Software Sector Summary Report - gcaaltium.com · Notes: Sources: Capital IQ, PitchBook, ......

SOFTWARESECTOR REPORT

October 2017

22

Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4)

Company Amount ($MM) Target Acquirer EV ($MM)

$460 $3,903

$166 $1,913

$100 $1,125

$93 $713

$70 $614

$60 $531

$50 $382

$40 $344

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

` Financing Activity by Quarter

$40.4 BillionFinancing Volume YTD (1)(2)

537Financing Transactions YTD (1)(2)

$39.2 BillionM&A Volume YTD (3)

86M&A Transactions YTD (3)

22%

38%

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

SPX IGV

118103 111

127

94

123

156 160 159

Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

$6 $6

$9$10

$5 $6

$14$12 $11

Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

$24 $16

$6

$50

$41

$15 $12 $5

$12

Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

2429

14

2924

29 2521

29

Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

3.9x

3.1x

4.2x

3.6x 4.0x

4.6x

2.9x

4.7x

3.9x

5.3x

4.3x

3.7x

4.9x

2.9x 2.7x

2.2x

2.9x 2.9x

4.5x 4.1x

2.7x

0

1

2

3

4

5

6

2011 2012 2013 2014 2015 2016 2017

All Buyers Strategic Buyers PE Buyers

( )

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 11/6/2017.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017.5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.

Software

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

$Bn $Bn38%

37%

(61%)

8%

33

GCA OVERVIEW

US Team

Steve FletcherManaging DirectorHead of Software

[email protected]

Jimmy OrozcoManaging [email protected]

Josh WepmanManaging Director

Software & Digital Media

[email protected]

The GCA Software Team

Clark CallanderManaging Director

Head of Investment [email protected]

Todd CarterCo-President & [email protected]

Executive Leadership Select Europe Team

**Sascha PfeifferCo-Head of European Technology & Media

[email protected]

*Adrian ReedManaging Director

[email protected]

*Stephen GeorgiadisManaging Director

[email protected]

**Raiko SteltenDirector

[email protected]

Select Asia Team

***Ryuichi KanemakiManaging [email protected]

***Tomohiko KubotaManaging Director

CEO of [email protected]

***Akikazu IdaCo-Head of Asian

Technology & [email protected]

Glen KrugerDirector

[email protected]

Mike JanovecVice President

[email protected]

Gautam GargVice President

[email protected]

Daniel AvrutskyManaging Director

[email protected]

Peter BangManaging DirectorFinancial ServicesFinancial [email protected]

Chris GoughManaging Director

Real Estate [email protected]

Sean MinnihanManaging Director

FinTechFinancial Software

[email protected]

Derek BellManaging DirectorBusiness [email protected]

JT HermanManaging Director

Industrial [email protected]

Arthur KirschManaging Director

Healthcare [email protected]

John LambrosManaging Director

Head of Digital [email protected]

Alex VitaleManaging Director

Auto [email protected]

*Phil AdamsCEO of GCA Altium

[email protected]

**Tobias SchultheissManaging Director

[email protected]

Sameer JindalManaging Director

Head of Indian [email protected]

Paul DiNardoManaging Director

[email protected]

*Adrian Reed, Phil Adams and Stephen Georgiadis are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.**Raiko Stelten, Sascha Pfeiffer and Tobias Schultheiss are Managing Directors/Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.***Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation.

44

Sector 3 Months 1 Year 3 Years

Platform 11.7% 31.8% 51.7%

Security 5.1% 17.3% 23.3%

Infrastructure 15.6% 28.9% 36.5%

BI & Analytics 8.0% 28.8% (5.2%)

Vertical 3.3% 20.4% 40.1%

SaaS / On Demand 10.7% 38.6% 58.1%

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months Last 3 Years

Notes:Sources: Capital IQ. Market Data as of 11/6/2017.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV.

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

40%

Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

(45%)

(30%)

(15%)

0%

15%

30%

45%

60%

Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17

55

Valuation and Operational Metrics

TRADING COMPARABLES

Notes:Sources: Capital IQ. Market Data as of 11/6/2017.Figures represent mean values of respective comp groups.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: ALTR, APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MDB, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV.

EV / 2017E Revenue EV / 2017E EBITDA

2017E / 2016A Revenue Growth 2017E EBITDA Margin

25.9%

22.5% 18.7%

15.4% 15.2%

12.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

SaaS Infrastructure BI & Analytics Vertical Security Platform

Median: 17.0%

33.3x 33.0x

29.5x 29.1x

24.0x

15.6x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

SaaS BI & Analytics Security Vertical Infrastructure Platform

Median: 29.3x6.7x

6.0x 5.9x5.6x

4.4x 4.2x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

SaaS Platform Infrastructure Vertical Security BI & Analytics

Median: 5.8x

37.2%

25.7% 23.0% 21.8%

17.4% 13.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Platform Infrastructure Vertical Security SaaS BI & Analytics

Median: 22.4%

66

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Market Data as of 11/6/2017. Negative margins considered NM. Multiples <0 and >100 considered NM.

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics

Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin

11/6/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E

Platform

Microsoft Corporation $84.47 $651,651 ($44,660) $606,991 7.0x 6.0x 5.5x 20.8x 15.2x 13.9x 37.6x 24.7x 23.9x (1.0%) 16.1% 8.9% 33.5% 39.3% 39.6%

Oracle Corporation $50.40 210,344 (13,606) 196,738 5.3 5.0 4.9 13.5 11.0 10.3 24.1 17.5 16.4 (0.6%) 4.7% 3.8% 39.2% 46.1% 47.3%

International Business Machines Corporation $150.84 139,646 34,127 173,773 2.2 2.2 2.2 9.4 9.1 8.7 12.2 10.9 10.8 (2.2%) (1.6%) (0.1%) 23.2% 24.3% 25.3%

SAP SE $114.64 137,438 683 138,121 5.9 5.1 4.7 21.7 14.6 14.0 35.7 23.9 22.1 3.1% 17.3% 6.6% 27.4% 34.7% 33.8%

Adobe Systems Incorporated $180.80 89,124 (3,479) 85,645 14.6 11.8 9.8 47.0 28.3 22.0 77.9 42.9 32.9 22.1% 23.8% 20.2% 31.1% 41.8% 44.6%

Mean 7.0x 6.0x 5.4x 22.4x 15.6x 13.8x 37.5x 24.0x 21.2x 4.3% 12.0% 7.9% 30.9% 37.2% 38.1%

Median 5.9 5.1 4.9 20.8 14.6 13.9 35.7 23.9 22.1 (0.6%) 16.1% 6.6% 31.1% 39.3% 39.6%

Infastructure

VMware, Inc. $119.21 $48,028 ($6,485) $41,543 5.9x 5.3x 5.0x 22.5x 13.9x 13.6x 42.9x 23.5x 21.6x 6.7% 10.4% 18.2% 26.1% 38.2% 36.5%

ServiceNow, Inc. $124.73 21,542 (515) 21,026 15.1 11.0 8.4 NM 49.9 33.6 NM NM 69.8 38.3% 38.1% 30.9% NM 22.0% 24.9%

Red Hat, Inc. $121.08 21,425 (903) 20,522 8.8 7.4 6.4 51.7 27.4 23.2 92.5 45.8 38.6 17.9% 18.8% 15.7% 17.0% 27.1% 27.6%

Micro Focus International plc $34.76 15,128 1,411 16,538 12.2 6.6 3.9 31.6 16.3 10.0 46.7 19.1 17.0 9.3% 85.5% 67.9% 38.7% 40.5% 39.3%

