Mergers & Acquisitions Capital Raising Strategic...
Transcript of Mergers & Acquisitions Capital Raising Strategic...
1 │ Mobile Industry Update Q3 2018
Mergers & Acquisitions Capital Raising Strategic Advisory
Mobile Industry Update Q3 2018
2 │ Mobile Industry Update Q3 2018
Unconflicted AdviceDeep 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.
Vista Point bankers are industry specialists that
focus exclusively on core technology markets
allowing us to provide relevant insights into our
client’s business and create the strategic
framework to optimize valuation.
The firm utilizes a unique negotiation
framework to increase the
competitiveness of the transaction
process, and ultimately yield higher
valuations at better terms for clients.
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.
Vista Point Advisors Overview
3 │ Mobile Industry Update Q3 2018
Our Differentiated Model Yields Differentiated Results
March 2016
acquired by
December 2015
investment from
September 2015
acquired by
October 2015
acquired by
a portfolio company of
March 2015
acquired by
May 2016
acquired by
May 2016
acquired by
July 2016
acquired by
a portfolio company of
May 2016
acquired by
a portfolio company of
October 2016
acquired by
a portfolio company of
November 2016
acquired by
January 2017
acquired by
a subsidiary of
February 2017
acquired by
a portfolio company of
March 2017
acquired by
December 2017
investment from
November 2017
investment from
August 2017
investment from
August 2017
investment from
September 2017
investment from
September 2017
acquired by
September 2017
acquired by
a portfolio company of
January 2018
investment from
March 2018
acquired by
May 2018
investment from
April 2018
acquired by
a portfolio company of
June 2018
investment from
July 2018
investment from
July 2018
acquired by
4 │ Mobile Industry Update Q3 2018
• Mobile M&A continued its strong run in Q3 2018 with 199 transactions, representing $43.7b in transaction value
− Mobile M&A deal volume in Q3 2018 was up 81% relative to Q3 2017, which saw 110 transactions
− Notable deals include:
• Apple’s $400m acquisition of Shazam
• Bertelsmann’s $500m acquisition of OnCourse Learning
• SS&C Technologies’ $1.5b acquisition of IntraLinks, representing 10.9x LTM EBITDA
• Microsoft’s $7.5b acquisition of GitHub
• GrubHub’s $390m acquisition of LevelUp
• Major opportunities for investment and exit opportunities include:
− Mobile commerce
− Business services
− Location services
− Gaming
− Wearables / fitness
− Lifestyle, medical, news and social networking applications
Q3 2018 Mobile Industry Overview
5 │ Mobile Industry Update Q3 2018
USA Internet Advertising
Mobile Data Traffic in North America Forecast
Time Spent with Digital Media Using a Mobile Device
Global Mobile Traffic and Connectivity
Sources: Statista, 2018 IAB / PWC Internet Advertising Report
US Mobile Payment Volume
1.3
1.9
2.6
3.6
4.6
6.1
0
1
2
3
4
5
6
7
2016 2017 2018 2019 2020 2021
Mo
bile
Dat
a Tr
affi
c (E
B p
er M
on
th)
$26$32
$37$43
$50
$60
$73
$88
$0
$15
$30
$45
$60
$75
$90
2010 2011 2012 2013 2014 2015 2016 2017
USA
Inte
rnet
Ad
vert
