy Inc.
Pegasystems Inc.
NeuStar, Inc.
Workiva Inc.
Apigee Corporation
Xactly Corporation
Median
Mean
Company
Price
09/30/15
52-Wk
High
$78.79
27.30
69.45
69.28
104.52
55.35
35.37
39.24
68.16
15.58
84%
82%
84%
89%
79%
74%
77%
74%
93%
42%
81%
78%
$33,255
12,049
11,506
11,139
8,463
7,334
3,563
3,020
1,734
408
$7,898
$9,247
$32,964
10,630
11,640
12,086
12,058
7,007
3,469
2,794
1,598
338
$8,818
$9,458
13%
(5%)
54%
4%
(5%)
47%
6%
22%
27%
29%
18%
19%
10%
(8%)
46%
3%
(5%)
40%
87%
18%
20%
23%
19%
23%
11%
2%
36%
5%
0%
32%
59%
19%
17%
23%
18%
20%
26%
32%
(15%)
23%
10%
(42%)
26%
31%
10%
(19%)
17%
8%
$24.16
172.00
79.33
19.47
29.60
42.48
47.83
31.82
60.32
65.48
50.14
33.96
12.58
21.75
28.46
15.58
17.04
11.13
3.31
4.21
78%
87%
90%
73%
68%
87%
64%
59%
87%
89%
68%
63%
54%
76%
52%
34%
49%
73%
35%
77%
70%
68%
$46,961
15,139
14,756
13,224
8,729
7,479
6,167
5,354
2,628
2,113
1,804
1,545
1,514
1,146
1,070
829
674
306
296
245
$1,959
$6,599
$48,578
15,250
14,540
12,332
7,893
6,997
6,622
5,316
2,561
1,955
1,534
1,194
1,419
1,253
986
660
592
245
367
217
$1,745
$6,526
5%
55%
9%
(6%)
(5%)
27%
64%
97%
39%
30%
76%
(2%)
77%
5%
24%
17%
45%
12%
28%
5%
26%
30%
3%
50%
9%
(7%)
(7%)
31%
40%
50%
32%
32%
44%
(6%)
37%
16%
24%
16%
18%
13%
36%
8%
21%
22%
5%
34%
8%
4%
2%
23%
34%
38%
26%
24%
31%
7%
30%
16%
24%
16%
(6%)
10%
35%
12%
19%
19%
22%
(11%)
54%
29%
12%
8%
27%
(75%)
(19%)
(29%)
24%
5%
(60%)
30%
21%
2%
23%
(1%)
(10%)
17%
10%
3%
Mkt Cap
EV
Revenue Growth
LTM
2015E
2016E
EBITDA Margin
LTM
2015E
52 Week
2016E
LTM
Net Margin
2015E
2016E
36%
38%
14%
29%
10%
6%
27%
46%
24%
(13%)
26%
22%
35%
39%
15%
30%
12%
9%
28%
43%
25%
(8%)
26%
23%
14%
20%
(25%)
9%
5%
(43%)
13%
19%
3%
(23%)
7%
(1%)
26%
26%
4%
19%
5%
3%
15%
31%
15%
(13%)
15%
13%
26%
26%
6%
19%
5%
5%
17%
31%
14%
(8%)
16%
14%
26%
18%
57%
33%
18%
17%
30%
(26%)
1%
(3%)
21%
12%
(38%)
37%
29%
24%
24%
19%
8%
25%
20%
16%
27%
25%
57%
35%
22%
18%
30%
(13%)
6%
(1%)
21%
16%
(19%)
37%
29%
27%
23%
21%
13%
30%
23%
20%
10%
(18%)
43%
12%
7%
2%
16%
(93%)
(36%)
(33%)
14%
2%
(73%)
11%
24%
(25%)
21%
(13%)
(16%)
8%
5%
(7%)
14%
10%
46%
20%
12%
9%
25%
(41%)
(6%)
(6%)
15%
6%
(48%)
23%
13%
6%
21%
2%
7%
20%
11%
7%
15%
14%
46%
21%
14%
10%
25%
(24%)
(1%)
(3%)
16%
8%
(29%)
24%
13%
7%
23%
4%
13%
24%
14%
11%
VMware, Inc.