CA, Inc. $32.45 13,582 100 13,682 3.4 3.3 3.2 10.7 8.9 8.4 17.2 13.7 12.8 (0.1%) 2.7% 3.6% 31.8% 37.1% 38.2%

Citrix Systems, Inc. $84.34 12,708 (87) 12,621 3.7 4.5 4.4 12.3 12.5 13.7 24.7 17.6 17.4 4.4% (17.4%) 2.1% 30.0% 35.9% 32.0%

Atlassian Corporation Plc $52.06 11,757 (614) 11,143 21.0 15.2 11.6 NM 57.0 41.7 NM NM 98.5 37.2% 37.9% 31.1% NM 26.7% 27.8%

Splunk Inc. $68.41 9,577 (1,003) 8,574 9.0 7.1 5.6 NM 61.3 42.2 NM NM 83.6 42.1% 28.0% 25.5% NM 11.5% 13.3%

F5 Networks, Inc. $120.20 7,524 (1,017) 6,507 3.2 3.1 3.0 10.7 7.9 7.5 21.7 14.2 13.6 3.9% 3.6% 3.2% 30.2% 39.3% 40.0%

LogMeIn, Inc. $125.25 6,593 (276) 6,317 5.5 6.2 5.4 NM 17.1 14.1 NM 29.8 25.4 23.7% 5.6% 14.5% 12.2% 36.3% 38.6%

Nutanix, Inc. $28.48 4,550 (349) 4,200 7.0 4.3 3.1 NM NM NM NM NM NM 83.4% 60.2% 38.7% NM NM NM

Software Aktiengesellschaft $51.11 3,905 (53) 3,852 4.2 3.8 3.6 14.2 11.7 11.5 26.3 17.7 17.1 (2.9%) 11.5% 3.3% 29.5% 32.1% 31.7%

Pure Storage, Inc. $16.57 3,504 (523) 2,981 4.1 3.0 2.3 NM NM 32.8 NM NM NM 65.3% 38.4% 30.7% NM 1.5% 6.9%

MuleSoft, Inc. $23.49 3,053 (182) 2,871 15.3 9.9 7.3 NM NM NM NM NM NM 70.3% 55.0% 35.9% NM NM NM

New Relic, Inc. $51.90 2,829 (227) 2,602 10.7 8.0 6.3 NM NM 80.3 NM NM NM 49.6% 34.0% 27.6% NM 0.8% 7.8%

NetScout Systems, Inc. $29.35 2,628 (7) 2,621 2.3 2.3 2.1 13.7 9.8 8.0 NM 17.7 12.6 43.1% 0.1% 8.9% 17.0% 23.7% 26.6%

Commvault Systems, Inc. $53.30 2,462 (495) 1,967 3.1 2.9 2.6 NM 22.7 18.6 NM 52.4 42.8 8.6% 8.2% 10.2% 2.7% 12.6% 13.9%

Progress Software Corporation $42.18 2,017 (68) 1,948 4.8 4.9 4.9 17.9 10.7 10.6 NM 22.8 22.6 7.4% (2.2%) 1.1% 26.9% 46.1% 45.8%

Appian Corporation $22.47 1,355 (72) 1,283 9.7 7.6 6.6 NM NM NM NM NM NM 19.5% 26.3% 16.4% NM NM NM

Altair Engineering Inc. $18.97 1,146 54 1,199 3.8 NA NA 47.2 NA NA 27.1 NA NA 6.5% NA NA 8.1% NA NA

A10 Networks, Inc. $7.40 524 (124) 400 1.7 1.7 1.5 NM 33.1 26.2 NM NM 92.5 15.6% 4.5% 7.6% NM 5.0% 5.9%

Mean 7.4x 5.9x 4.9x 23.2x 24.0x 23.3x 37.4x 24.9x 39.1x 26.2% 22.5% 19.7% 22.5% 25.7% 26.9%

Median 5.5 5.1 4.6 16.0 16.3 14.1 26.7 19.1 22.6 17.9% 15.1% 16.1% 26.5% 27.1% 27.8%

77







Security

Symantec Corporation $28.90 $17,917 $4,183 $22,100 5.9x 4.5x 4.3x 25.8x 9.9x 9.0x NM 19.9x 15.3x 4.2% 30.9% 3.6% 22.7% 45.3% 48.0%

Check Point Software Technologies Ltd. $105.21 17,196 (1,510) 15,686 9.0 8.4 7.9 18.1 15.1 14.2 25.2 20.0 18.4 6.8% 6.7% 6.3% 49.7% 56.0% 55.9%

Palo Alto Networks, Inc. $147.97 13,610 (850) 12,760 8.1 6.5 5.4 NM 27.4 21.0 NM 49.5 39.8 36.3% 24.4% 20.7% NM 23.9% 25.8%

Splunk Inc. $68.41 9,577 (1,003) 8,574 9.0 7.1 5.6 NM 61.3 42.2 NM NM 83.6 42.1% 28.0% 25.5% NM 11.5% 13.3%

Trend Micro Incorporated $53.39 7,340 (1,190) 6,151 5.4 4.8 4.5 15.8 14.4 12.9 34.9 33.5 29.6 9.3% 13.7% 7.4% 34.5% 33.4% 34.7%

Fortinet, Inc. $39.25 6,826 (1,276) 5,550 4.4 3.7 3.3 58.0 18.0 14.9 NM 38.6 33.0 26.4% 16.6% 14.0% 7.5% 20.7% 21.9%

Proofpoint, Inc. $91.78 4,115 (78) 4,037 10.7 7.9 6.2 NM 61.0 44.8 NM NM 89.1 41.5% 35.7% 27.3% NM 13.0% 13.9%

FireEye, Inc. $14.49 2,675 (109) 2,566 3.6 3.5 3.2 NM 29.5 26.4 NM NM NM 14.6% 4.0% 7.6% NM 11.7% 12.2%

Qualys, Inc. $57.35 2,175 (303) 1,872 9.5 8.1 7.0 39.1 22.1 19.3 NM 54.5 49.0 20.5% 16.1% 16.4% 24.2% 36.8% 36.3%

Mimecast Limited $31.77 1,806 (98) 1,708 10.0 7.3 5.9 NM 84.2 54.9 NM NM NM 26.1% 36.9% 24.6% NM 8.7% 10.7%

Imperva, Inc. $42.95 1,452 (320) 1,132 4.3 3.5 3.0 NM 26.8 20.2 NM 48.6 44.5 12.9% 22.2% 17.7% NM 13.1% 14.7%

CyberArk Software Ltd. $44.49 1,546 (274) 1,271 5.9 4.9 4.1 30.0 22.6 17.9 57.0 40.3 33.5 34.7% 18.6% 19.5% 19.6% 21.9% 23.1%

Barracuda Networks, Inc. $22.27 1,187 (207) 980 2.8 2.6 2.5 28.1 15.0 12.4 NM 30.8 25.9 12.5% 7.0% 6.7% 10.0% 17.5% 20.0%

SecureWorks Corp. $9.63 781 (98) 683 1.6 1.5 1.3 NM NM NM NM NM NM 26.5% 8.2% 9.9% NM NM 0.0%

F-Secure Oyj $5.27 826 (92) 734 4.4 3.7 3.3 30.8 37.6 22.1 50.0 58.7 40.6 4.2% 19.8% 10.3% 14.3% 9.8% 15.1%

Rapid7, Inc. $18.05 786 (84) 702 4.5 3.6 3.0 NM NM NM NM NM NM 42.4% 25.1% 20.6% NM NM NM

VASCO Data Security International, Inc. $13.45 536 (159) 378 2.0 2.0 1.8 23.3 18.7 16.9 50.6 34.9 34.2 (20.4%) (1.7%) 9.0% 8.4% 10.7% 10.8%