isin
g (B
illio
ns)
Non-mobile Mobile
0.4
0.8
1.6
2.3
2.62.8
3.13.3
0
1
2
3
4
2010 2011 2012 2013 2014 2015 2016 2017
Ave
rage
Ho
urs
per
Ad
ult
Use
r p
er D
ay
$25
$55
$99
$154
$215
$274
0
50
100
150
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250
300
2016 2017 2018 2019 2020 2021
An
nu
al V
olu
me
(Bill
ion
s)
6 │ Mobile Industry Update Q3 2018
38
19 1914 13 12
8 7 5 5 4 3 4 4 4
2
1 1
1
1
0
10
20
30
40
50
Nu
mb
er
of
Tran
sact
ion
s
Most Active Acquirers (Since 2010)
Source: Capital IQ as of 9/30/18
Notable Recent Transactions
Deals <$1bn
Deals >$1bn
Acquirer
Target
Date 09/24/18 09/17/18 09/06/18 07/26/18 07/25/18
EV $400m $500m $1.5b $7.5b $390m
EV / LTM Rev N/A N/A N/A N/A N/A
EV / LTM EBITDA N/A N/A 10.9x N/A N/A
Active Acquirers and Notable Transactions
Gray bar denotesDeals over $1 billion
$5.1 $1.4
$29.4
$17.5
$0.1 $0.0 $0.6 $0.1 $0.0 $0.0 $0.4 $1.3 $0.1 $0.1 $0.2
$0.0
$10.0
$20.0
$30.0
$40.0
Tran
sact
ion
Val
ue
($
bn
)
7 │ Mobile Industry Update Q3 2018
60 5648
57 61 60
8779
94 91 96
72
9183
68 73
98107
122
81 78 73
134
88 8979
123112
132
83
11096
117
142
199
0
30
60
90
120
150
180
210
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Q2
'15
Q3
'15
Q4
'15
Q1
'16
Q2
'16
Q3
'16
Q4
'16
Q1
'17
Q2
'17
Q3
'17
Q4
'17
Q1
'18
Q2
'18
Q3
'18
Nu
mb
er
of
Tran
sact
ion
s
$0.1$4.0
$2.7$1.1 $1.0
$3.2$4.8
$1.4
$0.6$2.2 $2.9 $2.9
$5.7 $4.3$8.0
$4.1 $6.1
$7.7
$18.7
$3.4 $1.0
$6.0
$13.4$11.1
$0.7
$9.2
$22.0
$10.2
$13.5
$4.5
$13.8
$10.4
$7.0
$20.5
$36.2
$0
$5
$10
$15
$20
$25
$30
$35
$40
Tran
sact
ion
Val
ue
($
bn
)
Quarterly Mobile M&A Value and Deal Count (Since 2010)
Source: Capital IQ as of 9/30/18, WhatsApp/Facebook, LinkedIn/Microsoft, and GitHub/Microsoft deals omitted from top graph
Mobile M&A Market Overview
8 │ Mobile Industry Update Q3 2018
Transactions by Reported Value
Transactions by Target Funding
$50M+
$30 - $50M
$10 - $30M
$0.1 - $10M
$500M - $1B>$1B
$250M - $500M$100M - $250M$50M - $100M<$50M
Source: Capital IQ as of 9/30/18
Mobile M&A Market Overview
Total: $20B Total: $36B
No Funding / Undisclosed
37%
11%
18%
34%
Q2 '18
32%
7%
13%48%
Q3 '18
9 │ Mobile Industry Update Q3 2018
Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years
Despite High Valuations, Investments Lead Exits 3:1
Source: Capital IQ and Pitchbook as of 09/30/18, Investors ranked by investments made in the last 12 months
52
43
29
34
21
20
21
11
10
18
19
16
15
8
7
10
4
4
7
3
42
37
30
22
28
22
17
17
20
16
14
9
12
12
5
6
8
9
5
8
92
41
53
47
49
36
36
33
27
21
18
18
14
21
23
15
13
12
11
12
186
121
112
103
98
78
74
61
57
55
51
43
41
41
35
31
25
25
23
23
050100150200
Investments Made
Within last 6 months Within 6-12 months Within 12-24 months
16
10
17
6
11
7
4
3
3
3
4
1
2
3
4
8
7
3
3
2
10
7
15
9
8
6
3
1
5
3
2
3
1
3
6
2
9
1
3
27
12
19
17
15
6
3
3
11
5
5
6
2
10
6
7
7
1
6
8
53
29
51
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34
19
10
7
19
11
11
10
5
16
16
17
23
5
9
13
0 20 40 60
Portfolio Exits
Within last 6 months Within 6-12 months Within 12-24 months
10 │ Mobile Industry Update Q3 2018
Select Q3 2018 Announced M&A TransactionsEnterprise Target LTM Enterprise Value /