CA, Inc.
ServiceNow, Inc.
Splunk, Inc.
SolarWinds, Inc.
LogMeIn, Inc.
Median
Mean
Security / Storage
EMC Corporation
NetApp, Inc.
Fortinet Inc.
FireEye, Inc.
Proofpoint, Inc.
Imperva Inc.
Box, Inc.
Qualys, Inc.
Carbonite, Inc.
NQ Mobile Inc.
Zix Corporation
Median
Mean
Company
Price
09/30/15
52-Wk
High
$44.26
36.12
144.97
25.61
71.88
29.12
38.11
25.83
21.89
30.59
14.53
89%
78%
76%
63%
89%
95%
97%
85%
75%
89%
74%
85%
83%
$353,991
157,128
142,086
46,053
13,207
2,298
2,062
1,297
1,124
1,083
677
$2,298
$65,546
$383,792
182,439
172,361
54,384
12,940
2,326
1,992
1,277
1,093
1,061
578
$2,326
$74,022
8%
(1%)
(10%)
(5%)
14%
(24%)
73%
7%
110%
24%
65%
8%
24%
(5%)
(3%)
(11%)
(6%)
14%
(6%)
62%
27%
155%
25%
98%
14%
32%
5%
2%
(1%)
(1%)
15%
3%
35%
6%
50%
19%
33%
6%
15%
36%
41%
26%
12%
19%
27%
(38%)
22%
NM
13%
(6%)
21%
15%
$86.61
159.81
59.46
69.61
52.58
105.14
84.50
21.12
66.57
29.97
24.72
25.01
24.96
16.13
96%
92%
87%
97%
88%
78%
87%
83%
81%
52%
82%
81%
66%
96%
85%
83%
$20,849
6,600
6,504
5,589
3,804
3,798
2,732
2,528
2,093
1,129
1,019
978
862
531
$2,630
$4,215
$24,555
6,476
6,849
5,493
3,592
4,194
3,296
3,313
2,060
1,078
950
1,016
986
461
$3,305
$4,594
4%
9%
8%
7%
9%
4%
9%
7%
55%
25%
42%
10%
18%
24%
9%
16%
4%
10%
8%
6%
5%
(19%)
7%
3%
48%
19%
36%
5%
21%
23%
8%
13%
6%
11%
8%
7%
10%
3%
6%
5%
24%
26%
31%
11%
5%
21%
9%
12%
$59.96
133.35
23.41
42.11
12.40
32.90
20.06
12.48
7.10
21.81
40.18
4.20
80%
88%
71%
70%
82%
84%
87%
70%
100%
68%
86%
32%
81%
77%
$21,341
5,279
3,100
2,370
2,343
1,636
1,211
753
714
699
561
396
$1,424
$3,367
$21,670
5,474
2,980
2,573
2,929
2,029
2,042
648
913
645
751
365
$2,035
$3,585
24%
24%
38%
20%
(0%)
(10%)
10%
9%
6%
25%
53%
121%
22%
27%
37%
22%
28%
21%
2%
(3%)
6%
6%
18%
20%
(4%)
66%
19%
18%
14%
22%
27%
19%
6%
7%
2%
6%
9%
14%
3%
52%
11%
15%
Mkt Cap
EV
Revenue Growth
LTM
2015E
2016E
EBITDA Margin
LTM
2015E
52 Week
2016E
LTM
Net Margin
2015E
2016E
27%
46%
27%
12%
27%
27%
(20%)
31%
(78%)
15%
15%
27%
12%
38%
47%
28%
12%
27%
28%
(11%)
31%
(46%)
16%
16%
27%
17%
13%
25%
13%
4%
10%
14%
(44%)
9%
NM
14%
(12%)
12%
5%
23%
31%
19%
6%
17%
17%
(28%)
18%
NM
13%
9%
17%
12%
24%
31%
19%
7%
17%
18%
(17%)
19%
(84%)
13%
8%
17%
5%
31%
36%
42%
35%
6%
15%
22%
20%
22%
12%
(15%)
13%
35%
(6%)
21%
19%
34%
37%
43%
35%
18%
20%
25%
26%
26%
18%
(8%)
21%