MobileIron, Inc. $4.00 384 (82) 302 1.8 1.7 1.6 NM NM NM NM NM NM 9.8% 6.4% 6.9% NM NM NM

Zix Corporation $4.78 264 (33) 231 3.8 3.5 3.3 19.4 12.7 10.6 44.1 17.1 14.3 9.9% 9.1% 7.7% 19.8% 27.9% 30.9%

Absolute Software Corporation $6.38 252 (33) 219 2.5 2.3 2.1 19.6 25.6 18.1 NM NM 65.3 (4.2%) 6.0% 8.8% 12.6% 9.1% 11.8%

iPass Inc. $0.53 36 (7) 29 0.5 0.5 0.5 NM NM NM NM NM NM 1.1% (13.9%) 16.0% NM NM NM

Mean 5.2x 4.4x 3.8x 28.0x 29.5x 22.2x 43.6x 37.2x 41.1x 17.0% 15.2% 13.6% 20.3% 21.8% 22.2%

Median 4.4 3.7 3.3 25.8 22.6 18.1 47.0 36.8 34.2 12.9% 16.1% 10.3% 19.6% 17.5% 17.5%


88








SaaS

Salesforce.com, inc. $102.42 $73,609 ($919) $72,690 8.7x 7.0x 5.8x NM 32.3x 26.5x NM 77.8x 60.1x 25.9% 23.9% 19.8% 6.0% 21.6% 22.0%

Workday, Inc. $108.42 22,551 (1,549) 21,002 13.4 10.0 8.0 NM 65.8 46.8 NM NM 98.2 35.0% 34.0% 25.6% NM 15.2% 17.0%

ServiceNow, Inc. $124.73 21,542 (515) 21,026 15.1 11.0 8.4 NM 49.9 33.6 NM NM 69.8 38.3% 38.1% 30.9% NM 22.0% 24.9%

Shopify Inc. $99.84 9,914 (927) 8,987 23.1 13.6 9.4 NM NM NM NM NM NM 89.7% 69.6% 44.5% NM 2.8% 5.1%

Veeva Systems Inc. $61.35 8,627 (725) 7,902 14.5 11.7 9.8 64.9 36.1 29.8 NM 70.9 60.7 32.9% 23.8% 19.4% 22.4% 32.5% 33.0%

LogMeIn, Inc. $125.25 6,593 (276) 6,317 5.5 6.2 5.4 NM 17.1 14.1 NM 29.8 25.4 23.7% 5.6% 14.5% 12.2% 36.3% 38.6%

The Ultimate Software Group, Inc. $201.88 6,022 (129) 5,893 7.5 6.3 5.3 87.2 27.5 21.5 NM 55.9 44.5 26.4% 19.6% 19.1% 8.7% 23.0% 24.6%

Paycom Software, Inc. $81.87 4,770 (32) 4,738 14.4 11.0 8.7 69.7 35.7 28.4 NM 65.0 53.1 46.5% 31.3% 25.6% 20.7% 30.7% 30.7%

Aspen Technology, Inc. $65.66 4,763 81 4,844 10.2 9.9 9.6 21.9 20.5 19.7 38.0 28.7 31.4 1.7% 3.1% 3.7% 46.7% 48.5% 48.5%

Blackbaud, Inc. $99.77 4,688 321 5,009 6.9 6.3 5.7 40.2 25.7 23.4 NM 46.1 40.7 14.6% 8.1% 10.6% 17.1% 24.6% 24.5%

RealPage, Inc. $43.65 3,629 288 3,917 6.9 5.8 4.9 48.1 24.3 19.0 NM 47.6 37.0 21.3% 17.9% 19.2% 14.3% 24.1% 25.8%

j2 Global, Inc. $74.07 3,580 597 4,177 4.8 3.7 3.5 11.3 8.9 8.1 23.7 13.0 12.2 21.3% 28.4% 5.8% 42.3% 41.7% 43.2%

Zendesk, Inc. $34.55 3,507 (227) 3,281 10.5 7.7 5.9 NM NM NM NM NM NM 49.4% 36.8% 29.6% NM 3.3% 5.2%

RingCentral, Inc. $44.25 3,391 (172) 3,219 8.5 6.5 5.3 NM NM 68.8 NM NM NM 28.2% 29.7% 22.2% NM 6.3% 7.8%

2U, Inc. $63.96 3,325 (185) 3,140 15.3 11.0 8.0 NM NM NM NM NM NM 37.1% 38.1% 37.3% NM 3.7% 3.9%

HubSpot, Inc. $83.45 3,119 (198) 2,920 10.8 7.9 6.2 NM NM 84.5 NM NM NM 48.9% 36.9% 26.8% NM 5.9% 7.4%

MuleSoft, Inc. $23.49 3,053 (182) 2,871 15.3 9.9 7.3 NM NM NM NM NM NM 70.3% 55.0% 35.9% NM NM NM

Box, Inc. $21.73 2,907 (82) 2,825 7.1 5.6 4.5 NM NM NM NM NM NM 31.7% 26.8% 23.3% NM NM 3.9%

New Relic, Inc. $51.90 2,829 (227) 2,602 10.7 8.0 6.3 NM NM 80.3 NM NM NM 49.6% 34.0% 27.6% NM 0.8% 7.8%

Okta, Inc. $28.94 2,766 (213) 2,553 15.9 10.4 7.7 NM NM NM NM NM NM 86.6% 52.6% 35.5% NM NM NM

Paylocity Holding Corporation $48.92 2,569 (1,040) 1,530 5.8 4.6 3.8 NM 23.1 18.2 NM 64.2 50.6 40.8% 26.1% 22.2% 2.7% 19.9% 20.7%

Cornerstone OnDemand, Inc. $37.79 2,176 (63) 2,113 5.0 4.4 3.8 NM 32.8 23.3 NM 96.8 51.2 24.6% 13.7% 15.6% NM 13.4% 16.3%

Qualys, Inc. $57.35 2,175 (303) 1,872 9.5 8.1 7.0 39.1 22.1 19.3 NM 54.5 49.0 20.5% 16.1% 16.4% 24.2% 36.8% 36.3%

Cloudera, Inc. $15.59 2,172 (395) 1,777 6.8 5.0 3.9 NM NM NM NM NM NM 57.2% 37.4% 26.4% NM NM NM

Callidus Software Inc. $28.70 1,941 (176) 1,765 8.5 7.1 5.9 NM 55.9 38.0 NM 83.6 56.4 19.4% 20.5% 20.1% NM 12.7% 15.5%

Coupa Software Incorporated $35.21 1,887 (208) 1,679 12.6 9.4 7.5 NM NM NM NM NM NM 59.9% 33.4% 25.0% NM NM NM

Mimecast Limited $31.77 1,806 (98) 1,708 10.0 7.3 5.9 NM 84.2 54.9 NM NM NM 26.1% 36.9% 24.6% NM 8.7% 10.7%

MongoDB, Inc. $30.61 1,499 (92) 1,406 13.9 9.4 6.7 NM NA NA NM NM NM 55.3% 48.0% 39.1% NM NA NA

Five9, Inc. $25.54 1,408 (17) 1,390 8.6 7.1 6.1 NM NM 72.0 NM NM NM 25.8% 20.2% 17.6% 1.1% 6.5% 8.4%

Appian Corporation $22.47 1,355 (72) 1,283 9.7 7.6 6.6 NM NM NM NM NM NM 19.5% 26.3% 16.4% NM NM NM

Alteryx, Inc. $22.05 1,295 (153) 1,142 13.3 9.1 6.7 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM

Yext, Inc. $12.00 1,083 (127) 956 7.7 5.6 4.2 NM NM NM NM NM NM 38.5% 36.8% 32.8% NM NM NM

Instructure, Inc. $34.30 1,021 (67) 954 8.6 6.1 4.7 NM NM NM NM NM NM 51.5% 41.0% 28.7% NM NM NM

Workiva Inc. $22.85 956 (58) 898 5.0 4.4 3.8 NM NM NM NM NM NM 23.0% 15.6% 31.5% NM NM NM

99








SaaS (Cont'd)

Apptio, Inc. $21.84 $882 ($135) $747 4.6x 4.0x 3.5x NM NM NM NM NM NM 24.2% 17.4% 33.4% NM NM 3.3%

SPS Commerce, Inc. $48.78 840 (164) 676 3.5 3.1 2.8 35.9 21.2 17.6 NM 53.1 46.0 21.9% 13.8% 26.2% 9.8% 14.5% 15.8%

Benefitfocus, Inc. $25.03 783 65 848 3.6 3.3 3.0 NM 44.8 30.5 NM NM NM 26.0% 9.8% 20.7% NM 7.4% 9.9%

LivePerson, Inc. $11.75 692 (54) 638 2.9 2.9 2.7 71.3 35.2 28.6 NM NM NM (6.8%) (2.1%) 5.0% 4.0% 8.3% 9.5%

Carbonite, Inc. $23.80 662 (9) 652 3.2 2.7 2.4 46.1 13.8 11.0 NM 30.5 23.7 51.5% 18.6% 29.4% 6.8% 19.2% 22.2%

Castlight Health, Inc. $4.10 548 (82) 467 4.6 3.6 2.8 NM NM NM NM NM NM 35.0% 29.0% 61.3% NM NM NM

Bazaarvoice, Inc. $4.63 397 (58) 340 1.7 1.7 1.6 NM 16.9 13.0 NM 92.5 34.7 2.2% 1.5% 6.7% NM 9.8% 12.2%

Brightcove Inc. $7.55 261 (22) 240 1.6 1.5 1.5 NM NM 44.4 NM NM NM 11.6% 3.3% 10.0% NM NM 3.3%

ChannelAdvisor Corporation $8.75 232 (53) 179 1.6 1.5 1.3 NM 38.4 22.4 NM NM NM 12.5% 8.3% 19.5% NM 3.8% 5.9%

Park City Group, Inc. $11.45 222 (9) 214 13.0 9.8 7.4 63.1 NA 21.0 NM 60.3 30.1 21.6% NA 76.3% 20.6% NA 35.3%

Amber Road, Inc. $7.38 201 14 215 2.9 2.7 2.5 NM NM 64.1 NM NM NM 9.0% 8.5% 18.6% NM NM 3.9%

Marin Software Incorporated $14.10 80 (29) 50 0.5 NA NA NM NA NA NM NA NA (8.0%) NA NA NM NA NA

Mean 8.6x 6.7x 5.4x 49.9x 33.3x 33.9x 30.8x 57.1x 46.0x 32.6% 25.9% 25.2% 16.2% 17.4% 17.7%

Median 8.5 6.5 5.7 47.1 29.9 26.5 30.8 55.9 46.0 26.2% 26.2% 24.6% 13.3% 14.5% 15.6%

Business Intelligence & Analytics

Splunk Inc. $68.41 $9,577 ($1,003) $8,574 9.0x 7.1x 5.6x NM 61.3x 42.2x NM NM 83.6x 42.1% 30.5% 60.7% NM 11.5% 13.3%

Tableau Software, Inc. $71.40 5,647 (943) 4,704 5.7 5.4 5.0 NM 81.9 62.0 NM NM NM 26.5% 7.8% 14.3% NM 6.6% 8.0%

Teradata Corporation $35.53 4,299 (299) 4,000 1.7 1.9 1.9 10.5 10.8 10.4 37.4 27.7 25.8 (8.2%) (5.3%) (7.5%) 16.4% 17.2% 17.9%

Fair Isaac Corporation $151.16 4,630 499 5,129 5.7 5.4 5.1 24.8 22.5 19.3 38.1 30.5 26.6 6.1% 6.1% 12.0% 23.0% 24.1% 26.4%

Verint Systems Inc. $42.10 2,683 395 3,078 2.9 2.7 2.5 31.6 11.9 10.3 NM 15.3 13.7 (6.0%) 6.9% 13.7% 9.2% 22.6% 24.8%

Cloudera, Inc. $15.59 2,172 (395) 1,777 6.8 5.0 3.9 NM NM NM NM NM NM 57.2% NA 73.7% NM NM NM

MicroStrategy Incorporated $134.30 1,537 (646) 891 1.7 1.8 1.7 7.7 8.7 13.0 17.0 26.8 34.9 (3.3%) (2.6%) (0.5%) 22.6% 20.5% 13.5%

Alteryx, Inc. $22.05 1,295 (153) 1,142 13.3 9.1 6.7 NM NM NM NM NM NM 59.4% NA 98.9% NM NM NM

Hortonworks, Inc. $18.66 1,295 (63) 1,232 6.7 4.8 3.8 NM NM NM NM NM NM 51.3% 42.4% 76.4% NM NM NM

Gridsum Holding Inc. $8.76 269 (16) 253 4.4 2.7 1.7 NM NM 6.5 NM NM 13.5 59.4% 65.6% 158.5% NM 2.7% 26.0%

Datawatch Corporation $10.40 127 (30) 96 3.0 2.6 2.3 NM NM NA NM NM NM 4.4% 19.1% 35.3% NM NM NA

Attunity Ltd. $8.03 138 (7) 130 2.4 2.1 1.8 NM 33.7 26.0 NM NM 35.4 13.1% 16.3% 33.1% NM 6.2% 6.9%

Datapoints 12 12 12 4 7 8 3 4 7 12 10 12 4 8 8

Mean 5.3x 4.2x 3.5x 18.6x 33.0x 23.7x 30.9x 25.1x 33.4x 25.2% 18.7% 47.4% 17.8% 13.9% 17.1%

Median 5.0 3.8 3.2 17.7 22.5 16.1 37.4 27.2 26.6 19.8% 12.1% 34.2% 19.5% 14.4% 15.7%

1010








Vertical

Cerner Corporation $65.71 $21,843 ($317) $21,526 4.6x 4.2x 3.9x 16.4x 12.9x 11.7x 35.5x 27.2x 25.3x 8.2% 7.4% 18.6% 27.9% 32.5% 32.9%

Constellation Software Inc. $569.03 12,059 (101) 11,958 5.6 4.9 4.3 29.4 18.7 16.2 58.3 26.4 22.2 15.6% 15.4% 31.8% 19.2% 26.0% 26.4%

Veeva Systems Inc. $61.35 8,627 (725) 7,902 14.5 11.7 9.8 64.9 36.1 29.8 NM 70.9 60.7 32.9% 24.8% 47.8% 22.4% 32.5% 33.0%

SS&C Technologies Holdings, Inc. $40.77 8,392 2,114 10,506 7.1 6.3 5.9 20.4 15.2 13.7 63.7 21.2 18.6 48.1% 10.4% 19.4% 34.7% 41.2% 43.3%

Guidewire Software, Inc. $81.54 6,116 (573) 5,543 12.3 10.1 8.3 NM 50.9 37.4 NM 96.3 75.1 13.6% 23.8% 48.0% 4.3% 19.8% 22.3%

athenahealth, Inc. $127.20 5,090 154 5,244 4.8 4.3 3.9 49.0 19.8 15.4 NM 63.6 45.2 17.1% 10.2% 24.4% 9.9% 21.9% 25.3%