Date Target Acquirer Mobile Type Sector Value Revenue EBITDA LTM Revenue LTM EBITDA
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ and Pitchbook as of 09/30/18
09/27/18 VidVerify Gremln Business CRM N/A N/A N/A N/A N/A
09/27/18 SICOM Global Payments Business Business Software $415 N/A N/A N/A N/A
09/26/18 Link AKC Wagz Consumer Content and Services N/A N/A N/A N/A N/A
09/26/18 Resolve Software Solutions Nemetschek Vectorworks Business CAD / CAM N/A N/A N/A N/A N/A
09/25/18 Pirean Exostar Business Governance, Risk, & Compliance N/A N/A N/A N/A N/A
09/25/18 XO Group Bull City, Permira, Spectrum, WeddingWire Consumer Knowledge / Content (Social) $933 $164 $28 5.7x 32.9x
09/25/18 Tapingo GrubHub Consumer Ecommerce $150 N/A N/A N/A N/A
09/25/18 DEBX Debitize Consumer Fintech N/A N/A N/A N/A N/A
09/25/18 NETfacil ities AMTdirect, Luminate Capital Partners Business Business Software N/A N/A N/A N/A N/A
09/25/18 FatStax BigTinCan Business Business Intell igence N/A N/A N/A N/A N/A
09/25/18 Record360 Alpine Investors, Alpine SG Business Business Software N/A N/A N/A N/A N/A
09/25/18 Augeo FI Loyalty Lightyear Capital Consumer Fintech $140 N/A N/A N/A N/A
09/24/18 Shazam Apple Consumer Diversified Media $400 N/A N/A N/A N/A
09/24/18 Recruiter.com Truli Technologies Business Human Capital N/A N/A N/A N/A N/A
09/24/18 Greenlight Technologies Leafbuyer Technologies Consumer Ecommerce N/A N/A N/A N/A N/A
09/24/18 Acuant Audax Group Business Governance, Risk, & Compliance N/A N/A N/A N/A N/A
09/24/18 Astro Slack Business Business Software N/A N/A N/A N/A N/A
09/21/18 Umapped Flight Centre Travel Group Consumer Travel / Hospitality N/A N/A N/A N/A N/A
09/20/18 Marketo Adobe Systems Business Advertising and Marketing $4,750 N/A N/A N/A N/A
09/20/18 NewVoiceMedia Vonage Holdings Business CRM $350 N/A N/A N/A N/A
09/19/18 Sitrion Limeade Business Telecommunications N/A N/A N/A N/A N/A
09/18/18 StackPointCloud NetApp Development Development N/A N/A N/A N/A N/A
09/18/18 Cluep CI Capital Partners, Impact Group Business Advertising and Marketing $31 $23 N/A 1.3x N/A
09/18/18 Ziploop Snipp Interactive Consumer Ecommerce $0 N/A N/A N/A N/A
09/18/18 Oildex Dril l ingInfo, Genstar Capital Business Oil & Gas N/A N/A N/A N/A N/A
09/18/18 Tint Filestack, Scaleworks Consumer Advertising and Marketing N/A N/A N/M N/A N/A
09/17/18 XenoHolographic Imagination Park Entertainment Consumer Augmented & Virtual Reality $5 N/A N/A N/A N/A
09/17/18 OnCourse Learning Bertelsmann Business Education $500 N/A N/A N/A N/A
09/17/18 Prolific Business Solutions A&M Capital, Juna Equity Partners, Talus Business Retail Software N/A N/A N/A N/A N/A
09/14/18 Dimec The Co-operative Group Consumer Healthcare / Biotechnology $14 N/A N/A N/A N/A
09/14/18 Pinch Chime Bank Consumer Fintech N/A N/A N/A N/A N/A
09/13/18 Inxpo Apollo Global Management, West Business Video Management N/A N/A N/A N/A N/A
09/13/18 Boxxo Vendini Business Travel / Hospitality N/A N/A N/A N/A N/A
09/13/18 BeyondTrust Software Bomgar, Francisco Partners, Neuberger Berman Business Security / Storage N/A N/A N/A N/A N/A