36%
8%
25%
24%
34%
37%
44%
35%
18%
20%
28%
28%
27%
20%
(3%)
22%
36%
12%
27%
26%
14%
24%
19%
17%
3%
20%
11%
9%
10%
3%
(20%)
(10%)
30%
(12%)
10%
8%
17%
26%
23%
17%
10%
10%
16%
10%
17%
9%
(13%)
16%
29%
3%
16%
13%
18%
26%
23%
17%
11%
10%
17%
10%
18%
10%
(8%)
17%
28%
6%
17%
15%
28%
7%
24%
10%
6%
15%
29%
11%
17%
16%
15%
NM
15%
16%
32%
18%
28%
23%
17%
22%
31%
14%
22%
15%
19%
(84%)
20%
13%
34%
18%
29%
25%
19%
23%
32%
16%
23%
17%
20%
(43%)
21%
18%
13%
1%
14%
2%
(3%)
7%
(3%)
6%
10%
5%
(32%)
NM
5%
2%
16%
5%
17%
12%
6%
14%
10%
8%
10%
5%
2%
(87%)
9%
2%
17%
5%
17%
14%
8%
14%
10%
8%
12%
5%
6%
(45%)
9%
6%
Oracle Corporation
Red Hat, Inc.
Software AG
New Relic, Inc.
Hortonworks, Inc.
Globant S.A.
Median
Mean
Fiserv, Inc.
MSCI Inc.
DST Systems Inc.
ACI Worldwide, Inc.
Ellie Mae, Inc.
Envestnet, Inc.
Q2 Holdings, Inc.
Ebix Inc.
Yodlee, Inc.
Median
Mean
Cerner Corporation
athenahealth, Inc.
Veeva Systems Inc.
MedAssets, Inc.
Healthstream Inc.
Cegedim SA
Median
Mean
Software Public Market Performance
Company
% of
52-Wk High
$69.43
63.16
19.71
46.37
29.71
7.56
3.70
92%
100%
74%
87%
55%
52%
57%
74%
74%
$46,023
3,598
1,838
1,734
644
432
186
$1,734
$7,779
$46,955
4,383
1,582
1,660
579
395
168
$1,582
$7,960
(1%)
1%
(9%)
(2%)
(33%)
(25%)
(33%)
(9%)
(15%)
4%
67%
(12%)
18%
(29%)
(25%)
(33%)
(12%)
(1%)
21%
45%
(9%)
N/A
(29%)
(40%)
(43%)
(19%)
(9%)
$36.12
144.97
64.55
88.75
7.56
83.90
25.60
9.42
7.90
78%
76%
84%
82%
84%
74%
91%
91%
65%
82%
81%
$157,128
142,086
78,855
24,782
8,161
6,692
480
270
123
$8,161
$46,509
$182,439
172,361
86,059
24,474
8,918
6,672
365
223
121
$8,918
$53,515
(11%)
(12%)
(8%)
(12%)
(5%)
(8%)
(0%)
(2%)
(13%)
(8%)
(8%)
(15%)
(10%)
(12%)
(10%)
8%
(10%)
4%
(8%)
21%
(10%)
(4%)
(6%)
(24%)
(10%)
1%
27%
(6%)
37%
7%
N/A
(2%)
3%
$64.55
73.66
62.30
31.74
37.91
49.09
17.65
25.84
43.62
10.00
84%
92%
91%
75%
81%
94%
96%
84%
83%
57%
84%
84%
$78,855
18,810
4,577
3,624
3,198
1,912
1,344
695
617
278
$2,555
$11,391
$86,059
17,592
4,476
3,973
3,042
1,757
1,296
627
565
221
$2,400
$11,961
(8%)
1%
4%
(23%)
(17%)
5%
9%
(6%)
(3%)
(29%)
(4%)
(7%)
(12%)
9%
21%
(13%)
(1%)
12%
15%
(4%)
(0%)
(39%)
(1%)
(1%)
(10%)
15%
86%
(14%)
1%
61%
28%
(2%)
(12%)
(34%)
(1%)
12%
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
52 Week
Price
09/30/15
1 Yr
CRM
Zendesk, Inc.