Medidata Solutions, Inc. $70.88 4,146 (123) 4,023 8.7 7.4 6.3 61.4 30.1 24.5 NM 55.7 48.5 18.1% 17.7% 38.3% 14.1% 24.5% 25.6%

Blackbaud, Inc. $99.77 4,688 321 5,009 6.9 6.3 5.7 40.2 25.7 23.4 NM 46.1 40.7 14.6% 8.2% 19.5% 17.1% 24.6% 24.5%

CoreLogic, Inc. $46.84 3,858 1,648 5,506 2.8 3.0 2.9 13.1 11.6 11.1 38.1 20.1 18.8 27.8% (4.5%) (3.4%) 21.5% 25.6% 26.3%

RealPage, Inc. $43.65 3,629 288 3,917 6.9 5.8 4.9 48.1 24.3 19.0 NM 47.6 37.0 21.3% 17.9% 40.6% 14.3% 24.1% 25.8%

Ellie Mae, Inc. $86.83 2,998 (366) 2,632 7.3 6.4 5.3 35.9 22.1 18.9 75.5 56.7 52.1 41.9% 16.5% 37.1% 20.3% 28.9% 28.2%

Allscripts Healthcare Solutions, Inc. $12.64 2,283 1,312 3,595 2.3 2.0 1.7 23.6 9.8 8.4 NM 20.4 16.7 11.8% 17.5% 38.0% 9.8% 20.2% 20.0%

Inovalon Holdings, Inc. $15.25 2,225 (282) 1,943 4.5 4.3 3.9 26.2 17.6 15.7 84.9 48.1 41.9 (2.2%) 6.0% 15.4% 17.3% 24.4% 25.1%

AppFolio, Inc. $46.45 1,577 (43) 1,534 14.5 11.0 8.7 NM 64.7 49.2 NM NM NM 40.8% 33.1% 67.0% NM 17.0% 17.7%

Instructure, Inc. $34.30 1,021 (67) 954 8.6 6.1 4.7 NM NM NM NM NM NM 51.5% 42.0% 81.5% NM NM NM

Silver Spring Networks, Inc. $16.13 873 (118) 755 2.4 2.5 2.3 NM 64.2 20.6 NM NM 58.9 (36.5%) 3.6% 7.5% NM 3.8% 11.0%

HealthStream, Inc. $23.86 761 (123) 638 2.8 2.6 2.4 30.3 17.2 14.9 NM 98.7 80.2 8.1% 8.4% 17.6% 9.3% 15.0% 16.1%

Castlight Health, Inc. $4.10 548 (82) 467 4.6 3.6 2.8 NM NM NM NM NM NM 35.0% 29.0% 61.3% NM NM NM

Exa Corporation $24.23 366 (17) 349 4.8 4.6 4.1 78.1 53.2 35.8 NM NM NM 10.9% 4.6% 17.6% 6.2% 8.6% 11.4%

Mean 6.6x 5.6x 4.8x 38.3x 29.1x 21.5x 59.3x 49.9x 42.8x 19.9% 15.4% 33.0% 16.6% 23.0% 24.4%

Median 5.6 4.9 4.3 33.1 22.1 18.9 61.0 47.9 41.9 17.1% 15.4% 31.8% 17.1% 24.4% 25.3%

1111Notes:Source: Capital IQ as of 11/6/2017. Consensus Estimates used for CY2018E figures.Estimates for MRIN are not available.

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1212

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Sources: Capital IQ and Wall Street Estimates. Reflects M&A activity through 11/6/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity acquirers.

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

11/2/17 Infrastructure Management $548 NA NA NA NAProvides electronic design automation (EDA) software used to design system on chip (SoC), analog and embedded

semiconductors for semiconductor designers and OEMs

10/27/17 Infrastructure Management $726 NA NA NA NAProvides energy exchange trade execution, order routing, reporting, market data and risk management software, SaaS and

services for financial services brokers, exchanges and clearing houses

10/26/17 Enterprise Networking $1,321 4.4x 3.7x NM 17.4xDevelops and delivers solution that delivers visibility and control of data-in-motion traversing enterprise, federal, and service

provider networks

10/26/17 Infrastructure Management $246 4.6x 4.0x 18.6x 12.8xProvides international payment and transaction processing, and multi-currency processing services and offers payment

processing services that enable the authorization and settlement of payment transactions

10/24/17 Application Software $400 NA NA NA NA Develops self-driving vehicle and automated mobile robot vehicle software for businesses

10/24/17 Infrastructure Management $400 NA NA NA NAThe Virtu BondPoint asset of Virtu Financial, which provides trade execution software of fixed income securities for brokers

and advisors globally

10/23/17 Hosted Services $1,913 5.3x 4.7x 80.5x 19.3xProvides hosted unified communications, VoIP and PBX services, as well as telecom management software and SaaS, for

businesses and telecom service providers

10/17/17 Information Management $977 3.4x NA NA NAProvides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and

manufacturing industries to securely exchange documents and sync files

10/10/17 Application Software $3,600 NA NA NA NA

Provides healthcare benefit and claims management SaaS, including online claims authorization and eligibility lookup, online

payments, records management, medical practice assessment and client information Web portal, for healthcare providers,

hospitals and patients

10/6/17 Security $275 NA NA NA NAProvides risk analysis and analytics SaaS to the insurance industry. Software provides features for analyzing the financial

impact of cyber risk through real-time data collection and market analytics

10/5/17 Application Software $64 2.6x NA NM NAProvides a searchable online database of US federal, state and local government contracts and RFPs for the purposes of

identifying sales leads for businesses.

9/28/17 Application Software $386 5.3x 4.8x 260.9x 43.3xProvides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and

gas sectors globally

9/27/17 Application Software $180 4.0x NA NA NA Provides marketing cross-channel attribution SaaS that enables media and video ad performance analytics and optimization

9/26/17 Application Software $807 NA NA NA NA Provides online and mobile commerce logistics software for shipping companies globally

( )

1313


RECENT ACQUISITIONS

($MM)



7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses

7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)

and systems integration services for public sector agencies globally

7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"

content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the

hospitality, dining, healthcare, entertainment, travel and education sectors

7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,

contract management and spend analysis

7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,

integration and backup

7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store

management, service desk optimization, on-boarding and off-boarding and workforce security

6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and

management services for businesses

6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses

6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses

6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store

payment terminals

5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.

Also provides Windows PowerShell interactive development environment (IDE) software

5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for

businesses

5/26/17

Asure Software Inc. iSystems LLC

Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers

( )

( )

( )

( )

( )

9/26/17 Application Software $392 NA NA NA NA Provides marketing automation and behavior prediction analytics SaaS for the automotive dealership industry

9/25/17 (VelocityEHS and BOLT

Solutions assets)

Application Software $354 NA NA NA NAThe VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance

and incident management software and SaaS for HR professionals

9/25/17 Application Software $195 NA 4.9x NA NA Provides Web-based wealth management SaaS for financial markets

9/20/17 Security $225 6.4x NA NA NA Provides authentication, single sign-on and user identity management SaaS for enterprises

9/6/17 Application Software $475 NA NA NA NAProvides e-commerce and order management software and services for retailers and businesses. Also provides web hosting,

design and integration services

9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the United States

9/5/17 Application Software $713 2.7x NA 13.3x NA Provides manufacturing plant project management and design software for businesses in the industrial industries

8/31/17 Application Software $128 NA NA NA NA Provides sales acceleration and lead management SaaS for the mortgage, insurance, technology and education industries