09/13/18 HowStuffWorks iHeartMedia Consumer Education $55 N/A N/A N/A N/A
09/13/18 AssetLock Aquiline Capital Partners, Simplicity Consumer Fintech N/A N/A N/A N/A N/A
09/13/18 Surgimap Globus Medical Business Healthcare / Biotechnology N/A N/A N/A N/A N/A
09/13/18 Slick Innovations Iron Creek Partners, Main Street Capital Business Business Software N/A N/A N/A N/A N/A
09/12/18 iCIMS Vista Equity Partners Business Human Capital N/A N/A N/A N/A N/A
09/12/18 Connectiva Systems Altruist Technologie Business Business Software N/A N/A N/A N/A N/A
09/12/18 WellPass Wellto Business Healthcare / Biotechnology N/A N/A N/A N/A N/A
09/12/18 Workpop Cornerstone OnDemand Business Human Capital N/A N/A N/A N/A N/A
09/12/18 Burnham Benefit Advisors Alera Group, Genstar Capital Business Human Capital N/A N/A N/A N/A N/A
09/12/18 Teem WeWor Business Business Software $100 N/A N/A N/A N/M
09/12/18 Movem Barbon Insurance Group, Carlyle Business Business Software N/A N/A N/A N/A N/A
11 │ Mobile Industry Update Q3 2018
Select Q3 2018 Announced M&A Transactions (Cont’d)Enterprise Target LTM Enterprise Value /
Date Target Acquirer Mobile Type Sector Value Revenue EBITDA LTM Revenue LTM EBITDA
09/12/18 OpenCounter GTY Technology Holdings Consumer Business Software N/A N/A N/A N/A N/A
09/11/18 Personify Pamlico Capital Business CRM N/A N/A N/A N/A N/A
09/11/18 Accruent Fortive Business Mapping / Tracking $2,000 $270 N/A 7.4x N/A
09/11/18 ByBox Francisco Partners Business Supply Chain $384 N/A N/A N/A N/A
09/11/18 Sherbit Medopad Consumer Healthcare / Biotechnology N/A N/A N/A N/A N/A
09/11/18 NOVAtime Technology Ascentis, Summit Partners Business Human Capital N/A N/A N/A N/A N/A
09/11/18 Open Listings Opendoor Consumer Ecommerce N/A N/A N/A N/A N/A
09/11/18 ETwater Jain Irrigation Systems Business Business Software N/A N/A N/A N/A N/A
09/11/18 RosterApps ARCOS, The Riverside Company Business Human Capital N/A N/A N/A N/A N/A
09/10/18 Chain Lightyear.io Consumer Blockchain N/A N/A N/A N/A N/A
09/10/18 Supdate Crowdcube Business Business Software N/A N/A N/A N/A N/A
09/10/18 Base Zendesk Business CRM N/A N/A N/A N/A N/A
09/10/18 Chic Lifestyle GAHN Capita Consumer Travel / Hospitality N/A N/A N/A N/A N/A
09/10/18 Personify Jaun Consumer Augmented & Virtual Reality N/A N/A N/A N/A N/A
09/10/18 Ringtail eDiscovery Armitage Associates, Macquarie Group, Nuix Business Governance, Risk, & Compliance $55 N/A N/A N/A N/A
09/07/18 420WIFI.com First Bitcoin Capita Consumer Advertising and Marketing N/A N/A N/A N/A N/A
09/06/18 Purch Future Consumer Advertising and Marketing $133 N/A N/A N/A N/A
09/06/18 IntraLinks SS&C Technologies Business Content / Document Management $1,500 N/A $138 N/A 10.9x
09/06/18 Episerver Insight Venture Partners Development Development $1,160 N/A N/A N/A N/A
09/06/18 Juicer SaaS.group Consumer Content and Services N/A N/A N/A N/A N/A
09/06/18 Performance IQ Systems Clubessential Consumer Healthcare / Biotechnology N/A N/A N/A N/A N/A
09/05/18 CRF Health Bracket, Foresite, Genstar, Oaktree, Soda Rock Business Healthcare / Biotechnology $1,000 N/A N/M N/A N/A