HubSpot, Inc.
LivePerson Inc.
Five9, Inc.
Median
Mean
Accounting / ERP
Oracle Corporation
SAP SE
Intuit Inc.
Sage Group plc
NetSuite Inc.
QAD Inc.
Median
Mean
SAP SE
PTC Inc.
Textura Corporation
BasWare Oyj
SciQuest, Inc.
Median
Mean
Software Public Market Performance (cont.)
Company
% of
52-Wk High
$47.63
68.86
179.01
35.91
33.00
29.99
16.99
92%
72%
92%
88%
85%
80%
91%
88%
86%
$17,231
13,221
5,212
2,123
1,810
1,596
960
$2,123
$6,022
$16,775
13,493
5,116
2,106
1,959
1,515
888
$2,106
$5,979
(0%)
(9%)
7%
6%
(8%)
(13%)
10%
(0%)
(1%)
(3%)
(20%)
8%
14%
17%
4%
33%
8%
7%
8%
(17%)
26%
117%
(4%)
53%
41%
26%
32%
$82.22
69.06
70.56
44.75
4.92
10.52
3.10
1.91
4.92
95%
88%
99%
73%
68%
45%
28%
44%
58%
68%
66%
$41,102
12,442
8,008
5,486
399
386
244
192
160
$399
$7,602
$42,179
12,799
9,680
6,374
386
305
199
151
141
$386
$8,024
2%
(1%)
12%
10%
(24%)
(26%)
(45%)
(55%)
(24%)
(24%)
(17%)
9%
(3%)
6%
(16%)
(24%)
(23%)
(65%)
(47%)
(32%)
(23%)
(22%)
19%
15%
28%
(19%)
(12%)
(9%)
(72%)
(18%)
(12%)
(12%)
(9%)
$144.97
417.55
79.78
16.37
28.96
105.14
36.45
54.60
43.15
196.47
24.61
27.21
25.83
15.19
10.55
7.80
76%
90%
62%
88%
62%
78%
87%
80%
65%
89%
91%
87%
85%
95%
63%
90%
86%
81%
$142,086
8,849
5,731
5,080
4,101
3,798
3,496
3,400
2,681
2,233
1,955
1,480
1,297
617
310
245
$3,041
$11,710
$172,361
9,084
5,001
6,802
3,780
4,194
3,190
3,164
3,117
2,032
1,834
1,856
1,277
555
224
202
$3,140
$13,667
(12%)
3%
(32%)
(5%)
(20%)
(17%)
2%
(16%)
(28%)
14%
7%
(3%)
(14%)
11%
9%
(5%)
(5%)
(7%)
(10%)
16%
(13%)
16%
(34%)
(6%)
15%
(10%)
(31%)
16%
14%
4%
1%
7%
N/A
N/A
3%
(1%)
(24%)
66%
10%
6%
(31%)
25%
35%
35%
(22%)
50%
29%
10%
8%
N/A
N/A
N/A
10%
15%
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
52 Week
Price
09/30/15
1 Yr
Paychex, Inc.
Workday, Inc.
Median
Mean
VeriSign, Inc.
SDL plc
TubeMogul, Inc.
MobileIron, Inc.
Brightcove Inc.
Median
Mean
DST Systems Inc.
NICE Systems Ltd.
Verint Systems Inc.
MicroStrategy Inc.
Pegasystems Inc.
NeuStar, Inc.
Workiva Inc.