8/30/17 Application Software $175 5.1x 4.0x NA NAProvides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that

enables consumers to purchase gift cards

8/28/17 Application Software $105 0.7x 1.0x NM 19.9xProvides marketing automation SaaS and digital marketing services to businesses in the consumer products, retail,

automotive, financial services, healthcare, telecommunications, marketing and entertainment industries

8/22/17 Application Software $118 0.8x NA 15.5x NAProvides business intelligence document and knowledge management, and GIS SaaS, hosting and software development

services for businesses in Scandinavia and Baltic nations

8/21/17 Application Software $323 9.6x NA 20.8x NA Provides insurance and reinsurance software solutions

8/15/17 Application Software $107 8.5x NA NA NA Provides load tracking and management SaaS for the shipping and freight sector in the US

8/3/17DigiCert Inc. [Thoma

Bravo]

Symantec Corporation

(Website Security

business assets)

Application Software $950 NA 2.4x NA NAThe Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and

consumers globally

( )

( ) (Website Security Business Assets)

( )


1414


RECENT ACQUISITIONS

($MM)





















payment terminals




businesses

5/26/17




( )

( )

( )

( )

( )

8/3/17 Global Payments Inc. Application Software $1,207 NA NA NA NAThe communities and sports divisions of Active Network, which provides administration, membership, donations and event

management SaaS for non-profit organizations

8/2/17 Application Software $250 NA 5.0x NA NAProvides property management software featuring document management, electronic signatures, website development,

background screening, legal contract management, payment processing and cloud computing

8/1/17 Application Software $80 1.5x NA NA NAProvides customer service automation, billing, citation management, asset recovery, and transportation database systems

and outsourced services for municipalities and toll authorities

7/27/17 Security $112 NA NA NA NA Provides merchant risk intelligence software for the investment and financial industries

7/26/17 Information Management $245 2.3x 2.1x NM 20.6xProvides e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer

for businesses and law enforcement agencies globally

7/25/17 Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses
















( )

( )

( )

( )(Communities & Sports Divisions)


1515


RECENT ACQUISITIONS

($MM)





















payment terminals




businesses

5/26/17




( )

( )

( )

( )

( )



payment terminals




businesses

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses


5/9/17 Information Management $96 5.6x NA 16.5x NAProvides customer address verification software as a service (SaaS) to e-commerce companies and other businesses. Also

provides verification SaaS for other customer data such as phone numbers and email addresses

5/3/17 Infrastructure Management $490 6.1x 5.2x 14.0x NA Provides software, Web application and API code review, testing and quality assurance (QA) software for businesses

( )

( )

( )

All Software

Median 4.4x 4.0x 18.6x 19.9x

Mean 4.2x 3.7x 51.2x 40.2x

PE Acquirers

Median 5.5x 4.2x 14.0x 17.4x

Mean 5.1x 4.0x 14.0x 17.4x


1616

RECENT PRIVATE FINANCINGS

Notes:Source: Pitchbook. Reflects deal activity through 11/6/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

11/3/17 DataRobot $68Developer of a machine learning automation platform designed to deploy accurate

predictive modelsOpen Field Capital, New Enterprise Associates

11/3/17 Glint $20Provider of a real-time employee engagement platform designed to measure and improve

employee retention rates

Bessemer Venture Partners, Meritech Capital Partners, Norwest Venture Partners, Shasta

Ventures

11/2/17 Ayla Networks $60

Provider of a a cloud platform-as-a-service (PaaS) connectivity platform designed to

provide the flexibility and modularity to enable rapid changes to practically any type of

device, cloud or app environment

Run Liang Tai Fund, Sunsea Telecommunications

11/2/17 Instart Logic $30Prvider of an endpoint-aware application delivery technology designed to accelerate web

and mobile application performance

Singapore Technologies Telemedia, Andreessen Horowitz, Four Rivers Group, Geodesic

Capital, H. Barton Asset Management, Hermes Growth Partners, Kleiner Perkins Caufield &

Byers, StartX, Telstra Ventures, Tenaya Capital

11/2/17 Zhuiyi $21Developer of Saas based artificial intelligence chatbot platform designed to use for

customer servicesGGV Capital, Sinovation Ventures, Banyan Capital, Morningside Group

11/1/17Globality (Cross-Border

Business Platform)$35

Operator of a global premium B2B services marketplace intended to make globalization

work for more businesses and peopleAlbert Gore, Dennis Nally, John Danilovich, THK Private Equities, John Joyce, Raine Ventures

11/1/17 InVisionApp $100Developer of a SaaS prototyping, collaboration & workflow platform designed to help

companies unlock the power of design-driven product development

Battery Ventures, Geodesic Capital, Spark Capital, Accel, FirstMark Capital, ICONIQ Capital,

Tiger Global Management

11/1/17 MariaDB $27Developer of cloud-based open source database designed for information technology

infrastructure needs of enterprises

Alibaba Group, California Technology Ventures, Finnish Industry Investment, Intel Capital,

Open Ocean Partners, SmartFin Capital

11/1/17 NuoDB $22 Provider of client or cloud relational database technologyConverge Venture Partners, ACI Worldwide, Dassault Systemes, Hummer Winblad Venture

Partners, Longworth Venture Partners, Morgenthaler Ventures

10/31/17 ChangingEdu $55 Provider of online platform designed to help parents find a suitable tutor for their childrenClearVue Partners, Frees Fund, IDG Capital, Sequoia Capital, Tal Education Group, Trustbridge

Partners

10/31/17 Face++ $460Provider of a facial recognition technology designed to aim at providing compact, powerful

and cross-platform vision service

Ant Financial, CCB International Asset Management, China State-Owned Assets Supervision &

Admn Commission, Foxconn Technology Group, Lenovo Capital and Incubator Group, Russia-

China Investment Fund, SK Group, Sunshine Insurance Group Co., Comet Labs, Legend Star,

Qiming Venture Partners, Sinovation Ventures

10/31/17 Innoviz Technologies $73Provider of LiDAR-based (Light Detection and Ranging) remote sensing sensors and systems

designed to offer accurate mapping and localization

360 Capital Partners, Delphi Automotive, Glory Ventures (China), Naver, Samsung Strategy and

Innovation Center, SoftBank Ventures Korea, Amiti Ventures, Delek Group, Gil Agmon, Magma

Venture Partners, Startup Autobahn, Vertex Ventures Israel

10/31/17 Recorded Future $25Developer of a threat intelligence analytics platform intended to significantly lower risk of

cyber attacksInsight Venture Partners

10/31/17 Shippo $20Provider of a multi-carrier API and dashboard designed to help business succeed through

shipping

Bessemer Venture Partners, 500 Startups, SoftTech VC, Union Square Ventures, Version One

Ventures

10/27/17 LimeBike $50Operator of a bike sharing platform designed to change the way people travel within

blocks

AME Cloud Ventures, Coatue Management, Franklin Templeton Investments, GGV Capital,

Section 32, StartX, The Durant Company, Andreessen Horowitz, DCM Ventures

1717

RECENT PRIVATE FINANCINGS($MM)



10/25/17 Credit Sesame $27Provider of a credit and loan management platform intended to change the way

consumers apply for and manage their credit

SF Capital, Globespan Capital Partners, IA Capital Group, Inventus Capital Partners, Menlo

Ventures

10/25/17 Klook $60Provider of travel tours and activities booking platform designed to connect travelers with

the experiences they want and needThe Goldman Sachs Group, Matrix Partners China, Sequoia Capital China

10/24/17 ChowNow $20Provider of an online food ordering platform created to help restaurants effectively

improve and maintain customer relationsCatalyst Investors, Steadfast Venture Capital