09/05/18 AdvancedMD Global Payments Business Healthcare / Biotechnology $700 $30 N/A 23.3x N/A
09/05/18 Digium Sangoma Technologies Business Telecommunications N/A N/A N/A N/A N/A
09/05/18 Alpine.AI Headspace Consumer Ecommerce N/A N/A N/A N/A N/A
09/05/18 PrivateFly Directional Aviation Capital, Eldridge, OneSky Flight Consumer Transportation / Logistics N/A N/A N/A N/A N/A
09/04/18 Tintri DataDirect Networks Business Security / Storage $28 N/A N/A N/A N/A
09/04/18 OpsGenie Atlassian Business Business Software $295 N/A N/A N/A N/A
09/04/18 Transportation Insight Gryphon Investors Business Transportation / Logistics N/A N/A N/A N/A N/A
09/04/18 Electronic Transaction Systems Elavon Consumer Fintech N/A N/A N/A N/A N/A
09/04/18 Acrobatiq VitalSource Consumer Education N/A N/A N/A N/A N/A
09/04/18 DCR Workforce Coupa Software Business Business Software N/A N/A N/A N/A N/A
09/04/18 Tikatap Tri-River Ventures Consumer Ecommerce N/A N/A N/A N/A N/A
09/04/18 Spredfast Lithium Technologies, Vista Equity Partners Business Advertising and Marketing N/A N/A N/A N/A N/A
09/04/18 Apttus Thoma Bravo Business Business Software N/A N/A N/A N/A N/A
09/04/18 Herald Health Persistent Systems Business Healthcare / Biotechnology $5 $0 N/A 74.3x N/A
09/04/18 Selltis Adroit Infotech Pvt Business CRM N/A N/A N/A N/A N/A
08/31/18 DynamicOdds The Betmakers Consumer Sports $2 N/A N/A N/A N/A
08/31/18 RBmedia Kohlberg Kravis Roberts Consumer Education N/A N/A N/A N/A N/A
08/31/18 ClariCare True Nature Holding Business Business Software $3 N/A N/A N/A N/A
08/30/18 Data Specialists Dairy.com Business Accounting / ERP N/A N/A N/A N/A N/A
08/30/18 Bravio Technologies LottoGopher Holdings Consumer Content and Services N/A N/A N/A N/A N/A
08/29/18 Flight Plan Garmin Consumer Business Software N/A N/A N/A N/A N/A
08/29/18 OpCity News Corp Consumer Travel / Hospitality $210 N/A N/A N/A N/A
08/26/18 Pixowl Animoca Brands Consumer Development $5 $4 N/A 1.4x N/A
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ and Pitchbook as of 09/30/18
12 │ Mobile Industry Update Q3 2018
Select Q3 2018 Announced M&A Transactions (Cont’d)Enterprise Target LTM Enterprise Value /
Date Target Acquirer Mobile Type Sector Value Revenue EBITDA LTM Revenue LTM EBITDA
08/23/18 Pivotshare Chicken Soup for the Soul Entertainment Consumer Video Management $4 N/A N/A N/A N/A
08/23/18 ClearPay Finance Afterpay Touch Group Consumer Fintech $11 N/A N/A N/A N/A
08/23/18 Blueprint Registry Clayton, Dubilier & Rice, David's Bridal, Leonard Green Consumer Content and Services N/A N/A N/A N/A N/A
08/23/18 getaroom.com Court Square Capital Partner Consumer Travel / Hospitality N/A $1,000 N/A N/A N/A
08/22/18 Shoeboxed Earth Class Mail, Scaleworks Business Content / Document Management N/A N/A N/A N/A N/A
08/22/18 TypeZero DexCom Consumer Healthcare / Biotechnology N/A N/A N/A N/A N/A
08/22/18 Serviz Porch Consumer Content and Services N/A N/A N/A N/A N/A
08/21/18 Transax Pineapple Payments, Providence, Woodland Management Business Fintech N/A N/A N/A N/A N/A
08/21/18 Vegas Winners Jericho Associate Consumer Gaming N/A N/A N/A N/A N/A