Apigee Corporation
Xactly Corporation
Median
Mean
Company
% of
52-Wk High
$78.79
27.30
69.45
69.28
104.52
55.35
35.37
39.24
68.16
15.58
84%
82%
84%
89%
79%
74%
77%
74%
93%
42%
81%
78%
$33,255
12,049
11,506
11,139
8,463
7,334
3,563
3,020
1,734
408
$7,898
$9,247
$32,964
10,630
11,640
12,086
12,058
7,007
3,469
2,794
1,598
338
$8,818
$9,458
(8%)
(8%)
(7%)
(0%)
(10%)
(21%)
(4%)
(16%)
7%
(29%)
(8%)
(9%)
(2%)
(15%)
(9%)
11%
(16%)
(7%)
(19%)
(23%)
23%
(37%)
(12%)
(9%)
(16%)
(2%)
18%
(3%)
(12%)
(0%)
(23%)
(7%)
48%
(26%)
(5%)
(2%)
$24.16
172.00
79.33
19.47
29.60
42.48
47.83
31.82
60.32
65.48
50.14
33.96
12.58
21.75
28.46
15.58
17.04
11.13
3.31
4.21
78%
87%
90%
73%
68%
87%
64%
59%
87%
89%
68%
63%
54%
76%
52%
34%
49%
73%
35%
77%
70%
68%
$46,961
15,139
14,756
13,224
8,729
7,479
6,167
5,354
2,628
2,113
1,804
1,545
1,514
1,146
1,070
829
674
306
296
245
$1,959
$6,599
$48,578
15,250
14,540
12,332
7,893
6,997
6,622
5,316
2,561
1,955
1,534
1,194
1,419
1,253
986
660
592
245
367
217
$1,745
$6,526
(9%)
(1%)
(1%)
(15%)
(6%)
3%
(29%)
(34%)
(5%)
(2%)
(17%)
(16%)
(32%)
(21%)
(26%)
(61%)
(40%)
(7%)
(36%)
(18%)
(16%)
(19%)
(5%)
21%
(4%)
(17%)
(17%)
24%
(9%)
(18%)
7%
57%
(7%)
(22%)
(30%)
0%
(40%)
(60%)
(21%)
(9%)
(14%)
6%
(9%)
(8%)
(17%)
75%
15%
(17%)
(31%)
68%
(29%)
4%
62%
128%
57%
(33%)
N/A
31%
7%
(39%)
(9%)
9%
(53%)
23%
7%
13%
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
52 Week
Price
09/30/15
1 Yr
VMware, Inc.
CA, Inc.
ServiceNow, Inc.
Splunk, Inc.
SolarWinds, Inc.
LogMeIn, Inc.
Median
Mean
Security / Storage
EMC Corporation
NetApp, Inc.
Fortinet Inc.
FireEye, Inc.
Proofpoint, Inc.
Imperva Inc.
Box, Inc.
Qualys, Inc.
Carbonite, Inc.
NQ Mobile Inc.