10/24/17 GTreasury $42 Provider of installed as well as SaaS treasury management services Mainsail Partners

10/24/17 HashiCorp $40Provider of cloud infrastructure automation tools designed to solve development,

operations and security challenges in infrastructureGGV Capital, Mayfield Fund, Redpoint Ventures, True Ventures

10/24/17 iAdvize $38Provider of a real-time customer engagement platform designed to manage online

customer relationsIdInvest Partners, Quadrille Capital, Bpifrance

10/24/17 KnowBe4 $30Developer of an integrated security awareness training and simulated phishing platform

designed to train employees to make smarter security decisionsGoldman Sachs Merchant Banking Division, Elephant Partners

10/24/17ResMan (Property

Management Software)$36

Provider of a leading next-generation property management software intended to

streamline multifamily managementMainsail Partners

10/24/17 Wibbitz $20Provider of an online video creation platform designed to publish short videos using text

content

Associated Press, Bertelsmann Digital Media Investments, TF1 Group, The Weather Channel,

Horizons Ventures, lool Ventures, NantWorks

10/23/17 ActionIQ $30Developer of a SaaS enterprise customer data platform designed to solve the flow and

scale of data, analytics and marketing campaignsAndreessen Horowitz, Shutterstock, FirstMark Capital, Sequoia Capital

10/23/17 Shift Technology $28 Developer of a data security platform intended to improve the insurance claims process General Catalyst Partners, Accel, Elaia Partners, Iris Capital Management

10/22/17SmartDrive (Driver Safety

Software)$40

Developer of a Web-based driver safety and risk management software designed to help

fleet managers reduce risk by coaching operators to be safer drivers

Michelin North America Pension Arm, New Enterprise Associates, Oak Investment Partners,

Wabco

10/19/17 Automile $34Provider of mobile-first, design-first fleet and field service management services intended

to connect vehicle drivers to fleet managersInsight Venture Partners, Dawn Capital, Point Nine Capital, SaaStr, Salesforce Ventures

10/19/17 Coda.io $60Developer of an adaptable business documents platform intended to actively adapt to the

way teams naturally work together

General Catalyst Partners, Greylock Partners, Khosla Ventures, Kleiner Perkins Caufield & Byers,

New Enterprise Associates,

10/19/17 CrowdStrike $25Developer of a cloud-based cybersecurity platform designed to prevent, detect, and

respond to attacks in real-timeNA


1818




10/19/17 Huajuan Mall $40 Provider of an online video and m-commerce platform designed for online shopping Sinovation Ventures, Zhiping Capital, Ventech, Vertex Ventures China

10/19/17 Lyft $1,000Provider of an on-demand ride hailing platform designed to connect passengers with local

driversCapitalG

10/18/17 Contrast Security $30 Developer of application security software designed to protect against cyber-attacks Battery Ventures, Acero Capital, General Catalyst Partners

10/18/17 Duo $70Provider of cloud-based internet security services designed to protect organizations against

data breaches

Geodesic Capital, Index Ventures (UK), Meritech Capital Partners, Workday, Lead Edge Capital,

Redpoint Ventures, True Ventures

10/18/17 GuiaBolso $39Operator of an online financial control and advisory platform intended to transform

relationship with money

Endeavor Global, Vostok Emerging Finance, International Finance Corporation, Omidyar

Network, QED Investors, Ribbit Capital

10/18/17 MapR $61 Provider of a converged data platform designed to offer real-time database capabilities Quadrille Capital, Lightspeed Venture Partners

10/18/17 Perfect $25Developer of beauty applications dedicated to transform how consumers, content creators

and beauty brands interact togetherChina Creation Ventures, CyberLink, Extol Capital, Yuanta Financial Holding

10/17/17 Auto Amigo $30 Developer and provider of online automotive buying platform NA

10/17/17 BankBazaar.com $30Provider of online loan marketplace designed to provide customized rate quotes on loans

and insurance productsExperian

10/17/17 Feedzai $50Provider of machine learning platform designed to help processing large volumes of data

with low latency producing actionable information in real timeSapphire Ventures

10/17/17 Lightspeed POS $166 Developer of point of sale and e-commerce services designed to manage businessesSilicon Valley Bank, Caisse de dépôt et placement du Québec, iNovia Capital, Investissement

Québec

10/13/17 PolicyBazaar $77Provider of an online life insurance and general insurance comparison portal designed to

analyze financial products

IDG Ventures India, True North (Managers), Wellington Management, Premji Invest, Temasek

Holdings, Tiger Global Management

10/12/17 Domo $112Provider of a cloud-based business-management platform designed to connect data,

people, and expertise that are needed to improve business results

SharesPost, The Yard Ventures, BlackRock, GGV Capital, Glynn Capital Management, The

Capital Group Companies

10/12/17 KnowBox $30Developer of an online educational platform created to help students and teachers better

manage homeworkBaidu Capital, Bertelsmann Asia Investments, Haoweilai, New World Development

10/12/17 SecurityScorecard $28Provider of a security rating platform designed to empower every organization with

collaborative security intelligence

AXA Strategic Ventures, Intel Capital, Moody's, Nokia Growth Partners, Boldstart Ventures,

Evolution Equity Partners, GV, Sequoia Capital, Two Sigma Ventures


1919




10/11/17 Attivo Networks $21Developer of a deception technology designed to detect, analyze and accelerate response

to cyber-attacksBain Capital Ventures, Omidyar Technology Ventures, Trident Capital Cybersecurity

10/11/17 Baxter Planning Systems $25 Provider of a Software-as-a-service (SaaS) based supply chain application suite Polaris Partners

10/11/17 Carta $42

Developer of a cap table management platform designed to consolidate private company

ownership onto one common electronic registry and bring a wealth of financial services to

all privately held companies

Menlo Ventures, Social Capital

10/11/17 Huishoubao $45 Provider of a mobile phone recycling platform intended to refurbish used mobile phones STRAIT Capital Corp, Chengwei Capital, CITIC Capital Partners, SM Capital, Source Code Capital

10/10/17 Bill.com $100Provider of a cloud-based business payments network designed to simplify business

payments

JPMorgan Chase & Company, Temasek Holdings, August Capital, DCM Ventures, Emergence

Capital Partners, Icon Ventures, Napier Park Financial Partners, Scale Venture Partners

10/10/17 Tongdun $73Developer of anti-theft and fraud management software designed to provide security

services in the financial sectorChina Cinda Asset Management, Temasek Holdings, Tiantu Capital, Xindahanshi Capital

10/9/17 Gitlab $20Provider of an open-source, code-collaboration platform designed to unify issues, code

review, CI and CD into a single UIGV

10/7/17 Petuum (Artificial Intelligence) $93Developer of a machine learning (ML) infrastructure platform designed to make even the

most advanced AI technology accessible and affordable by everyone who needs itSoftBank Group, Advantech Capital Partners

10/5/17 QuanticMind $20Provider of predictive advertising management software designed to offer intelligent

marketing servicesFoundation Capital, Cervin Ventures, Safeguard Scientifics

10/5/17 Stellar Labs $26Provider of a real-time sourcing platform and digital marketplace designed for private and

business aviation needsColumbia Equity Partners, Expa Labs, Global Jet Capital

10/4/17 FogHorn $30Developer of edge intelligence software designed to deliver the power of real time

industrial grade analytics to resource constrained edge devices

Honeywell Ventures, Intel Capital, Darling Ventures, Dell Technologies Capital, GE Ventures,

March Capital Partners, Robert Bosch Venture Capital, Saudi Aramco Energy Ventures, The