08/21/18 FiftyThree WeTransfer Consumer Content / Document Management N/A N/A N/A N/A N/A
08/20/18 Smartbox Tobii Dynavox Limited Consumer Education $19 N/A N/M N/A N/A
08/16/18 Approved Credit Karma Consumer Fintech N/A N/A N/A N/A N/A
08/15/18 GreatCall Best Buy Consumer Healthcare / Biotechnology $800 N/A N/A N/A N/A
08/15/18 XCEL Testing Solutions Securities Training Consumer Education N/A N/A N/A N/A N/A
08/15/18 Pass Perfect CeriFi, Leeds Equity Partners Consumer Education N/A N/A N/A N/A N/A
08/14/18 DealCloud Great Hill Partners, IntApp, Temasek Holdings Business CRM N/A N/A N/A N/A N/A
08/14/18 Eyenalyze Rising Sun Ventures Business Business Software N/A N/A N/A N/A N/A
08/14/18 Limnu ZipSocket Consumer Content / Document Management N/A N/A N/A N/A N/A
08/13/18 Quorum Software Thoma Bravo Business Accounting / ERP $740 N/A $43 N/A 17.2x
08/13/18 Vidpresso Facebook Consumer Video Management N/A N/A N/A N/A N/A
08/13/18 HingePoint WCI Data Solutions Business IT Infrastructure & Management N/A N/A N/A N/A N/A
08/13/18 Clutch Cox Automotiv Consumer Transportation / Logistics N/A N/A N/A N/A N/A
08/10/18 TravelClick Amadeus IT Group Consumer Travel / Hospitality $1,520 $373 $86 4.1x 17.7x
08/10/18 Knowre Daekyo Company Consumer Education N/A N/A N/A N/A N/A
08/09/18 iCrowdU AB International Group Consumer Ecommerce $5 N/A N/A N/A N/A
08/09/18 Perfect 10 Mobile Beauty Ruuby Consumer Ecommerce N/A N/A N/A N/A N/A
08/08/18 Beston Technologies DataDot Technology Consumer Retail Software N/A N/A N/A N/A N/A
08/08/18 Memberful Patreon Business Ecommerce N/A N/A N/A N/A N/A
08/08/18 Avid AI Fite Consumer Sports N/A N/A N/A N/A N/A
08/08/18 Cloud Lending Solutions Q2 Holdings Business Fintech $105 N/A N/A N/A N/A
08/08/18 Pouncer BigDish Ventures Consumer Ecommerce N/A N/A N/M N/A N/A
08/08/18 VineUp Graduway Business Education N/A N/A N/A N/A N/A
08/07/18 Take It 2 The Next Level Technology TLD3 Entertainment Group Consumer Diversified Media N/A $5 N/A N/A N/A
08/07/18 Picatic Eventbrite Consumer Ecommerce N/A N/A N/A N/A N/A
08/07/18 Highlight Games Cherry Consumer Gaming $41 N/A N/A N/A N/A
08/02/18 DrillingInfo Genstar Capital Business Oil & Gas $20 N/A N/A N/A N/A
08/02/18 Ipreo IHS Markit Business Fintech $1,855 N/A $116 N/A 16.0x
08/02/18 Hook Mobile Kaleyra Business Telecommunications N/A N/A N/A N/A N/A
08/02/18 Buttery Drizly Consumer Ecommerce N/A N/A N/A N/A N/A
08/01/18 Adaptive Insights Workday Business Accounting / ERP $1,556 $114 -$35 13.6x N/M
08/01/18 DreamBox Learning TPG Growth Consumer Education $130 N/A N/A N/A N/A
08/01/18 TokBox Vonage Holdings Business Telecommunications $35 N/A N/A N/A N/A
08/01/18 Modevity Data443 Risk Mitigation Business Content / Document Management N/A N/A N/A N/A N/A
08/01/18 LifeCubby Brentwood Associates, Excelligence Learning Business Education N/A N/A N/A N/A N/A
08/01/18 Mendix Siemens Development Development $730 N/A N/A N/A N/A
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ and Pitchbook as of 09/30/18
13 │ Mobile Industry Update Q3 2018
Select Q3 2018 Announced M&A Transactions (Cont’d)Enterprise Target LTM Enterprise Value /
