Market Spotlight: Cyber Security
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Transcript of Market Spotlight: Cyber Security
Jon ScottSenior Vice President
Jon joined Corum in 2010 out of their Seattle headquarters. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University.
Agenda• Welcome
• Jon Scott, Senior VP – Corum Group
• M&A in Security Sector• Aaron King, Analyst – Corum Group
• Market Trends• Jon Scott
• Seller Discussion• Anirban Banerjee, Founder
StopTheHacker (acquired by CloudFlare)
• Q&A
Jon ScottSenior Vice President
Jon joined Corum in 2010 out of their Seattle headquarters. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University.
Aaron KingAnalyst
Aaron joined Corum Group in 2015 as a research analyst. Previously he worked as a writer, editor, and consultant at a software startup. Aaron graduated from Reed College with a degree in Economics, specializing in Game Theory.
05/31/2014
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11/30/2014
12/14/2014
01/31/2015
02/01/2015
03/01/2015
04/02/2015
05/03/2015
05/31/2014
06/30/2014
07/31/2014
08/31/2014
09/30/2014
10/31/2014
11/30/2014
12/14/2014
01/31/2015
02/01/2015
03/01/2015
04/02/2015
05/03/2015
EV/EBITDA
14.197004118476
7
14.607576047318
9
15.497229151469
16.483257397929
7
16.101239883745
6
16.222719137956
1
16.955418019989
9
17.026439968450
5
15.714033504482
3
15.84 16.075176167124
8
16.16 14.63
EV/S
3.4074916858046
6
3.8876596308440
6
4.0656624650005
7
4.2668129443235
9
4.3740761896452
4.7319617543938
8
4.3419822805648
4
4.1556189228179
9
4.1234827856111
3
4.03 4.2348044199409
1
3.88 4.05
7.00 x
9.00 x
11.00 x
13.00 x
15.00 x
17.00 x
2.25 x
2.75 x
3.25 x
3.75 x
4.25 x
4.75 x
EV/EBITDA EV/S
Infrastructure Market Valuations
IT Services Management
Network Management
Storage & Hosting
Endpoint
Security
Other Infrastructure
Segments
05/31/2014
06/30/2014
07/31/2014
08/31/2014
09/30/2014
10/31/2014
11/30/2014
12/14/2014
01/31/2015
02/01/2015
03/01/2015
04/02/2015
05/03/2015
05/31/2014
06/30/2014
07/31/2014
08/31/2014
09/30/2014
10/31/2014
11/30/2014
12/14/2014
01/31/2015
02/01/2015
03/01/2015
04/02/2015
05/03/2015
EV/EBITDA
14.23568299686
67
14.73429484529
14.90472405883
32
16.02463411616
71
15.31570425930
21
16.22271913795
61
16.95541801998
99
17.25711755965
08
16.51377333770
06
15.86 15.15 16.23 15.89
EV/S
5.639880230921
68
6.008105892441
71
5.304917302303
06
5.355249673038
52
5.830455144022
2
6.552144676438
57
6.818667748499
55
6.277934724370
57
6.159004493087
15
6.58 6.85 6.95 7.03
7.00
9.00
11.00
13.00
15.00
17.00
2.50
3.50
4.50
5.50
6.50
7.50
EV/EBITDA EV/SSecurity Public Peer Valuations
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015 YTD
$0
$1,000,000,000
$2,000,000,000
$3,000,000,000
$4,000,000,000
$5,000,000,000
0
5
10
15
20
25
30
35
Security Technology M&A Activity 2012-2015
Total Disclosed Deal Value Total Deal Count
Mill
ions
Sold to
Target: BeeWareAcquirer: DenyAllDate Announced: May 2014Transaction Value: Undisclosed
—Web application security, payments, and payment card data for business
$0
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
$3,000,000,000
Top Total Security Spenders 2012-Present
Mill
ions
Sold to
Target: SourcefireAcquirer: CiscoDate Announced: July 2013Transaction Value: $2.7B
—Intrusion detection / prevention SaaS, anti-malware software
Sold to
Target: WebsenseAcquirer: RaytheonDate Announced: Feb 2015Transaction Value: $1.3B
—Defense, aerospace, missile and intelligence systems for defense and government
4
5
3
Top Buyers by Deal Count (2012 – Present)
Target: Blue CoatAcquirer: Bain CapitalDate Announced: March 2015Transaction Value: $2.4B
—Enterprise cybersecurity, web traffic management, mobile security, and SaaS.Previously owned by Thoma Bravo.