Hive, Yokogawa Electric

10/4/17 Roofstock $35 Operator of an online marketplace designed to buy & sell tenant-occupied rental propertyCanvas Ventures, FJ Labs, Bain Capital Ventures, Khosla Ventures, Lightspeed Venture

Partners, Nyca Partners, QED Investors

10/4/17 Seasoned $20Operator of a professional networking platform designed to connect workers with jobs,

talent and career development opportunitiesTPG Growth

10/4/17 TripActions $27

Developer of an online corporate and business travel management platform designed to

help business travel managers and travelers in booking hotels and flights at a discounted

price

Zeev Ventures, Lightspeed Venture Partners

10/3/17 AtScale $25Provider of a business intelligence platform designed to make business analytics work on

big data

Atlantic Bridge Capital, Industry Ventures, UCLA Ventures, Wells Fargo Securities, Comcast

Ventures, Storm Ventures, UMC Capital, XSeed Capital


2020




10/3/17 Frame.io $20Developer of a video review and collaboration platform designed to streamline video

creation processAccel, FirstMark Capital, Shasta Ventures, SignalFire

10/3/17 MessageBird $62Developer of communication APIs designed to connect companies with their customers on

billions of devices around the worldAccel, Atomico, Y Combinator

9/28/17 Taulia $20Developer of a SaaS financial supply chain platform designed help companies strengthen

supplier relationshipsNA

9/28/17 Trifacta $33Provider of productivity platforms for data analysis intended to leverage innovative

research in human-computer interaction, scalable data management and machine learningDB1 Ventures, Ericsson Ventures

9/27/17 Kyriba $45Provider of a cloud-based treasury and cash management software designed to help in

supply chain finance and risk management operations

Sumeru Equity Partners, Bpifrance, Daher Capital, HSBC Innovation Investments, Iris Capital

Management

9/26/17 Envoy Global $21

Provider of global immigration and workforce management technology and services

designed to make it easier for employers and workers to pursue opportunity across the

global marketplace

Catalyst Investors, General Catalyst Partners

9/24/17 Deliveroo $385 Provider of an online food delivery platform designed to order restaurant mealsFidelity Management & Research, T. Rowe Price, Accel, DST Global, General Catalyst Partners,

Index Ventures (UK)

9/21/17 Earnin $39Developer of a mobile application designed to give people access to their pay any time

they wantAndreessen Horowitz, March Capital Partners, Matrix Partners, Ribbit Capital

9/28/17 Feidee $200 Developer of a mobile application for personal finance Kohlberg Kravis Roberts

9/28/17 Stockpile $30Provider of a stock market investment platform designed to make it simple for young and

first-time investors to save and invest for their future Eight Roads Ventures, Hanna Ventures, Wang Ventures, Arbor Ventures, Mayfield Fund

9/27/17 Logtrust $35Provider of a big data analytics platform designed to provide a complete and unified view

of business operations

Atlantic Bridge Capital, Insight Venture Partners, Kibo Ventures Partners, Investing Profit

Wisely

9/26/17 Drift $32Developer of a conversation-driven marketing and sales platform designed to

automatically turn website traffic into qualified sales meetings HubSpot, Sequoia Capital, Charles River Ventures, General Catalyst Partners

9/25/17 Ritual $44 Provider of a mobile application for local lunch and coffee ordering Insight Venture Partners, Mistral Venture Partners

9/22/17 Apttus $55 Provider of a cloud-based software designed to offer quote-to-cash automation services Premji Invest, ICONIQ Capital, K1 Capital, Salesforce Ventures

9/22/17 Prosper $50 Developer of a marketplace lending platform designed to facilitate peer to peer lending FinEX Asia, LPG Capital


2121

Recent Software IPO Registrations

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ, Pitchbook and Company filings.Offering amounts $20MM or greater. (1) LTM as of 6/30/2017 for SailPoint and 9/30/2017 for SendGrid.(2) Reflects revenue growth from CY2015 to CY2016 for SailPoint and SendGrid.(3) Reflects LTM Non-GAAP EBIT. Calculated as EBIT plus stock-based compensation. LTM as of 6/30/2017 for SailPoint and 9/30/2017 for SendGrid.(4) Reflects last financing > $25MM.(5) Represents latest VC financing greater than $25MM. SendGrid funding TD includes later stage VC financing of $1.2MM on 3/14/2017.

($MM)

LTM Last Financing

Revenue (1) Rev Growth (2) EBIT (3)EBIT

MarginDate (4)

Amount

Raised

Post Money

Valuation

Application Software 20-Oct-17 $100 $150 38.9% $8 5.6% 30-Sep-16 $54 NA $55

Communications

Software18-Oct-17 $100 $103 43.4% $0 0.3% 17-Nov-16 $33 $578 $82

IssuerFunding

TD (5)Primary Industry

Initial Filing

Date

Initial Offering

Amount

2222

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Sources: Capital IQ and Company filings. Market Data as of 11/6/2017.(1) First Trading Day listed as Offer Date.

( $M M )

Offer Date (1)

Market Cap

@ IPO Date

Amount

Raised Pre IPO Filing Range Offer Price

% Change

Offer /

Midpoint Price

% Change

1st Trading Day /

Offer Price

% Change Current /

Offer Price

1-Nov-17 $1,106 $156 11.00 - 13.00 $13.00 8.3% 40.8% 45.9%

19-Oct-17 $1,570 $192 20.00 - 22.00 $24.00 14.3% 33.6% 27.5%

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 87.3%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 3.9%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 9.1%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 70.2%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 57.5%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 38.2%

Name

2323

195

153

(5)

(4)

(6)(9) (6)

(7)

(8)

(9)

(5)

(7)

(11)

(8)(11)

(9)

(6)

(10)

(12)

(11)

6

11

7

17

1617

11

9

8

150

160

170

180

190

200

210 PE Acquisitions Strategic Acquisitions IPO

Notes:Sources: Capital IQ, company filings. Market Data as of 11/6/2017.

A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues

2008 2009 2010 2011 20152012 2013 2014 2016

FortinetCDC Software

LogMeInMedidata

SolarWindsRosetta Stone SciQuest

RealPageIntraLinksEnvestnet

Qlik BroadSoft

Higher One Convio

SPS CommerceSS&C

QuinStreet

JiveImperva

CarboniteTangoe

ResponsysCornerstone

Epocrates

WorkdayFleetmatics

QualysEloquaE2open

ServiceNowExa

IncadeaInfloblox

ProofpointSplunk

ExactTargetDemandwareBazaarvoiceGreenway

AVGGuidewire

MavenirBarracudaWix.comCovisint

RingCentralFireEyeCvent

Gigamon Textura

ChannelAdvisorMarketoTableauHalogen

RallyMarin

Model N

WorkivaHortonworks

New RelicHubSpotCyberArk

MobileIronKinaxis

ZendeskPaycom

OPOWERFive9

2UBorderfree

Amber RoadA10 Networks

PaylocityVaronis Systems

AtlassianMimecast

InstructureRapid7Sophos

AppFolioAlarm.Com

XactlyShopifyApigee

Box

TwilioSecureWorks

TalendEverbridge

Apptio Gridsum Holding

NutanixCoupa

BlackLine, Inc.

YTD 2017

MulesoftAlteryx

OktaYext

ClouderaAppian

MongoDBAltair Engineering

2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017

IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 8

Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 11

PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 5

2424

TMT Transactions Since Q2 2002

VENTURE CAPITAL INDUSTRY

Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and

Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.

(1)

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

$14

Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017

Nu

mb

er o

f In

vest

men

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

2525

Deep Software Sector Expertise

GCA OVERVIEW

Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

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