Date Target Acquirer Mobile Type Sector Value Revenue EBITDA LTM Revenue LTM EBITDA
08/01/18 BoozeBud ZX Ventures Consumer Ecommerce N/A N/A N/A N/A N/A
08/01/18 Conquest RT Fort Point Capital, WolfePak Software Business Oil & Gas N/A N/A N/A N/A N/A
08/01/18 Legal Anywhere Goldman Sachs, HighQ, Morgan Stanley, One Peak Business Security / Storage N/A N/A N/A N/A N/A
07/31/18 Zunos Technologies BigTinCan Business Education $14 N/A N/A N/A N/A
07/31/18 Sturgis Web Services Greater Sum Ventures, Providence Business Fintech N/A N/A N/A N/A N/A
07/31/18 Bluebird Auto Rental Systems Valsoft Business Transportation / Logistics N/A N/A N/A N/A N/A
07/31/18 Eze Software SS&C Technologies Business Fintech $1,450 N/A N/A N/A N/A
07/31/18 Comm-N-Sense AgroFresh Solutions Business Supply Chain N/A N/A N/M N/A N/A
07/31/18 Trust Wallet Binance Consumer Fintech N/A N/A N/A N/A N/A
07/31/18 Applied Computer Systems JDM Technology Group Business Accounting / ERP N/A N/A N/A N/A N/A
07/31/18 Hubdoc Xero Business Accounting / ERP $70 N/A N/A N/A N/A
07/31/18 Dattus Accel, Francisco Partners, Plex, T. Rowe Price Business Mapping / Tracking N/A N/A N/A N/A N/A
07/31/18 Vieux & Associates Union Park Capital Business Mapping / Tracking N/A N/A N/M N/A N/A
07/30/18 Adcel engage:BDR Business Advertising and Marketing $4 $1 N/A 2.8x N/A
07/30/18 Stellar Loyalty Cheetah Digital, Vector Capital Business Retail Software N/A N/A N/A N/A N/A
07/30/18 Trusted Care.com Consumer Content and Services N/A N/A N/A N/A N/A
07/28/18 AwesomenessTV Viacom Consumer Content and Services $300 N/A N/A N/A N/A
07/27/18 LifeWorks USA Morneau Shepell Business Human Capital $426 N/A N/A N/A N/A
07/27/18 DesertMicro Advanced Manufacturing Control Systems Business Accounting / ERP N/A N/A N/A N/A N/A
07/26/18 GitHub Microsoft Development Development $7,500 N/A N/A N/A N/A
07/26/18 Beeline.com New Mountain Capital Business Human Capital N/A N/A N/A N/A N/A
07/26/18 RedKix Facebook Business Business Software $100 N/A N/A N/A N/A
07/26/18 HipChat Slack Business Content / Document Management N/A N/A N/A N/A N/A
07/26/18 Spookfish EagleView Technologies, Vista Equity Partners Business Mapping / Tracking $75 $8 -$6 9.2x N/M
07/26/18 Zepp Huami Consumer Sports N/A N/A N/A N/A N/A
07/26/18 SatoshiPay Blue Sky Capital Consumer Fintech N/A N/A N/A N/A N/A
07/26/18 Priority Payment Systems M I Acquisitions Consumer Fintech N/A N/A N/A N/A N/A
07/25/18 LevelUp GrubHub Consumer Ecommerce $390 N/A N/A N/A N/A
07/24/18 Centric Software Dassault Systemes Business Supply Chain N/A N/A N/A N/A N/A
07/24/18 Invenias Bullhorn, Genstar Capital, Insight Venture Partners Business Human Capital N/A N/A N/A N/A N/A
07/24/18 TriTech Software Systems Superion, Aptean Business Business Intelligence N/A N/A N/A N/A N/A
07/24/18 Superion TriTech Software Systems, Aptean Business Business Intelligence N/A N/A N/A N/A N/A
07/24/18 Rukkus TickPick Business Ecommerce N/A N/A N/A N/A N/A
07/24/18 HealthCast Argo Management Group, Identity Automation Business Healthcare / Biotechnology N/A N/A N/A N/A N/A