Sold to
Encryption
Growth in Exits by Segment (2013-2014)
Penetration Testing Security Management
Mobile SecurityIdentity & Access Management
Storage Security
Anti-Malware
Premises Network Security
Transaction Security
Sold to
Target: CodenomiconAcquirer: SynopsysDate Announced: April 2015Transaction Value: Undisclosed
—Security and vulnerability testing software and SaaS, performance management.
Sold to
Target: QuotiumAcquirer: SynopsysDate Announced: May 2015Transaction Value: Undisclosed
—Interactive application security testing (IAST)
Encryption
Growth in Exits by Segment (2013-2014)
Penetration Testing Security Management
Mobile SecurityIdentity & Access Management
Storage Security
Anti-Malware
Premises Network Security
Transaction Security
Sold to
Target: Metafor SoftwareAcquirer: Splunk Inc.Date Announced: June 2015Transaction Value: Undisclosed
—Cybersecurity anomaly detection and predictive analytics.
Sold to
Target: nsenseAcquirer: F-SecureDate Announced: June 2015Transaction Value: $16,481,000
—Cyber protection and vulnerability assessment for large institutions
Geographic Breakdown
Europe Asia / Pacific Africa and Middle East
Latin America and Caribbean
US and Canada
2013 2014 2015 YTD
Sold to
Target: IdMLogicAcquirer: CA TechnologiesDate Announced: June 2015Transaction Value: $25M
—Identity and Access Management (IAM) for businesses, and BYOD/mobile IAM solutions.
Sold to
Target: CyActiveAcquirer: Paypal Inc. [eBay]Date Announced: March 2015Transaction Value: $60M
—Predictive malware detection and prevention cybersecurity for business
Geographic Breakdown
Europe Asia / Pacific Africa and Middle East
Latin America and Caribbean
US and Canada
2013 2014 2015 YTD
Sold to
Target: VulnrAcquirer: ZeroFOXDate Announced: January 2015Transaction Value: Undisclosed
—Stealth-mode mobile vulnerability detection software
Sold to
Target: NumberCopAcquirer: WhitePages, Inc.Date Announced: June 2015Transaction Value: Undisclosed
—Anti-spam caller ID mobile app to identify and block spam, phishing, and other high-risk calls and text messages
Jon ScottSenior Vice President
Jon joined Corum in 2010 out of their Seattle headquarters. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University.
Cloud Security
Automated Incident Response
Advanced Persistent Threats
Security Provider Consortiums
More Small and Very Focused Start-Ups
Jon ScottSenior Vice President
Jon joined Corum in 2010 out of their Seattle headquarters. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University.
Anirban Banerjee
Dr. Anirban Banerjee is the lead Primary Investigator, the VP of Research and Development, and co-founder of StopTheHacker Inc. He graduated with his Ph.D. in Computer Science, from the University of California at Riverside in 2008. Dr. Banerjee’s thesis research includes well over twenty published papers in the areas of internet security, measurements and web technology.
Over the last few years, he has garnered great visibility and respect among the web security community, rapidly advancing as a recognized authority in the fight against underground cyber crime. Dr. Banerjee’s profound expertise in Artificial Intelligence and web security along with his exuberant passion for innovative product development, propel StopTheHacker into the much coveted position as one of the tech industry’s hottest new startups.
Co-Founder, StopTheHacker
Traits of a Successful Security Acquisition
1. Chasing a Real Vulnerability2. Developed an Expandable
Architecture3. Deep Subject Matter Expertise and
Passion4. Customer References5. Began with an End in Mind
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