Zix Corporation
Median
Mean
Company
% of
52-Wk High
$44.26
36.12
144.97
25.61
71.88
29.12
38.11
25.83
21.89
30.59
14.53
89%
78%
76%
63%
89%
95%
97%
85%
75%
89%
74%
85%
83%
$353,991
157,128
142,086
46,053
13,207
2,298
2,062
1,297
1,124
1,083
677
$2,298
$65,546
$383,792
182,439
172,361
54,384
12,940
2,326
1,992
1,277
1,093
1,061
578
$2,326
$74,022
(0%)
(11%)
(12%)
(17%)
(7%)
6%
8%
(14%)
(12%)
1%
(3%)
(7%)
(6%)
10%
(15%)
(10%)
(18%)
(4%)
7%
20%
1%
(10%)
46%
(16%)
(4%)
1%
(5%)
(6%)
(24%)
(28%)
28%
18%
N/A
8%
N/A
117%
24%
8%
15%
$86.61
159.81
59.46
69.61
52.58
105.14
84.50
21.12
66.57
29.97
24.72
25.01
24.96
16.13
96%
92%
87%
97%
88%
78%
87%
83%
81%
52%
82%
81%
66%
96%
85%
83%
$20,849
6,600
6,504
5,589
3,804
3,798
2,732
2,528
2,093
1,129
1,019
978
862
531
$2,630
$4,215
$24,555
6,476
6,849
5,493
3,592
4,194
3,296
3,313
2,060
1,078
950
1,016
986
461
$3,305
$4,594
3%
(2%)
(4%)
6%
(1%)
(17%)
(7%)
(13%)
(5%)
(27%)
(9%)
(10%)
(27%)
17%
(6%)
(7%)
9%
(0%)
(3%)
(0%)
0%
(6%)
(7%)
(2%)
17%
(46%)
15%
(9%)
(15%)
25%
(1%)
(2%)
34%
31%
26%
25%
19%
25%
53%
13%
104%
(33%)
77%
(9%)
76%
N/A
26%
34%
$59.96
133.35
23.41
42.11
12.40
32.90
20.06
12.48
7.10
21.81
40.18
4.20
80%
88%
71%
70%
82%
84%
87%
70%
100%
68%
86%
32%
81%
77%
$21,341
5,279
3,100
2,370
2,343
1,636
1,211
753
714
699
561
396
$1,424
$3,367
$21,670
5,474
2,980
2,573
2,929
2,029
2,042
648
913
645
751
365
$2,035
$3,585
(12%)
17%
(17%)
(22%)
(8%)
(6%)
(11%)
(22%)
54%
(28%)
(6%)
(46%)
(12%)
(9%)
(18%)
13%
(7%)
(11%)
5%
11%
6%
(21%)
56%
(15%)
16%
(45%)
(1%)
(1%)
1%
1%
(17%)
(5%)
(8%)
37%
(3%)
(9%)
223%
(9%)
28%
(68%)
(4%)
14%
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
52 Week
Price
09/30/15
1 Yr
Oracle Corporation
Red Hat, Inc.
Software AG
New Relic, Inc.
Hortonworks, Inc.
Globant S.A.
Median
Mean
Fiserv, Inc.
MSCI Inc.
DST Systems Inc.
ACI Worldwide, Inc.
Ellie Mae, Inc.
Envestnet, Inc.
Q2 Holdings, Inc.
Ebix Inc.
Yodlee, Inc.
Median
Mean
Cerner Corporation
athenahealth, Inc.
Veeva Systems Inc.
MedAssets, Inc.
Healthstream Inc.
Cegedim SA
Median
Mean
Vista Point Advisors Overview
Vista Point Advisors is a boutique investment bank focused on capital raises and M&A advisory
for growing technology companies
Software
•
•
•
•
•
Software-as-a-Service
On-premise
Application Software
Healthcare IT
Financial Tech
90 New Montgomery Street
Suite 700
San Francisco, CA 94105
Internet
•
•
•
•
•
Mobile
•
•
•
•
•
Digital Media
Gaming
Content
Platforms
Hardware
•
•
•
•
•
Consumer Applications
Enterprise Applications
Gaming
Payments
Infrastructure
Communications
Entertainment
Industrial
Systems
Consumer
Mike Lyon
Drew Pascarella
Jeff Bean
David Cho
415.659.9187
mike@vistapointadvisors.com
917.670.1097
drew@vistapointadvisors.com
415.659.9190
jbean@vistapointadvisors.com
415.547.8440
david@vistapointadvisors.com
Mike Greco
Thomas Lin
Jeffrey Koons
Scott Austin
415.659.9189
jeff@vistapointadvisors.com
415.547.8437
scott@vistapointadvisors.com
415.659.9191
415.692.6163
mike.greco@vistapointadvisors.com thomas@vistapointadvisors.com
Miles Lacey
Tyler Jamison
Russell Perkins
415.659.9278
miles@vistapointadvisors.com
415.547.8439
tyler@vistapointadvisors.com
415.501.9029
russell@vistapointadvisors.com

Software - Vista Point Advisors

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