07/24/18 Arrow Digital Softvision, Tower Arch Capital Development Development N/A N/A N/A N/A N/A
07/24/18 DIY LittleBits Consumer Knowledge / Content (Social) N/A N/A N/A N/A N/A
07/20/18 Charles River Systems State Street Business Fintech $2,600 N/A N/A N/A N/A
07/19/18 HighGround YouEarnedIt Business Human Capital N/A N/A N/A N/A N/A
07/19/18 Moola JLT Employee Benefits Consumer Fintech N/A N/A N/A N/A N/A
07/19/18 ZorroSign Velocitymoney Business Business Software N/A N/A N/A N/A N/A
07/19/18 Klever Marketing DarkPulse Technologies Business Retail Software N/A N/A N/A N/A N/A
07/19/18 Paywire Payscout Business Fintech N/A N/A N/A N/A N/A
07/17/18 Abacus Certify, K1 Capital Business Accounting / ERP N/A N/A N/A N/A N/A
07/17/18 NAVEX Global BC Partners, Noble Rock Advisors Business Governance, Risk, & Compliance $1,200 N/A N/A N/A N/A
07/16/18 Socrative Showbie Business Education N/A N/A N/A N/A N/A
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ and Pitchbook as of 09/30/18
14 │ Mobile Industry Update Q3 2018
Select Q3 2018 Announced M&A Transactions (Cont’d)Enterprise Target LTM Enterprise Value /
Date Target Acquirer Mobile Type Sector Value Revenue EBITDA LTM Revenue LTM EBITDA
07/16/18 Botplan HelloAlex Business Travel / Hospitality N/A N/A N/A N/A N/A
07/12/18 ZPG GIC Private, PSPIB, Silver Lake Management Consumer Travel / Hospitality $2,934 $376 $118 7.8x 24.8x
07/12/18 Fishtree Follett Business Education N/A N/A N/A N/A N/A
07/11/18 Medicity Health Catalyst Business Healthcare / Biotechnology N/A N/A N/A N/A N/A
07/11/18 FanDuel Betfair International Consumer Sports $465 N/A N/A N/A N/A
07/11/18 BzzAgent PowerReviews Business Advertising and Marketing N/A N/A N/A N/A N/A
07/11/18 Plexchat Warner Bros. Entertainment Consumer Knowledge / Content (Social) N/A N/A N/A N/A N/A
07/10/18 Sky Betting and Gaming Stars Group Consumer Content & Services $2,814 N/A N/A N/A N/A
07/10/18 Ataata Mimecast Business Human Capital N/A N/A N/A N/A N/A
07/10/18 Alive TTC Karium Consumer Video Management N/A N/A N/A N/A N/A
07/10/18 Meditation Studio Interaxon Consumer Education N/A N/A N/A N/A N/A
07/10/18 Virtual Towns and Schools CivicPlus Business Development N/A N/A N/A N/A N/A
07/10/18 E-ISG Asset Intelligence AssetWork Business Accounting / ERP N/A N/A N/A N/A N/A
07/07/18 FanVictor.com Ven Solutions Business Sports N/A N/A N/A N/A N/A
07/03/18 Excelerated Apps Eventstag Business Business Software N/A N/A N/A N/A N/A
07/02/18 Isonas Allegion Business Security / Storage N/A $6 N/A N/A N/A
07/02/18 Corum Santeon Group Consumer Blockchain N/A N/A N/A N/A N/A
07/02/18 StudyBlue Chegg Consumer Education $21 N/A N/A N/A N/A
07/02/18 Brand Integrity Columbia Partners, Great Hill, Reward Gateway Business Human Capital N/A N/A N/A N/A N/A
Mobile Median $180 $27 $65 7.4x 17.4x
Mobile Mean $721 $170 $61 13.7x 19.9x
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ and Pitchbook as of 09/30/18
15 │ Mobile Industry Update Q3 2018
Vista Point Advisors is a boutique investment bank focused on capital raises and M&A advisory for growing technology companies
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